Business Plan Types and Purposes

 

types of business plans

Types of Business Plans. Business plans are of many types. They include strategic plans, expansion plans, investment plans, growth plans, operational plans, internal plans, annual plans, feasibility plans, product plans, and many more. The various types of business plans will always matche the specific business situation. Bplans offers more than free sample business plans in a wide variety of industries. If you're looking for a tool to walk you through writing your own business plan step by step, we recommend LivePlan, especially if you're seeking a bank loan or outside investment and need to use an SBA-approved. Two common misconceptions about business plans are that a business only ever needs one and that there is one type of business plan that suits all businesses. The truth is that businesses often need new or amended business plans as they evolve and that the type of .


The 4 Types of Business Plans


A business plan is an essential part of every successful business. You may accidentally stumble into success, but businesses without a solid plan typically burn out fast or fail to turn a profit in the long run.

Which of the various kinds of business plan you use really depends on your goals and audience. Though there are a few kinds of business plan, types of business plans, most of them include the same standard sections.

Sometimes the business plan is a little lighter like in a lean planand sometimes it's dozens of pages long like in a standard plan. Though most business plans include a variety of the above, there are a few hyper-focused types of business plans that suit a range of businesses, from startups to expansions to the worst-case scenario. Before you launch your business, you need some killer business plan models to attract investors and make sure your company has a pathway to financial success.

A good startup types of business plans plan would have nailed out these financial concerns. Startup business plans are typically lean in order to help launch companies quickly and allow for easy changes as the company grows. They only include essential information like your customer base, types of business plans, finances and infrastructure.

They also include your value proposition, such as why the market needs your company instead of your competitors, types of business plans. Your company has a greater chance of success if everyone on your types of business plans is fully onboard.

This is why you may opt for internal business plan models that target an audience inside your business instead of outside investors. This is one of the types of a business plan that helps evaluate specific projects and keeps your team up to speed on the state of the company.

Are you sliding backward or moving forward? There are a few things a working internal business plan might glaze over, and you may wish to remove certain pieces of sensitive information.

For example, some entrepreneurs consider it highly inappropriate to let employees know how much money a CEO or business owner takes home. You can choose to omit this without really affecting the integrity of your plan. After all, the goal of this type of business plan isn't showing the balance sheet to investors.

Strategic business plans are usually part of internal business plans. These types of plans typically skip the more detailed financial data and milestones those are of more interest to investors than they are to your team because your team pretty much already knows when they do a good job. Strategic business plans help create internal efficiency so you can get the best results. Operational business plans are more akin to a lean startup plan than your standard, lengthy types of a types of business plans plan, types of business plans.

Why are they so small? This plan isn't made to tell investors how you intend on turning a profit in the span of five years. An annual plan can also be an internal plan i. It can also be used to attract investors at the very beginning.

Annual business plans are perfect for companies that expect to make big changes in the not-so-distant future. Growth or expansion plans focus on a specific area within your business, like opening a new location or launching a certain product. These plans are always lean plans but are not necessarily just for startups.

There are two types of growth plans to consider: internal or external growth plans. It just depends on your audience. Internal growth plans are a lean version of a strategic business plan. However, you do need to estimate the sales and expenses. Growth plans for investors and banks usually include everything in a standard business plan.

You need the financial data and projections, the market research and the funding request. Why does the public need your soda when types of business plans many exist? You may even choose to include team backgrounds and any brag-worthy facts and company milestones, types of business plans. A feasibility plan is the backup. More realistically, it just outlines what happens if competition is too fierce, if you lose a significant market share or if you have to let go of a key player in your management.

Why would you ever want to make such a grim plan? Well, sometimes it actually can help lead to growth. A "what if" plan can help you decide how those things will affect your business. A "what if" plan helps you consider major changes that affect the core of your business, types of business plans, so you can make good decisions.

There's no right or wrong answer to the type of business plan you choose, only that your business absolutely needs one for long-term success. Whether it's a lean startup plan, types of business plans, a lengthy expansion pitch to investors or a dive into the worst-case scenario, only you can tell which business plan is right for your company's goals.

Mariel Loveland is a small business owner, types of business plans, content strategist and writer from New Jersey. Throughout her career, she's worked with numerous startups creating content to help small business owners bridge the gap between technology and sales.

Her work has been featured in publications like Business Insider and Vice. Share It. Executive Summary: This is where you talk about the basics of your company and its path to success.

From the perfect location to the expert team members, put it all here. Market Analysis: Is your industry even lucrative? A business is only as good as the people who are willing to buy into it. Organization and Management: Describe the legal structure of your business. Do types of business plans need to come back every two months?

Do they visit you once a year? Also use this space to outline any plans you have to copyright or patent your intellectual property. Marketing and Sales: The right marketing plan turns a good business into a great business. Though your strategy will change as types of business plans business grows, most types of a business plan touch upon how a business attracts and retains customers.

Also use this space to explain how a sale happens. Funding Request: The dreaded funding request is the part that makes every business owner squirm when he is presenting to investors. Do you plan to have debt, equity or both? Financial Projects: Use this section to types of business plans the financial projections of your business, be it in quarterly, monthly or yearly increments.

Obviously, you want to be financially successful, but how fast do you think your business can grow? Remember, graphs and charts always help. About the Author.

 

Council Post: The Different Types Of Business Plans

 

types of business plans

 

A business plan details all of the facets of a business and explains how it will be successful. If you are thinking of beginning a business, start with a business plan. There a few different types of business plans; as a business owner, you should use these as a guide to thinking about how to make your business work. Oct 24,  · Business plans go by many names: Strategic plans, operational plans, internal plans, and many others. Here's a rundown of the different types of business plans, so 4/5(4). Two common misconceptions about business plans are that a business only ever needs one and that there is one type of business plan that suits all businesses. The truth is that businesses often need new or amended business plans as they evolve and that the type of .