To reach your goals in business, you need to have strategies in mind. There must be somewhere you can list down all the variables to your success; all the necessary factors to get to where you want to be. If you know how to create a business plan, then you’re a step closer to what you want. Allow this article to shed some light on its complexity. Learn about its purpose, its formats, and browse through an amazing list of sample business plans. Without further ado, here are some of the most useful templates and examples that you can ever find online!
A business plan has one true purpose and that is to help determine the success of a company. No organization makes it to the top of their industry on sheer luck and hard work alone. Writing a business plan becomes essential so that a company can have as much direction as it needs as it claws its way towards the point of success. Such is the role of a quality plan for business and is defined by the following:
Remember that there’s no such thing as right or wrong when you want to learn how to write a business plan. Instead, adjust your thinking towards what is more effective or appropriate for your needs. Keep in mind that formatting is always an important consideration. You can stay up all night working on your simple analysis plan or spend hours browsing for the right business plan template, but if the formatting is wrong, then you still won’t be able to guarantee your document’s efficacy. Nowadays, there are two major formats that you can select. One is the traditional business plan format while the other is the lean start-up format. To help you decide between either of these, here are some important tips to consider:
As stated in the previous section, the main purpose of a business plan is to serve as a guide. What hasn’t been said yet is that it doesn’t necessarily have to be your guide alone. Those who want to attract investors or lenders will want the traditional business plan format for reasons that will become apparent soon. Otherwise, the lean start-up format may be more suitable.
After you’ve determined why there’s a need for a business plan, now it’s time to tackle the elements of the formats. The traditional format, for example, is much longer and more detailed. Its precise nature is what makes this format attractive to investors or lenders—people who normally require a lot of information. On the other hand, the lean start-up format focuses only on the significant bits of info, such as the company’s organizational infrastructure, finances, and value proposal.
The lengthy and specific nature of traditional business plans requires a lot of time and effort to do. If you only have a longer time to prepare, then perhaps that is the best choice for you. Yet those who only have a few hours or days to prepare one may have to go for the lean start-up format instead.
Both of these business plan outline formats have their weaknesses and strengths. It is up to you to choose which of these will you apply in composing your business plan. Remember, consider not your wants but your needs. If you need to obtain a simple, less hassle and faster yet more likely to be ambiguous, you may utilize the lean start-up format. Conversely, if you need to have a precise and detailed business plan which is paired with challenging and time-consuming composition then use the traditional one.
A business plan is a formal and comprehensive document that is prepared by a business to outline the goals of the business and how it can be attained. It states the time frame within which these goals should be achieved, along with the product details, manpower, and financial estimates.
Each business plan examples share common components such as the executive summary, company description, marketing plan, operational plan, and so much more. However, how these components are expressed or explained will differ according to the needs and designs of the business owner.
The purpose of a business plan is to define the goals of a business along with the steps needed to reach them. It also helps in maintaining the focus of your business and securing long-term financing.
If you weren’t so sure before about how to make a business plan, well you are now. Whether it is a simple one-page version, a non-profit business plan, or even a business continuity plan, you now have the skills and knowledge necessary to make a highly effective document. Should that be something you aren’t too keen on yet, then there are always templates like the ones above. Stop hesitating and get started on your plan today!