Different Kinds of Business Plans
Things that are properly planned can be expected to give positive results. Just like in business, it is a must that things will be rightfully laid out for you to be sure that you will reach all of your goals. This is where business plans come in.
There are different kinds of business plans that you should be aware of for you to be successful in the field that you have chosen.
A business cannot run successfully if things are done haphazardly and randomly. Success is surely far from your hand if this is the case. This is the main reason why there is a need to utilize some effective business plans. What are the different kinds of business plans?
Startup plans are considered as a standard business plan. This is something that defines all steps needed for new businesses. It is made of standard topics which include the company, the service or product, the market, the forecasts, the strategy, the implementation milestone, management team as well as financial analysis. The things that encompass financial analysis include the projected sales, the loss and profit, the balance sheet, the cash flow and may be some more tables. The plan will start with the executive summary and it will end with the appendices which show the monthly projections for your business’ initial year.
Meanwhile, the internal plan is something that is not for the outside investors, even banks and those third parties. It might also not state the company description as well as the management team. Internal plans might or might not have the detailed projections for finances which will serve as the budgets and forecasts. They could be main points that are seen as the bullet points in the slides instead of being detailed texts.
The operation plan, on the other hand, can be an internal plan and it is sometimes referred to as annual or internal plan. Normally, this will be more detailed regarding the particular implementation milestones, deadlines, dates as well as the team and managers’ responsibilities.
Other Business Plans
The strategic plan is also another internal plan, but the main difference is that it gives more focus on the options that are high level and they set the main priorities on specific responsibilities and detailed dates. Just like other internal plans, it does not include company or management team descriptions. Some financial projections might also be left out, with more bulleted points and even slides as compared to texts.
Expansion, growth or new product plan sometimes gives more focus on a particular area of the business or its subset. They can be internal or not and it depends if they are or not being linked to applications for loan or even a new investment. Last is the feasibility plan which is also a startup plan that is simple enough. Included here is the summary, statement of the mission, success keys, analysis of the basic market, preliminary costs analysis, pricing as well as the possible expenses.