Which of the following statements about business plans is true?

A business plan serves as a formal document that outlines a company's goals, the strategy for achieving those goals, and the necessary resources. It is primarily text-based because it involves detailed descriptions of various components such as business objectives, market analysis, financial projections, and operational plans. This written format allows for comprehensive coverage of ideas, concepts, and strategies that may require significant explanation and narrative context to be understood fully.

While visuals can enhance a business plan, particularly in presentations or executive summaries, the core of the plan relies on text to convey information thoroughly. This focus on textual depth ensures that stakeholders like investors, partners, or team members can grasp the vision and operational tactics of the business comprehensively.

Other statements may suggest that visuals are a key component or that business plans are primarily for presentations, yet these aspects do not accurately capture the essence of what a business plan is meant to be. Moreover, the idea that business plans are rarely used is not true, as they are essential tools for startups and established businesses alike to articulate their strategies and track their progress.