Final answer:
Employee records should not be included in a formal business plan as they are confidential and not intended for external parties. Instead, elements like a table of contents, title page, and relevant visuals and media can enhance the plan's presentation and clarity.
Step-by-step explanation:
In a formal business plan, certain elements are expected to be included, such as an executive summary, market analysis, company description, organization and management structure, sales strategies, funding requests, financial projections, and appendices. While visuals and media such as images, charts, graphs, and tables are encouraged to enhance the readability and presentation of data, some documents are not typically part of the formal business plan.
The component that should not be included in your formal business plan is b. employee records. Employee records are confidential and pertain to the internal human resources department rather than external stakeholders or potential investors. A formal business plan is a public-facing document that may be seen by individuals outside of the company, such as investors, bankers, or potential partners; thus, including sensitive employee information would be inappropriate and a breach of privacy.
However, including a table of contents, a title page, and relevant images or media can be beneficial to organize the document and to visually communicate complex information, making the business plan more compelling and easier to navigate for its intended audience.