Definition - What does Business Plan mean?
A business plan is a written document that includes a business's goals as well as strategies for how to achieve these goals. In the context of the law, many businesses that are newly incorporated make business plans to organize their business strategies. Business plans are also sometimes presented to potential investors to try to explain where the company aims to be in the future.
Justipedia explains Business Plan
Although many new businesses make business plans, older businesses also sometimes make business plans when they are expanding into new markets or coming up with a new product, etc. The formation of new businesses and the expansion of current businesses often involve many contracts and other legally binding documents being signed. So, business plans are used to help those who have liability or equity in the business to try to outline how the business will reach its goals.