A business plan lays the foundation for your business.Especially if you are a start-up, or if your company or consortium is developing new products or services, a business plan is your roadmap.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.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.Financial statements, balance sheets, and other financial information may be included for already-established businesses.
Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.
In fact, very few companies are able to last without one.
There are definitely more benefits to creating and sticking to a business plan including being able to think through ideas without putting too much money into them—and, ultimately, losing in the end.
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.