other words for business plans

7 Different Types of Business Plans Explained

11 min. read

Updated April 10, 2024

Business plans go by many names: Strategic plans, traditional plans , operational plans, feasibility plans, internal plans, growth plans, and more.

Different situations call for different types of plans. 

But what makes each type of plan unique? And why should you consider one type over another?

In this article, we’ll uncover a quick process to find the right type of business plan, along with an overview of each option. 

Let’s help you find the right planning format.

• What type of business plan do you need?

The short answer is… it depends. 

Your current business stage, intended audience, and how you’ll use the plan will all impact what format works best. 

Remember, just the act of planning will improve your chances of success . It’s important to land on an option that will support your needs. Don’t get too hung up on making the right choice and delay writing your plan.

So, how do you choose?

1. Know why you need a business plan

What are you creating a business plan for ? Are you pitching to potential investors? Applying for a loan? Trying to understand if your business idea is feasible?

You may need a business plan for one or multiple reasons. What you intend to do with it will inform what type of plan you need.

For example: A more robust and detailed plan may be necessary if you seek investment . But a shorter format could be more useful and less time-consuming if you’re just testing an idea.

2. Become familiar with your options

You don’t need to become a planning expert and understand every detail about every type of plan. You just need to know the basics:

• What makes this type of plan unique?
• What are its benefits?
• What are its drawbacks?
• Which types of businesses typically use it?

By taking the time to review, you’ll understand what you’re getting into and be more likely to complete your plan. Plus, you’ll come away with a document built with your use case(s) in mind—meaning you won’t have to restart to make it a valuable tool.

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3. Start small and grow

When choosing a business plan format, a good tactic is to opt for a shorter option and build from there. You’ll save time and effort and still come away with a working business plan.

Plus, you’ll better understand what further planning you may need to do. And you won’t be starting from scratch.

Read More: How to identify the right type of plan for your business

Again, the type of business plan you need fully depends on your situation and use case. But running through this quick exercise will help you narrow down your options. 

Now let’s look at the common business plan types you can choose from.

• Traditional business plan

The traditional (or standard) business plan is an in-depth document covering every aspect of your business. It’s the most common plan type you’ll come across. 

A traditional business plan is broken up into 10 sections:

• Executive summary
• Description of products and services
• Market analysis
• Competitive analysis
• Marketing and sales plan
• Business operations
• Key milestones and metrics
• Organization and management team
• Financial plan
• Appendix 

Why use this type of plan?

A traditional business plan is best for anyone approaching specific business planning events—such as presenting a business plan to a bank or investor for funding.

A traditional plan can also be useful if you need to add more details around specific business areas. 

For example: You start as a solopreneur and don’t immediately need to define your team structure. But eventually you hit a threshold where you need more staff in order to keep growing. A great way to explore which roles you need and how they will function is by fleshing out the organization and management section .

That’s the unseen value of a more detailed plan like this. While you can follow the structure outlined above and create an in-depth plan ready for funding, you can also choose which sections to prioritize. 

Read More: How to write a traditional business plan  

• One-page plan

The one-page business plan is a simplified (but just as useful) version of a traditional business plan. It follows the same structure, but is far easier to create. It can even be used as a pitch document.

Here’s how you’ll organize information when using a one-page plan:

• Value proposition
• Market need
• Your solution
• Competition
• Target market
• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page plan is faster and easier to assemble than a traditional plan. You can write a one-page plan in as little as 30 minutes . 

You’ll still cover the crucial details found in a traditional plan, but in a more manageable format.

So, if you’re exploring a business idea for the first time or updating your strategy—a one-page plan is ideal. You can review and update your entire plan in just a few minutes.

Applying for a loan with this type of plan probably wouldn’t make sense. Lenders typically want to see a more detailed plan to accurately assess potential risk. 

However, it is a great option to send to investors. 

“Investors these days are much less likely to look at a detailed plan,” says Palo Alto Software COO Noah Parsons. “An executive summary or one-page plan, pitch presentation, and financials are all a VC is likely to look at.”

Creating a more detailed plan is as much about being prepared as anything else. If you don’t dig into everything a traditional plan covers, you’ll struggle to land your pitch . 

If you don’t intend to seek funding, a one-page plan is often all you need. The key is regularly revisiting it to stay on top of your business. 

Let’s explore two unique processes to help you do that: 

Read More: How to write a one-page business plan

Lean planning process

Lean planning is a process that uses your one-page plan as a testing tool. The goal is to create a plan and immediately put it into action to see if your ideas actually work. You’ll typically be focusing on one (or all) of the following areas: 

• Strategy – What you will do
• Tactics – How you will do it
• Business Model – How you make money
• Schedule – Who is responsible and when will it happen

Why use this process?

Lean planning is best for businesses that need to move fast, test assumptions, revise, and get moving again. It’s short and simple, and meant to get everyone on the same page as quickly as possible. 

That’s why it’s so popular for startups. They don’t necessarily need a detailed plan, since they’re mostly focused on determining whether or not they have a viable business idea .

The only drawback is that this planning process is built primarily around early-stage businesses. It can be a useful tool for established businesses looking to test a strategy, but it may not be as helpful for ongoing management.

Read More: The fundamentals of lean planning

Growth planning

Growth planning is a financials-focused planning process designed to help you make quick and strategic decisions.

Again, it starts with a one-page plan outlining your strategy, tactics, business model, and schedule. The next step is to create a working financial forecast that includes projected sales, expenses, and cash flows.

From there, you run your business. 

As you go, track your actual financial performance and carve out time to compare it to your forecasts . If you spot any differences, these discrepancies may indicate problems or opportunities that call for adjusting your current strategy.

Growth planning combines the simplicity of the one-page plan and the speed of lean planning, with the power of financial forecasting. 

This makes the process useful for every business stage and even allows you to skip to the forecasting step if you already have a plan.

With growth planning, you’ll:

• Regularly revisit your financials
• Better understand how your business operates 
• Make quick and confident decisions

This process focuses on growing your business. If diving into your financials isn’t a priority right now, that’s okay. Start with a one-page plan instead, and revisit growth planning when you’re ready.

Read More: How to write a growth-oriented business plan

• Internal plan

Sometimes you just need a business plan that works as an internal management tool. 

Something to help you: 

• Set business goals
• Provide a high-level overview of operations
• Prepare to create budgets and financial projections

You don’t need an overly long and detailed business plan for this. Just a document that is easy to create, useful for developing or revisiting your strategy, and able to get everyone up to speed.

The internal plan is a great option if you’re not planning to present your plan to anyone outside your business. Especially if you’re an up-and-running business that may have created a plan previously. You might just need something simple for day-to-day use.

Read More: 8 steps to write a useful internal business plan

• 5-year business plan

Some investors or stakeholders may request a long-term plan stretching up to five years. They typically want to understand your vision for the future and see your long-term goals or milestones.  

To be honest, creating a detailed long-term business plan is typically a waste of time. There are a few exceptions:

• A long-term plan is specifically asked for
• You want to outline your long-term vision
• Real estate development
• Medical product manufacturing
• Transportation, automotive, aviation, or aerospace development

The reality is, you can’t predict what will happen in the next month, let alone the next one, three, or five years.

So, when creating a long-term plan, don’t dig too deep into the details. Focus on establishing long-term goals , annual growth targets, and aspirational milestones you’d like to hit.

Then supplement these with a more focused one-page plan that actually describes your current business, which you can use in your business right now.

Read More: How to write a five-year business plan

• Nonprofit business plan

A nonprofit business plan is not too different from a traditional plan. You should still cover all of the sections I listed above to help you build a sustainable business. 

The main differences in a nonprofit plan are tied to funding and awareness. You need to account for:

• Fundraising sources and activities.
• Alliances and partnerships.
• Promotion and outreach strategies.

You also need to set goals, track performance, and demonstrate that you have the right team to run a fiscally healthy organization. You’re just not pursuing profits, you’re trying to fulfill a mission. But you cannot serve your community if your organization isn’t financially stable.

If you can use your business plan to show that you’re a well-organized nonprofit organization, you are more likely to attract donors and convince investors to provide funding.

