three different types of business plans

BUSINESS STRATEGIES

7 types of business plans every entrepreneur should know

• Amanda Bellucco Chatham
• Aug 3, 2023

What’s the difference between a small business that achieves breakthrough growth and one that fizzles quickly after launch? Oftentimes, it’s having a solid business plan.

Business plans provide you with a roadmap that will take you from wantrepreneur to entrepreneur. It will guide nearly every decision you make, from the people you hire and the products or services you offer, to the look and feel of the business website you create.

But did you know that there are many different types of business plans? Some types are best for new businesses looking to attract funding. Others help to define the way your company will operate day-to-day. You can even create a plan that prepares your business for the unexpected.

Read on to learn the seven most common types of business plans and determine which one fits your immediate needs.

What is a business plan?

A business plan is a written document that defines your company’s goals and explains how you will achieve them. Putting this information down on paper brings valuable benefits. It gives you insight into your competitors, helps you develop a unique value proposition and lets you set metrics that will guide you to profitability. It’s also a necessity to obtain funding through banks or investors.

Keep in mind that a business plan isn’t a one-and-done exercise. It’s a living document that you should update regularly as your company evolves. But which type of plan is right for your business?

7 common types of business plans

Startup business plan

Feasibility business plan

One-page business plan

What-if business plan

Growth business plan

Operations business plan

Strategic business plan

01. Startup business plan

The startup business plan is a comprehensive document that will set the foundation for your company’s success. It covers all aspects of a business, including a situation analysis, detailed financial information and a strategic marketing plan.

Startup plans serve two purposes: internally, they provide a step-by-step guide that you and your team can use to start a business and generate results on day one. Externally, they prove the validity of your business concept to banks and investors, whose capital you’ll likely need to make your entrepreneurial dreams a reality.

Elements of a startup business plan should include the following steps:

Executive summary : Write a brief synopsis of your company’s concept, potential audience, product or services, and the amount of funding required.

Company overview: Go into detail about your company’s location and its business goals. Be sure to include your company’s mission statement , which explains the “why” behind your business idea.

Products or services: Explain exactly what your business will offer to its customers. Include detailed descriptions and pricing.

Situation analysis: Use market research to explain the competitive landscape, key demographics and the current status of your industry.

Marketing plan: Discuss the strategies you’ll use to build awareness for your business and attract new customers or clients.

Management bios: Introduce the people who will lead your company. Include bios that detail their industry-specific background.

Financial projections: Be transparent about startup costs, cash flow projections and profit expectations.

Don’t be afraid to go into too much detail—a startup business plan can often run multiple pages long. Investors will expect and appreciate your thoroughness. However, if you have a hot new product idea and need to move fast, you can consider a lean business plan. It’s a popular type of business plan in the tech industry that focuses on creating a minimum viable product first, then scaling the business from there.

02. Feasibility business plan

Let’s say you started a boat rental company five years ago. You’ve steadily grown your business. Now, you want to explore expanding your inventory by renting out jet skis, kayaks and other water sports equipment. Will it be profitable? A feasibility business plan will let you know.

Often called a decision-making plan, a feasibility business plan will help you understand the viability of offering a new product or launching into a new market. These business plans are typically internal and focus on answering two questions: Does the market exist, and will you make a profit from it? You might use a feasibility plan externally, too, if you need funding to support your new product or service.

Because you don’t need to include high-level, strategic information about your company, your feasibility business plan will be much shorter and more focused than a startup business plan. Feasibility plans typically include:

A description of the new product or service you wish to launch

A market analysis using third-party data

The target market , or your ideal customer profile

Any additional technology or personnel needs required

Required capital or funding sources

Predicted return on investment

Standards to objectively measure feasibility

A conclusion that includes recommendations on whether or not to move forward

03. One-page business plan

Imagine you’re a software developer looking to launch a tech startup around an app that you created from scratch. You’ve already written a detailed business plan, but you’re not sure if your strategy is 100% right. How can you get feedback from potential partners, customers or friends without making them slog through all 32 pages of the complete plan?

That’s where a one-page business plan comes in handy. It compresses your full business plan into a brief summary. Think of it as a cross between a business plan and an elevator pitch—an ideal format if you’re still fine-tuning your business plan. It’s also a great way to test whether investors will embrace your company, its mission or its goals.

Ideally, a one-page business plan should give someone a snapshot of your company in just a few minutes. But while brevity is important, your plan should still hit all the high points from your startup business plan. To accomplish this, structure a one-page plan similar to an outline. Consider including:

A short situation analysis that shows the need for your product or service

Your unique value proposition

Your mission statement and vision statement

Your target market

Your management team

The funding you’ll need

Financial projections

Expected results

Because a one-page plan is primarily used to gather feedback, make sure the format you choose is easy to update. That way, you can keep it fresh for new audiences.

04. What-if business plan

Pretend that you’re an accountant who started their own financial consulting business. You’re rapidly signing clients and growing your business when, 18 months into your new venture, you’re given the opportunity to buy another established firm in a nearby town. Is it a risk worth taking?

The what-if business plan will help you find an answer. It’s perfect for entrepreneurs who are looking to take big risks, such as acquiring or merging with another company, testing a new pricing model or adding an influx of new staff.

A what-if plan is additionally a great way to test out a worst-case scenario. For example, if you’re in the restaurant business, you can create a plan that explores the potential business repercussions of a public health emergency (like the COVID-19 pandemic), and then develop strategies to mitigate its effects.

You can share your what-if plan internally to prepare your leadership team and staff. You can also share it externally with bankers and partners so that they know your business is built to withstand any hard times. Include in your plan:

A detailed description of the business risk or other scenario

The impact it will have on your business

Specific actions you’ll take in a worst-case scenario

Risk management strategies you’ll employ

05. Growth business plan

Let’s say you’re operating a hair salon (see how to create a hair salon business plan ). You see an opportunity to expand your business and make it a full-fledged beauty bar by adding skin care, massage and other sought-after services. By creating a growth business plan, you’ll have a blueprint that will take you from your current state to your future state.

Sometimes called an expansion plan, a growth business plan is something like a crystal ball. It will help you see one to two years into the future. Creating a growth plan lets you see how far—and how fast—you can scale your business. It lets you know what you’ll need to get there, whether it’s funding, materials, people or property.

The audience for your growth plan will depend on your expected sources of capital. If you’re funding your expansion from within, then the audience is internal. If you need to attract the attention of outside investors, then the audience is external.

Much like a startup plan, your growth business plan should be rather comprehensive, especially if the people reviewing it aren’t familiar with your company. Include items specific to your potential new venture, including:

A brief assessment of your business’s current state

Information about your management team

A thorough analysis of the growth opportunity you’re seeking

The target audience for your new venture

The current competitive landscape

Resources you’ll need to achieve growth

Detailed financial forecasts

A funding request

Specific action steps your company will take

A timeline for completing those action steps

Another helpful thing to include in a growth business plan is a SWOT analysis . SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis will help you evaluate your performance, and that of your competitors. Including this type of in-depth review will show your investors that you’re making an objective, data-driven decision to expand your business, helping to build confidence and trust.

06. Operations business plan

You’ve always had a knack for accessories and have chosen to start your own online jewelry store. Even better, you already have your eCommerce business plan written. Now, it’s time to create a plan for how your company will implement its business model on a day-to-day basis.

An operations business plan will help you do just that. This internal-focused document will explain how your leadership team and your employees will propel your company forward. It should include specific responsibilities for each department, such as human resources, finance and marketing.

When you sit down to write an operations plan, you should use your company’s overall goals as your guide. Then, consider how each area of your business will contribute to those goals. Be sure to include:

A high-level overview of your business and its goals

A clear layout of key employees, departments and reporting lines

Processes you’ll use (i.e., how you’ll source products and fulfill orders)

Facilities and equipment you’ll need to conduct business effectively

Departmental budgets required

Risk management strategies that will ensure business continuity

Compliance and legal considerations

Clear metrics for each department to achieve

Timelines to help you reach those metrics

A measurement process to keep your teams on track

07. Strategic business plan

Say you open a coffee shop, but you know that one store is just the start. Eventually, you want to open multiple locations throughout your region. A strategic business plan will serve as your guide, helping define your company’s direction and decision-making over the next three to five years.

You should use a strategic business plan to align all of your internal stakeholders and employees around your company’s mission, vision and future goals. Your strategic plan should be high-level enough to create a clear vision of future success, yet also detailed enough to ensure you reach your eventual destination.

Be sure to include:

An executive summary

A company overview

Your mission and vision statements

Market research

A SWOT analysis

Specific, measurable goals you wish to achieve

Strategies to meet those goals

Financial projections based on those goals

Timelines for goal attainment

Related Posts

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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.

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The Different Types of Business Plans

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• June 29, 2023

Different situations call for different business plans.

Whether you want to acquire funds, analyze market risks, introduce a new product, or simply need a roadmap for business operations— a specifically tailored business plan is essential for different business purposes.

Identifying the type of business plan you require is quintessential so that you create a document fit for your business needs.

In this blog post, we will introduce you to the 7 different types of business plans and help you understand which suits your business needs the best.

Ready to get started? Let’s dive right in.

Types of business plans

Businesses in different business situations call for different business plans.

To understand different types of business plans, we will categorize them based on audience, scope, and purpose to instill better clarity in your minds.

Let us understand these in detail to help you choose your ideal business plan.

Based on audience

Business plans are broadly categorized into two types based on the type of audience they cater to.

1. Internal business plans

As the name suggests, an internal business plan is solely for the people inside the company. These can be specific to certain departments such as marketing, HR, production, etc.

Internal business plans focus primarily on the company’s goals, operations, finances, and personnel and define the strategies to achieve their goals.

2. External business plans

On the contrary, external business plans are intended for people outside the company, such as investors, banks, partners, etc.

These plans usually contain detailed information about the company’s background, finances, market share, and business strategies.

Based on scope

Similarly, business plans are classified into two types based on their size and the depth of information they encompass.

1. Standard business plan

A standard plan or traditional business plan is a professional document offering a comprehensive understanding of your business idea. It serves as a step-by-step guide to launching your business and offers a roadmap to operate it efficiently.

A standard plan follows a structured format and usually includes components such as

• Executive summary
• Company description
• Market analysis
• Products and services
• Marketing and sales plan
• Operations plan
• Financial plan
• Funding demand

Most entrepreneurs follow this structure to write a business plan and add depth to the sections that hold significant value to them.

Best for: Startups and businesses that require a detailed roadmap or operate in highly volatile markets. These plans are also used for getting funding approvals.

2. Lean business plans

A lean plan, also known as a startup business plan, is a condensed version of the standard business plan including highlights and summaries of all its sections.

Such plans empower entrepreneurs to kickstart their business endeavors with a minimum viable product and build it gradually by gathering real market feedback.

Lean business plans are crafted with brevity and outline your strategies, revenue model, tactics, and timeline.

• Strategies: How will you reach your goals
• Tactics: What are the KPIs to evaluate your performance
• Revenue model: How will you make money
• Timeline: Who will accomplish the tasks

Drafting such plans is not only easier, it is considered to be more efficient compared to a standard plan.

Best for: Entrepreneurs who want to quickly launch their business in a hot-moving market.

Based on purpose

Every business plan tends to solve a specific purpose. Let’s understand 7 different types of business plans based on different purposes.

1. One-page business plan

One-page business plans offer a snapshot of your entire business idea in one page. Such plans follow the same structure as traditional plans, however, they are much more concise and crisp.

One-page plans are simplified versions of detailed business plans and can be placed together in less than 10 minutes.

They are quite useful when you want to convey essential information in a brief document without missing out on important points.

Best for: One-page business plan is best suited for startups and small businesses that require rapid adjustments and quick implementation.

2. Growth business plan

A growth business plan combines the crispness of one-page business plans and the detailing of financial forecasts to enable prompt decision-making.

Such plans are quite handy when you want to upscale or grow your business without writing a full-fledged detailed business plan.

Businesses can compare their forecasts with the actuals, identify the discrepancies in the current strategy, and adjust it to ensure maximum growth when they have a clear demonstration of financials.

To prepare your growth business plan, outline the target market, business strategies, and a business model as you do in your one-page plans. And additionally, also include detailed financial projections for sales, cash flow, and revenue to help individuals make data-driven decisions.

Best for: A growth plan is best for businesses entering new markets, launching new products, scaling operations, or practicing a growth planning process.

3. Strategic business plan

Strategic business plans highlight your strategic objectives, define your business strategies, and outline a roadmap to take you there. It covers the nitty-gritty about your company’s goals, mission objectives, and long-term vision.

Such plans are extremely efficient in communicating your goals to internal teams and stakeholders, while ensuring everyone is on the same page as you.

Best for: Businesses and startups planning long-term growth and nonprofits aiming to increase their impact.

4. Feasibility business plan

A feasibility business plan is specifically designed to test the viability of a new product or business expansion in a new market. As opposed to a detailed business plan, such plans focus on two primary matters:

• Determining the existence of a market
• Determining the profits of the initiative

This type of business plan usually excludes all the other sections included in usual business plans. Instead, it concentrates mainly on the scope of a new initiative, its profitability, market analysis, competition, and associated financial implications.

It is mostly crafted for internal management and ends with recommendations on whether the decision to enter a new market or introduce a new product or service is viable or not.

Best for: Established businesses and early-stage startups to assess the viability of a specific product, market, or business idea before allocating significant resources.

5. Operational business plan

Operational plans are specific documents outlining processes and procedures of day-to-day business activities. Such plans focus on operational aspects of the business such as logistics, inventory, supply chain, production, and resource allocation.

A well-mapped operational plan serves as a guidebook for internal team and management. It streamlines the workflow, establishes SOPs, and offers a clear understanding of who will perform what tasks and what resources will be required.

There is no strict format outlining the contents of such a plan. The plan just needs to be clear, communicative, and viable enough to implement practically.

Best for: Established businesses to manage operations and resource allocation and startups to establish standard clear processes.

6. Nonprofit business plan

Nonprofit business plans are suited for businesses that operate for a charitable or social cause. Such plans are quite similar to traditional plans, however, they include an additional section where you explain the impact your non-profit organization will make in society.

Like a traditional plan, you will highlight the business concept, outline the market research, set the business goals, determine your business and promotional strategies, and demonstrate your team.

Additionally, you will include a section demonstrating the financial sustainability of the nonprofit venture. This is essential to attract donors, grants, and investors for your nonprofit business.

Best for: Nonprofit startups planning to secure funding and grants from financial institutions.

7. What-If business plan

What-if business plans are contingency plans used to draft strategies for the worst-case scenarios. This plan is usually less formal unless a funding request is included.

