What is a common feature of a business plan?

A common feature of a business plan is that it serves as a roadmap for the business. This means that a well-constructed business plan outlines the goals of the business, strategies for reaching those goals, and details on how the business intends to operate. It provides direction for the organization and helps stakeholders understand the intended pathway to success. The roadmap aspect also includes projections for future growth and plans for overcoming potential challenges, making it an essential tool for both startups and established businesses.

This characteristic highlights the planning and strategic nature of a business plan, differentiating it from a simple accounting document or a confidential company memorandum. A business plan is intended to be a living document that guides the business’s decision-making processes and adjustments as the market or business environment evolves.