Read More: How to write a nonprofit business plan

Resources to help write your business plan

Don’t get too hung up on the type of business plan you choose. Remember, you can always start small and expand if you need to.

To help you do that, I recommend downloading our free one-page business plan template . It’s especially useful if you’re exploring an idea and need a quick way to document how your business will operate.

If you know you’ll pursue funding, download our free traditional business plan template . It’s already in an SBA-lender-approved format and provides detailed instructions for each section. And if you want to explore other options, check out our roundup of the 8 best business plan templates you can download for free.

Lastly, check out our library of over 550 sample business plans if you need inspiration. These can provide specific insight into what you should focus on in a given industry.

Remember, just by deciding to write a business plan, you are increasing your likelihood of success. Pick a format and start writing!

Types of business plans FAQ

Which type of planning should be done for a business?

The type of planning fully depends on your business stage and how you intend to use the plan. Generally, whatever format you choose should help you outline your strategy, business model, tactics, and timeline.

How many types of business plans are there?

There are seven common types of business plans, including: traditional, one-page, lean, growth, internal, 5-year, and nonprofit plans.

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

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How To Write A Business Plan: A Comprehensive Guide

The Startups Team

How To Write A Business Plan: A Comprehensive Guide

A comprehensive, step-by-step guide - complete with real examples - on writing business plans with just the right amount of panache to catch an investor's attention and serve as a guiding star for your business.

Introduction to Business Plans

So you've got a killer startup idea. Now you need to write a business plan that is equally killer.

You fire up your computer, open a Google doc, and stare at the blank page for several minutes before it suddenly dawns on you that,  Hm…maybe I have no idea how to write a business plan from scratch after all.

Don't let it get you down. After all, why would you know anything about business planning? For that very reason we have  4 amazing business plan samples  to share with you as inspiration.

For most founders,  writing a business plan  feels like the startup equivalent of homework. It's the thing you know you have to do, but nobody actually wants to do.

Here's the good news: writing a business plan doesn't have to be this daunting, cumbersome chore.

Once you understand the fundamental questions that your business plan should answer for your readers and how to position everything in a way that compels your them to take action, writing a business plan becomes way more approachable.

Before you set fingers to the keyboard to turn your business idea into written documentation of your organizational structure and business goals, we're going to walk you through the most important things to keep in mind (like company description, financials, and market analysis, etc.) and to help you tackle the writing process confidently — with plenty of real life business plan examples along the way to get you writing a business plan to be proud of!

Keep It Short and Simple.

There's this old-school idea that business plans need to be ultra-dense, complex documents the size of a doorstop because that's how you convey how serious you are about your company.

Not so much.

Complexity and length for complexity and length's sake is almost never a good idea, especially when it comes to writing a business plan. There are a couple of reasons for this.

1. Investors Are Short On Time

If your chief goal is using your business plan to secure funding, then it means you intend on getting it in front of an investor. And if there's one thing investors are, it's busy. So keep this in mind throughout writing a business plan.

Investors wade through hundreds of business plans a year. There's no version of you presenting an 80-page business plan to an investor and they enthusiastically dive in and take hours out of their day to pour over the thing front to back.

Instead, they're looking for you to get your point across as quickly and clearly as possible so they can skim your business plan and get to the most salient parts to determine whether or not they think your opportunity is worth pursuing (or at the very least initiating further discussions).

You should be able to refine all of the key value points that investors look for to 15-20 pages (not including appendices where you will detail your financials). If you find yourself writing beyond that, then it's probably a case of either over explaining, repeating information, or including irrelevant details in your business plan (you don't need to devote 10 pages to how you're going to set up your website, for example).

Bottom line: always be on the lookout for opportunities to “trim the fat" while writing a business plan (and pay special attention to the executive summary section below), and you'll be more likely to secure funding.

2. Know Your Audience

If you fill your business plan with buzzwords, industry-specific jargon or acronyms, and long complicated sentences, it might make sense to a handful of people familiar with your niche and those with superhuman attention spans (not many), but it alienates the vast majority of readers who aren't experts in your particular industry. And if no one can understand so much as your company overview, they won't make it through the rest of your business plan.

Your best bet here is to use simple, straightforward language that's easily understood by anyone — from the most savvy of investor to your Great Aunt Bertha who still uses a landline.

How To Format Your Business Plan

You might be a prodigy in quantum mechanics, but if you show up to your interview rocking cargo shorts and lime green Crocs, you can probably guess what the hiring manager is going to notice first.

In the same way,  how  you present your business plan to your readers equally as important as what you present to them. So don't go over the top with an extensive executive summary, or get lazy with endless bullet points on your marketing strategy.

If your business plan is laden with inconsistent margins, multiple font types and sizes, missing headings and page numbers, and lacks a table of contents, it's going to create a far less digestible reading experience (and totally take away from your amazing idea and hours of work writing a business plan!)

While there's no one  right  way to format your business plan, the idea here is to ensure that it presents professionally. Here's some easy formatting tips to help you do just that.

If your margins are too narrow, it makes the page look super cluttered and more difficult to read.

A good rule of thumb is sticking to standard one-inch margins all around.

Your business plan is made up of several key sections, like chapters in a book.

Whenever you begin a section (“Traction” for example) you'll want to signify it using a header so that your reader immediately knows what to expect from the content that follows.

This also helps break up your content and keep everything nice and organized in your business plan.

Subheadings

Subheadings are mini versions of headings meant to break up content within each individual section and capture the attention of your readers to keep them moving down the page.

In fact, we're using sub-headers right now in this section for that very purpose!

Limit your business plan to two typefaces (one for headings and one for body copy and subheadings, for example) that you can find in a standard text editor like Microsoft Word or Google Docs.

Only pick fonts that are easy to read and contain both capital and lowercase letters.

Avoid script-style or jarring fonts that distract from the actual content. Modern, sans-serif fonts like Helvetica, Arial, and Proxima Nova are a good way to go.

Keep your body copy between 11 and 12-point font size to ensure readability (some fonts are more squint-inducing than others).

You can offset your headings from your body copy by simply upping the font size and by bolding your subheadings.

Sometimes it's better to show instead of just tell.

Assume that your readers are going to skim your plan rather than read it word-for-word and treat it as an opportunity to grab their attention with color graphics, tables, and charts (especially with financial forecasts), as well as product images, if applicable.

This will also help your reader better visualize what your business model is all about.

Need some help with this?

Our  business planning wizard  comes pre-loaded with a modular business plan template that you can complete in any order and makes it ridiculously easy to generate everything you need from your value proposition, mission statement, financial projections, competitive advantage, sales strategy, market research, target market, financial statements, marketing strategy, in a way that clearly communicates your business idea.

Refine Your Business Plans. Then Refine Them Some More.

Your business isn't static, so why should your business plan be?

Your business strategy is always evolving, and so are good business plans. This means that the early versions of your business plans probably won't (and shouldn't be) your last. The details of even even the best business plans are only as good as their last update.

As your business progresses and your ideas about it shift, it's important revisit your business plan from time to time to make sure it reflects those changes, keeping everything as accurate and up-to-date as possible. What good is market analysis if the market has shifted and you have an entirely different set of potential customers? And what good would the business model be if you've recently pivoted? A revised business plan is a solid business plan. It doesn't ensure business success, but it certainly helps to support it.

This rule especially holds true when you go about your market research and learn something that goes against your initial assumptions, impacting everything from your sales strategy to your financial projections.

At the same time, before you begin shopping your business plan around to potential investors or bankers, it's imperative to get a second pair of eyes on it after you've put the final period on your first draft.

After you run your spell check, have someone with strong “English teacher skills” run a fine-tooth comb over your plan for any spelling, punctuation, and grammatical errors you may have glossed over. An updated, detailed business plan (without errors!) should be constantly in your business goals.

More than that, your trusty business plan critic can also give you valuable feedback on how it reads from a stylistic perspective. While different investors prefer different styles, the key here is to remain consistent with your audience and business.

Writing Your Business Plan: A Section-By-Section Breakdown

We devoted an entire article carefully breaking down the  key components of a business plan  which takes a comprehensive look of what each section entails and why.

