How To Write A Formal Business Plan

How To Write A Formal Business Plan-42
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.

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A good business plan should outline all the costs and the downfalls of each decision a company makes.

Business plans, even among competitors in the same industry, are rarely identical.

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.

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 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.

According to the Small Business Administration, the traditional business plan is the most common.

They are standard, with much more detail in each section.

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