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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.This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.
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.
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
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.It also received 12 testimonials from readers, earning it our reader-approved status. No matter your business idea, whether it’s selling jewelry, landscaping or grooming animals, a business plan is a good way to demonstrate the idea’s potential for success.A basic business plan will help guide you in thinking through the feasibility of an idea, and it is tailored to reflect your purpose for writing the plan and tailored to the audience who will be reading the plan.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.They also act as a means to get people to work with and invest in the business.Although there are no right or wrong business plans, they can fall into two different categories—traditional or lean startup.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.wiki How's Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high How marks an article as reader-approved once it receives enough positive feedback.This article has over 614,001 views, and 85% of readers who voted found it helpful.