How To Write A Formal Business Plan

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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.

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.

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.The length of the business plan varies greatly from business-to-business.All of the information should fit into a 15- to 20-page document.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.According to the Small Business Administration, the traditional business plan is the most common.They are standard, with much more detail in each section.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.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.

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