Technically speaking, a business plan is a documentation that would reflect the mission and vision of a business venture. Chalking out an effective business plan involves a regimented approach through an advanced process of preparation, delegation and most importantly, refinement as and when demanded by the changing situation of the business and the market. This is to ensure that the plan forces those at the helm of an organization into a disciplined and meticulous process of thinking to ensure an intellectually candid business. Chalking a business plan is never an easy process. If you are looking to write the plan down in a single attempt, good luck to you. Remember, it is a continuous process that never comes to an end. So long you are continuing with your business, you need to make run-time changes to your plan in order to keep your business afloat and relevant. A business plan is nothing but a set of living documents which changes from time to time as and when the situation of the market changes. The rate of change may be weekly as well as monthly depending upon the nature of business and its volatility and the scenario prevailing in the market. However, these are surely not drastic changes but certain modifications and alterations here and there as and when needed by the business.