A business plan is a written summary of a business, its operational and financial details, its marketing opportunities and strategy, and its manager’s skills and abilities. There is no substitute for a well-prepared business plan. Without a sound business plan a firm merely drifts along without any real direction. Planning allows you to replace “I think” with “I know”. It describes the direction that your company is taking, what its goals are, where it wants to be and how it’s going to get there.