Jurisdiction(s):
United Kingdom

Key definition

Business plan definition

What does Business plan mean? In pensions practice, a business plan is a trustee governance document that sets out the scheme’s objectives and planned actions over a defined period. It typically covers administration, investment, funding, communications, risk management, key milestones (for example valuations, ORA, chair’s statement), responsibilities, budgets and adviser reviews, to support timely, well‑informed decisions in members’ best interests. It is not to be confused with an employer’s corporate business plan. The term is not defined in UK legislation or case law; it is a descriptive governance tool used for both defined benefit and defined contribution schemes. In England & Wales, Scotland and...

Strategic business planning for law firms: objectives, budgeting, cashflow, risk, marketing, action plans and review (Lexcel and SRA) in England and Wales

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Practice notes

This Practice Note offers guidance for Law firms on the advantages of adopting a Business plan and on the approach to preparing and implementing one that succeeds. It outlines why a plan matters and explains practical steps for putting it in place. See also Precedents: Strategic business plan—Consumer and Strategic business plan—commercial.

What is a business plan?

A business plan sets out how a firm intends to achieve its objectives. For some practices, it underpins every action they take across the business and guides day-to-day operations. Such firms commit substantial time and effort to agreeing a rigorous, defensible plan, which is then reviewed at regular intervals so that progress towards the firm’s aims is maintained. Others prefer a lighter document that broadly states their aims, and they may revisit it less frequently—often once a year.

Why have a business plan?

Creating and maintaining a business plan is simply sound business sense...

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Web page updated on 21/05/2026

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