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.
These tend to be much longer and require a lot more work.
Lean startup business plans, on the other hand, use a standard structure even though they aren't as common in the business world.
Any information about research and development (R&D) can also be included here.
Financial planning: In order to attract the party reading the business plan, the company should include any financial planning and/or projections.
According to the Small Business Administration, the traditional business plan is the most common.
They are standard, with much more detail in each section.
The idea behind putting together a business plan is to enable owners to have a more defined picture of potential costs and drawbacks to certain business decisions and to help them modify their structures accordingly before implementing these ideas.
It also allows owners to project what type of financing is required to get their businesses up and running.