A business plan is an organised document which describes the working process and objectives of a particular business. A business plan includes its products or services, earning model, team management policies, marketing policies, future goals, market analysis, and other important details.
Table of Contents
Why is a Business Plan Important?
Investors first go through a company’s business plan before making their decision on funding it.
- Writing your business plan will help you to plan your strategies.
- You can make more strategic decisions after doing your research for making your business plan.
- Your business plan will tell you what qualifications you need in your business partners and employees.
- Your business plans will give you proper knowledge of your market and competitors.
How many Types of Business Plans are There?
There are 4 main types of business plans.
1. Mini Plan
This is ideal for small businesses as it mostly includes the highlights. One can go through this on their phones or laptops. Though complex businesses would need an in-depth and long version, it is fine for small businesses.
2. Presentation Plan
You can present your business plan through a PowerPoint presentation as it is an effective way to make people understand your plan in a short time.
3. The Working Plan
It is the main tool to operate complex businesses. It includes a lot of details and analysis. It dictates how the company works, earns, promotes, etc., along with the company’s terms and policies.
4. The “What-if” Plan
This is a backup plan for unusual circumstances. These plans are based on obstacles that may come in your business, and it’s important to make a plan B for the unfortunate events.
Elements of Business Plans
No matter what kind of business plan you make for your business, there should be 7 base elements.
- Executive Summary – Highlights of the entire plan
- Business Description – Detailed information about your business
- Market Analysis – Detailed information about the market, audience and competitors
- Organisation management – Businesses policies and working process
- Sales and Marketing strategies – How to promote your business
- Team management – Details about employees and partners
- Financial plan – Budgets and earning methods
How can you make your Custom Business Plan?
Even if you want to make a custom business plan for your business, it will be one of the 4 main types of business plans mentioned above. To make your custom business plan,
- Know your business well and decide what to include in your business plan. For knowing your business, you have to know
- Your market
- Your customers
- Your Competitors
- Your goals
- Your products and services.
- Each element of a business plan has equal importance. The only way to customize your business plan is to focus on researching and knowing the circumstances and planning for the future.
- Go through the unusual circumstances that happened in your market in the past and create a “what-if” plan.
- Set your budget and plan your strategy accordingly.
Conclusion
For a custom business plan, you have to invest your time and effort so that you can make an impressive plan with all the essentials included. If you are overwhelmed by it, don’t worry, there is business plan writing help available out there. Contact Adept Business Plans Inc. – Vancouver business plan writer for a wide range of business plan writing needs from clients all over the world. They will be happy to help you with professional business plan for your next business venture and adventure.
