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What’s the Right Business Plan for You?

Business Plans doesn’t fit under the “one-size-fits-all” category. Gone are the days of writing 50-100 page documentation. Business Plans guide owners, stockholders and managers through the stages of development. A business plan is a road map that guides you through the planning process. As such, it becomes important to consider that for what exactly you’ll be using the plan for.

The current stage of your business can help you determine what type of business plan would work best for you. Ask your business plan writer to determine and prepare a plan accordingly.

Start-up Plan

This business plan is for those who are just newbies. It can be considered as a comprehensive, traditional business plan that covers all topics relevant to new scheme creation, such as company information, markets, forecasts, strategy, management team and financial analysis. It requires segments describing the company, its product or service, market assessments and the projected management team.

Startup business plan

Internal Plan

This type of plan is used internally and not for external associates. As such, you need to indulge the management team and detailed company analysis. However, you should cover where the company intends to go and how, without giving all the background details and company overview.

Operational Plan

Operational Plan is considered as an internal plan that consists of information related to company’s internal operation. It should include milestones, deadlines and responsibilities of managers or teams.

Strategic Plan

A strategic plan emphasizes high-level opportunities and setting priorities for the organization, rather than particular responsibilities of the team. These plans are in- depth description of the company’s proposed growth.

Growth/expansion Plan

This type of plan may focus on a subset of the business. This plan should include comprehensive forecasts of sales and expenses for the new ventures.

Feasibility Plan

When considering a new start-up, this type of plan is used to evaluate the idea. It also helps determine whether it’s worth pursuing. The plan should include a summary, missions, elements of success, overview of market analysis and an analysis of pricing, and probable expenses.

So, which one among these is your business type?

Reach the Sky with an Effective Business Plan

When one of my friends was asked about the business plans for his new company, he replied, “I don’t have any.” He started several companies in his 20-year period as a businessman and none of them have ever succeeded for long, although he is a millionaire today.

Does this mean that he is a poor businessman? Essentially not!

This means that my poor friend didn’t ever realize the purpose and the worth in creating a business plan, which is often the case with many new entrepreneurs.

So, what exactly is this Business Plan and what makes it so important for every business owner?

Here is all what you must know about an effective business plan.

Business Plan – An Introduction

A business plan is your formal ‘calculation’ of the way you want and will run your business. It is a formal declaration of your business objectives, reasons they are achievable, and plans for accomplishing them. It may sometimes also include background information such as the organization or team endeavoring to reach those goals.

Business Plans serve as a framework for your business and provide standards to check whether you’re reaching your goals. They are a key to help you think through your business and keep you on track.

Business Plan

Business Plan – Its Length

Greg Nelson of SCORE Naples says, “A business plan needs to be long enough to address all the key areas so that the reader is not left with serious questions, concerns and red flag.” He further says that business should be able to present sufficient business plan in less than 20 pages.

However, simple businesses can probably complete their task in 8-10 pages. In cases of complicated market research, one can place much of the supporting information in appendices, which can make the principal plan shorter, more concise, to the point and more effective.

However, according to the book Portable MBA in Finance and Accounting, p. 261-2, “For a business plan to raise debt or equity, 25-40 pages, and “less is more.”

However, some experts believe that a business plan should be measured by its readability and description.

Business Plan – Who need it?

You need a business plan if –
• You are running a business
• You are applying for a business loan
• You are looking for a business investment
• You are looking for business partnerships
• You want to communicate with your management team

In short, everyone who is associated with a business must have an effective business plan.