Such planning allows you to test and study the impact of different hypothetical situations related to the market, environment, competition, and legal regulations on your business.

Best for: Businesses in highly volatile markets and companies practicing crisis management. Also suited when considering mergers, price hikes, or undertaking any major business decision.

And those are some of the many different types of business plans you can have for your business. Wondering which one your business needs? Let us make your choice easier.

Choosing the right type of business plan

Here are the 2 criteria that will help in determining the right plan for your business.

The first step to choosing a business plan is to understand the purpose and objective of writing a business plan. For instance, your objective could be to acquire funds, guide an internal team, create a strategic roadmap, expand into a new geographic market, or prepare for contingencies.

Align your objective with the purpose of specific business plans and see which one suits you the best.

2. Scope of business

The scope and complexity of your business play a crucial role in determining the type of business plan you require. Take into account factors like products and service offerings, the scale of the business, and the business complexity to make a choice.

Even the stage of your business, depending on whether it is a startup or an established business, will influence this decision.

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You now have a proper understanding of the different types of business. If you’re not sure which one to pick, let us help you.

Our business planning software helps create stellar business plans and saves you the pain of writing one from scratch.

You can either choose a business plan sample and follow its step-by-step instructions to prepare your functional and actionable business plan.

Don’t have enough time to write the entire thing from scratch? Go ahead with our AI business plan generator ; it will quickly generate the entire plan for you..

Simply enter your business details, answer a few questions, and see your plan coming together in front of your eyes in less than 15 minutes.

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Frequently Asked Questions

What are the 8 most common sections of a business plan.

The 8 common components of a successful business plan include

• Management team

Which type of business plan is right for me?

The answer entirely depends upon what you want to achieve with your business plan. Apart from that the scope, nature, and complexity of your business will determine the type of business plan you need.

Do I need a business plan to start a business?

A business plan is highly recommended before you kickstart your business endeavor. It builds a solid foundation for your business idea and offers a roadmap to achieve your strategic and business objectives. A well-drafted business proposal increases the chances of your business venture succeeding.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Reach Your Goals with Accurate Planning

What Type of Business Plan Do You Need?

8 min. read

Updated August 1, 2024

We get this question a lot, mainly because there are so many different things labelled as business plans: strategic plans, annual plans, operational plans, feasibility plans, and, of course, what most people think of, business plans for startups seeking investment. And also, what real business owners want—lean business plans for better management.

In this article, we’re going to help you figure out which plan is the one for you.

• Start with this: Form follows function

Put all business plans into this basic principle: form follows function . What do you want your business plan to do for you? That business objective should determine what kind of a plan you need.

All businesses start with a lean plan

These are things that every business owner needs to do in order to run the business effectively. They apply to all businesses, large or small, startup or not:

• Develop and execute strategy
• Set priorities
• Allocate efforts and resources according to priorities
• Establish tasks, responsibilities, and performance expectations
• Track results and compare them to expectations
• Manage cash flow
• Budget sales and spending

So, every business is better off with a lean plan.

It’s a short, effective collection of bullet points, lists, and forecasts, covering all of the functions above:

• It starts with bullet points for strategy. This isn’t text for outsiders. It’s not explanations; it’s reminders, for the entrepreneur and her team, of the major strategy points. Strategy is focus, so it’s a reminder of the target market, the product (or service), and the business identity. Sometimes it also includes a definition of success. It’s important, but just the bullet point reminders.
• Then come tactics. Strategy is useless without tactics. These are also bullet points. They are the important decisions made regarding key points of a marketing plan, product plan, financial plan, recruitment plan … not explanations or details for outsiders, but just the main points for you and your team. Think about pricing, channels, social media, launch dates, products, services, features, and so forth.
• Third part is concrete specifics. That includes a list of assumptions, important milestones, tasks, deadlines, responsibilities, and measurable performance expectations.
• The fourth and final part is budgets. That’s sales forecast, spending budget, and cash flow.

Make this the lean plan and add a regular process of review and revision to keep it fresh. You can download a free template for a lean business plan here . Can you imagine any business that isn’t better off for having at least this kind of planning in place, even if they don’t need an elaborate business plan? I can’t.

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• Lean plan for startups:

All startups can benefit from the lean plan above plus one extra ingredient: starting costs, and starting plans.

Starting costs

Starting costs are a matter of two lists: one for starting expenses, the other for starting assets.

The first list includes expenses like legal costs, logo, initial website, fixing up a location, and similar expenses that a startup business incurs once; and in some cases the expense of running expenses, such as rent and payroll, that have to start before launch for practical reasons.

The second includes assets required at start. These are items like starting inventory, equipment, and starting cash.

Startup plan

Keep it simple like the tactics in the normal lean plan, but add some bullets and concrete specifics for tasks and timing to get a startup going. These are items like choosing the location, setting up initial branding and website,  accounts for social media, and launch events.

• A plan for the SBA, banks, investors, buyers, and partners

If you need to present a business plan to your bank or prospective investors, start with your latest revised lean business plan as the first draft. The lean plan is just for management. Dress that up to include the additional content that outsiders will want and need.

Add summaries and explanations

Add a very strong executive summary because some of your outsider target readers will read only that. Keep it short and make it fit the need. Often there’s a selling-the-idea or selling-the-potential purpose to a written plan, and in that case you make the summary include the highlights you want those readers to see to pique their interest.

Your lean plan doesn’t include details about your strategy, your company, your market, or your product. It has just summary tactics for marketing plan, product plan, financial plan, and management plan. Think of your readers—outsiders looking in—and help them understand the business. Achieve the specific goal of this dressed-up business plan.

Add formal financial projections

While the lean plan might be fine with just sales forecast, expense budget, and cash management, a business plan for a business plan event normally has to include formal financial projections that respect finance and accounting standards and include Profit and Loss, Cash Flow, and Balance Sheet. Banks will want to see projections of key ratios as well, and investors will like a Use of Funds table and sometimes a Break-even Analysis.

Stay mindful of the business purpose

We call it the business plan event—that’s the specific business need for a dressed-up plan. Form follows function here too.

A plan for investors will emphasize different elements than a plan for a bank loan. The investors want to see product-market fit; potential growth; something proprietary and protectable like technology, patents, trade secrets, or so-called secret sauce; and potential investor exit in a few years. The bank wants to see stability, credit history, collateral, and guarantees. A business broker or business buyer wants to see what can be most useful under new ownership.

Plan, pitch, and summary memo go together

Some business plan events require some special variations of your plan output. These days investors expect to see a short summary memo first. That’s a two to five page summary of your plan, a lot like your executive summary, but it stands alone. Then, if they like what they see from the summary, investors will want a pitch presentation. That’s a 20-40 minute slide presentation that backs up a verbal presentation, you with investors.

Neither summary memo nor pitch deck stand alone. They have to be summaries of your underlying plan. A pitch presentation is only really successful if it summarizes a real plan with a lot of concrete details on financials, milestones, traction, and next steps. Don’t get caught without a plan you can dig into when investors start asking more questions.

• Business plans have lots of different names

Shakespeare wrote, “a rose by any other name would smell as sweet.” I say a plan by any other name is still a plan. Here are some common varieties and business plan vocabulary.

Most lean plans are also internal plans

An operations plan—also called an annual plan—is a type of internal plan. An operations plan includes specific implementation milestones, project deadlines, and responsibilities of team members and managers. This is the plan used for staying on track to meet your goals as a business. Planning for your goals as a business allows your company to assign priorities, focus on results, and track your progress. Your operations plan covers the inner workings of your business. It outlines the specifics of who should be doing what, and when they should be doing it.

Of course, cash flow figures prominently here as well. For example, your milestones will need to have sufficient funding for their implementation, and you’ll need to track your progress so you know how much you’re spending.

A growth or expansion plan focuses on a specific area of a business, or a subset of the business. For example, a plan for the creation of a new product is a growth plan. These plans could be internal plans or not, depending on whether they are being linked to loan applications or new investment. An expansion plan requiring new outside investment would include full company descriptions and background on the management team, just the same as a standard plan for investors would. Loan applications would require this much detail as well.

However, an internal plan used to set up the steps for growth or expansion that is funded internally could skip these descriptions. It might not be necessary to include detailed financial projections for the company overall, but it should at least include detailed forecasts of sales and expenses for the new venture or product.

What’s a strategic plan?

A strategic plan is another kind of internal plan. A strategic plan incorporates the financial information and milestones of an operations plan, but focuses more on setting company-wide priorities. As you build the strategy for your company and decide how to implement it, you will want to examine your strengths and weaknesses as a business. What does your company do well? As your company grows, you want to play to your strengths. Strategy is often a matter of selecting the right opportunities. Resources should be funneled strategically to the areas where they will provide the biggest overall benefits.

Once you have an idea of your strategy, you must have a plan for implementing it. This is where the milestones portion of the plan becomes key. To effectively execute your strategies, it’s critical to assign responsibilities and have a schedule for following through. The implementation tactics you use will actively move you in the right direction toward achieving your goals.

Resources for moving forward

Reading about the different types of business plans is a good jumping-off point to create your own business plan.

If you’re looking for more information about business plans and how to write them, you’ll find our business planning tutorials , downloadable business plan template , and sample business plan library to be helpful resources.

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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5 Types Of Business Plans (+ Customizable Templates)

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helped business professionals at:

Short answer

What are the main types of business plans?

5 main types of business plans:

Startup business plan

One-pager business plan

Operational business plan

Feasibility business plan

Growth business plan

Aligning your strategy with the wrong type of business plan leads to failure

Crafting a sharp business plan is non-negotiable if you want your project to lift off the ground.

Yet, many miss the mark by not adapting their strategy to the appropriate type of business plan. It's like trying to open a door with the wrong key, frustrating and futile. This oversight can lead to miscommunication, disinterest from crucial stakeholders, and missed growth opportunities.

Here's where I step in, offering you a master key to unlock the true potential of effective business planning.

You'll learn about the strategic value of tailoring your plan to fit specific needs, whether you're kickstarting a venture, seeking investment, or plotting growth. Let's go.

What makes a successful business plan?

Creating a business plan that stands out involves more than just outlining your business's operations. It's about highlighting how your business differentiates itself and thrives within its industry.

Drawing inspiration from expert advice on business planning, here's an overview of the key elements that make a business plan successful. 6 key elements of a winning business plan:

Precision and structure: It's sharp, structured, and zeroes in on the business's main goals and strategies without unnecessary fluff.

Grounded objectives and forecasts: It sets attainable objectives and includes grounded financial forecasts, informed by thorough market analysis and industry insights.

Flexibility: It remains adaptable, ready to evolve alongside the business and shifting market dynamics.

Audience-specific design: It's crafted with the target audience in mind, whether that's attracting investors, securing loans, or engaging customers, ensuring it resonates and meets their expectations.

Clear communication: It communicates the business idea, market potential, and growth trajectory clearly and persuasively.

Defined action plan: It provides a clear set of steps to be undertaken to reach the business's goals, making it practical and actionable.

Internal vs. external business plan

The difference between internal and external business plans is based on their intended audience.

INTERNAL BUSINESS PLAN

EXTERNAL BUSINESS PLAN

Internal business plan

Internal documents tailored for departments such as marketing or HR emphasize recruitment statistics , succinct insights about the company, and a more focused financial outlook. These documents usually adopt a less formal tone and are often managed using document management software to ensure efficient organization and accessibility.

Purpose: Align your team and streamline operations.

Key approach: Focus on strategy, flexibility, and clear metrics.

Tip: Regularly review and update the plan, and encourage team feedback.

External business plan

External documents reach out to those outside your immediate circle, such as investors or partners. They provide a thorough overview of your company, including detailed financials, and maintain a formal tone, typically aimed at securing funding or establishing partnerships.

Purpose: Impress and persuade investors or partners.

Key approach: Ensure clarity, and professionalism, and tailor content to your audience.

Tip: Understand your audience's priorities, and seek expert feedback before finalizing.

5 types of business plans to align your strategy with

Picking the right business plan is a big deal for founders, managers, and leaders. But let's be honest, diving into the sea of options can feel overwhelming.

Whether you're chasing funding, dreaming of expanding or looking to streamline your operations, I've got you covered.

I'm talking about seizing opportunities to not just meet your goals but to exceed them. Let's dive in and align your ambitions with the perfect plan.

1) Startup business plan

Audience: External stakeholders, including investors and financial institutions.

Depth: Comprehensive and detailed.

Purpose: To outline the steps for launching a new venture and securing funding.

The startup plan is your blueprint for launching a new venture.

It's packed with everything from a punchy executive summary that grabs you with the business concept to deep dives into market trends and who you're up against.

It lays out financial forecasts with precision, giving potential backers a crystal-clear picture of where you're headed in terms of profits and what you need to get there.

This plan isn't just about pulling in funds; it's your strategic playbook for carving out a successful path forward. For newbies on the entrepreneurial scene, it's nothing short of essential.

Here’s an example of a start-up business plan:

2) One-pager business plan

Audience: External parties, such as potential investors, partners, and vendors.

Depth: High-level and succinct.

Purpose: To quickly communicate the business's value proposition and growth potential.

The one-page plan condenses the core of a business strategy into a succinct and impactful document, crafted to immediately capture the attention of potential investors, partners, and vendors.

It showcases the unique value proposition, targets the market with effective strategies, and highlights financial insights and growth potential.

This streamlined plan turns out to be a game-changer for entrepreneurs looking to share their vision and strategy in a clear, easy-to-understand way.

It quickly gets the point across and sparks interest from potential stakeholders, encouraging them to dive deeper.

Here’s an example of a one-pager business plan:

3) Operational business plan

Audience: Internal management teams and department heads.

Depth: Detailed, focusing on day-to-day operations and short-term goals.

Purpose: To streamline internal processes and enhance operational efficiency.

The operational business plan is like the company's playbook, focusing on fine-tuning every single part of your operations.

It lays out the operational goals that sync up with your big-picture strategies, breaking down the exact tasks and processes you need to nail those targets.

You've got everything mapped out, from streamlining workflows to boosting efficiency, and even who's doing what to ensure you're all pulling in the same direction.

It also covers allocating resources, from budgets to materials, ensuring every department has what it needs.

Diving into the nitty-gritty of your day-to-day, this plan is key for spotting where you can do better, ramping up productivity, and hitting your short-term goals more smoothly.

Here’s an example of an operational business plan:

4) Growth business plan

Audience: Both internal stakeholders for strategic alignment and external parties for investment or partnership opportunities.

Depth: This can vary from lean to standard, depending on the audience.

Purpose: To provide a strategic framework for business expansion.

The growth plan feels like launching into a new adventure, much like a startup plan, but for your next big leap.

It's about charting a course for new markets, beefing up your product lines, or scaling operations to new heights.