If you haven't already, you should check that out, as it will act as the perfect companion piece to what we're about to dive into in a moment.

For our purposes here, we're going to look at a few real world business plan examples (as well as one of our own self-penned “dummy” plans) to give you an inside look at how to position key information on a section-by-section basis.

1. Executive Summary

Quick overview.

After your Title Page — which includes your company name, slogan (if applicable), and contact information — and your Table of Contents, the Executive Summary will be the first section of actual content about your business.

The primary goal of your Executive Summary is to provide your readers with a high level overview of your business plan as a whole by summarizing the most important aspects in a few short sentences. Think of your Executive Summary as a kind of “teaser” for your business concept and the information to follow — information which you will explain in greater detail throughout your plan. This isn't the place for your a deep dive on your competitive advantages, or cash flow statement. It is an appropriate place to share your mission statement and value proposition.

Executive Summary Example

Here's an example of an Executive Summary taken from a sample business plan written by the Startups.com team for a fictional company called Culina. Here, we'll see how the Executive Summary offers brief overviews of the  Product ,  Market Opportunity ,  Traction , and  Next Steps .

Culina Tech specializes in home automation and IoT technology products designed to create the ultimate smart kitchen for modern homeowners.

Our flagship product, the Culina Smart Plug, enables users to make any kitchen appliance or cooking device intelligent. Compatible with all existing brands that plug into standard two or three-prong wall outlets, Culina creates an entire network of Wi-Fi-connected kitchen devices that can be controlled and monitored remotely right from your smartphone.

The majority of US households now spend roughly 35% of their energy consumption on appliances, electronics, and lighting.  With the ability to set energy usage caps on a daily, weekly or monthly basis, Culina helps homeowners stay within their monthly utility budget through more efficient use of the dishwasher, refrigerator, freezer, stove, and other common kitchen appliances.

Additionally, 50.8% of house fires are caused in the kitchen — more than any other room in the home — translating to over $5 billion in property damage costs per year.  Culina provides the preventative intelligence necessary to dramatically reduce kitchen-related disasters and their associated costs and risk of personal harm.

Our team has already completed the product development and design phase, and we are now ready to begin mass manufacturing. We've also gained a major foothold among consumers and investors alike, with 10,000 pre-ordered units sold and $5 million in investment capital secured to date.

We're currently seeking a $15M Series B capital investment that will give us the financial flexibility to ramp up hardware manufacturing, improve software UX and UI, expand our sales and marketing efforts, and fulfill pre-orders in time for the 2018 holiday season.

2. Company Synopsis

Your Company Synopsis section answers two critically important questions for your readers: What painful  PROBLEM  are you solving for your customers? And what is your elegant  SOLUTION  to that problem? The combination of these two components form your value proposition.

Company Synopsis Example

Let's look at a real-life company description example from  HolliBlu * — a mobile app that connects healthcare facilities with local skilled nurses — to see how they successfully address both of these key aspects.  *Note: Full disclosure; Our team worked directly with this company on their business plan via Fundable.

Notice how we get a crystal clear understanding of why the company exists to begin with when they set up the  problem  — that traditional nurse recruitment methods are costly, inconvenient, and time-consuming, creating significant barriers to providing quality nursing to patients in need.

Once we understand the painful problem that HolliBlu's customers face, we're then directly told how their  solution  links back directly to that problem — by creating an entire community of qualified nurses and directly connecting them with local employers more cost-effectively and more efficiently than traditional methods.

3. Market Overview

Your Market Overview provides color around the industry that you will be competing in as it relates to your product/service.

This will include statistics about industry size, [growth](https://www.startups.com/library/expert-advice/the-case-for-growing-slowly) rate, trends, and overall outlook. If this part of your business plan can be summed up in one word, it's  research .

The idea is to gather as much raw data as you can to make the case for your readers that:

This is a market big enough to get excited about.

You can capture a big enough share of this market to get excited about.

Target Market Overview Example

Here's an example from HolliBlu's business plan:

HolliBlu's Market Overview hits all of the marks — clearly laying out the industry size ($74.8 billion), the Total Addressable Market or TAM (3 million registered nurses), industry growth rate (581,500 new RN jobs through 2018; $355 billion by 2020), and industry trends (movement toward federally-mandated compliance with nurse/patient ratios, companies offering sign-on bonuses to secure qualified nurses, increasing popularity of home-based healthcare).

4. Product (How it Works)

Where your Company Synopsis is meant to shed light on why the company exists by demonstrating the problem you're setting out to solve and then bolstering that with an impactful solution, your Product or How it Works section allows you to get into the nitty gritty of how it actually delivers that value, and any competitive advantage it provides you.

Product (How it Works) Example

In the below example from our team's Culina sample plan, we've divided the section up using subheadings to call attention to product's  key features  and how it actually works from a user perspective.

This approach is particularly effective if your product or service has several unique features that you want to highlight.

5. Revenue Model

Quite simply, your Revenue Model gives your readers a framework for how you plan on making money. It identifies which revenue channels you're leveraging, how you're pricing your product or service, and why.

Revenue Model Example

Let's take a look at another real world business plan example with brewpub startup  Magic Waters Brewpub .*

It can be easy to get hung up on the financial aspect here, especially if you haven't fully developed your product yet. And that's okay. *Note: Full disclosure; Our team worked directly with this company on their business plan via Fundable.

The thing to remember is that investors will want to see that you've at least made some basic assumptions about your monetization strategy.

6. Operating Model

Your Operating Model quite simply refers to how your company actually runs itself. It's the detailed breakdown of the processes, technologies, and physical requirements (assets) that allow you to deliver the value to your customers that your product or service promises.

Operating Model Example

Let's say you were opening up a local coffee shop, for example. Your Operating Model might detail the following:

Information about your facility (location, indoor and outdoor space features, lease amount, utility costs, etc.)

The equipment you need to purchase (coffee and espresso machines, appliances, shelving and storage, etc.) and their respective costs.

The inventory you plan to order regularly (product, supplies, etc.), how you plan to order it (an online supplier) and how often it gets delivered (Mon-Fri).

Your staffing requirements (including how many part or full time employees you'll need, at what wages, their job descriptions, etc.)

In addition, you can also use your Operating Model to lay out the ways you intend to manage the costs and efficiencies associated with your business, including:

The  Critical Costs  that make or break your business. In the case of our coffee shop example, you might say something like,

“We're estimating the marketing cost to acquire a customer is going to be $25.  Our average sale is $45.  So long as we can keep our customer acquisition costs below $25 we will have enough margin to grow with.”

Cost Maturation & Milestones  that show how your Critical Costs might fluctuate over time.

“If we sell 50 coffees a day, our average unit cost will be $8 on a sale of $10.  At that point we're barely breaking even. However as we scale up to 200 coffees a day, our unit costs drop significantly to $4, creating a 100% increase in net income.”

Investment Costs  that highlight strategic uses of capital that will have a big Return on Investment (ROI) later.

“We're investing $100,000 into a revolutionary new coffee brewing system that will allow us to brew twice the amount our current output with the same amount of space and staff.”

Operating Efficiencies  explaining your capability of delivering your product or service in the most cost effective manner possible while maintaining the highest standards of quality.

“By using energy efficient Ecoboilers, we're able to keep our water hot while minimizing the amount of energy required. Our machines also feature an energy saving mode. Both of these allow us to dramatically cut energy costs.”

7. Competitive Analysis

Like the Market Overview section, you want to show your readers that you've done your homework and have a crazy high level of awareness about your current competitors or any potential competitors that may crop up down the line for your given business model.

When writing your Competitive Analysis, your overview should cover  who  your closest competitors are, the chief  strengths  they bring to the table, and their biggest  weaknesses .

You'll want to identify at least 3 competitors — either direct, indirect, or a combination of the two. It's an extremely important aspect of the business planning process.

Competition Analysis Example

Here's an example of how HolliBlu lays out their Competitive Analysis section for just one of their competitors, implementing each of the criteria noted above:

8. Customer Definition

Your Customer Definition section allows you to note which customer segment(s) you're going after, what characteristics and habits each customer segment embodies, how each segment uniquely benefits from your product or service, and how all of this ties together to create the ideal portrait of an actual paying customer, and how you'll cultivate and manage customer relationships.

