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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.Although they're especially useful for new companies, every company should have a business plan.
A business proposal also generally has a specific audience.
The primary reason for a business proposal is to solicit or develop a business opportunity.
A business plan has three elements: description of the business model, the marketing model and financial projections.
It consists of informative sections, including the executive summary, business description, marketing model, analysis of industry competition, build-out plan, operations plan, introduction of management, and a discussion of financial issues and projection of results.
A business plan is a factual broad description of a company on the executive and operational level. A business plan documents your vision for your business and how you intend to achieve that vision.
A business proposal is a focused sales document intended to describe how a company will approach a project, state the value of the project to the client and solicit the client's business. It contains financial projections of what the business will cost to develop and operate plus an estimation of the revenues to be generated.
An unsolicited business proposal intended to create and develop a business opportunity follows essentially the same format but anticipates questions the potential client might have.
A proposal is more of a marketing document, designed to convince the audience to do business by presenting a value proposition and a call to action.