This plan packs deep dives into the business, financial forecasts that map out your journey, and a rundown of the resources you'll need to expand.

It's a guiding light for businesses aiming for sustainable growth, laying out a clear path and milestones to hit along the way.

Whether it's guiding your team internally or dazzling potential investors, the growth plan pulls everyone together, focusing efforts on shared growth targets.

It's about making sure every stakeholder is in sync, marching towards the same ambitious goals.

Here’s an example of a growth business plan:

5) Feasibility business plan

Audience: Primarily internal, though it can be external if linked to funding requests.

Depth: Focused and streamlined.

Purpose: To assess the viability of a new product or service.

A feasibility plan, or feasibility study, acts as a litmus test for proposed business expansions or new product launches.

It delves into the practicality of the idea, examining market demand, technical requirements, and financial implications.

By focusing on specific growth opportunities and analyzing them against objective standards, this plan helps decision-makers within the organization determine whether to proceed with the venture.

It's a critical step in the planning process, ensuring resources are allocated to projects with the highest potential for success.

For ventures requiring external funding, a more detailed version of this plan may be necessary to convince investors of the project's feasibility.

If you want to learn more, check out our guides on business plan:

7 Key Components of a Precise Business Plan (2024)

How to Write a Business Plan (Examples & Templates)

How to Make a Killer Business Plan Presentation (+Templates)

Create a Business Plan One-Pager (+ Proven Templates)

Don’t let poor design sabotage your business plan

Designing a business plan presentation in today's digital age goes beyond mere text on a page, it's about crafting an engaging experience that captures and retains attention.

With the shift towards digital, the presentation of your plan is as crucial as its content.

5 crucial business plan design principles:

1) Transition from static to interactive

The era of static, text-heavy presentations is behind us. Modern business plans thrive on interactivity, incorporating elements like clickable links, dynamic charts, and embedded videos.

This approach not only enriches the reader's experience but also fosters a deeper engagement with the material, making your business plan far more compelling.

Here's what a static PPT looks like compared to an interactive deck:

Static PowerPoint

Interactive Storydoc

2) Implement scroll-based design

Ditch the cumbersome PDF format for a scroll-based design that mirrors the seamless experience of browsing a modern website.

This design choice is intuitive and aligns with our habitual online content consumption, making your business plan both accessible and enjoyable to navigate.

Here's an example of scroll-based design:

3) Prioritize mobile-friendliness

In a world where mobile devices dominate, ensuring your business plan looks great on any screen is non-negotiable.

Adopting responsive design guarantees that your plan is legible and appealing across all devices, from smartphones to desktops, ensuring your message resonates clearly with every reader.

4) Move to online documents

Forget about clunky Word docs or static PDFs. The future is online documents that allow for real-time updates, easy sharing, and collaboration.

They're not only convenient for you but also for your busy investors, offering access from anywhere, at any time.

For more information, check out our comparison of the best business plan document types .

5) Master visual storytelling

Leverage the power of visuals infographics, charts, and graphs to narrate your business's story.

Visuals can simplify complex information, making your key points more digestible and engaging than text alone could ever achieve.

Here's a great example of visual storytelling:

All forms of business plan templates to get you started

Just as a captivating presentation can transform the way your message is received, a well-crafted business plan is your gateway to turning your business vision into reality.

Why settle for a dry, uninspiring document when you can create a business plan that's a dynamic blueprint for success?

Consider your business plan as a journey for your readers — investors, partners, or internal team members — keeping them engaged from the executive summary to the final appendix.

These business plan templates serve as the perfect foundation for this journey.

I am a Marketing Specialist at Storydoc, I research, analyze and write on our core topics of business presentations, sales, and fundraising. I love talking to clients about their successes and failures so I can get a rounded understanding of their world.

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What is a business plan? Definition, Purpose, and Types

In the world of business, a well-thought-out plan is often the key to success. This plan, known as a business plan, is a comprehensive document that outlines a company’s goals, strategies , and financial projections. Whether you’re starting a new business or looking to expand an existing one, a business plan is an essential tool.

As a business plan writer and consultant , I’ve crafted over 15,000 plans for a diverse range of businesses. In this article, I’ll be sharing my wealth of experience about what a business plan is, its purpose, and the step-by-step process of creating one. By the end, you’ll have a thorough understanding of how to develop a robust business plan that can drive your business to success.

What is a business plan?

A business plan is a roadmap for your business. It outlines your goals, strategies, and how you plan to achieve them. It’s a living document that you can update as your business grows and changes.

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Purposes of a Business Plan

These are the following purpose of business plan:

• Attract investors and lenders: If you’re seeking funding for your business , a business plan is a must-have. Investors and lenders want to see that you have a clear plan for how you’ll use their money to grow your business and generate revenue.
• Get organized and stay on track: Writing a business plan forces you to think through all aspects of your business, from your target market to your marketing strategy. This can help you identify any potential challenges and opportunities early on, so you can develop a plan to address them.
• Make better decisions: A business plan can help you make better decisions about your business by providing you with a framework to evaluate different options. For example, if you’re considering launching a new product, your business plan can help you assess the potential market demand, costs, and profitability.

What are the essential components of a business plan?

Executive summary

The executive summary is the most important part of your business plan, even though it’s the last one you’ll write. It’s the first section that potential investors or lenders will read, and it may be the only one they read. The executive summary sets the stage for the rest of the document by introducing your company’s mission or vision statement, value proposition, and long-term goals.

Business description or overview

The business description section of your business plan should introduce your business to the reader in a compelling and concise way. It should include your business name, years in operation, key offerings, positioning statement, and core values (if applicable). You may also want to include a short history of your company.

Product and price

In this section, the company should describe its products or services , including pricing, product lifespan, and unique benefits to the consumer. Other relevant information could include production and manufacturing processes, patents, and proprietary technology.

Competitive analysis

Every industry has competitors, even if your business is the first of its kind or has the majority of the market share. In the competitive analysis section of your business plan, you’ll objectively assess the industry landscape to understand your business’s competitive position. A SWOT analysis is a structured way to organize this section.

Target market

Your target market section explains the core customers of your business and why they are your ideal customers. It should include demographic, psychographic, behavioral, and geographic information about your target market.

Marketing plan

Marketing plan describes how the company will attract and retain customers, including any planned advertising and marketing campaigns . It also describes how the company will distribute its products or services to consumers.

After outlining your goals, validating your business opportunity, and assessing the industry landscape, the team section of your business plan identifies who will be responsible for achieving your goals. Even if you don’t have your full team in place yet, investors will be impressed by your clear understanding of the roles that need to be filled.

Financial plan

In the financial plan section,established businesses should provide financial statements , balance sheets , and other financial data. New businesses should provide financial targets and estimates for the first few years, and may also request funding.

Funding requirements

Since one goal of a business plan is to secure funding from investors , you should include the amount of funding you need, why you need it, and how long you need it for.

• Tip: Use bullet points and numbered lists to make your plan easy to read and scannable.

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Types of business plan.

Business plans can come in many different formats, but they are often divided into two main types: traditional and lean startup. The U.S. Small Business Administration (SBA) says that the traditional business plan is the more common of the two.

Lean startup business plans

Lean startup business plans are short (as short as one page) and focus on the most important elements. They are easy to create, but companies may need to provide more information if requested by investors or lenders.

Traditional business plans

Traditional business plans are longer and more detailed than lean startup business plans, which makes them more time-consuming to create but more persuasive to potential investors. Lean startup business plans are shorter and less detailed, but companies should be prepared to provide more information if requested.

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How often should a business plan be reviewed and revised?

A business plan should be reviewed and revised at least annually, or more often if the business is experiencing significant changes. This is because the business landscape is constantly changing, and your business plan needs to reflect those changes in order to remain relevant and effective.

Here are some specific situations in which you should review and revise your business plan:

• You have launched a new product or service line.
• You have entered a new market.
• You have experienced significant changes in your customer base or competitive landscape.
• You have made changes to your management team or organizational structure.
• You have raised new funding.

What are the key elements of a lean startup business plan?

A lean startup business plan is a short and simple way for a company to explain its business, especially if it is new and does not have a lot of information yet. It can include sections on the company’s value proposition, major activities and advantages, resources, partnerships, customer segments, and revenue sources.

What are some of the reasons why business plans don't succeed?

• Unrealistic assumptions: Business plans are often based on assumptions about the market, the competition, and the company’s own capabilities. If these assumptions are unrealistic, the plan is doomed to fail.
• Lack of focus: A good business plan should be focused on a specific goal and how the company will achieve it. If the plan is too broad or tries to do too much, it is unlikely to be successful.
• Poor execution: Even the best business plan is useless if it is not executed properly. This means having the right team in place, the necessary resources, and the ability to adapt to changing circumstances.
• Unforeseen challenges:  Every business faces challenges that could not be predicted or planned for. These challenges can be anything from a natural disaster to a new competitor to a change in government regulations.

What are the benefits of having a business plan?

• It helps you to clarify your business goals and strategies.
• It can help you to attract investors and lenders.
• It can serve as a roadmap for your business as it grows and changes.
• It can help you to make better business decisions.

How to write a business plan?

There are many different ways to write a business plan, but most follow the same basic structure. Here is a step-by-step guide:

• Executive summary.
• Company description.
• Management and organization description.
• Financial projections.

How to write a business plan step by step?

Start with an executive summary, then describe your business, analyze the market, outline your products or services, detail your marketing and sales strategies, introduce your team, and provide financial projections.

Why do I need a business plan for my startup?

A business plan helps define your startup’s direction, attract investors, secure funding, and make informed decisions crucial for success.

What are the key components of a business plan?

Key components include an executive summary, business description, market analysis, products or services, marketing and sales strategy, management and team, financial projections, and funding requirements.

Can a business plan help secure funding for my business?

Yes, a well-crafted business plan demonstrates your business’s viability, the use of investment, and potential returns, making it a valuable tool for attracting investors and lenders.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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In the dynamic world of entrepreneurship, a well-crafted business plan can be the difference between success and failure. Whether you’re launching a new startup, seeking investment for growth, or charting the course for an established business, having a clear roadmap and strategy is essential. However, not all business plans are created equal. Different types of business plans serve different purposes and audiences, each with its unique structure, content, and focus. In this article, we’ll explore the types of business plans that make the difference and how they can help entrepreneurs achieve their goals.

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• Traditional Business Plan

The traditional business plan is perhaps the most familiar and comprehensive type of business plan. It serves as a comprehensive blueprint for your venture, outlining your business concept, market opportunity, competitive analysis, marketing strategy, operations plan, financial projections, and more. Traditional business plans are typically used for internal planning purposes, as well as for presenting to investors, lenders, and other stakeholders.

A traditional business plan provides a holistic view of your business, covering all aspects of its operations and strategy. It helps you define your vision, set clear objectives, and develop a roadmap for achieving success. By conducting thorough research and analysis, you can identify opportunities, assess risks, and refine your business model to maximize growth and profitability. Traditional business plans are ideal for startups and early-stage companies looking to secure funding, attract partners, or formalize their strategy for growth.

• Lean Startup Plan

The lean startup plan is a streamlined and agile approach to business planning, popularized by Eric Ries in his book “The Lean Startup.” Unlike traditional business plans, which can be lengthy and detailed, lean startup plans focus on the essentials, emphasizing experimentation, iteration, and rapid prototyping.

A lean startup plan typically consists of a one-page document or a concise slide deck that outlines the key elements of your business model, including your value proposition, target market, revenue streams, cost structure, and metrics for success. It encourages entrepreneurs to test their assumptions, validate market demand, and iterate on their product or service based on customer feedback and real-world data.

The lean startup approach is well-suited for early-stage startups and entrepreneurs operating in fast-paced, uncertain environments. By adopting a lean mindset, you can minimize risk, conserve resources, and maximize flexibility, allowing you to adapt quickly to changing market conditions and pivot your business model as needed.

A pitch deck is a concise presentation that provides an overview of your business concept, value proposition, market opportunity, and growth strategy. Pitch decks are typically used for pitching to investors, venture capitalists, and potential partners in a formal setting, such as a pitch competition, investor meeting, or networking event.

Pitch decks are highly visual and narrative-driven, with each slide focusing on a specific aspect of your business and conveying key information in a clear and compelling manner. A well-designed pitch deck should grab the audience’s attention, generate excitement about your venture, and inspire confidence in your ability to execute on your vision.

Pitch decks are ideal for startups and entrepreneurs seeking to raise funding or secure partnerships. By distilling your business concept into a concise and persuasive presentation, you can capture the interest of investors and stakeholders and compel them to take action.

• Operational Business Plan

An operational business plan focuses on the day-to-day operations of your business, detailing how you will execute on your strategy and deliver value to customers. Unlike traditional business plans, which are forward-looking and strategic, operational business plans are more tactical and execution-oriented, focusing on practical considerations such as staffing, supply chain management, production processes, and customer service.

Operational business plans are used internally to guide decision-making, allocate resources, and ensure the smooth functioning of your business on a day-to-day basis. They provide a roadmap for managing key operational functions and addressing operational challenges as they arise.

Operational business plans are essential for established businesses and entrepreneurs looking to scale their operations or optimize their processes. By aligning your day-to-day activities with your strategic objectives, you can improve efficiency, minimize waste, and enhance the overall performance of your business.

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In conclusion, different types of business plans serve different purposes and audiences, each with its unique structure, content, and focus. Whether you’re launching a new startup, seeking investment for growth, or managing an established business, having a clear roadmap and strategy is essential for success. By choosing the right type of business plan for your venture and tailoring it to your specific goals and audience, you can articulate your vision, attract funding, and execute on your strategy with confidence and clarity.

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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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14 Types of Business Plans and Their Functions

Are you about starting a business but you don’t know what kind of business plan to write? If YES, here are 14 types of business plans and their functions.

A business plan is a formal written document that contains business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. Business plans guide owners, management and investors during the start off stage of the business, and it equally guides the business as it grows from one stage to the other.

Savvy business owners write a business plan to guide management and to promote investment capital. Businesses without a solid plan typically burn out fast or fail to turn a profit in the long run. Without a well-planned business strategy, it is not possible for a business to scale through problems smoothly, and it would equally be an uphill task to achieve success.

A foolproof business plan highlights varying aspects of a potential business and integrates few essential features like business objectives, possible growth rate and many other characteristics that your business will include and assimilate. How to promote investment capital will be illustrated broadly in a business plan.

There are various kinds of business plans and in this article we will outline the various business plans and tell you the function of each.

• Start-Up Business Plans

One of the very popular business plans in the world of business is the startup business plan. The startup business plans contain an exhaustive approach for starting and growing a business. It is different from all other business plans because of its nature and the details that are taken into consideration right from the inception of the business till the growth stage along with the vision of at least five years.

