Describe the role of the business plan. What ought to be included in a business plan?

Business plans are generally used for proposing the statement of creating and upholding a business with a person of interest (usually an investor or bank) and can also serve as a sort of "guideline" for the company to follow when changing their structures. In a business plan, you should include financial statements (if any), plans for the company (management, financial, strategies), and how you plan on making money with your projected business. Business plans also state the time allocated and spent towards achieving certain goals and plans and can also include a rough time frame in which the plans need to be achieved by (time management).

Though, business plans can vary person to person, it doesn't always have to be in a specific format and can be loose as well.