This document outlines the benefits of developing a business plan, including identifying plans before implementing them, obtaining financing, getting commitment from those involved, minimizing risk of failure, and establishing goals and strategies. It notes business plans are useful when starting, expanding, acquiring, or improving a new organization, business venture, product, or service. The essential elements of an effective business plan are also listed, such as an executive summary, market analysis, product/service description, funding request, organization details, and financial projections. Finally, partnering with a business plan consultant is recommended to save time and focus on the business while gaining a professionally written plan.