The Business Plan Format

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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.

Sometimes, a new business plan is prepared for an established business that is moving in a new direction.

A business plan is a fundamental tool any startup business needs to have in place prior to beginning its operations.

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.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.This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.Together, they cited information from 12 references.According to the Small Business Administration, the traditional business plan is the most common.They are standard, with much more detail in each section.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.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.

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