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They also act as a means to get people to work with and invest in the business.
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.
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.
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.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.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.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.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.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.