Customer Definition Example

HolliBlu's Customer Definition section is effective for several reasons. Let's deconstruct their first target market segment, hospitals.

What's particularly successful here is that we are explained why hospitals are optimal buyers.

They accomplish this by harkening back to the central problem at the core of the opportunity (when hospitals can't supply enough staff to meet patient demands, they have to resort on costly staffing agencies).

On top of that, we are also told how  big  of an opportunity going after this customer segment represents (5,534 hospitals in the US).

This template is followed for each of the company's 3 core customer segments. This provides consistency, but more than that, it emphasizes how diligent research reinforces their assumptions about who their customers are and why they'd open their wallets. Keep all of this in mind when you are write your own business plan.

9. Customer Acquisition

Now that you've defined who your customers are for your readers, your Customer Acquisition section will tell them what marketing and sales strategy and tactics you plan to leverage to actually reach the target market (or target markets) and ultimately convert them into paying customers.

marketing Strategy Example

Similar to the exercise you will go through with your Revenue Model, in addition to identifying  which  channels you're pursuing, you'll also want to detail all of relevant costs associated with your customer acquisition channels.

Let's say you spent $100 on your marketing plan to acquire 100 customers during 2018. To get your CAC, you simply divide the number of customers acquired by your spend, giving you a $1.00 CAC.

10. Traction

This one's huge. Traction tells investors one important thing: that you're business has momentum. It's evidence that you're making forward progress and hitting milestones. That things are happening. It's one of the most critical components of a successful business plan.

Why is this so important? Financial projections are great and all, but if you can prove to investors that your company's got legs before they've even put a dime into it, then it will get them thinking about all the great things you'll be able to accomplish when they do bankroll you.

Traction Example

In our Culina Traction section, we've called attention to several forms of traction, touching on some of the biggest ones that you'll want to consider when writing your own plan.

Have I built or launched my product or service yet?

Have I reached any customers yet?

Have I generated any revenue yet?

Have I forged any strategic industry relationships that will be instrumental in driving growth?

The key takeaway here: the more traction you can show, the more credibility you build with investors. After all, you can't leave it all on market analysis alone.

11. Management Team

Here's what your Management Team section isn't: it's not an exhaustive rundown of each and every position your team members have held over the course of their lives.

Instead, you should tell investors which aspects of your team's experience and expertise directly translates to the success of  this  company and  this  industry.

In other words, what applicable, relevant background do they bring to the table?

Management Team Example

Let's be real. The vast majority of startup teams probably aren't stacked with Harvard and Stanford grads. But the thing to home in on is how the prior experience listed speaks directly to how it qualifies that team member's current position.

The word of the day here is relevancy. If it's not relevant, you probably don't need to include it in your typical business plan.

12. Funding

Funding overview.

The ask! This is where you come out and, you guessed it,  ask  your investors point blank how much money you need to move your business forward, what specific milestones their investment will allow you to reach, how you'll allocate the capital you secure, and what the investor will get in exchange for their investment.

You can also include information about your  exit strategy  (IPO, acquisition, merger?).

Funding Example

While we've preached against redundancy in your business plan, an exception to the rule is using the Funding section to offer up a very brief recap that essentially says, “here are the biggest reasons you should invest in my company and why it will ultimately benefit you.”

13. Financials

Spreadsheets and numbers and charts, oh my! Yes, it's everybody's “favorite” business plan section: Financials.

Your Financials section will come last and contain all of the forecasted numbers that say to investors that this is a sound investment. This will include things like your sales forecast, expense budget, and break-even analysis. A lot of this will be assumptions, or estimates.

The key here is keeping those estimates as realistic as humanly possible by breaking your figures into components and looking at each one individually.

Financials Example

The balance sheet above illustrates the business' estimated net worth over a three-year period by summarizing its assets (tangible objects owned by the company), liabilities (debt owed to a creditor of the company), and shareholders' equity (source of financing used to fund the assets).

In plain words, the balance sheet is basically a snapshot of your business' financial status by laying out what you own and owe, helping investors determine the level of risk involved and giving them a good understanding of the financial health of the business.

If you're looking to up your game from those outdated Excel-style spreadsheets,  our business planning software  will help you create clean, sleek, modern financial reports the modern way. Plus, it's as easy to use as it is attractive to look at. You might even find yourself enjoying financial projections, building a cash flow statement, and business planning overall.

You've Got This!

You've committed to writing your business plan and now you've got some tricks of the trade to help you out along the way. Whether you're applying for a business loan or seeking investors, your well-crafted business plan will act as your Holy Grail in helping take your business goals to the next plateau.

This is a ton of work. It's not a few hours and a free business plan template. It's not just a business plan software. We've been there before. Writing your [business plan](https://www.startups.com/library/expert-advice/top-4-business-plan-examples) is just one small step in startup journey. There's a whole long road ahead of you filled with a marketing plan, investor outreach, chasing venture capitalists, actually getting funded, and growing your business into a successful company.

And guess what? We've got helpful information on all of it — and all at your disposal! We hope this guides you confidently on how to write a business plan worth bragging about.

Ronald Calderon

Great info for feedback my current business plan!

Upgrade to join the discussion.

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10 Business Plan Words Every Manager Needs to Know By Heart If you're starting or running a business, you'll need to know this list of essential business planning words.

By Tim Berry Edited by Dan Bova Jan 30, 2012

Opinions expressed by Entrepreneur contributors are their own.

So I've changed my mind -- again -- and come up with this list of essential business planning words every manager should know:

1. Business plan: An organized collection of milestones, tasks, assumptions and basic business numbers. It covers strategy and details what's supposed to happen when, who's in charge of what, how progress is measured, when money is to be spent and from where, and when money is expected to come in. It isn't a document; it's a plan. If it isn't reviewed and revised monthly, then it won't be very useful. So it has to be practical and just big enough to serve the business need.

Related: To Make Business Planning Less Daunting, Let's Call It Something Else 2. Business planning: Steering a company using a cyclical process. Plan, review and revise as necessary to optimize. Business planning is management.

3. Business strategy: A combination of strengths and weaknesses, opportunities and threats, target market, business offering and product-market fit. Focus is vital. Who isn't in your market and what you're not offering can be more useful information than who is and what you are offering. All of this can be expressed in bullets, slides, a few key paragraphs or any other way that keeps strategy and focus top of mind.

4. Business forecast: A simplified, manageable set of assumptions about future cash flow, including sales, cost of sales, expenses, assets, liabilities and capital. It isn't about predicting the future; it's about connecting the dots on assumptions and drivers in your monthly projections over the next year and your annual forecasts for the subsequent two years. It focuses on what drives the key components, expressed as money. Those drivers include factors like capacity, sales and marketing activities, management compensation, direct costs, and so forth. The goal is to lay out connections between key assumptions in projections spread month by month as expected amounts. For example, you would project how direct costs look as a percentage of sales. Usually the relationships are more important than the actual numbers. So, to follow the example, if your actual sales are higher than expected, you can tell from your forecast that direct costs also will be higher than expected. Companies with a good forecasting process rarely get through a month without some change in the forecast.

5. Strategic plan: A business plan that leaves out the nuts and bolts.

6. Operations plan: A business plan that leaves out the strategy.

7. Marketing plan: A business plan that leaves out the overall company financial strategy.

Related: The Top 10 Business Plan Mistakes

8. Annual plan: A business plan that leaves out plans for the second and third year.

9. Bank-ready business plan:

a. A document created as output from a business plan, formatted for easy reading and highlighting past financial performance and current financial position. Bankers look for payment history and assets backing the loan.

b. When used to describe a canned boilerplate document somebody is selling, as in turnkey or ready-made, it is just sleazy sales hype for a bad product. Buyer beware: A ready-made business plan is always a waste of money.

