A business plan is the company’s core strategy, its recipe card for success, its Plan A and its plan B. A realistic business plan is the root requirement for planning a new business or expanding an existing business. To make it work, a business plan must be realistic and objective.

Many people grapple with how to assess their personal and business resources realistically. Although there’s no right way to write a business plan, this Retailer’s Guide provides a starting point for new retailers on how to get started and reminds seasoned retailers about the importance of keeping an updated business plan on hand.

In this article, you'll learn about:

• What is a business plan
• Components of a business plan
• How long should your plan be
• Additional components to consider
• Business plans are living documents