Nearly every successful business has created a business plan or two within the life of the company. These plans can be used for a variety of reasons, but are most commonly brought to life when the business is seeking funds. This may be through fundraising, a bank loan, or seeking out individual investors, but the business plan shows how and why investing in the business is a smart financial idea. Of course, not all business plans are created by those businesses looking to turn a profit. Non-profit businesses also rely on these plans to raise funds; though they will usually focus on the services and social good their business will do, rather than a bottom line financial consideration.

Business plans are a must for the small business owner, looking to gain capital and seeking loans from lending institutions. They are likewise necessary for those publicly traded companies that need to let stockholders know what their plans for the future are. Even if neither of these is true, business plans are an excellent way, even internally, to set down goals on paper and give a direct path of success to a business or company.