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In fact, very few companies are able to last without one.
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.
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 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.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.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.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.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.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.