As importantly, it also identifies road blocks - in advance. Your business plan should provide a common vision supported by tactical initiatives that, ultimately, creates greater value for your company. It may seem daunting, but by knowing your vision and its corresponding financial targets, you will have a better chance at executing how to get there and avoiding traps in advance.
After the executive summary, you need to write a short description of the business you are going into. You need to give a general description of the industry your business belongs to. You will write about your companys mission statement, goals and objectives, business philosophy, as well as its legal form of ownership (sole proprietor, corporation, LLC, etc.).