With this business plan, new businesses need to detail the steps they need to take while starting a business. This document typically includes sections describing the company, the product or service the business will supply, market evaluations and the intended projected management team.

Potential investors will also require a financial analysis with spreadsheets describing financial areas including, but not limited to, income, profit and cash flow projections. Startup business plans can equally be used by established companies to launch a new product line or to enter an entirely new business segment in the market . Conglomerates use this plan if they are launching a new business.

• It xrays the Business:  The startup business plan explains what a business is all about by describing the products or services in detail and what the ultimate goals of the business are. For example, your plan may stipulate what your revenue goals are for each of your first three years of operation. Your plan should also indicate why you believe there is a need for your business and who your main competitors will be.
• Helps in securing funding: It’s no secret that businesses can’t function without any operating capital to kick-start their production cycle. Entrepreneurs are often required to take loans from financial institutions to purchase property, get the equipment or hire manpower. Startup business plans would help them access funding speedily.
• Outlines Possible Weaknesses:   Startup business plans helps businesses to find out the weaknesses of the business in question. Highs and lows are a part of life and without them; we wouldn’t feel the need for improvement. A startup business plan helps you preempt the lows and maximize the highs.
• It provides an execution plan: Describing how your business will function and perform in the market is important when dealing with sponsors and investors. A startup business plan will explain your products and services, your targeted customers, the required funds and what’s necessary for your startup to thrive
• Internal Business Plans

As the name suggests the internal business plan is for internal stakeholders of the business. This type of business plan helps to evaluate projects which are specific and they keep the team up to speed about the current status of the company.

The company has more chances of success if everyone in the team is entirely on board, that is why the internal business plan is needed to keep everyone in the company on the same lane. It contains strategies and ways to improve the current business working and suggests a new pattern for growth.

• It answers questions pertaining to the internal workings of the company: Is the company growing or declining? Does the working pattern need change, improvement or modification? These are the type of questions which internal business plans answer. The primary purpose of the internal business plan is not to show the balance sheet of the financial position of the company to the external stakeholders but it is to run the business as smoothly as possible.
• It targets specific teams to streamline their functions: Internal business plans target a specific audience within the business, for example, the marketing team who need to evaluate a proposed project. This document will describe the company’s current state, including operational costs and profitability, then calculate if and how the business will repay any capital needed for the project. Internal plans provide information about project marketing, hiring and tech costs.
• Strategic Business Plans

A strategic business plan provides a high-level view of a company’s goals and how it will achieve them, laying out a foundational plan for the entire company. While the structure of a strategic plan differs from company to company, most include five elements: business vision, mission statement, definition of critical success factors, strategies for achieving objectives and an implementation schedule.

A strategic business plan brings all levels of the business into the big picture, inspiring employees to work together to create a successful culmination to the company’s goals. These types of plans typically skip the more detailed financial data and milestones because they are not important to the team at this point.

Strategic business plans also help to create internal efficiency so you can get the best results. The strategic business plan also comprises business vision, mission statement, strategies for achieving objectives, success factors and implementation schedules.

• They help in the execution of business strategies: Strategic business plans help to outline how the company will get to where it wants to go. They outline the strategy your team must carry out to achieve your goals, including your strengths, weaknesses and how you’re going to utilize your opportunities.
• To keep the company focused: The primary purpose of the strategic business plan is to carve the way to go ahead and answer the questions like What are you going to get and How do you intend to go about it. These answers are nothing but the strategy that the team must execute in order to achieve their targets.
• Feasibility Business Plans

A feasibility business plan answers two primary questions about a proposed business venture: who, if anyone, will purchase the service or product a company wants to sell, and if the venture can turn a profit. Feasibility business plans include, but are not limited to, sections describing the need for the product or service, target demographics and required capital. A feasibility plan ends with recommendations for going forward.

• Identify the target market of a business:  The feasibility business plan determines who will purchase the service or product of the company.
• To answer the ‘why’ question of a company: The feasibility business plan describes the need for a product or service including the target demographics and the financials required to start the business.
• Operations Business Plans

Operations plans are internal plans that consist of elements related to company operations. An operations plan, specifies implementation markers and deadlines for the coming year. The operations plan outlines employees’ responsibilities. Operational business plans are typically very small because they are cut down to a year’s worth of information.

• It projects the business on a yearly basis: The operations business plan isn’t made to tell investors how you intend on turning a profit in the span of five years. It’s simply where you expect to be in 365 days. An annual plan can also be an internal plan (i.e., the strategy your employees intend to enact over the next year).
• It is used to scout for investors: The operations business plan can also be used to attract investors at the very beginning. Annual business plans are perfect for companies that expect to make big changes in the not-so-distant future. Investors love to see this.
• Growth Business Plans

Growth plans or expansion plans are in-depth descriptions of proposed business growth and are written for internal or external purposes. If company’s growth requires investment, a growth plan may include complete descriptions of the company, its management and officers. The plan must provide all company details to satisfy potential investors.

If a growth plan needs no capital, the authors may forego obvious company descriptions, but will include financial sales and expense projections. If you’re looking for a hyper-focused business plan, this is it. Growth or expansion plans focus on a specific area within your business, like opening a new location or launching a certain product.

Growth business plans are internal and external facing. Internal growth plans are a lean version of a strategic business plan. You’ll use them if your company’s growth or expansion is being funded internally, such as if you’re launching a new product line from the last product line’s revenue. You already know what you’re funding, so you don’t need to deeply explain the product.

For an external or investor-facing growth plan, you’re going to need some different information. This type of plan assumes that the bank, investor or individual you’re pitching doesn’t know much about your business at all. You’ll need to look at it like you’re a startup and include additional details about your growth or expansion.

• Helps a company attract investors:  Growth plans are aimed at investors and banks so as to attract external investment. This plan usually include everything in a standard business plan. You need the financial data and projections, the market research and the funding request.
• It helps to analyse the business on a yearly basis: Growth plans are also termed as Annual Business plan and as the name suggests, the plan is for annual purposes. These types of business plans are more important to startups. This is because you only need a years’ worth of information to write it.
• It helps during the time of big changes in company: Growth plans are very helpful to companies that are trying to make monumental changes in a short time.
• The Lean Plan

Businesses use the Lean business plan to manage strategy, tactics, dates, milestones, activities, and cash flow. The Lean Plan is faster, easier, and more efficient than a formal business plan because it doesn’t include summaries, descriptions, and background details that you and your partners or employees already know. A Lean Plan includes specific deadlines and milestones, and the budgets allotted for meeting them.

• It is used to track milestones:  The lean business plan is most useful if you’re trying to grow your business and want to use it as a tool to track your financials and milestones against what you projected so you can respond to opportunity and react to challenges quickly.
• The standard business plan

You’ll need to put together a stand business plan if you have a business plan event, which is what it is called when a business needs to present a business plan to a bank, prospective investor, vendor, ally, partner, or employee.

The most standard business plan starts with an executive summary and includes sections or chapters covering the company, the product or service it sells, the target market, strategy and implementation milestones and goals, management team, and financial forecasting, and analysis. The exact order of topics is not important, but most people expect to see all of these topics covered as part of the standard plan.

Think of your Lean Plan as a good first draft of a standard plan. Those complete projections include the three essential financial projections (also called pro-forma statements): profit and loss, balance sheet, and cash flow. Every standard business plan needs sales plus these three essentials.

• To analyze cash flow:  The cash flow is an essential part of a standard business plan. Businesses need cash to stay open. Even if a business can survive temporarily without profits, it still needs the cash to pay its bills. And since profits alone don’t guarantee cash in the bank, projected cash flow is essential.

Many standard plans also include a table for personnel spending. Some standard plans will need additional projections to meet the needs of the specific business plan event.

For example, plans for seeking outside investment should include a discussion of an eventual exit for investors, and of course the planned use of the invested funds. Plans supporting a bank loan application might include projected ratios the bank wants to see, such as debt to equity, quick, or current ratios.

• One-page business plan

A one-page business plan is typically a one-page summary of the business, and it includes highlights only. This business plan is used to offer a very quick overview of a business.

• To provide a quick business summary: The one-page business plan summarizes the target market , business offering, main milestones, and essential sales forecast of a business in a single page. Such a summary can be useful as a summary for banks, potential investors, vendors, allies, and employees. A one-page business plan can also be called a business pitch.
• The Miniplan

The miniplan is a sort of abridged version of the normal business plan. This business plan is preferred by many recipients because they can read it, or download it quickly to read later on their iPhone or tablet. You include most of the same ingredients that you would in a longer plan, but you cut to the highlights while telling the same story.

• It provides a quick overview of the business for investors:  The miniplan provides a quick summary of the business or company for someone who may not have the time to go through the longer version.
• The Presentation Plan

The advent of PowerPoint presentations changed the way many, if not most, plans are presented. And while the plan is shorter than its predecessors, it’s not necessarily easier to present. Many people lose sleep over an upcoming presentation, especially one that can play a vital role in the future of their business. But presenting your plan as a deck can be very powerful.

Readers of a plan can’t always capture your passion for the business nor can they ask questions when you finish. But in 20 minutes, you can cover all the key points and tell your story from concept and mission statement through financial forecasts.

• It helps to present the company in a detailed format to an audience: The presentation plan helps to present the company in a concise to a listening audience. In 20 minutes, you can cover all the key points and tell the story of your organisation from concept and mission statement through to financial forecasts.
• The Working Plan

A working plan is a tool to be used to operate your business. It is usually long on detail but may be short on presentation. As with a miniplan, you can probably use a somewhat higher degree of informality when preparing a working plan. It is there to work for your company and provide the required guide.

The plan is usually intended strictly for internal use, and so you can omit some elements that you need not explain to yourself and your team. Likewise, you probably don’t need to include an appendix with resumes of key executives. Nor would a working plan especially benefit from product photos.

• It provides guidelines for the day to day running of the business: The working plan is like an old pair of slacks you wear to the office on Saturdays. It’s there to be used, not admired. It provides pointers on how things are to be done in the company.
• The What-If Plan

When you face unusual circumstances, you need something a bit different from your usual working plan. For example, you might want to prepare a contingency plan when you’re seeking bank financing.

A contingency plan is a plan based on the worst-case scenario that you can imagine your business surviving—loss of market share, heavy price competition, defection of a key member of your management team. A contingency plan can soothe the fears of a banker or investor by demonstrating that you have indeed considered more than a rosy scenario.

Your business may be considering an acquisition, in which case a pro forma business plan (some call this a what-if plan) can help you understand what the acquisition is worth and how it might affect your core business. What if you raise prices, invest in staff training and reduce duplicative efforts?

Such what-if planning doesn’t have to be as formal as a presentation plan. Perhaps you want to mull over the chances of a major expansion. A what-if plan can help you spot the increased needs for space, equipment, personnel and other variables so you can make good decisions.

• It helps in analyzing various business scenarios, good or bad: If a company wants to make sudden changes, a what-if business plan is used to analyse the changes properly so the company knows what it is getting itself into.
• They provide insight: This business plan provides insight into the decisions companies makes at every point in their existence. What sets these kinds of plans apart from the working and presentation plans is that they aren’t necessarily describing how you’ll run the business. They’re essentially more like an addendum to your actual business plan.
• It helps the company make good decisions: A “what if” plan helps a company consider major changes that affect the core of the business, so they can make good decisions. It’s the plan you should consider before you consider any expansion or growth plan.

14. Development Business Plan

Development plans or extension plans are top to bottom depictions of proposed business development and they are composed to display inward or outside purposes of a business. A development policy incorporates overall details of the organization, its administration and responsibility the personnel share among themselves.

The policy must show the organization detail and emphasize the elements required to fulfill potential speculators. If in case the development plan requires no capital, the plan composers may pass by those organization portrayals, but will surely incorporate money related deals and cost projections.

• It is used in detailed industry analysis: A development policy incorporates overall details of the organization, its administration and responsibility the personnel share among themselves.

More on Business Plan Tips

10 Types of Business Plan

A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. The importance of a business plan needs no explanation. Just like textbooks for the basis for education, a business plan forms the crux of a company or organization. Good business plans should include an executive summary, products and services, financial planning, marketing strategy and analysis, financial planning, and a budget. There are varying kinds of business plans.

"All you need is the plan, the road map, and the courage to press on to your destination" - Earl Nightingale, American Author

Ten Types of Business Plans

• Standard Business Plan
• Growth Business Plan
• Lean Business Plan
• Internal Business Plan
• Operations Business Plan
• Feasibility Business Plan
• One Page Business Plan
• Strategic Business Plan
• Contingency Business Plan
• Startup Business Plan

This one really follows the textbook approach, starting with a summary and comprising of sections covering topics such as implementation details, mission and vision, financial stats and target audience. This kind of document is usually comprehensible to all kinds of parties—explaining your business to product vendors, VCs and investors , finance firms or even the fellow team members. The plus point of the standard format is that it describes expenditure in detail, along with information about the profit and loss, cash flow and the projected balance sheet.

A plan that is growth oriented generally has for essential parts: The proposed strategy , execution mechanism, parameters and metrics to aid in assessment, and the necessary statistics and numbers. When it comes to strategy, a good one can exemplify the entire journey and a flawed one can make simple tasks difficult. A well-crafted strategy takes into consideration the proposed solution to the identified problem, the target audience and how to approach them.

The execution plan outlines the methodology to implement the strategy, elaborating on each step of the process by covering the what, why and how of that step. The third component i.e. metrics, are imperative to measure the current performance against the ideal benchmarks. Finally, presenting a business plan void of statistics and charts/tables doesn’t do much. Convincing investors of the projected growth requires compelling numbers!

A streamlined plan that doesn’t delve into in-depth descriptions, the lean business plan is an optimized version of a standard business plan. Sharing a few similarities with growth oriented plan, this kind of setup has the following components

• Strategy: What the venture wants to accomplish and how it shall do the same comes under ‘strategy’ phase. Working on the lines of a sound strategy saves the management from unnecessary waste of efforts and time.
• Tactics: Synonymous with strategies, tactics allow the creation of measures that allow the desired strategy to result in maximum efficiency.
• Assumptions, metrics and schedule: Assumptions without backing are meaningless. And backing comes through the use of established milestones and metrics. Furthermore, to ensure that things go as planned, it’s imperative to follow the right schedule.
• Forecast: Financial forecast that is of sales, revenue and expenditures, need not be 100% accurate. But making basic predictions plays a pivotal role in bringing credibility to the business plan.
• Run, review and revise: In case a pitch deck event is coming up, add a few details like marketing tactics, publicity measures, and summary to the plan formulated and you are good to go. Otherwise, spend time in reviewing the draft, undertaking mock presentations, and eliminating the identified defects. This should be carried out as a cycle, being repeated periodically.