10. Investor-ready or funding-ready business plan:

a. A document or pitch created as output from a business plan, describing a business investors will be interested in based on the specifics of that business. The most common and essential highlights are management team, product-market fit, potential market, potential growth, defensibility (some hard-to-copy elements like technology or knowhow), scalability and potential return for investors. No matter how brilliant, beautiful or creative it might be, it isn't investor ready -- and never will be -- if it doesn't describe a business with real prospects for investors.

b. See 9b above.

Related: Three Financial Guesstimates Every Business Plan Needs

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What is a Business Plan? Definition, Tips, and Templates

Published: June 28, 2024

Years ago, I had an idea to launch a line of region-specific board games. I knew there was a market for games that celebrated local culture and heritage. I was so excited about the concept and couldn't wait to get started.

But my idea never took off. Why? Because I didn‘t have a plan. I lacked direction, missed opportunities, and ultimately, the venture never got off the ground.

And that’s exactly why a business plan is important. It cements your vision, gives you clarity, and outlines your next step.

In this post, I‘ll explain what a business plan is, the reasons why you’d need one, identify different types of business plans, and what you should include in yours.

Table of Contents

What is a business plan?

What is a business plan used for.

• Business Plan Template [Download Now]

Purposes of a Business Plan

What does a business plan need to include, types of business plans.

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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies. The plan also includes a financial section that forecasts revenue, expenses, and cash flow, as well as a funding request if the business is seeking investment.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

Business Plan Template [ Download Now ]

2. Executive Summary

Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read.

The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.

3. Company Description

This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement.

You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.

4. The Business Opportunity

The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can.

This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high-level information about your target market.

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78 Business Terms Small Business Owners Should Know

Learning the language of business can feel overwhelming. There are a lot of different terms covering many different areas of business — from finance to operations . However, understanding key terms can play an important part in your success when it comes to strategy, operations and growth for small business owners. Here are some essential business terms you may want to know.

Business Terms for Strategy & Operations

• Benchmarking. Benchmarking is a way to test and compare your business performance against a certain standard. You can compare against things such as a competitor’s metrics, industry performance or your numbers from last year.
• Best practice. Best practices are methods recognized in your industry as the most efficient and effective ways to complete a business process. Adopting these practices can lead to improved performance and a competitive advantage.
• Board of directors. The board of directors is a group of individuals selected to oversee the activities and strategic direction of a company, organization or business. They can make major decisions, represent shareholders and ensure the company adheres to its mission and vision.
• Business plan. A business plan is a formal document that outlines a company’s goals, strategies, target market and financial forecasts. It can be helpful when securing funding and guiding the business’s direction.
• Company culture. Company culture refers to the shared values, beliefs and behaviors within an organization. A good business culture attracts talent, fosters employee satisfaction and drives productivity.
• CRM (Customer Relationship Management). A CRM typically refers to a software that helps your business manage relationships with customers and potential customers. It often houses customer data like contact information and preferences. Plus, it can help you keep track of your interactions with them.
• Deliverable. A deliverable is the output of a project. It could refer to things like a report, a product, a service or marketing material.
• Economies of scale. Economies of scale happen when your business is running effectively. Production goes up — while fixed costs remain the same — reducing the cost per unit and saving you money.
• Growth hacking. Growth hacking is a set of unconventional strategies a new business can attempt in order to grow rapidly. It can involve experimenting with marketing, product development and sales tactics.
• Incentivize. To incentivize means to offer some sort of reward or benefit to encourage customers to take specific actions — such as offering a free gift or membership when purchasing a product or service.
• KPI (Key Performance Indicator). KPIs are measurable values that can indicate how well a project, or your business, is performing. This could include metrics such as sales growth, customer retention or conversions from a marketing campaign.
• Metric. A metric is a way to count or measure a specific aspect of business performance. Metrics provide insights into various aspects of a company’s operations and can drive strategic decisions.
• Monetize. Monetizing is a way of generating revenue from a product or service. Sales, subscriptions or memberships are a way to monetize your business offerings.
• Outsourcing. Outsourcing involves hiring a third-party company or individual to perform tasks or produce products that would otherwise be done in-house. For example, a small business may hire a freelance marketer to create an advertisement for them.
• R&D (Research and Development). R&D involves activities that businesses undertake to innovate and introduce new products or services. For example, a coffee shop may do some market research to predict which latte flavors will be popular next fall.
• Risk management. Risk management involves identifying, assessing and prioritizing risks to minimize the impact of negative events on a business. It can help prevent potential losses.
• Scalable. Scalability refers to a business’s ability to grow without compromising performance. If your business is looking to grow, you should ensure your processes are scalable and able to handle increased demand.
• SaaS (Software as a Service). Software as a service is a way to access software through the internet. Instead of paying for software outright, you may pay a membership fee or subscription to access the software.
• Stakeholder. A stakeholder is an individual or group who has an interest in the success or failure of a business or project. This could include employees, managers, investors and customers.
• Sustainability. The United Nations defines sustainability as “meeting the needs of the present without compromising the ability of future generations to meet their own needs.” It’s often related to environmentally friendly practices and corporate social responsibility, but can also describe long-lasting processes and practices
• SWOT (Strengths, Weaknesses, Opportunities, Threats). SWOT analysis is a strategic planning tool used to identify a company’s strengths and weaknesses and opportunities and threats. It helps inform decision-making and strategy development.

Business Terms for Marketing & Sales

• A/B testing. A/B testing, or split testing, involves comparing two versions of something such as a web page, email or advertisement to determine which performs better. It’s an essential tool for optimizing marketing efforts.
• Analytics. Analytics is a systemized way of looking at different data sets. It allows you to uncover patterns and trends. In marketing, analytics can offer special insights into the performance of your campaigns.
• Affiliate marketing. Affiliate marketing is a marketing strategy where “affiliates” of a business can earn a commission by promoting a product or service.
• Brand. Your brand is your business identity. It includes things like logos, messaging, the way you interact with your customers and more. A strong brand can help you stand out from your competitors and gain customer loyalty.
• Buyer persona. A buyer persona, also called a customer persona, is a fictional representation of your ideal customer. It’s often based on market research and real data. It can help a business tailor their marketing efforts to target a specific audience.
• Conversion rate. A conversion rate is the percentage of users who complete a specific action — such as signing up for a newsletter or making a purchase.
• CTR (Click-Through Rate). CTR refers to the percentage of users who click on a link, button, ad or other digital call-to-action.
• Customer experience. Customer experience encompasses every interaction a customer has with a business. This can include the in-store experience, interacting with your website, calling in for support and more.
• Customer retention. Customer retention measures a business’s ability to keep existing customers over a period of time.
• Demographics. Demographics refer to characteristics of a population. It can include characteristics like age, gender, household size, geographical area and more. Demographic data can be useful for tailoring your marketing efforts.
• Digital marketing. Digital marketing encompasses the different marketing efforts that happen in the online space such as social media marketing , search engine advertising, your websites and more.
• Email marketing. Email marketing is a type of digital marketing. It involves sending emails to promote a product or engage an audience. It can be an effective way to nurture leads and maintain customer relationships.
• Market research. Market research involves collecting and analyzing data on things like potential customers, competitors and industry trends to help identify opportunities.
• Marketing strategy. A marketing strategy is a plan that outlines a business’s goals and the marketing tactics they will use to achieve them.
• Niche market. A niche market is a specific segment of a larger market or audience. It’s usually characterized by unique needs or interests.
• PPC (Pay-Per-Click). Pay-per-click is a type of online advertising where businesses pay each time their ad is clicked on. It can be a cost-effective way to advertise online.
• Sales funnel. The sales funnel is a way to think about a customer’s journey visually. At the top of the funnel they’re becoming aware of your business, in the middle they’re considering whether or not they want to become a customer, and at the bottom they’ve made their decision to make a purchase.
• SEO (Search Engine Optimization). SEO is the process of optimizing your website so that it appears higher on the search results page on search engines like Google. This can help drive more traffic to your website.
• Social proof. Social proof often comes in the form of testimonials, reviews or rewards. When potential customers see others enjoying your product or service, it can give them the confidence they need to make a purchase.
• Target market. Your target market is a specific population you are trying to reach with your marketing efforts.
• Traditional marketing. Traditional marketing often refers to offline marketing efforts like print ads, radio, television or direct mail.
• USP (Unique Selling Proposition). Your unique selling proposition is the thing that sets you apart from your competitors. This could be anything from a unique product to the level of customer service you offer.

