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New businesses may include targets for the first few years of the business and any potential investors.
Business plans, even among competitors in the same industry, are rarely identical.
But they all tend to have the same elements, including an executive summary of the business and a detailed description of the business, its services and/or products.
A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.
If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.
Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.
These business plans are short—as short as one page—and have very little detail.Even though it may work, operating without a business plan is not a good idea.In fact, very few companies are able to last without one.These forward-looking projected financial statements are often called pro-forma financial statements or simply the "pro-formas." They include the overall budget, current and projected financing, a market analysis, and its marketing strategy approach.The idea behind putting together a business plan is to enable owners to have a more defined picture of potential costs and drawbacks to certain business decisions and to help them modify their structures accordingly before implementing these ideas.If a company uses this kind of plan, they should expect to provide more detail if an investor or lender requests it.A complete business plan must include a set of financial projections for the business.It also states how the business intends to achieve its goals.Products and services: Here, the company can outline the products and services it will offer, and may also include pricing, product lifespan, and benefits to the consumer.Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved.Sometimes, a new business plan is prepared for an established business that is moving in a new direction.