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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.
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.
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.
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.