A business plan is an essential document that holds the algorithms devised by a company or entrepreneurs for their business’ success. Particularly, it is important for sustaining, maintaining, or increasing the profitability of a business venture or enterprise. If you are one of the thousands that see writing a business plan as a doomed chore, this article would surely shed on light on its complexity. Read through to learn more.
Business plans are systematic and could be very challenging to write. Before proceeding, here are some useful templates and examples that could help you visualize what this document looks like.
The business plan is important in any service business. It tells the holistic picture of your business and discusses the detailed processes your company opt to undertake. Moreover, it also mentions significant information about your business such as short and long-term goals, budget, and approach. Assuming that you are offering janitorial services, you can also provide your business with this document. To get rid of the fuss, grab this cleaning service business plan template.
One-page business plans are business plans made to fit in a single page. Thus, the name itself. However, a one-page business plan should still contain the following:
Company plan examples, performance improvement plan, development plan, and learning plan examples found on this page illustrate examples of what business plans should contain and how an actual business plan would look.
Writing or making a business plan is no joke since most business plans can cover up to 40 pages or more. A lot of time is consumed by research and creation of charts to show details. However, as explained in another article in this site, a good business plan does not have to be very lengthy as long as it contains the concept of the following:
Business plan examples in doc and business plan examples in excel found on this page can further show details regarding what should be included in a home business plan.
Business plans exist for only one reason. And that is for determining the success of a business.
A business with no direction will never get to the point of being successful without having a compass to direct their operation towards the road to success.
Such is the role of a quality plan for business and is defined by the following:
Having a assessment plan for business in the long run not only saves in costs of the actual business but also opens opportunities in terms of improvement and further development of the business. A business plan helps or assist any business in:
Plan examples and service plan examples are further shown in the page to serve as additional material you can base on in the making of your business plan.
Remember that there are no definitive guides in the plan examples for any business. How you formulate your business plan is unique to every enterprise as is every member of such an organization. The most important factor is the proper management of human and material resources.
There is no such thing as a right or wrong way of composing a business plan. However, in writing your business plan, contents greatly matter. Though business plans look and sound similar, there are some pieces of information that are necessary for some type of businesses. At the same time, there are some details that are no need for you to include. With this said, choosing the right format would surely be a useful tip for you to construct your business plan.
Nowadays, there are already formats that business plans follow to cater all of the necessary ideas for this modern era. Moreover, business plans vary in two major formats which are the traditional business plan and the lean start-up format. Before picking which of these formats suits your business the best, it is important to know each of them first.
The traditional business plans are those that are detailed and longer. As a result, authors take longer time in writing these. Due to its preciseness, lenders and investors usually ask for this format of the business plan. Traditional plans for business have an outline but what matters the most are the nine sections that it comprises. These sections are as follows:
Since traditional business plans are very time-consuming and long, a shorter format is constructed to answer all of the writer’s dilemma pertaining to the mentioned business plan format. This new format of the business plan is named lean start-up. This type of plan highly focuses only on significant pieces of information such as your company’s value proposal, infrastructure, consumers, and finances. Due to this reason, it is way faster to make and simpler. These are beneficial in illustrating the tradeoffs and basic facts about your business or company.
Among the various versions of the lean start-up business plan templates; however, it is the Business Model Canvas which is designed by the Swiss business theorist, Alex Osterwalder, that is considered as the most popular and one of the oldest business plan templates. Consequently, this is composed of nine components:
Knowing the difference between these formats, give you a broader knowledge of what format should you follow. If you still can’t decide on what format to follow, consider asking these questions to yourself.
Before choosing which of these formats should you use, it is important to identify the purpose of your composition. By doing this, you will have clearer guidance in selecting the most suitable format. If you are writing one to present it to lenders and investors, it is advisable to utilize the traditional format; however, if not then it would be better to utilize the lean start-up business plan.
Now that you have distinguished the reason for your business plan writing, time is something you should look over, too. If you only have a longer time to prepare, the traditional business plan would be a great one. On the contrary, if you only have a few days or hours, the lean start-up format would be a better selection.
Both of these formats have their own weaknesses and strengths. Now, it is up to you to choose which of these will you apply in composing your own 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.
Before writing your business plan, it is important for you to be oriented with the format. Honestly, deciding on which of these formats should you follow is quite easy. However, if you really find it difficult and confusing, reflect on these pieces of information.