Your business plan — a living document

If you’re starting a business — or growing one — a solid business plan is one of the best tools you can have. Think of it as your roadmap: it keeps you focused, helps you make smart decisions, and gives you something concrete to measure progress against. But here’s the part many people forget: a business plan isn’t a “write it once and file it away” document. It should grow and evolve right along with your business.

What to include in your business plan

A good business plan doesn’t need to be complicated, but it should cover a few key areas:

• Executive summary: A quick snapshot of who you are, what you do and what makes your business valuable.
• Business overview: Your mission, vision and the story behind your company.
• Products or services: What you offer, how it solves a problem and why customers should choose you.
• Market analysis: Who your customers are, what they need and how your competitors stack up.
• Marketing and sales strategy: How you plan to reach people, attract customers and keep them coming back.
• Operations plan: The day‑to‑day structure — staffing, suppliers, processes and tools.
• Financial plan: Revenue projections, expenses, pricing and cash‑flow expectations.

These sections give you clarity, direction and a way to communicate your business to partners, lenders or even future team members.

A few areas that need a more regular review, include your marketing strategy — to keep on top of customer trends and behaviour changes; your financial projections, as you learn more about your actual revenue and expenses; and your goals. As you hit milestones, set new ones that match where your business is heading.

A business plan works best when it’s a living document — something you revisit, refine and use to guide your decisions. When you keep it current, it becomes one of the most powerful tools you have for long‑term success.