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.

A financial projection, in its simplest form, is an estimate of future revenue and expenses. In the majority of cases, the projection takes into account both internal or historical data and a forecast of external market factors. In general, you'll need to forecast financial data for the near and distant future.

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.