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.
Any information about research and development (R&D) can also be included here.
Financial planning: In order to attract the party reading the business plan, the company should include any financial planning and/or projections.
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.
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.
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.