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.
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.
Sometimes, a new business plan is prepared for an established business that is moving in a new direction.
A business plan is a fundamental tool any startup business needs to have in place prior to beginning its operations.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.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.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.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.