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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.
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.
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.
If there are crucial elements of the business plan that take up a lot of space—such as applications for patents—they should be referenced in the main plan and included as appendices.
If there are any especially interesting aspects of the business, they should be highlighted and used to attract financing.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 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.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.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.For example, Tesla Motors.'s electric car business essentially began only as a business plan.A business plan is not meant to be a static document.