A business plan is a vital written document that outlines and summarises the future of your firm. Every company needs to have a business strategy. The strategy and primary objectives for getting your company from where it is now to where it wants to be in the future should be detailed in the plan.

In its most basic form, a financial projection is an estimate of future revenue and expenses. In most cases, the projection considers internal or historical data as well as a forecast of external market factors. In general, you'll need to make financial projections for the near and distant future.

Organizational executives define their future vision as well as their organization's goals and objectives through strategic planning. In order for the business to fulfil its stated vision, the process also includes defining the sequence in which those objectives should be attained.