Which of the following best defines a business plan?

A business plan is best defined as a document outlining a business's goals and strategies. This definition captures the essence of what a business plan encompasses. A business plan serves as a roadmap for the business, detailing its vision, objectives, and the specific strategies that will be employed to achieve those goals. It outlines the target market, marketing strategies, competitive analysis, operational plans, and financial projections, among other critical elements.

This comprehensive approach is fundamental for entrepreneurs as it not only aids in organizing thoughts and strategies but also helps in communicating the business idea to potential investors or stakeholders. A well-structured business plan provides clarity and direction, which are essential for successful business operations.

In contrast, the other options do not encompass the broader purpose and function of a business plan. While a proposed investment strategy may be part of the business plan, it does not represent the entirety of what a business plan is. Similarly, a checklist for day-to-day operations is more focused on execution rather than strategic planning, and a summary of financial statements provides an analysis of past performance rather than outlining future goals and strategies.