What is a “business plan”?
A business plan is a written document that describes a business’s strategy, operations, market context and financial projections: typically covering 1, 3 or 5 year horizons. Historically the cornerstone of fundraising, the formal business plan has been largely replaced in venture contexts by pitch decks and live conversations. However, internal business plans remain important for operating execution, board governance and certain financing contexts (bank debt, government grants, large incumbent acquisitions).
Common sections of a business plan
- Executive summary: high-level overview of business, opportunity, ask.
- Company description: mission, vision, history, structure.
- Market analysis: TAM, SAM, SOM, competitive landscape, customer segments.
- Products / services: what is sold, value proposition, IP and proprietary advantages.
- Marketing and sales strategy: go-to-market motion, channels, customer acquisition strategy.
- Operations: team, infrastructure, suppliers, partnerships.
- Financial projections: P&L, cash flow, balance sheet over 3-5 years; assumptions documented.
- Funding ask: capital needs and use of proceeds.
Business plan vs. pitch deck
- Business plan: 20-40 pages, comprehensive, document-driven, slower to read.
- Pitch deck: 10-20 slides, focused on conviction-creating narrative, fast to read.
- Venture investors read pitch decks; banks and government grant programs ask for business plans.
Business plans in Türkiye
In Türkiye, the business plan is used as the mandatory format for TÜBİTAK BİGG, KOSGEB support programs, bank loan applications and international development finance such as EBRD/IFC. These programs expect 3-5 year financial projections and documentation of realistic assumptions. In the SPK public offering process, a detailed business plan is also submitted together with the prospectus.
Do: maintain an internal business plan even if you fundraise with a pitch deck: it forces clarity on assumptions and the operating model.
Don’t: send a 40-page business plan to a venture investor: they will not read it; lead with the pitch deck.