A business plan is a written document that clearly explains how a company—usually a startup—defines its objectives and aims to address them. From a marketing, financial, and operational aspect, a business plan lays forth a documented plan for the business. Business plans are important documents that are used by both of the company's external and internal audiences. A business plan, for contrast, is used to attract investment or secure financing before a company has established a track record. They're also an excellent way for companies' senior teams to stay on the same page when it comes to strategic action items and stay on track to meet their targets.