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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.It also allows owners to project what type of financing is required to get their businesses up and running.A good business plan should outline all the costs and the downfalls of each decision a company makes.
Any information about research and development (R&D) can also be included here.
Financial planning: In order to attract the party reading the business plan, the company should include any financial planning and/or projections.
Financial statements, balance sheets, and other financial information may be included for already-established businesses.
New businesses may include targets for the first few years of the business and any potential investors.
The length of the business plan varies greatly from business-to-business.
All of the information should fit into a 15- to 20-page document.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.It also states how the business intends to achieve its goals.A complete business plan must include a set of financial projections for the business.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.According to the Small Business Administration, the traditional business plan is the most common.They are standard, with much more detail in each section.Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.Even though it may work, operating without a business plan is not a good idea.Business plans help companies identify their objectives and remain on track.They can help companies start and manage themselves, and to help grow after they're up and running.