A business plan is a critical written document that details and summarises your company's future. Each business must have a business strategy. The plan should detail the strategy and primary objectives for moving your business from where it is now to where it wants to be in the future.

In its simplest form, a financial projection is an estimate of future income and expenses. Typically, the projection incorporates internal or historical data as well as a forecast of external market conditions. In general, you'll need to generate financial projections for the near and distant futures.

Through strategic planning, organisational executives define their future vision as well as their organization's goals and objectives. To ensure that the business's stated vision is realised, the process also includes defining the order in which those objectives should be accomplished.