Business Plan
A business plan is a written document that lays out the business objectives, activities, and methods of a company to achieve desired outcomes.
Updated: October 30, 2023
A business plan is a written document that lays out the business objectives, activities, and methods of a company to achieve desired outcomes. They are used for providing direction to the marketing, sales, financial, and operational departments.
Important information can be provided to stakeholders within and outside the organization. Business plans are leveraged by startups and new companies to attract secure investments and present action items and target goals.
Business plan software is leveraged by most companies to identify strategies for operational effectiveness and performance efficiency. The software is useful in creating, managing, and sharing business plans for organizations seeking funding.
All companies should have a detailed plan in place as companies that operate without a business plan are generally unable to meet long-term visions and think through ideas, resulting in a wasteful use of resources. Communicating objectives, Raising capital, Performing market analysis and Guiding employees are importance of business plans.
Startup business plan, Business acquisition plan, Business repositioning plan and Expansion business plan are different types of business plans.
A standard business plans must contain executive summary, company statement, business goals and objectives as well as products and services.
Types of business plans
- Startup Business Plan: For new ventures, outlining strategies and financial projections.
- Internal Business Plan: Used internally for decision-making and strategy.
- Strategic Business Plan: Focuses on long-term goals and funding strategies.
- Operational Business Plan: Details day-to-day processes and resource allocation.
- Feasibility Study: Assesses business idea viability through market and financial analysis.
- Marketing Plan: Concentrates on marketing strategies and target audience.
- Financial Plan: Addresses revenue projections, budgeting, and financing strategies.
- Sales Plan: Outlines sales goals and strategies for revenue growth.
- Business Continuity Plan: Ensures operations continue during crises with risk management.
- One-Page Business Plan: A concise summary for quick reference or investor pitches.