Business Terms for Business Models & Structures

• B2B (Business to Business). B2B refers to a business that offers products and services to other businesses.
• B2C (Business to Consumer). B2C refers to businesses that offer products and services to individual consumers.
• B2G (Business to Government). B2G refers to a business that offers products and services to government agencies.
• LLC (Limited Liability Company). An LLC is a type of flexible business structure. It is a separate legal entity from the owners. It’s a popular business structure for small businesses because of the protection and tax benefits it offers.
• Nonprofit. A nonprofit is an organization that doesn’t operate to make profit, but instead to fulfill a mission. They often rely on donations, grants and fundraising for support.
• Partnership. A partnership is a business that is owned by two or more individuals. The business is not a separate legal entity from the owners.
• Sole proprietorship. A sole proprietorship is a business owned by one individual. It is not a separate legal entity from the owner.

Business Terms for Finance & Legal

• Accounts receivable. Accounts receivable is the money owed to a business. For example, if you deliver a product or service to a customer and later send an invoice, the money owed would be your accounts receivable.
• Acquisition. Acquisition is when one company buys another. It can be an effective way to drive growth as the company will be acquiring the other’s business assets.
• Actuary. An actuary is a professional who has advanced skills in mathematics and statistics. They help find ways to reduce risk and uncertainty.
• Audit. An audit is a review of a business’s financial statements and records to ensure they’re accurate and compliant. Audits often come from the IRS but could also be required by other regulatory agencies depending on your industry.
• Balance sheet. A balance sheet is a financial document that provides an overview of things like your business assets and liabilities at a certain time.
• Business assets. Business assets are resources owned by a business that have monetary value. These could be tangible, like equipment or inventory, or intangible, like trademarks or patents.
• Business cycle. A business cycle refers to the natural changes of the economy. It includes expansion, peak, contraction and trough. Recognizing what cycle you are in can help guide your business decisions.
• Capital expenditure. Capital expenditures are when your business spends money to acquire a long-term asset.
• Cash flow. Cash flow is the money moving in and out of your business. A positive cash flow means you can fulfill your financial obligations and have some left over to invest in growth.
• Copyright. A copyright grants a creator legal rights to their work and its use. While a formal registration is encouraged, any creator or business can place a copyright notice on their own original websites, marketing materials, packaging, etc. to inform others they are the owner.
• Depreciation. Depreciation is when an asset loses value over time, due to age or wear and tear.
• Financial institution. A financial institution provides financial services. This includes agencies and businesses like banks, online lenders, credit unions or investment services.
• Fiscal year. A fiscal year is a 12-month period a company uses for accounting purposes. A business may choose a period that aligns with their operations or industry.
• Fixed costs. A fixed cost is a cost that remains the same regardless of production levels — like rent or salaries.
• Income statement. An income statement provides insights into a business’s revenues and expenses over a period of time.
• Investor. An investor is a person or organization that owns a share of a business. They provide capital in the expectation that they’ll earn a return.
• IP (Intellectual property). Intellectual property includes things like inventions, designs and brands that are protected by legal means such as a patent, copyright or trademark.
• Liquidity. Liquidity is a measure of how much cash you have on hand to tackle any short-term expenses. While certain business assets, like expensive equipment, may have value they are not necessarily “liquid” because they can not be easily converted into cash.
• Merger. A merger is when two companies combine to form a single business.
• Net income. Net income is the total amount of money a business has after subtracting all expenses, taxes and other costs.
• Net profit margin. Net profit margin is the percentage of revenue that remains after deducting all expenses.
• Overhead. Overhead refers to the expenses that aren’t directly related to running a business, but are part of the cost of doing business, like rent or utilities.
• ROI (Return on Investment). ROI is a measurement of the success of a project. It compares the cost of the investment to the gains it provided. It’s often used to measure the success of a marketing campaign.
• Venture capital. Venture capitalists provide financing to startups or small businesses that have a lot of potential to grow in hopes that the business will expand a lot in the future and provide a high return.
• Working capital. Working capital is the difference between a company’s assets and liabilities. It is a measure of a business’s liquidity and efficiency.

Business Terms for Human Resources

• Employee Retention. Employee retention is the percentage of employees who stay with your company over a period of time. High employee retention can help your business run efficiently and save money.
• Freelancer. A freelancer is an individual who may be hired by businesses to perform a certain task or complete a specific project. They are not hired on as employees but instead operate as a contractor.
• Onboarding/Offboarding. Onboarding the process of hiring and getting a new employee started. Offboarding is the process of managing their departure from the company.

DISCLAIMER: This content is for informational purposes only. OnDeck and its affiliates do not provide financial, legal, tax or accounting advice.

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

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Thesaurus for Business plan

Related terms for business plan - synonyms, antonyms and sentences with business plan, similar meaning.

• plan of action
• plan of activities
• working plan
• action plan
• operational plan
• development plan
• operating plan
• operation plan
• action agenda
• business strategy
• operations plan
• programme of action
• action programme
• detailed plan for business
• activities plan
• campaign plan
• development strategy
• industrial scheme
• agenda for action
• corporate strategy
• framework for action
• growth strategy

Nothing suggested yet. Maybe you know some?

Common usage.

• mission statement
• feasibility analysis
• business climate
• financial market

Sentence Examples

Proper usage in context.

• 5-year business plan
• A business plan was also prepared for this purpose
• A complete business plan has certain essential ingredients
• Have a business plan - Internet-geared
• Just deliver the business plan for Gdańsk

Lead Generation

How to Create a Powerful Business Development Plan: 10 Steps to Success

Learn how to craft an effective business development plan with SMART goals, innovative strategies, and practical tips for successful growth.

Sep 13, 2024

Ready to take your business to new heights? A solid business development plan is your roadmap to success. It's not just a fancy document to impress investors; it's your game plan for growth, profitability, and long-term stability.

Ever wondered why some businesses thrive while others struggle? The secret often lies in their approach to business development. Whether you're a startup founder or a seasoned entrepreneur, crafting a well-thought-out plan can make all the difference. It's about setting clear goals, identifying opportunities, and mapping out strategies to achieve them.

So, are you ready to unlock your business's full potential? Let's jump into the world of business development planning and discover how you can create a blueprint for your company's future success.

What Is a Business Development Plan?

A business development plan is a strategic roadmap that outlines your company's growth objectives and the steps to achieve them. It's a comprehensive document that combines elements of marketing, sales, and operational strategies to propel your business forward.

Key components of a business development plan include:

Clear, SMART goals

Detailed target audience profiles

In-depth market research

Funding strategies

Sales and marketing tactics

Operational needs assessment

Your plan serves as a guide for decision-making, resource allocation, and performance measurement. It's not just a static document but a dynamic tool that evolves with your business.

Common misconceptions about business development plans:

They're only for startups: Established businesses benefit equally from regular planning.

They're set in stone: Effective plans are flexible and adapt to changing market conditions.

They're all about sales: While sales are crucial, a comprehensive plan covers all aspects of growth.

When crafting your plan, consider these practical tips:

Start with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats.

Set realistic, measurable goals with specific timelines.

Research your target market thoroughly, including competitor analysis.

Outline your unique value proposition clearly.

Detail your sales funnel and customer acquisition strategies.

Different approaches to business development planning:

Top-down approach: Start with broad company goals and break them down into specific departmental objectives.

Bottom-up approach: Begin with individual team goals and align them with overall company objectives.

Hybrid approach: Combine elements of both to create a balanced plan.

Incorporating best practices:

Regularly review and update your plan (quarterly or bi-annually).

Involve key team members in the planning process for diverse perspectives.

Use data-driven insights to inform your strategies.

Align your business development goals with your company's mission and values.

By creating a robust business development plan, you're setting the stage for sustainable growth and success. Remember, the plan is a tool to guide your efforts, not a rigid set of rules. Stay flexible, monitor your progress, and adjust your strategies as needed to navigate the ever-changing business world.