These are similar to a lean plan, taking cues from it. But these are meant for dispatching within the organization itself. Such business plans aren’t prepared for presenting to investors or any other external entity. It’s specific to the employees of the organization.

Meant for elaborating on the annual operations of a company, this plan mentions the deadlines and requirements that need to be achieved for the financial year. It also highlights KPIs and KPAs for employee evaluation, along with milestones that need to be hit.

As the name suggests, the feasibility plan determines whether the proposed product or service would fly high or tank before launching. This plan also determines the potential investors, intended demographics, and recommendations to actually get the business going.

A pitch deck is supposed to be short and concise. And that’s what one page business plan seek to achieve. It delineates the milestones, objectives and important numerical data such that the entire summarized information fits within a page. These can be highly effective, just like pamphlets.

Based on an internal plan, the strategic plan overlooks financial description and focuses more on the strategy and tactics that’re going to be employed in order to realize the objectives. Hence, it is elaborate and contains extensive details, something not delved in much depth in case of one page plans or internal plans.

Taking care of what-if situations is essential when dealing with a business setup. The probability of bailing out is high, just like the chance of succeeding with the idea. Contingency plan details the alternate course of action if the primary strategy fails.

Often seen as a version of lean plan, the startup plan is designed while keeping emerging companies in mind. These are intended to entice VCs and investors, and are the building blocks for the business to flourish.

What is a business plan?

A business plan is a written document that describes in detail how a business usually a startup defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

How to write a business plan?

Steps to write a business plan:-

• Begin the Plan with a Summary
• Describe Your Company — Its Business, Goals and Objectives
• Analyze Your Market and Determine Your Marketing Strategy
• Describe Your Product/Service and How They are Produced
• Describe Your Management Organization

What are the different types of plans?

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• Write Your Business Plan | Part 1 Overview Video
• The Basics of Writing a Business Plan
• How to Use Your Business Plan Most Effectively
• 12 Reasons You Need a Business Plan
• The Main Objectives of a Business Plan
• What to Include and Not Include in a Successful Business Plan
• The Top 4 Types of Business Plans
• A Step-by-Step Guide to Presenting Your Business Plan in 10 Slides
• 6 Tips for Making a Winning Business Presentation
• 3 Key Things You Need to Know About Financing Your Business
• 12 Ways to Set Realistic Business Goals and Objectives
• How to Perfectly Pitch Your Business Plan in 10 Minutes
• Write Your Business Plan | Part 2 Overview Video
• How to Fund Your Business Through Friends and Family Loans and Crowdsourcing
• How to Fund Your Business Using Banks and Credit Unions
• How to Fund Your Business With an SBA Loan
• How to Fund Your Business With Bonds and Indirect Funding Sources
• How to Fund Your Business With Venture Capital
• How to Fund Your Business With Angel Investors
• How to Use Your Business Plan to Track Performance
• How to Make Your Business Plan Attractive to Prospective Partners
• Is This Idea Going to Work? How to Assess the Potential of Your Business.
• When to Update Your Business Plan
• Write Your Business Plan | Part 3 Overview Video
• How to Write the Management Team Section to Your Business Plan
• How to Create a Strategic Hiring Plan
• How to Write a Business Plan Executive Summary That Sells Your Idea
• How to Build a Team of Outside Experts for Your Business
• Use This Worksheet to Write a Product Description That Sells
• What Is Your Unique Selling Proposition? Use This Worksheet to Find Your Greatest Strength.
• How to Raise Money With Your Business Plan
• Customers and Investors Don't Want Products. They Want Solutions.
• Write Your Business Plan | Part 4 Overview Video
• 5 Essential Elements of Your Industry Trends Plan
• How to Identify and Research Your Competition
• Who Is Your Ideal Customer? 4 Questions to Ask Yourself.
• How to Identify Market Trends in Your Business Plan
• How to Define Your Product and Set Your Prices
• How to Determine the Barriers to Entry for Your Business
• How to Get Customers in Your Store and Drive Traffic to Your Website
• How to Effectively Promote Your Business to Customers and Investors
• Write Your Business Plan | Part 5 Overview Video
• What Equipment and Facilities to Include in Your Business Plan
• How to Write an Income Statement for Your Business Plan
• How to Make a Balance Sheet
• How to Make a Cash Flow Statement
• How to Use Financial Ratios to Understand the Health of Your Business
• How to Write an Operations Plan for Retail and Sales Businesses
• How to Make Realistic Financial Forecasts
• How to Write an Operations Plan for Manufacturers
• What Technology Needs to Include In Your Business Plan
• How to List Personnel and Materials in Your Business Plan
• The Role of Franchising
• The Best Ways to Follow Up on a Buisiness Plan
• The Best Books, Sites, Trade Associations and Resources to Get Your Business Funded and Running
• How to Hire the Right Business Plan Consultant
• Business Plan Lingo and Resources All Entrepreneurs Should Know
• How to Write a Letter of Introduction
• What To Put on the Cover Page of a Business Plan
• How to Format Your Business Plan
• 6 Steps to Getting Your Business Plan In Front of Investors

The Top 4 Types of Business Plans Not all business plans looks the same. Here's how to customize your plan to your specific goals.

By Eric Butow Oct 27, 2023

Opinions expressed by Entrepreneur contributors are their own.

This is part 7 / 12 of Write Your Business Plan: Section 1: The Foundation of a Business Plan series.

When it comes to writing a business plan, one style does not fit all.

Different industries require different plans. A retailer isn't much like a manufacturer, and a professional services firm isn't much like a fast-food restaurant. Each requires certain critical components for success—components that may be irrelevant or even completely absent in the operations of another type of firm.

For example, inventory is a key concern for both retailers and manufacturers. Look at Walmart, one of the great all-time success stories in retail. Expert, innovative management of inventory is an integral part of its success. Any business plan that purported to describe the important elements of these businesses would have had to devote considerable space to telling how the managers planned to manage inventory.

Related: The Basics Of Writing A Business Plan

Contrast that with a professional services firm, such as a management consultant. A consultant has no inventory whatsoever. Their offerings consist entirely of the management analysis and advice they can provide. They don't have to pay now for goods to be sold later or lay out cash to store products for eventual sale. The management consultant's business plan, therefore, wouldn't have a section on inventory or its management, control, and reduction.

This is one obvious example of the differences among plans for different industries. Sometimes, even companies in more closely related industries have significantly different business plans. For instance, the business plan for a fine French restaurant might need a section detailing how the management intends to attract and retain a distinguished chef. At a restaurant catering to the downtown lunchtime crowd, you might devote much plan space to the critical concern of location and quick turnaround of diners with very little about the chef.

Related: The Benefits and Risks of Writing A Business Plan

You want your plan to present yourself and your business in the best, most accurate light. That's true no matter what you intend to use your plan for, whether it's destined for presentation at a venture capital conference or will never leave your office or be seen outside internal strategy sessions.

When you select clothing for a momentous occasion, odds are you try to pick items that will play up your best features. Think about your plan the same way. You want to reveal any positives your business may have and ensure they receive due consideration.

Related: The Main Objective Of A Business Plan

Business plans can be divided roughly into four distinct types: Mini-plans, presentation plans or decks, working plans, and what-if plans. Each plan requires different amounts of labor, not always with proportionately different results. A more elaborate plan is not guaranteed to be superior to an abbreviated one. Success depends on various factors and whether the right plan is used in the right setting. For example, a new hire may not want to read the same elaborate version that might be important to a potential investor.

The Mini-Plan

The mini-plan is preferred by many recipients because they can read it or download it quickly to read later on their iPhone or tablet. You include most of the same ingredients that you would in a longer plan, but you cut to the highlights while telling the same story. For a small business venture, it's typically all that you need. For a more complex business, you may need a longer version.

Related: How To Write A Business Plan

The Presentation Plan

Created with PowerPoint or a similar platform, this is how most plans are presented. And while today's plan is shorter than back in the day, it's not necessarily easier to present. Many people lose sleep over an upcoming presentation, especially one that can play a vital role in the future of your business. However, presenting your plan as a deck can be very powerful. Readers of a plan can't always capture your passion for the business, nor can they ask questions when you finish. In 20 minutes, you can cover all the key points and tell your story from concept and mission statement through financial forecasts.

Related: How To Craft A Business Plan That Will Turn Investor Heads

Remember to keep your graphics uncluttered and to make comments to accentuate your ideas rather than simply reading what is in front of your audience. While a presentation plan is concise, don't be fooled. It takes plenty of planning. The pertinent questions—Who? What? Where? Why? When? and How?—need to be answered.

The Working Plan

A working plan is a tool to be used to operate your business. It is long on detail but cshort on presentation. As with a mini-plan, you probably can afford a somewhat higher degree of candor and informality when preparing a working plan.

Related: 6 Tips For Making A Winning Business Presentation

In a presentation plan, you might describe a rival as "competing primarily on a price basis." But in a working plan, your comment about the same competitor might be, "When is Jones ever going to stop this insane price-cutting?"

A plan intended strictly for internal use may also omit some elements that you need not explain to yourself. Likewise, you probably don't need to include an appendix with resumes of key executives. Product photos are also unnecessary. Internal policy considerations may guide the decision about including or excluding certain information in a working plan. Many entrepreneurs are sensitive about employees knowing the precise salary the owner takes home from the business.

Related: 12 Reasons You Need A Business Plan

To the extent such information can be left out of a working plan without compromising its utility, you can feel free to protect your privacy. This document is like an old pair of khakis you wear to the office on Saturdays or that one ancient delivery truck that never seems to break down. It's there to be used, not admired.

The What-If Plan

When you face unusual circumstances, you need a variant on the working plan. For example, prepare a contingency plan when you are seeking bank financing. A contingency plan is a plan based on the worst-case scenario that you can imagine your business surviving—loss of market share, heavy price competition, defection of a key member of your management team. A contingency plan can soothe the fears of a banker or investor by demonstrating that you have indeed considered more than a rosy scenario.

Related: How To Hire The Right Business Plan Consultant

Your business may be considering an acquisition, in which case a pro forma business plan (some call this a what-if plan) can help you understand what the acquisition is worth and how it might affect your core business. What if you raise prices, invest in staff training, and reduce duplicative efforts? Such what-if planning doesn't have to be as formal as a presentation plan. Perhaps you want to mull over the chances of a major expansion. A what-if plan can help you spot the increased needs for space, equipment, personnel, and other variables so you can make good decisions.

What sets these kinds of plans apart from the working and presentation plans is that they don't necessarily describe how you will run the business. They are essentially more like an addendum to your actual business plan. If you decide to acquire that competitor or grow dramatically, you will want to incorporate some of the thinking already invested in these special purpose plans into your primary business plan.

Related: Do You Need To Write A Formal Business Plan

If you are looking for extra guidance with an industry-specific business plan, you can visit Bplans.com to access over 500 free real-world business plan examples from a wide variety of industries to guide you through writing your own plan. If you're looking for an intuitive tool that walks you through the plan writing process, you can try LivePlan . It includes many of these SBA-approved business plan examples and is especially useful when applying for a bank loan or outside investment.

More in Write Your Business Plan

Section 1: the foundation of a business plan, section 2: putting your business plan to work, section 3: selling your product and team, section 4: marketing your business plan, section 5: organizing operations and finances, section 6: getting your business plan to investors.

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The 8 Types of Business Plans Explained

by  Antony W

June 8, 2024

In this guide, we look at the different types of business plans and where they apply.

You can write a standard, lean, one-page, startup, strategic, feasibility, operational, or growth business plan depending on your needs.

Here’s an explanation for each:

1. Standard Business Plan

A standard business plan gives a detailed description of the operations of a business so stakeholders can understand the business well. A standard business plan features an executive summary , competitive analysis, SWOT analysis, and market summary.

The success of a standard business plan anchors on the information it provides. Therefore, focus on providing accurate information, so investors can have an easy time evaluating the risk and potential of the business before releasing funds.

A standard business plan should also include financial plan, problem analysis, and management objectives.

2. Lean Business Plan

A lean business plan is a condensed and straightforward document that highlights and summarizes the most important aspects of a business. Many entrepreneurs use this plan for efficient communication because it highlights only the most significant elements and milestones.

The necessary details to include in a lean business plan are operation strategies, financial projections, and the strategies necessary for business success in a rather competitive marketing landscape.

3. One-page Business Plan

A one-page business plan is more or less for direct to the point communication. It’s the best plan to use if you want to pitch investors and stakeholders who don’t have much time to read extensive documents.

The main benefit of a one-page business plan is that it presents only the most important information guaranteed to pique an audience’s attention. While the plan doesn’t have peripheral explanations, the information presented is enough to give a clear overview of the business.

A well-written one-page business plan summarizes the target market, operational requirements, objectives, forecasts, and products or services.

4. Startup Business Plan

A startup business plan states the requirements a business must meet to start operating in a specific market. It incorporates elements of lean and standard business plans, and its detailed sections are common when establishing new techniques likely to support the business’s overall operations.

A startup business plan has to address licensing, business permits, necessary equipment, and human resource management questions. And while the plan will vary based on the nature of business activities, comprehensive details are mandatory.

5. Strategic Business Plan

A strategic business plan describes the roadmap that a business leader intends to use to steer the enterprise in the right direction after overcoming different challenges and exploring opportunities.

You can only write a comprehensive strategic business plan after conducting an in-depth SWOT analysis and identifying the implementation processes necessary to put the business in the right direction.

The plan allows you to influence stakeholders to focus on specific aspects that eventually contribute to the overall success of the business.

6. Feasibility Business Plan

A feasibility plan allows a business to determine the existence of new markets and the potential benefits of investing in such markets.

To write a comprehensive feasibility plan, you have to understand the current business environment, evaluate opportunities, and consolidate funds to support the new ventures.

Keep in mind that your feasibility business plan may lead to recommendations that point out weaknesses and indicate ideas for growth after investments.

7. Operational Business Plan

An operational business plan is lean and focused on the implementation processes after goals are set and resources allocated to specific functions.

The specific sections of the plan will describe milestones, responsibilities, stakeholders, and goals.

Because an operational business plan focuses on internal processes, outsiders cannot contribute significantly to the business. However, they can participate in evaluation and tracking progress.

8. Growth Business Plan

Business growth is all about expansion. Therefore, you have to come up with a plan that identifies and integrate activities that facilitate expansion and drive the business to achieve specific milestone.

Your focus on growth requires accurate descriptions of long-term goals and the steps necessary to ignite the change you desire to see in your business.

The growth business plan integrates internal and external considerations to forecast, analyze, and secure resources for expansion. Incorporating What-if scenarios into the growth plan enables preparation for risky investments, ensuring readiness to address potential adverse outcomes.

