Are All Business Plans the Same?
When you first set yourself to the task of writing a business plan it can be overwhelming. You may ease the tension by finding a sample copy of a business plan online and simply copying the basic structure, but that is not always the smartest thing to do. While most business plans are created with the same basic structure, there are different types of business plans. What you include in your plan is determined by what you intend to accomplish with the plan.
Most business plans are written for the purpose of gaining financial backing for a new business or for growth of an existing business. These plans may be used for internal use and will be used to guide entrepreneurs through the motions of establishing and growing a business, but the primary purpose is to secure funding from investors. This may mean handing the plan out to banks and financial institutions, or it may mean handing the plan to angel investors and private investing firms.
In this case, a strict structure must be followed for the business plan. The information in each section of the plan must be well researched, in-depth, and accurate. Even the seemingly simple parts of the plan, such as the executive summary, can take days if not weeks to put together.
When creating a plan for financial backing, you must enlist the help of a trained professional, or at least a good template product. The stakes are high and the simplest mistakes can cost your business a lot of money.
Some business plans are created simply to provide guidance internally. Business partners may rely on these plans to make decisions regarding marketing options or financial options. Employees may read sections of the business plan when formulating plans for their departments or for specific projects that will push the company toward big goals for the future.
These plans need to be put together with just as much care as a financial plan going out to potential investors, but the pressure may not be quite as intense. Everything must be well researched and accurate, or decisions made for the company will not be as sound as you would like them to be for future success. Since this plan is going to guide the direction your business takes in the future, it is very important to put it together with in-depth, accurate, and realistic information.
Do You Need a Template?
No matter what your intentions may be for putting together a business plan, you will need a high quality template to guide you through the process. These templates are often used when creating the rough draft of a plan, even if a professional will be hired to go over the plan before it is finalized. If you can get many of the details correct the first time around, it will be much easier to put the final touches on the plan so it is as effective as possible in the end.
Look for a template that gives detailed information for each section of the business plan. Do not hesitate to look for even further information if you arenΓÇÖt sure about any given section.