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There are two main reasons to have a business plan: you need funding or you just want to make sure you stay on track for your business growth.
The thing is, no two business plans are the same. There are several types of plans, with each one fitting a different need. Which one do you choose?
Here is a short review to help you out:
Fairly short and to the point, a mini-plan doesn't take too much time and research to put together, and can be a good way to get out an idea or concept on paper to see if it's feasible. It's not the best option for serious finance inquiries, as bankers usually want a hefty document to look over.
The Plan in Action:
This is a work-in-process, and primarily serves to help you run your business. You'll use this plan frequently in operations, and will update it often. There's no need to include information on key executives or other information aimed at an audience outside of your business.
The Formal Plan:
This is the professional presentation you will give to bankers and potential investors. It contains all of the necessary elements, including financial statements and research.