What is a Business Plan?

We define a business plan as a document that describes a business’s goals and how it intends to achieve those goals. Business plans are for established enterprises and startups. A business plan is important because it documents an entity’s finance, marketing, and operational standpoint.

A comprehensive business plan acts as a powerful tool to attract investors, predict business demands in the future, and outline a long-term game plan for the business.  

How Do I Write a Business Plan?

You can write a business plan by following the process we’ve outlined to get the task completed.

• Conduct in-depth business and market research to learn more about your audience.
• Have clear goals before you start writing.
• Go straight to the point.
• Keep your tone, voice, and style consistent and professional as you write.

What is the Best Business Plan Writing Service?

Help for Assessment is the best business plan writing service online. Our company has highly trained writers with years of academic and business experience. Therefore, paying for our service will definitely get you the best results.

Our business plan writing service takes you from a completely blank page to a comprehensive document in just 7 days. It doesn’t matter if you have a strict deadline to beat or a flexible deadline to meet. You can count on our team.

How Much Do You Charge to Write a Business Plan?

We charge $12.99 to $40 per page to write a business plan. The overall cost for a business plan depends on the number of pages ordered, number of charts requested, level of expertise required, number of slides, and urgency. 

Help for Assessment offers up to 10% discount to new customers. Therefore, you can save money and benefit from our cost-effective writing if you’re on tight budget.

About the author 

Antony W is a professional writer and coach at Help for Assessment. He spends countless hours every day researching and writing great content filled with expert advice on how to write engaging essays, research papers, and assignments.

6 Types of Business Plans

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What Are the Six Elements of a Business Plan?

What are the benefits of a business plan, examples of business feasibility reports.

• How to Write a Business Synopsis
• How to Create a New Business Plan

Business plans guide owners, management and investors as businesses start up and grow through stages of success. A business owner or prospective business owner writes a business plan to clarify each aspect of his business, describing the objectives that will anticipate and prepare for growth. Savvy business owners write a business plan to guide management and to promote investment capital.

Types of business plans include, but are not limited to, start-up, internal, strategic, feasibility, operations and growth plans.

Start-Up Business Plans

New businesses should detail the steps to start the new enterprise with a start-up business plan. This document typically includes sections describing the company, the product or service your business will supply, market evaluations and your projected management team. Potential investors will also require a financial analysis with spreadsheets describing financial areas including, but not limited to, income, profit and cash flow projections.

Internal Business Plans

Internal business plans target a specific audience within the business, for example, the marketing team who need to evaluate a proposed project. This document will describe the company’s current state, including operational costs and profitability, then calculate if and how the business will repay any capital needed for the project. Internal plans provide information about project marketing, hiring and tech costs. They also typically include a market analysis illustrating target demographics, market size and the market’s positive effect on the company income.

Strategic Business Plans

A strategic business plan provides a high-level view of a company’s goals and how it will achieve them, laying out a foundational plan for the entire company. While the structure of a strategic plan differs from company to company, most include five elements: business vision, mission statement, definition of critical success factors, strategies for achieving objectives and an implementation schedule. A strategic business plan brings all levels of the business into the big picture, inspiring employees to work together to create a successful culmination to the company’s goals.

Feasibility Business Plans

A feasibility business plan answers two primary questions about a proposed business venture: who , if anyone, will purchase the service or product a company wants to sell, and if the venture can turn a profit. Feasibility business plans include, but are not limited to, sections describing the need for the product or service, target demographics and required capital. A feasibility plan ends with recommendations for going forward.

Operations Business Plans

Operations plans are internal plans that consist of elements related to company operations . An operations plan, specifies implementation markers and deadlines for the coming year. The operations plan outlines employees’ responsibilities.

Growth Business Plans

Growth plans or expansion plans are in-depth descriptions of proposed growth and are written for internal or external purposes. If company growth requires investment, a growth plan may include complete descriptions of the company, its management and officers. The plan must provide all company details to satisfy potential investors. If a growth plan needs no capital, the authors may forego obvious company descriptions, but will include financial sales and expense projections.

• Entrepreneur: The 4 Types of Business Plans
• YourBusinessPal.com: Business Plan Example
• BPlans.com: Free Sample Business Plans

Alyson Paige has a master's degree in canon law and began writing professionally in 1998. Her articles specialize in culture, business and home and garden, among many other topics.

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Start » startup, 5 types of business plans for startups.

If you’re a startup, here are five different types of business plans to help achieve your professional goals.

Writing a business plan is an important process for every startup. In its simplest form, a business plan is a formal document that contains your goals for the company and the timeline in which you'd like to achieve them. While many stick to writing the "standard" business plan, there are various types of business plans you can choose from, depending on your goals. Choosing the right plan for your business can ease the writing process and help you better achieve your objectives. Here are five types of business plans to help you decide which is right for you.

[Read: 5 Common Sense Reasons to Write a Business Plan and 7 Mistakes to Avoid ]

Standard plan

A standard business plan (often referred to as a “working plan”) sets an overview of your company, states your goals and outlines how and when you will achieve them. For any business, they’re an important tool in helping you secure financing, such as a loan or an investment. Lenders and investors will want to know how you plan to use their money and make a profit. A business plan will accurately state how you intend to do this, list the achievable goals and put them in a realistic time frame.

Other aspects to include in your plan depend on your audience. You may include more information about cash flow and expenses for investors, or more of the day-to-day operations and goals for your employees.

What-if plan

In business, not everything will go according to plan. A what-if business plan outlines different roadblocks your company might battle so you can be prepared for anything. Because businesses are often at the whims of external factors such as the stock market or supply chain, this plan outlines the various predictable scenarios your company could face. In writing this plan, you might consider including the worst-case scenario to reassure investors that even if something goes wrong, you will have a way to financially recover. This plan can be part of the standard business plan or exist entirely on its own.

In business, not everything will go according to plan. A what-if business plan outlines different roadblocks your company might battle so you can be prepared for anything.

One-page plan

Your business plan should be filled with detailed information about various aspects of your business. However, sometimes you'll come across someone outside of a formal pitch and want to give them a condensed version of your plan for quick reference. A one-page business plan outlines your plan in five simple, easy-to-read sections: the demand, your solution, your business model, your management team and your plan of action. The content on your one-page plan should be a summarized version of your more robust business plan.

[Read: Starting Over? How to Write a Business Plan for a Post-Pandemic World ]

Startup plan

If you're an entrepreneur who's in the early stages of planning their business, your plan may look a little different. A startup business plan is for potential investors to get an idea of your new company and what you hope to achieve as your company grows. This plan should include an executive summary, your background, what your service or product will provide, your market evaluations, startup costs and your financial projections.

Because this is a plan for a business that does not yet exist or is in its infantry, it is essential to outline who you are and your background, as well as your proven track record. Investors want to know if they can trust you with their money to start a brand-new business. They'll be more open to financing your idea if they know you have similar experience or have worked in or created a startup previously.

Expansion plan

An expansion plan is written when a business is looking to scale themselves and requires additional resources for that development. These resources can include additional employees, new materials or a financial investment. Within this plan, include details of your company's background and how you've grown to where you are today. Then, outline how these additional resources will contribute to the expansion of your company and what that expansion will mean for your overall growth.

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Three Different Types Of Business Plans 

by James Burgess | May 15, 2020 | Business Planning | 0 comments

Business Plans guide the management, owners, and investors as businesses start-up and grow. A business owner or prospective business owner composes a Business Plan to shed light on each aspect of his business, describing all the objectives that will anticipate and prepare it for its growth. Business owners create Business Plans to guide management and promote investment capital.

• Operational Business Plan

First is the Operational Business Plan. It is intended for internal use in an ongoing business. This is used mainly by the management, board of directors, and high-level advisors. Since this is used to focus and align the efforts of the managers in the company to achieve their business goals, it should be updated Quarterly  

An Operational Business Plan is the master blueprint which ties your budget and department plans. Inside your operational plan are Company Direction, plans for Products or Services, Sales, Marketing, and Finance, and Administration. Being able to create a great operational plan is the foundation for  running a viable business successfully.

• Summary Business Plan

You can also use a Summary Business Plan for inviting investors, small to moderate banks to offer you a loan, or to attract essential employees. A typical Summary Business Plan could run between 3-5 pages.

• Complete Business Plan

Lastly is a Complete Business Plan. Like a Summary Business Plan, this is also for external use. This is important if you are seeking a significant amount of funding – opposite with the previous business plan. You would want to show your readers the full picture of your business. A Complete Business Plan can be around 40 pages or more and invariably includes Financial Statement Projections for 3 to 5 years and Monthly Cash Flow projections over the same period.  You also need to show in these projections why the funding is needed or how it will be used.

In this type of business plan, you need to explain your business ideas in detail to potential backers or investors, strategic partners or even potential buyers of your company, if you’re selling. This should clearly state the specific requests you’re making with your business plan and what your company can bring to the table.

The vast majority of Businesses will typically benefit massively from having the Operational Business Plan.  The fear in creating such a Business Plan is the time required.  The FOCUS Yourself; A 7-Module Business Planning Program referenced below under What’s Your Next Step is a templated Business Planning system thatmakes an OPerational Business Plan EASY & FAST and it so happens it’s FREE too.  

WHAT’S THE NEXT STEP?

2. Use our FREE Business Planning Course, FOCUS Yourself; A 7 Module Business Plan Course . This is not a business plan template, it is a full Business Plan Course that provides Best Practice Business Planning insights PLUS enables you to create your Best Practice Business Plan on your own dedicated, password protected Workspace. Start your Business Plan   NOW

3. Join our Business Planning Masterclass, How To Create An Annual Business Plan In JUST …28.7.   Register for this Business Planning Masterclass HERE

4. Not sure why you need a Business Plan? Then REGISTER for a FREE Business Vision Quest. Call where you will talk business, your business, with international best-selling author James Burgess. Book that call right HERE

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The three types of business plans for most industries

Business plans are a crucial component in the success of any business, but different industries require different models. When deciding upon which plan is best for your company, you should consider what type of industry you’re in and your goals.

Three types of business plans

Wrapping up.

You should also understand that business plans can go by different names. Some have different names but are essentially the same thing, while others genuinely are different in terms of content. You might see operational plans, Lean plans, Strategic plans, internal plans, and more.

The truth is that the kind of business plan you should put together depends on the situation. Form follows function. The best business plans match the use for which they are intended. In the article below, we’ll list three different business plan models used by many companies today.

The following is a list of business plans used commonly in most industries today.

Startup plan

According to the Startup Genome Report , most startups fail. In many instances, that failure is due to a lack of market understanding, no clear vision, and little planning. A startup business plan is intended to provide a roadmap that can help entrepreneurs steer clear of the mistakes that lead to failure.

For example, a startup plan focuses on funding, market size analysis, team building strategy, or product development strategy. Indeed, these are all critical aspects for success when starting a business.

Additionally, a startup plan usually operates as the very first plan an entrepreneur develops to give to investors in order to gain funding and to show how the business intends to grow. If you’re just starting out, your plan should include the following elements and structure:

• Executive summary
• Overview of the company
• Management background
• What service or product the company provides
• Value proposition
• Strategic marketing plan
• Market evaluations
• Projected startup costs
• Cash flow projections and income and profit expectations

Inside the financial section, you should also explain your exit strategy and how you plan to use any money that you raise from investors.

Strategic plan

In general, you’ll use a strategic business plan for internal purposes only. It’s not a document that you’ll be showing to investors or anyone outside of your company. You’ll need to create a document that acts as a foundational plan for your whole organization in this plan.

Standard practices when creating this type of plan include assessing the strengths and weaknesses of your company. Therefore, using a SWOT analysis when putting the plan together is a smart move. SWOT is an acronym. It stands for strengths, weaknesses, opportunities, and threats. It gives you and executives in your company a broad awareness of various factors that could impact your business.

Typically, a strategic plan will also include an outline with defined milestones and a path leading to specific company goals. There should also be a deadline to reach those goals. Remember that a strategic plan is different from just a business plan at the end of the day. A strategic business plan will focus on your company’s ultimate goals and how you’re going to get there.

Your strategic business plan ought to include the following elements and structure:

• Company mission statement
• Company vision
• Key factors for company success
• Strategies to meet goals
• Implementation deadline

Operations plan

This is a different type of business plan, but it’s still essential. An operations plan will outline the day-to-day resources and activities that are needed to run your company efficiently. It should take into account what needs to be done and when.

It can also help you anticipate any problems that may arise by anticipating common issues before they happen. This way, you’ll have time to come up with solutions or get in contact with someone who can help if anything goes wrong. You’ll want an operations plan so you’re prepared for things like slow periods where product orders might not meet expectations, or to know how many products need different types of maintenance during different times of the year because temperature changes affect them differently (think winter coats).

Your operations plan should include the following elements and structure:

• Organization objectives
• Activities required to complete objectives
• Resources needed for activities
• Staffing requirements
• Implementation deadlines
• Progress tracking processes

The different types of business plans are how companies present their long-term vision, management strategy, and goals for the future. The type of plan you put together is dependent on your industry – but as we’ve discussed, there are always a few core elements to all typical business plan models. These include an organization’s objectives, activities required to complete these objectives; resources needed for those activities; staff requirements (including skillsets); implementation deadlines & progress tracking processes.

Hopefully, this article has provided some new insight into how different business plans are used to produce and guide successful businesses.

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• Business plans

Everyone loves pizza, and so do you. That is why you want to do your local pizza bar that everyone will enjoy. You love to see the joy come across people's faces as you give them your homemade pizza. You also enjoy mixing drinks as part of your hobby, so have an idea of a bar and a pizza place where people can come to hang out with friends. You want to have a space that gives people happiness. You want to be the place where celebrations and events will be taken place. You want to enjoy having your place.

The items listed above will introduce a great start for your career. You get to share your delicious homemade pizza with your customers. You want to have a comfortable environment where you can introduce live music and cheer. Your business will continue to flourish with ease as not only a bar but a place where people can go with their friends, family, and their partners. You will be the place where the night is young with a lighted area where customers can sit outdoors. All you need is ideas, your recipe, and the supplies that you need to start your business.

Are you a person who just got a business degree? Do you want to start a business that helps others feel at home? You like to sell things that people need to make their homes clean and decorative. You know that homes reflect the owners' personality, and you want to give new homeowners the chance to decorate their new homes. To start helping others, you must decorate your building with home goods, knickknacks, and supplies. You know what customers are looking for and where they could get it, which is when your business comes in to give homeowners the supplies they need for their new home.

