I would suggest that the key elements that should comprise the business plan are as follows:

1. An executive summary of the business plan, suggested length Maximum two to three pages

a) What is the business
b) What is the market
c) Potential for business
d) Forecast profit figures
e) Likely investment required
f) Potential for purchasers and finance providers

2. The Evolution of the business idea Single page

a) Why the market exists
b) How you anticipate the market will develop
c) Barriers to entry (e.g. competition, funding etc).

3. Key Personnel and Management As many pages as needed

a) Full details of all key personnel including
i) academic history and relevant achievements
ii) Practical experience in relevant fields
iii) weakness in management and intended remedies

4. Your products/services Maximum two pages

a) A simple description of the products/services you offer
b) Key features and, more importantly, the unique selling point of your products/services
c) Brief evaluation of competition
d) Service users and potential development

5. Marketing Two pages

a) The market, size, past and future growth
b) Sector analysis
c) Potential customers, size, buyer behaviour
d) Competitors, who are they, size, position, likely response to your challenge.

6. Selling Two pages

a) Promotional advertising
b) Who will sell?
c) Sales planning

7. Operational Details Two pages

a) Location, premises etc
b) Key Suppliers if any
c) Equipment operated if any.

8. Financial Analysis Summaries plus detailed appendices

a) Summary of projections
b) Monthly profit and loss projections (18 months to two years)
c) Monthly cash flow projections (18 months to two years)
d) Balance sheet projections
e) Key projection assumptions
f) Sensitivity analysis (i.e. if we have over-budgeted sales by 10%, will the business still be profitable)

9. Prospects one or two pages

a) Objectives - short and long term
b) Capital structure
c) Investor prospects