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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.Other factors that may go into this section include production and manufacturing processes, any patents the company may have, as well as proprietary technology.
In fact, very few companies are able to last without one.
There are definitely more benefits to creating and sticking to a business plan including being able to think through ideas without putting too much money into them—and, ultimately, losing in the end.
These business plans are short—as short as one page—and have very little detail.
If a company uses this kind of plan, they should expect to provide more detail if an investor or lender requests it.
These tend to be much longer and require a lot more work.
Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.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.According to the Small Business Administration, the traditional business plan is the most common.They are standard, with much more detail in each section.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.Although they're especially useful for new companies, every company should have a business plan.Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved.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.