The items listed above are not only items you will sell but the items that you need to start your career off on the right track. You questioned how to start your business with an idea. The first idea is to organize and clean the building that will be the place for your business. You will also be selling items that homeowners need and that you will be using for your new business. You do not have to worry about starting your business blindly, some simple tasks and items will guide you to your journey to a successful career. You will be able to enjoy your first local business.

• Business Guides

You suddenly have a fun idea to show off your creative coffee and tea recipes. Why not start a coffee and tea shop? Coffee and tea shops are popular during modern times. People enjoy a nice cup of coffee or tea to start their day. You might even want to start with your food recipes and share them with the world. You do not have to worry about starting your coffee and tea business without any items. You can enjoy decorating and getting the items that you need to start your new business. You get to enjoy your wonderful coffee shop.

Your coffee and tea shop will start with a positive path to success. You get to choose and create your menu with the food you love to create. Your customers will enjoy your positive energy, and they will never want to leave. You will have that delicious scent of coffee and tea that your customers will not resist. You will host events such as poetry readings, musicians, and artists to promote your business. You will also help local artists succeed as they will help you succeed in your local business. You will enjoy your coffee shop and the career path that you have chosen.

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Types of Plans in Business: Breadth, Time-frame, Specificity & Frequency

Plans are essential to achieve any organizational goal and for the success of the business. Types of plans in business and management depend on the factors such as organizational activities, time-frame, specificity, and frequency of the plans. In this article, we have discussed all the different types of plans with examples.

► What is Plan in Management? (Definition)

A Plan is the outcome of the planning function and it is a written document that specifies the courses of action the organization will take.

• We have to do proper planning before creating any plan.
• Because Planning is the basic function by which we use to select our goals and objectives and make plans to achieve them.
• A large number of facts and information has to be gathered and processed before a plan is formulated.

To understand the concept of the plan, we have to know the basic difference between Planning and Plan.

Both words are similar but their meanings are different. There is a fundamental difference between planning and plan that can be understood by their literal meaning.

• Planning is an activity. It can be considered as consisting of a process, there are various sub-activities in the planning process. On the other hand,
• A Plan is a commitment to a particular course of action that is necessary to achieve specific results.

Also Read : Steps in Planning Process

► Types of Plans

The most popular way to describe types of plans is by their breadth. Business Plans can also be classified in terms of their time frame, specificity, and frequency.

The various types of plans are as following:

• Based on Breadth
• Based on Time-frame
• Based on Specificity
• Based on Frequency

There are many ways by which an organization can undergo the process of formulating a plan although the steps remain the same. But the thing that makes difference is where and how they will be implemented. So let’s discuss all these types of plans in detail.

◉ Types of Plans (based on Breadth)

• Strategic Plan
• Tactical Plan
• Operational Plan

✔ Strategic Plan:

Strategic Plans are formulated to provide direction for mission, objectives, and strategies for the organization. It defines the course of action by which a company intends to attain strategic goals.

Strategic plans are created by Top management such as the CEO, Board of Directors, Chairmen of the company. These plans become the framework and set dimensions for the lower-level planning in the organization.

For Example  – Strategic Plans consist of the Vision, Mission, Values, and overall-Objectives of the Organisation. These are the key elements that clearly define the state of the business in terms of what to achieve in the future.

✔ Tactical Plan:

Tactical Plans are formulated to create the blueprint for the strategic plan. These plans clearly define how the strategic plan will be implemented.

Tactical plans are often short-term and are carried out by middle-level managers such as the Head of the Department, Sales Manager, HR Manager, Production Manager.

For Example  – Managers of the company create plans to allocate required resources to support the strategic plan. HR Manager make plans to manage Human Resources of the company. Production managers make plans to smooth the production process of the business.

✔ Operational Plan:

Operational plans are very similar to Tactical Plan but they cover the day-to-day operations of the organization also. The specific results expected from departments, workgroups, and individuals are the operational goals.

An operational plan is one that a manager uses to accomplish his or her job responsibilities. Operational plans are also short-term in nature and created by Supervisors, team leaders, and facilitators to support tactical plans.

For Example  – Team leaders have to manage daily shift timing schedules and allocate tasks to their subordinates, Supervisors make strategies to reach daily targets that should be completed according to the daily plan.

Also Read : 10 Roles of Manager

◉ Types of Plans (based on Time-frame)

• Long-term Plan
• Intermediate-term Plan
• Short-term Plan

The time horizons are long term, intermediate-term, and short term.

✔ Long-term Plan:

Long-term planning includes strategic goals and plans and may extend as far as 3 to 5 years into the future. Top management is involved in the formulation of Long term plans.

For Example  – Expansion of location, opening new branch offices, entering into a new market, investment in stock, bonds, and assets.

✔ Intermediate-term Plan:

Intermediate-term planning includes tactical objectives and has a time horizon of from 1 to 2 years. Middle-level managers are involved in the intermediate-term plan and they report to top management before the implementation of these plans.

For Example  – Product Development, Plans to increase Market Share, Changes in annual Contracts,

✔ Short-term Plan:

Short-term planning includes operational objectives for specific departments and individuals. These plans are created by Supervisors and Team Leaders. And they have to report their manager of the department. Short term plan has a time period of 3 to 6 months or within a year.

For Example  – Plans for increase Monthly Revenue, Hiring new employees for the company, Development programs for employees, Allocating monthly goals to employees.

Also Read : Types of Communication

◉ Types of Plan (based on Specificity)

• Directional Plan
• Specific Plan

✔ Directional Plan:

Directional plans are flexible plans that set out general guidelines. Such plans are preferable in a dynamic environment where management must be flexible in order to respond to unexpected changes.

For Example – the Sales Manager provides a guideline to his subordinates to the expected target and now how subordinates will achieve that it’s up to them. They are free to opt for any mode of practice. Hence we can say that the Directional plans are outcome focus.

✔ Specific Plan:

Those plans which are clearly defined objectives and leave no room for interpretation are called specific plans. Such plans require specific stated objectives and do not contain ambiguity.

For Example  – the Production Manager briefing the plan to his subordinates as to what, when, where, how much, and by whom task will be performed. Hence we can say that the Specific Plans are Process Focused.

Also Read : Human Resource Planning

◉ Types of Plan (based on Frequency)

• Standing Plan
• Single-use Plan

✔ Standing Plan/On-going plan:

Standing plans are ongoing plans because they focus on organizational situations that occur repeatedly. Standing plans include policies, standard procedures, rules, and regulations of the organization.

For Example – Rules and policy of any organization are good examples of the standing plan because it provides a guideline for the course of actions taken in the company to achieve organizational goals. All members need to strictly follow these guidelines all the time.

✔ Single-use Plan:

Single‐use plans apply to activities that do not recur or repeat at the same time in the future. A one-time plan that is relevant for a specified time and after the lapse of that time, these plans are formulated again according to the situation for the next period.

For Example – Single-use plans typically include organizational programs, projects, budgets. A budget is also a single‐use plan because it predicts sources and amounts of income and how much they are used for a specific project.

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Understanding types of business insurance

July 23, 2024 | 9 minute read

Written by Steve Strauss Founder MrAllBiz

The senior small business columnist for USA Today, Steve is also a brand ambassador with 20 years of experience and the author of 18 books, including his latest, Your Small Business Boom.

Safeguarding a business against unforeseen circumstances is a crucial element of owning and operating a company. Business insurance can act as a safety net, providing protection from losses that result from accidents, property damage or lawsuits. That is why, as a business owner, it is important to understand the different types of plans available to protect a business. In this article, we’ll explore why insurance is important for businesses, the common types of coverage available and how to obtain coverage.

Why is business insurance important?

The primary purpose of business insurance is to mitigate risk and protect an owner’s investment. Whether it’s property damage, liability claims, or unexpected disruptions, unforeseen events pose the potential to jeopardize the stability and continuity of a business. Having the right insurance can provide peace of mind and financial protection against these risks by covering possible costs, such as property repairs, medical expenses and lost income.

Common types of business insurance coverage

1. general liability.

Businesses that need additional coverage may consider a commercial umbrella policy. This type of policy extends beyond a company’s primary general liability plan and is intended to protect against large or unexpected claims.

2. Professional liability

3.  Cyber liability

4.  Commercial property

Business renters’ insurance, also known as commercial renters’ insurance, provides coverage for businesses that lease, instead of own, their workspace. This coverage is intended to protect the business owner’s personal property within the rented space, such as equipment, furniture, and inventory, and does not include the physical space itself.

5.  Commercial auto

6.  Business interruption (Business income insurance)

7.  Key person

8.  Workers’ compensation

9.  Business Owner’s Policy (BOP)

Finding the right business insurance

Choosing the right business insurance is important because it can help avoid leaving certain aspects of the business unprotected or overpaying for coverage. Before committing to a policy, make sure to ask questions specific to the business, compare quotes, and consider consulting with an expert who can help better evaluate the business’s needs.

• Number of employees
• Location: does the business operate in a physical space or is it online only?
• Is there business equipment that needs to be insured?
• Are there any vehicles that need to be covered?
• What happens if the business is interrupted by a natural disaster?
• Research insurance providers and request quotes. Look for insurance providers that specialize in business insurance or provide BOPs. Consider additional factors such as reputation, customer reviews and the range of coverage options that they offer. If possible, ask for recommendations from other business owners in your field.
• Consult with an expert. Consider working with an insurance agent or broker to review quotes. They can provide expert advice and help determine the right coverage.
• Review and purchase. Carefully review any terms and conditions. Once the right coverage and provider has been selected, an application will need to be submitted before the policy can be purchased.
• Update regularly. Periodically review coverage to ensure that it is aligned with the business’s goals and any changes in operations.

Final thoughts

While it’s important as a business owner to stay positive and focus on growth, expecting the unexpected is a crucial part of running a successful business. Securing the right insurance is a prudent step that may help protects one’s investment, and it may also safeguard against potential risks. Understanding the importance of insurance, the types of coverage available, and how to obtain coverage is a proactive approach that can help ensure a business’s ability to remain resilient and positioned to thrive, even through uncertainty.

Explore more

How to start a business in 15 steps

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Money blog: Co-op makes major change to its meal deal selection

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Friday 2 August 2024 20:15, UK

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Morrisons has raised the temperature in some of its supermarket freezers by 3C.

The change is part of a trial to cut carbon emissions, the supermarket chain said.

But it insisted there would be no effect on food safety.

The current industry standard of setting freezers at -18C was set almost 100 years ago and has not been updated since, despite improvements in refrigeration technology, the grocer said.

Freezers in 10 stores across the country have been changed, taking into account supply routes and the weather, with plans to roll out the temperature change to other outlets.

Cosmetics company Morphe has reportedly closed all its standalone stores in the UK.

It's changing its focus to wholesale and online. 

All seven of its shops were closed on Wednesday, with 73 employees made redundant, Retail Gazette reported.

It still apparently has make-up counters in Boots, Superdrug, Selfridges, H Beauty and Flannels.

A spokesperson from Forma Brands, Morphe's parent company, told Retail Gazette its stores in Europe had faced "disproportionately high store rent obligations".

They added: "We have therefore made the difficult decision to close our seven UK and one Amsterdam retail locations. 

"This move aligns with our strategy to prioritise and expand our successful wholesale and e-commerce operations, similar to our model in the US."

Co-op is adding bakery items to its meal deal range.

A trial will run for 12 weeks in stores across the country, with bakery lines classed as a side or a snack.

They'll include croissants, almond Danish pastries, and a cinnamon cruffin - a croissant/muffin hybrid.

The bakery lines can be included in both standard and premium meal deals, alongside a main and a drink, costing £4 and £5.50 respectively. 

Co-op members can get a standard meal deal for £3.50 and the premium one for £5.

"Our latest offer will be available across all our delicious loose bakery items, providing an even wider choice of options to appeal to shoppers," said commercial buying manager Lyndsey Thornton.

By Ian King , business presenter

A very nasty summer sell-off has been under way now in stock markets around the world for the last 48 hours - and nervous investors got another reason to carry on selling today.

The US non-farm payroll figures – essentially a measure of how many jobs were added to the US economy last month and probably the single most-watched piece of economic data in financial markets – came in much lower than expected for July.

Some 114,000 jobs were created in the US economy during the month. That was significantly lower than the 175,000 jobs that Wall Street had expected to see created. It was the weakest figure since December last year and the second weakest since March 2020 – when the pandemic was just taking off in the West.

The June number was also revised lower from the previously healthy looking 206,000 to 179,000.

The figures, when taken alongside the number of people entering the workforce, mean the unemployment rate in the US in July rose to 4.3%. That again was worse than the 4.1% pencilled in by Wall Street.

And they have intensified fears that the world's biggest economy may be heading for a recession.

Those fears had already started to swirl when, on Wednesday evening, the US Federal Reserve declined to cut interest rates from the 5.25%-5.5% range at which they have been since July last year – only for some figures the following day pointing to a contraction in US manufacturing activity during July.

That had already put the skids under US equities even before the jobs data. All of the main US stock indices fell on Thursday – with the S&P 500, the most important index, falling by 2.5% and the Dow Jones Industrial Average declining by 1.9%. The tech-heavy Nasdaq slumped by 3.3% and the Russell 2000, the main index of smaller US companies, slid by 3%.

Those falls were added to this afternoon – putting the S&P 500 and the Nasdaq on course for a third consecutive weekly fall. The index, which was also weighed down by some mixed trading updates from the big tech companies , is now at a level last seen in May and is officially in "correction" territory.

In other words, it has fallen by more than 10% from its most recent peak in July.

There were even more violent declines in some individual stocks with Snap, the owner of Snapchat, down 30% at one point and the chipmaking giant Intel down 28%. Shares of the British chip designer Arm Holdings, which is also listed on Nasdaq, fell a further 6% and has lost getting on for a quarter of its stock market value this week. Amazon, one of the tech heavyweights whose trading updates disappointed Wall Street overnight, fell by 12%.

Other asset classes are also falling. The price of oil – demand for which would be expected to fall in the event of a US recession – is on course to complete a fourth consecutive weekly reverse with a barrel of Brent crude this afternoon hitting $77.70,  a level last seen un the first week of June.

To the upside, the price of gold, a traditional safe haven for investors, this afternoon is back at close to the all-time high of $2483.60 that it hit on 17 July.

And US Treasuries (US government IOUs) have also risen sharply. The yield (which falls when the price rises) on 2-year US Treasuries, which closely track interest rates, fell below 4% for the first time since May last year while the yield on 10-year Treasuries fell at one point to 3.79%, a level last seen in December last year.

Market commentators and economists now fully expect the Fed to cut interest rates next month.

Seema Shah, chief global strategist at fund manager Principal Asset Management, said: "Oh dear, has the Fed made a policy mistake? The labour market's slowdown is now materialising with more clarity. Job gains have dropped below the 150,000 threshold that would be considered consistent with a solid economy.

