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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.A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals.
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 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.
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.
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.
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.