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.
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.
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.
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.