Types of Business Plan
So you might ask, “What type of business plan is required for my business?” “This is a list of 6 different types of business plans that you can check out and determine which works well or is right for your business. Most business owners, especially small business owners, still mistakenly believe that they don’t need a business plan. And those who believe they need a business plan also believe that a business plan will work for all types of businesses. It is totally false. There are different types of business plans, In fact, there are about 6 different types of business plans.
A well-written business plan is necessary not just before starting a business, but throughout the growth process. You can write a business plan to find investors, obtain financing. For what purposes do you need a business plan, it will definitely help you and save you a lot of trouble in the process of doing business. The business plan will contain your business objectives as well as your growth prospects. It is important to understand that a business plan is not suitable for all types of businesses. So how many types of business plans are there? LIST OF DIFFERENT TYPES OF BUSINESS PLAN
STANDARD BUSINESS PLAN: The standard business plan has undergone many changes lately. It is now much shorter than it was then. A standard business plan is supposed to require a business plan event, ie when you need to present a business plan to potential investors, bank, supplier or partners. A standard business plan comes with an executive summary and will include various sections that cover the business, the products and services it proposes to deliver, the market, the strategy and objectives, the management team, as well as financial analysis and forecasts.
INTERNAL BUSINESS PLAN: It is written to evaluate the proposed project, as well as to specifically describe the current state of the business, which must necessarily include operating costs as well as profitability. The internal business plan will also talk about the plan to pay back any capital needed by the business, give details on marketing the project, and the cost of hiring and technology. Since the internal business plan will only be required for internal purposes and not for any form of external use, it will not necessarily mention the management team or provide a detailed and well-explained business analysis. Internal business plan will likely be shorter than the standard outline, but must necessarily include company goals and objectives
STRATEGIC BUSINESS PLAN: The strategic business plan deals with a detailed roadmap of the company’s goals and how it intends to achieve those goals. It also talks about defining a baseline plan for the entire organization, focusing on high-level capabilities, and defining key business priorities, rather than specific responsibilities for the entire team. A strategic business plan consists of 5 different elements: Company vision Strategies for achieving goals, Mission statement, Critical success factors, Execution schedule, A strategic business plan brings together all the talents of the company into a big picture, motivating employees to work as a team to help the company achieve its goals and objectives.
VALIDITY OF THE BUSINESS PLAN: The business plan of the feasibility study is the main type of business plan that generally determines the category of people who will buy the various products and services that the company wishes to sell. And also determine whether the business as a whole will be profitable. Sections of the feasibility study will include the need for the specified products and services, capital required, and target demographics.
OPERATIONAL BUSINESS PLAN: The operational business plan mainly refers to the deadlines set for different projects and is drawn up by direct managers. They serve as implementation markers or benchmarks. They are mainly included in the third part of the annual business growth plans. Moreover, they highlight the different responsibilities of each employee in the organization.
BUSINESS DEVELOPMENT PLAN: These types of business plans talk about an in-depth analysis of expected growth and can be used for both external and internal purposes. Growth business plan helps your organization track expansion plans and any additional investment that might be needed for the same purpose. It is usually created as an annual growth plan and in most cases includes both a marketing plan and a financial plan. All other types of business plans should include all the details of the company to give potential investors maximum satisfaction of the growth potential of the company.
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