Which business plan is the right type for your organization?
How many different types are there?
How do you decide which one you need for your business?
Every business needs a plan. Whether it’s a start-up or one that is has been operational for many decades, a business plan outlines the business’ goals, recognizes important milestones, and lays out the steps that are required along the way. There are several different types of business plans:
These plans focus on new businesses, which describe the details of the company, the product or service, its unique selling position, and projected team. For potential investors, this plan must also include an extensive financial analysis with spreadsheets outlining projected income, profit, and cash fl ow. Typically, new businesses should aim to have specific goals at a 1, 3, and 5 year mark.
This can be specific to any one department within the existing business. It outlines the current state of the company, which includes operational costs and profitability. Typically, a market analysis, financials, and employee requirements are also detailed in this plan.