A business plan is simply a written document that describes the future path of a business. A good business plan explains the business concept, summarises the objectives of the business, identifies the resources (both in terms of money and people) that will be needed by the business, describes how those resources will be obtained, and tells the reader why the business will succeed. One of the most crucial steps in setting up a business is the planning stage. A business that has not carefully laid out its plans at the initial stages of development runs the risk of business failure and loss of investment. With competition in business being so tough and challenging, it is very important that you secure the foundations of your new business by proper planning. Here are some of the major benefits and why it is important to develop a Business Plan. It is to address