Business plans are the ultimate guides to pave the way for a successful business structure. It leads to success and a concrete base for an established business. Not only it offers the needed push, but also helps in keeping the business on track for the long run. Let’s dig into their types.
Business plans are the guides that owners, management, and business investors follow through the stages of success in their respective businesses. Mostly done by professionals, plans like startup business plan, investor business plan, or growth business plan are written to clarify each aspect of a particular business vividly describing the objectives that would anticipate and prepare for growth. A business plan for the savvy and advanced business owners serves as a channel to manage and promote investment capital.
There are several types of business plan. Some of the most common ones are start-up, internal, strategic, feasibility, operations and growth plans.
Startup Business plan
It must go as a legitimate suggestion to all new businesses that they must detail the steps to start a new enterprise with a proper and professional startup business plan. The plan typically includes several sections that describe the company structure, its detailed service and/or products, the market evaluations, projected management team, and every other relevant information. The business plan also has a section for the potential investors with a complete financial analysis with spreadsheets. The section must describe financial areas including income, profit, and cash flow projections to name a few.
Internal Business Plans
Internal business plans are more specific about a certain audience within the business. The marketing team who needs to evaluate a proposed project can be benefitted with an internal business plan. It includes the company’s current state, including operational costs and profitability, and the calculation if and how the business will repay the capital required for a certain project. Internal plans provide information about project marketing, hiring and tech costs, and also include a market analysis illustrating target demographics, market size and the market’s positive effect on the company income.
Strategic Business Plans
It provides a high-level view of a company’s goals and the right way how it would achieve them. It serves as a layout for a foundational plan for the company as a whole. The structure of a strategic plan varies from company to company including the five common elements like business vision, mission statement, definition of critical success factors, strategies for achieving objectives and an implementation schedule. It also brings all level of the business under the same picture encouraging employees to work together.
Feasibility Business Plans
A feasibility business plan primarily answers about a proposed business venture – who would purchase the service or product of a company, and whether or not the venture can turn a profit. This business plan has sections describing the need for the product or service, target demographics and required capital. The plan typically ends with recommendations for going forward.
Operations Business Plans
This is different from other plans as operational plans are internal plans consisting of elements related to company operations. It specifies implementation markers and deadlines for the coming year and outlines the responsibilities of employees.
Growth Business Plans
Growth plans, also known as expansion plans, are in-depth descriptions of a proposed growth of a business. They are written for internal or external purposes depending on the need to write. When a company growth seeks for investment, a growth plan would include complete descriptions of the company, its management and officers. There must be enough details about the company to satisfy potential investors of the company. The company descriptions can be waved off if the growth plan needs no capital. However, it must include financial sales and expense projections for obvious reasons, that is to satisfy the potential investors.
Irrespective of the type of business plan you are trying to write, you need professional help to come up with a flawless business plan. Especially if you are a start-up, the need for a startup business plan written by experts is a must. Under such condition, it is the best to get in touch with professionals like The Plan Writers.