Key Components of a Business Development Plan

A comprehensive business development plan consists of several essential components that work together to guide your company's growth strategy. Let's explore each of these key elements in detail.

Executive Summary

The executive summary provides a concise overview of your business development plan. It's the first section readers encounter, offering a snapshot of your company's goals and strategies. Here's what to include:

Company mission and vision

Brief description of products or services

Key objectives and growth targets

Overview of market opportunities

Summary of financial projections

Remember, while it's the first section in your plan, it's often best to write it last. This ensures you capture the essence of your entire plan accurately.

Company Description

Your company description sets the stage for the rest of your plan. It's where you tell your company's story and highlight what makes you unique. Include:

Detailed mission statement

Company history and milestones

Legal structure and ownership

Core values and company culture

Unique selling propositions (USPs)

This section helps readers understand your company's identity and what sets you apart from competitors.

Market Analysis

A thorough market analysis demonstrates your understanding of the industry world. It should cover:

Industry size, trends, and growth potential

Market segmentation

Customer needs and pain points

Regulatory environment

Technological factors

Use data and statistics to support your analysis. This shows potential investors or partners that you've done your assignments.

Target Audience

Identifying your target audience is crucial for focused business development efforts. Describe:

Demographic characteristics

Psychographic profiles

Buying behaviors and preferences

Customer personas

The more specific you are about your target audience, the more effectively you can tailor your strategies to reach them.

Competitive Analysis

Understanding your competition is vital for positioning your business effectively. Include:

Direct and indirect competitors

Competitor strengths and weaknesses

Market share analysis

Competitive advantage assessment

Potential threats from new entrants

Use tools like SWOT analysis to provide a comprehensive view of your competitive world.

Sales and Marketing Strategy

Your sales and marketing strategy outlines how you'll reach and convert your target audience. Detail:

Sales process and tactics

Marketing channels and campaigns

Pricing strategy

Customer acquisition and retention plans

Branding and positioning

Be specific about your tactics. For example, if you're focusing on LinkedIn outreach , describe your approach, content strategy, and engagement metrics.

Incorporating tools like Growleady can help streamline your LinkedIn efforts by providing valuable insights and managing your lead pipeline more efficiently.

Financial Projections

Financial projections demonstrate the viability of your business development plan. Include:

Revenue forecasts

Cost estimates

Break-even analysis

Cash flow projections

Funding requirements and sources

Use realistic assumptions and provide both best-case and worst-case scenarios. This shows you've considered various outcomes and are prepared for different situations.

Steps to Write an Effective Business Development Plan

Creating a solid business development plan is crucial for guiding your company's growth and success. Here's a step-by-step guide to crafting an effective plan that'll set you on the right path.

Define Your Business Goals

Start by clearly outlining your business objectives. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). For example:

Increase revenue by 25% within the next fiscal year

Expand into two new market segments by Q3

Launch three new product lines by the end of the year

When setting these goals, consider your company's current position, resources, and market conditions. Align your objectives with your overall business strategy to ensure consistency and focus.

Conduct Thorough Research

Dive deep into market research to gain valuable insights:

Identify your target audience: Analyze demographics, psychographics, and buying behaviors

Study competitors: Assess their strengths, weaknesses, and market positioning

Explore industry trends: Stay informed about emerging technologies and shifting consumer preferences

Use tools like surveys, focus groups, and industry reports to gather data. This research will help you make informed decisions and identify opportunities for growth.

Outline Your Strategy

Develop a comprehensive strategy based on your research:

Choose marketing channels: Select platforms where your target audience is most active

Highlight your unique value proposition: Emphasize what sets you apart from competitors

Align tactics with goals: Ensure each strategy directly contributes to your objectives

For example, if your goal is to expand into new markets, your strategy might include targeted social media campaigns , partnerships with local businesses, or attending industry trade shows.

Set Measurable Objectives

Establish key performance indicators (KPIs) to track progress:

Revenue targets: Set specific monthly or quarterly sales goals

Customer acquisition cost: Determine an acceptable cost per new customer

Conversion rates: Track the percentage of leads that become paying customers

Use data analytics tools to monitor these KPIs regularly. This allows you to adjust your strategies quickly if you're not meeting your objectives.

Create an Action Plan

Develop a detailed roadmap for implementing your strategies:

Break down large goals into smaller, manageable tasks

Assign responsibilities to team members

Set deadlines for each task and milestone

Allocate resources effectively

For instance, if your goal is to launch a new product line, your action plan might include steps like market research, product development, testing, marketing campaign creation, and launch event planning.

Remember, your business development plan should be flexible. Regularly review and update it based on your progress and changing market conditions. This approach ensures your plan remains relevant and continues to guide your business towards success.

Common Mistakes to Avoid When Writing a Business Development Plan

Creating a business development plan is crucial for success, but it's easy to make mistakes that can derail your efforts. Here are some common pitfalls to watch out for:

Overlooking Market Research

Don't skip thorough market research. It's like trying to navigate a new city without a map. Dive deep into your industry, competitors, and target audience. Use tools like Google Trends, industry reports, and customer surveys to gather solid data. This information forms the foundation of your plan, helping you make informed decisions and spot opportunities others might miss.

Setting Unrealistic Goals

Ambitious goals are great, but they need to be achievable. Setting unrealistic targets is like aiming to run a marathon without proper training - you're setting yourself up for disappointment. Use the SMART framework (Specific, Measurable, Achievable, Relevant, Time-bound) to create goals that challenge you but remain within reach. For example, instead of "increase sales," aim for "boost monthly recurring revenue by 15% within the next quarter."

Neglecting Financial Projections

Ignoring the numbers is like trying to build a house without a budget. Include detailed financial projections in your plan. This means forecasting revenue, expenses, and cash flow. Use tools like Excel or specialized financial planning software to create these projections. Remember to account for different scenarios - best case, worst case, and most likely - to prepare for various outcomes.

Failing to Define Target Audience

A vague target audience is like casting a wide net in a small pond - ineffective and wasteful. Be specific about who you're targeting. Create detailed buyer personas that include demographics, psychographics, pain points, and buying behaviors. This precision allows you to tailor your strategies and messaging, making your outreach efforts more effective.

Ignoring Competitive Analysis

Overlooking your competition is like playing chess without studying your opponent's moves. Conduct a thorough competitive analysis. Identify your main competitors, their strengths, weaknesses, and market positioning. Use tools like SEMrush or Ahrefs to analyze their online presence and marketing strategies. This insight helps you differentiate your offering and find gaps in the market you can exploit.

Lack of Flexibility

A rigid plan is like a tree that can't bend in the wind - it's likely to break. Build flexibility into your plan. The business world changes rapidly, and your plan should be able to adapt. Schedule regular reviews (quarterly is a good start) to assess your progress and make necessary adjustments. This agility allows you to respond quickly to market shifts, new opportunities, or unexpected challenges.

Underestimating Resources Needed

Failing to accurately estimate required resources is like embarking on a long journey with a half-empty gas tank. Be realistic about the time, money, and manpower needed to execute your plan. Include a detailed resource allocation section in your plan. Consider using project management tools like Trello or Asana to map out tasks and timelines, ensuring you have the necessary resources at each stage of implementation.

By avoiding these common mistakes, you'll create a more robust and effective business development plan. Remember, the goal is to have a living document that guides your growth efforts, not a static report that gathers dust on a shelf.

Tips for Implementing Your Business Development Plan

Start with small, achievable goals.

Break down your larger objectives into smaller, manageable tasks. This approach helps you maintain momentum and track progress effectively. For example, if your goal is to increase revenue by 20% this year, set monthly targets that contribute to this overall objective.

Prioritize Relationship Building

Focus on building strong relationships with potential clients and partners. Dedicate time each week for networking activities, such as attending industry events or scheduling one-on-one meetings. Remember, business development is often about creating long-term connections that lead to opportunities down the road.

Leverage Technology

Use customer relationship management (CRM) tools to track leads, manage interactions, and analyze your sales pipeline. Tools like Salesforce or HubSpot can streamline your processes and provide valuable insights into your business development efforts.