"A September rate cut is in the bag and the Fed will be hoping that they haven't, once again, been too slow to act."

Michael Brown, market analyst at the trading platform Pepperstone, added: "The July US jobs report pointed to a continued cooling in labour market conditions. There is little in this report that is likely to dissuade the Federal Reserve open markets committee from delivering this cycle's first [interest rate] cut at the next meeting in September, as was hinted at in this week's statement."

European stocks, meanwhile, had already fallen on Thursday and continued those declines today. The FTSE-100 is down by 2.15% since Wednesday evening, a slighter fall than some of its peers in continental Europe, which have a greater exposure to tech stocks. The CAC-40 in Paris is off by 3.1% in the last two sessions and the DAX in Germany down by 4.1%. The MIB in Italy is down by 5.3% in the same period and the AEX in the Netherlands, an index dominated by ASML – the world's largest maker of equipment used to manufacture chips – is down by 3.9%.

Meanwhile, in the Asia Pacific region, Japanese stocks have seen a truly aggressive wave of selling.

This was due largely to a sharp rally in the yen against the US dollar following a surprise interest rate rise on Wednesday from the Bank of Japan. The weakness in the yen, which hit a 38-year low against the dollar in June this year, has been a major driver of gains for Japanese stocks this year and the currency's rally has sent the market slamming into reverse. The Nikkei 225 index, which contains Japan's top blue-chip companies, had already fallen on Thursday and today declined by a further 5.8% in its biggest one-day fall since March 2020. The Nikkei, which earlier this year hit an all-time high, is now down by 12% since 12 July.

Meanwhile the Topix, which is a broader index of Japanese stocks, fell by 6.2% in its worst one-day fall since 2016.

The interesting thing about this latest sell-off is that, during recent years when central banks like the Federal Reserve and the Bank of England kept their policy rates at ultra-low levels, bad news for the economy was taken as good news for markets on the basis that it would persuade central banks to hold rates lower for longer.

That all changed when, in December 2021, the Bank became the first major central bank around the world to begin raising interest rates and was followed soon after by the Fed.

Now, with the "normalisation" of interest rates under way for more than two years, bad news for the economy is back to being treated as bad news for the markets.

Korean Air has said it will stop serving instant cup noodles on board its planes for safety reasons.

The snack, known as ramyeon, requires boiling water.

The South Korean airline said the snack could be a scalding risk and it was making the change as part of its response to increased incidents of turbulence.

There has been concern since a Singapore Airlines flight was hit by severe turbulence in May.

The plane dropped 54m (178ft) in just four seconds .

Cup noodles have been a popular part of the airline's in-flight service and featured heavily on social media.

They will not be served to tightly seated economy class passengers from 15 August.

Alternatives will include sandwiches and corn dogs, the airline said.

It announced last month that it would finish long and medium-haul cabin services 20 minutes earlier, ending 40 minutes before landing.

Being a TikTok presenter and a historic character at a theme park are among the most popular jobs this year, according to new research. 

Data management officer positions are the most searched for roles, according to results from jobs site CV-Library.

Other popular searches include CCTV controller and train conductor.

Not everyone is chasing glory and Britons are keen to "make a difference", said Lee Biggins, the chief executive of CV-Library.

Emergency call handlers and social sustainability roles are "also high up the wish list", he added.

It demonstrates that job seekers are "looking for more than just money in 2024".

For employers keen to attract new talent he said that creating a "fun and supportive work environment" and having a "clear company mission" are useful.

Here's the top 10 most-wanted jobs of the year, according to CV-Library

1. Data management officer

2. Theme park historic character

3. TikTok presenter

4. CCTV controller

5. Customer contact adviser

6. Head of social sustainability

7. Packaging operator

8. Food and beverage team member

9. Manual line operator

10. Inventory operator

Packets of crumpets have been withdrawn because they may contain pieces of metal.

The Food Standards Agency said Morrisons Crumpets, Savers Crumpets and Best Crumpets with Sourdough, all with a best before date of either 6 or 7 August, may be "unsafe to eat".

The warning also applies to Hovis Crumpets with the same dates.

The FSA said : "Rathbones Kear is recalling various packs of crumpets because they may contain small pieces of metal. 

"The possible presence of metal makes this product unsafe to eat."

It added: "Point of sale notices will be displayed in all retail stores that are selling these products. 

"These notices explain to customers why the products are being recalled and tell them what to do if they have bought the products."

Consumers are advised to return the products to the store they bought them from and claim a refund by showing their receipt. 

The price of your coffee could have increased by as much as 57% - or an extra £1.24 a drink - in the past five years, new data shows.

Altindex looked at the cost of a regular cup of tea, americano, cappuccino, flat white, latte, single espresso and hot chocolate now compared to five years ago at Starbucks, Pret A Manger, Costa Coffee, Caffe Nero and Greggs. 

After examining the prices, the results showed some hefty increases at nearly all the brands, with Pret A Manger rising by 57% on average in those five years. 

Here are the prices from 2019:

Some of you who regularly grab a hot drink on your way to work may be surprised to see a latte for as little as £2.60 in places like Starbucks.

That'll be because you're paying the prices listed in this table below... 

This final table shows the increase across that five-year period...

Caffe Nero comes in as the second most expensive chain according to price rises, with drinks up by an average of £0.94, or 39%, while Costa's drinks have risen by an average of £0.91 or 38%.

Starbucks is the second cheapest coffee chain when it comes to its basic drinks, with prices up by an average of 25% in the last five years (£0.57), while Greggs comes out as the cheapest by far - with an average rise of only 7%.

Other food items have rocketed in price in recent years, including ice cream - with some brands charging nearly 40% more than they were two years ago.

Olive oil has also risen by some 110% since 2021, and you can read the unlikely story behind that number here .

Sky News has reached out to all the brands mentioned for comment, and is yet to receive any responses. 

The general election appears to have reduced the number of people going to the shops, new data suggests.

Footfall was "particularly weak" during election week (beginning 1 July) said Helen Dickinson, chief executive of the British Retail Consortium (BRC).

That was when "political electioneering peaked, creating uncertainty for many consumers", Ms Dickinson added.

Political change appears to have contributed to a fall in footfall for the 12th consecutive month.

In July, total UK footfall was down 3.3% year on year, despite the warmer and drier weather, the BRC said.

Shopping centres were particularly badly hit - with footfall down 3.9% compared with last July.

High street football was up 2.7% in July, however. 

Many people have chosen to increase spending on "holidays and leisure activities rather than shopping", Ms Dickinson said.

The Scottish Retail Consortium echoed that view, saying Scots were prioritising "experiences, eating out and holidays" over shopping trips. 

Andy Sumpter, from Sensormatic Solutions which provided the data, said the cost of living crisis has a "long tail" which is "continuing to rattle consumer confidence and is likely to prompt spending caution for some time to come".

By Nick Lester, business reporter

Shares in leading UK-listed companies dipped in early trading after the Bank of England warned against making further interest rate cuts too quickly.

The blue-chip FTSE100 index was down 0.24% while the domestic-facing FTSE250 was off 1%.

Markets initially rose after the Bank cut rates to 5% - a quarter point drop.

But after governor Andrew Bailey later struck a note of caution, banks and financial firms fell into the red.

There are also wider concerns among investors over signs of weakness in the US economy, reflected through a fall in world shares.

On the currency markets the pound was down 0.06% at $1.273 and down 0.2% at 1.17 euros.

Elsewhere, outsourcing giant Capita said it was "on track" with cost-cutting plans, including slashing around 900 jobs.

The major contractor for the government and local authorities told investors it had taken action to cut around £100m as part of a £160m savings target by June 2025.

The group reported a pre-tax profit of £60m for the first half of 2024, up from a £67.9m loss a year earlier, helped by savings and the sale of parts of the business.

Meanwhile, Virgin Money has said it lent less to customers in recent months but reported stronger demand for savings, as the bank readies itself to be taken over by Nationwide by the end of the year.

Total lending to customers fell by 0.9% to £72bn between April and June, compared with the first half of its financial year.

Mortgages reduced by 1.1%, which the bank said was partly driven by the impact of more customers paying off their mortgage in full, as people took steps to avoid rolling on to deals with higher interest rates.

It also reflected more "disciplined" lending as the bank tried to protect its finances.

British Airways owner International Consolidated Airlines Group (IAG) has also seen a boost to its shares after it scrapped a deal to buy Spanish carrier Air Europa.

IAG stocks rose 5% in early trading after it confirmed the takeover was off.

The airline group, which also owns Iberia and Aer Lingus, said it had given up on efforts to buy Air Europa after EU regulators raised competition concerns over the deal.

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The fast-paced business world we live in today requires smart tools to manage a business’s operations and everyday needs. Enterprise resource planning (ERP) is a business management software built to do just that. This relatively new system offers a centralized platform with applications to manage all aspects of your business from supply chain management to inventory management to financial management. The benefits of ERP include built-in business intelligence and access to real-time data, along with integrated machine learning capabilities unlike a legacy system. While there are different types of enterprise resource planning systems, all solutions are built to help improve business functions and business operations.

ERP solutions are built to meet the needs of organizations across multiple industries including retail, consumer products, industrial, energy and utilities and government (including defense). When an organization is deciding which type of enterprise resource planning deployment type to use, there are multiple factors to consider including size, functionality, procurement and industry-specific requirements. If these factors are taken into consideration, it will be much easier to narrow down which types of ERP solutions might meet the organization’s needs.

Some of the more well-known ERP software offerings are SAP S/4HANA , Oracle Netsuite , Microsoft Azure , Infor CloudSuite and Acumatica Cloud ERP. The different types of ERP deployment will be discussed below and will hopefully assist organizations in deciding which software solution type is best fit for its needs. It’s important to note each ERP solution offers modules such as e-commerce, human capital management , order management and inventory management, but will differ from one type to the next.

Some ERP software providers may also provide industry-specific ERP solutions or modules. An example is manufacturing industry software which includes MRP, or material requirements planning. Industry-specific software will vary from one organization to the next and can include modules, such as project management and project accounting. Other ERP software offerings can include customer relationship management (CRM) and human resources software.

Enterprise resource planning systems aim to address all aspects of a business and improve business processes, such as accounting, real-time financial reporting, forecasting and other processes. It typically come in three different deployment options:

• On-premises

On-premises ERP systems

The on-premises enterprise resource planning system is exactly how it sounds. The software is installed on an organization’s own servers and computer equipment. It is a licensed system that can be customized and upgraded and is typically maintained by the organization’s IT team onsite to streamline the business workflow.

Benefits of on-premises

• Cost:  Since the software is done on-premises there isn’t a monthly or annual subscription cost for the software. This could lower the cost of the ERP system over time both short and long term, resulting in better profitability.
• Customization:  Organizations can customize the software as they see fit. On-premises customization can be done during the implementation process and thereafter. The decision-making is much more in the hands of the organization itself.
• Data security:  The on-premises software means all company information and data remains on-site making it a very secure software system for your business.
• In-house advantage:  By having all data storage and hardware on-site the organization isn’t dependent on the software vendor for system needs. It can all be handled by the on-site IT team once they have been trained properly.

Disadvantages of on-premises

• Initial investment:  Software and computer equipment will require a larger investment up front. The software may also need to be replaced down the line. Organizations should factor in these expenses before choosing on-premises ERP.
• Upgrades needed:  The ERP software will need to be upgraded periodically to mitigate cybersecurity risks and ensure your organization has the most efficient software. These upgrades may also require working in the office and perhaps through a slower connection at times.
• Data risks:  Doing in-house data backups or upgrades could lead to corrupted files, potentially putting an organizations data at a higher risk.

Who does on-premises ERP best serve?

The on-premises ERP system is for an organization that wants full autonomy of its system. With this business management solution, the organization handles its data management and security on-site. The use of an ERP team or partner is recommended to help lead and handle any implementation questions.

Cloud-based ERP systems

• Data security:  The on-premises software means all company information and data remains on-site making it a very secure software system for your business.

Cloud-based ERP examples:

• SAP S/4 HANA

Hybrid ERP systems

The hybrid ERP system is a combination of elements from both on-premises and cloud ERP systems and infrastructure. This model is for organizations with specific needs or that have strict regulatory requirements. An organization can have the benefit of on-premises ERP hardware installed for all or some of its data, while being able to scale up in the cloud. The hybrid solution is going to be a mix of public and private cloud services depending on what the organization needs.

Benefits of hybrid

• Tailored:  With access to both cloud and on-premises organizations with multiple locations can have remote ERP accessibility. Through an ERP hybrid system multiple types of infrastructure and public cloud services can be molded to fit the organizations needs in a way having to choose one model over the other can’t achieve.
• Scalability:  A major benefit to on-premises ERP is the ability to control the ERP system as the business changes. With ERP hybrid solutions organizations get to control the ERP system and customize on-site, while not needing any additional business-owned servers or computer equipment.
• Security:  The security risks that come with ERP cloud solutions are no longer a concern when using a hybrid model. The ERP hybrid system allows sensitive data to be protected through the on-premises aspects of the hybrid tool.

Disadvantages of hybrid

• Cost:  The long-term cost might be more than a cloud-only ERP system; however, the upfront costs are likely going to be less aggressive than on-premises systems.
• Deployment:  The hybrid setup brings forth some challenges, one of which is in the deployment. In the case of hybrid ERP systems, the deployment and implementation process may require more time and attention due to its unique nature. It’s important to work with a good ERP implementation team to keep the process running smoothly.
• Oversight:  Since there is an on-premises component to the hybrid solution, an internal IT department is necessary; otherwise, the ERP vendor will need to monitor the software to ensure its functioning properly. There is also less flexibility to changing the system if your organization grows over time.

Who does hybrid ERP best serve?

This is a model for specific organizations that want aspects of both on-premises and cloud. This is a more expensive option, and it will likely take longer to implement due to its hybrid features. An example of a time when an organization may switch to a hybrid model is if your organization has invested in an on-premises ERP tool and is looking to update or optimize with the cloud.

An example of a hybrid ERP solution is  AWS .

When it comes to deciding which solution is best for you it’s important to consider your organization’s needs and the future of your business.  IBM Consulting®  experts can help your organization successfully migrate legacy ERP applications to the cloud, redesign processes to leverage data, AI and automation, and transform finance into a competitive advantage within your business.

SAP managed services for applications and ERP  integration can help manage an organization’s workloads, giving you more time to focus on innovation and new opportunities. Managed services for SAP applications enable agility and resource optimization by supporting and optimizing underlying operational functions. Areas like security and compliance reporting, application management, and service delivery to lines-of-business become more predictable from a pricing, resource and workload perspective.

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