Facts on Business Plans

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By Renee Vians
eHow Contributing Writer

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Business plans are succinct documents that summarize the details of a business. Most plans include historical background and market trends, along with marketing, management and financial plans. Entrepreneurs draft business plans as the first and most important step in starting a business, because the documents serve as a management tool and as the basis for acquiring funds.

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Facts on Business Plans
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Function

A business plan is a description of operational and financial goals, and the criteria to assess how goals are met.

Significance

These documents are used as a management tool or to secure funding from banks, investors or credit agencies.

Features

Most plans include the following components: an executive summary, industry overview, market and competitive analysis, and market, management and financial plans.

Size

Business plans are succinct, ranging from 20 to 30 pages--40 at most.

Misconceptions

Business plans do not have one format. Some plans are internal and are used as a management tool, while other plans are external and are used to attract investors.