Develop a Strong Online Presence

In modern digital era, a robust online presence is crucial. Optimize your website for search engines, create valuable content through blogging, and engage with your audience on social media platforms. This helps establish your brand authority and attracts potential leads.

Carry out a Referral Program

Encourage satisfied clients to refer your business to others. Design a referral program that offers incentives for successful recommendations. This can be an effective way to generate high-quality leads and expand your customer base.

Continuously Educate Yourself

Stay updated on industry trends, new technologies, and best practices in business development. Attend workshops, webinars, or pursue relevant certifications to enhance your skills and knowledge.

Measure and Analyze Results

Regularly review your key performance indicators (KPIs) to assess the effectiveness of your business development strategies. Use data analytics tools to gain insights into what's working and what needs improvement. Adjust your plan accordingly based on these findings.

Foster Cross-Departmental Collaboration

Encourage collaboration between your business development team and other departments like marketing, sales, and product development. This synergy can lead to innovative ideas and more effective strategies for growth.

Be Flexible and Adaptable

While it's important to stick to your plan, be prepared to pivot when necessary. Market conditions, customer needs, and competitive landscapes can change rapidly. Regularly reassess your plan and be willing to make adjustments to stay ahead of the curve.

Focus on Customer Retention

Don't neglect your existing customers while pursuing new ones. Carry out strategies to increase customer loyalty and retention, such as personalized communication, exceptional customer service, and loyalty programs. Retained customers often lead to repeat business and valuable referrals.

Creating a robust business development plan is crucial for your company's growth and success. By following the steps outlined in this guide you'll be well-equipped to set clear goals analyze your market and develop effective strategies. Remember your plan should be adaptable and regularly reviewed. Avoid common pitfalls like neglecting research or financial projections. Carry out your plan strategically focusing on building relationships leveraging technology and measuring results. With a well-crafted business development plan you'll be better positioned to navigate challenges seize opportunities and drive your business forward. Stay committed to continuous improvement and watch your business thrive.

Frequently Asked Questions

What is a business development plan.

A business development plan is a strategic document that outlines how a company intends to grow and expand its operations. It typically includes SMART goals, market research findings, and strategies for finance, sales, and marketing. This plan serves as a roadmap for achieving business objectives and adapting to various stages of growth.

Why is market research important in business development?

Market research is crucial because it provides valuable insights into your target audience, competitors, and industry trends. This information helps you make informed decisions, identify opportunities, and develop effective strategies. Overlooking market research can lead to misaligned products or services, ineffective marketing, and missed growth opportunities.

How often should I update my business development plan?

You should review and update your business development plan regularly, ideally every quarter or at least annually. This ensures that your plan remains relevant and adaptable to changing market conditions, internal factors, and new opportunities. Regular updates help you stay on track with your goals and make necessary adjustments to your strategies.

What are some common mistakes to avoid in business development planning?

Common mistakes include overlooking thorough market research, neglecting financial projections, setting unrealistic goals, and failing to adapt the plan as the business grows. Other pitfalls are ignoring customer feedback, underestimating competition, and not aligning the plan with overall business objectives. Avoiding these mistakes can significantly improve the effectiveness of your business development efforts.

How can I implement a successful business development plan?

To implement a successful plan, start with achievable goals, prioritize relationship building, and leverage technology. Develop a strong online presence, implement a referral program, and focus on continuous education. Measure results regularly, foster collaboration within your team, be flexible to adapt to changes, and prioritize customer retention. These strategies will help drive growth and improve overall business effectiveness.

What role does technology play in business development?

Technology plays a crucial role in modern business development. It can streamline processes, improve communication, enhance customer experiences, and provide valuable data insights. Leveraging tools like CRM systems, marketing automation, and data analytics can significantly boost efficiency and effectiveness in implementing your business development strategies.

How important is customer retention in business development?

Customer retention is extremely important in business development. Retaining existing customers is often more cost-effective than acquiring new ones. Satisfied, loyal customers can become brand advocates, providing referrals and positive word-of-mouth marketing. Focus on excellent customer service, personalized experiences, and continual value provision to improve retention rates and drive sustainable growth.

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employment , field , trade , work

Strong matches

biz , calling , career , craft , dodge , function , game , line , livelihood , occupation , pursuit , specialty , vocation

Weak matches

bag , métier , racket , what one is into

noun as in company, enterprise

corporation , factory , firm , house , institution , market , organization , partnership , shop , store , venture

cartel , concern , establishment , mill , monopoly , outfit , setup , syndicate , trust

fly-by-night operation , megacorp , Mom and Pop , shoestring operation

noun as in commerce, trade

deal , industry , manufacturing , market , trading , transaction

affairs , bargaining , barter , commercialism , contracts , dealings , exchange , game , industrialism , merchandising , racket , sales , selling , traffic , undertaking

buying and selling , capital and labor

noun as in personal concern

interest , issue , problem

affair , assignment , beeswax , duty , function , happening , lookout , matter , palaver , point , question , responsibility , subject , task , topic

carrying-on , goings-on , hanky-panky

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It’s unconscionable to go home before the election without helping families and small businesses, and I think there’s a deep recognition that now, at this point, that it’s simply impossible to go home without getting something done.

Another idea circulating in the House is to pass individual bills, such as new business loans or unemployment help, just to show or remind Americans that House Democrats are trying to help.

The full restrictions at issue have now eased, but a variety of limitations on businesses and gatherings remain in effect.

Before the coronavirus pandemic shuttered businesses and sent unemployment soaring, the president could certainly brag about the state of the economy in his first three years as president.

The plan calls for accelerating access to reconstruction funding, forgiving disaster relief loans to municipalities and bolstering local businesses.

I was a little mystified at how benignly he responded to my questions about his business activities.

This reporter knocked at the Wilkins home on Tuesday morning but received neither an answer nor the business end of a shotgun.

“Competition is there, of course, but I think there is enough business for everyone as long as the demand is there,” he says.

Last March they gave Airbus a huge piece of new business, ordering 169 A320s and 65 of the slightly larger A321.

Together, they crossed over the International Bridges on foot into Juarez to conduct some business.

He remembered something—the cherished pose of being a man plunged fathoms-deep in business.

A letter from Fajardo to the king (December 10, 1621) concerns various matters of administration and business.

The father of Mr. Stacy Marks predestined him for the coach-building business.

That, and a range war that grew out of the killing, and some kind of a business deal just about broke them.

But he could not bear the reflection, and with fevered impatience, he hurried through the business of the morning.

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Words related to business are not direct synonyms, but are associated with the word business . Browse related words to learn more about word associations.

noun as in something done

• functioning
• in the works
• proposition

noun as in agreement

• arrangement
• negotiation
• stipulation
• transaction
• understanding

noun as in chosen profession

• life's work
• nine-to-five
• walk of life

noun as in financial assets

• ways and means
• wherewithal

noun as in customers of business

• constituency
• market/mart

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From Roget's 21st Century Thesaurus, Third Edition Copyright © 2013 by the Philip Lief Group.

Synonyms of plans

• as in strategies
• as in goals
• as in designs
• as in intends
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Thesaurus Definition of plans

 (Entry 1 of 2)

Synonyms & Similar Words

• arrangements
• master plans
• ground plans
• specifications
• conspiracies
• contrivances
• conceptions
• counterplans
• subterfuges
• counter - strategies
• counterstrategies
• aspirations
• pretensions
• destinations
• holy grails

Antonyms & Near Antonyms

Thesaurus Definition of plans  (Entry 2 of 2)

• schemes (out)
• choreographs
• strategizes (about)
• contemplates
• premeditates
• accomplishes
• mulls (over)

Thesaurus Entries Near plans

Cite this entry.

“Plans.” Merriam-Webster.com Thesaurus , Merriam-Webster, https://www.merriam-webster.com/thesaurus/plans. Accessed 19 Sep. 2024.

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Nglish: Translation of plans for Spanish Speakers

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Meaning of business plan in English

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• set the agenda idiom
• slot someone/something in
• social calendar

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the activity of searching for information about something, often over a long period

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