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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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How to make a business plan
Table of Contents
How to make a good business plan: step-by-step guide.
A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.
A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.
But where do you start? How do you create a business plan that sets you up for success?
This article will explore the step-by-step process of creating a comprehensive business plan.
What is a business plan?
A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:
Products or services
Target market
Competitors
Marketing and sales strategies
Financial plan
Management team
A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.
As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.
Business plan vs. business model canvas
A business plan may seem similar to a business model canvas, but each document serves a different purpose.
A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:
Key partnerships
Key activities
Key propositions
Customer relationships
Customer segments
Key resources
Cost structure
Revenue streams
On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.
A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.
A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.
Why is a business plan important?
A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.
Here are some of the many benefits of having a thorough business plan.
Helps to define the business goals and objectives
A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.
A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.
Guides decision-making
A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.
With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.
Attracts investors and secures funding
Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.
A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.
Identifies potential challenges and risks
A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:
Is there enough demand for my product or service?
Will I have enough capital to start my business?
Is the market oversaturated with too many competitors?
What will happen if my marketing strategy is ineffective?
By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.
Provides a basis for measuring success
A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:
Are we where we want to be at this point?
Did we achieve our goals?
If not, why not, and what do we need to do?
After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.
How to make a business plan step by step
The steps below will guide you through the process of creating a business plan and what key components you need to include.
1. Create an executive summary
Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.
2. Write your company description
Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.
Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.
3. Conduct a market analysis
Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.
Use the Competitive Analysis Template to brainstorm answers to simple questions like:
What does the current market look like?
Who are your competitors?
What are they offering?
What will give you a competitive advantage?
Who is your target market?
What are they looking for and why?
How will your product or service satisfy a need?
These questions should give you valuable insights into the current market and where your business stands.
4. Describe your products and services
Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.
Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.
5. Design a marketing and sales strategy
Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:
Pricing strategy
Advertising and promotional tactics
Sales channels
The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.
6. Determine budget and financial projections
Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.
Some details to include in this section are:
Startup costs
Revenue projections
Profit and loss statement
Funding you have received or plan to receive
Strategy for raising funds
7. Set the organization and management structure
Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.
As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.
8. Make an action plan
At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.
Types of business plans
Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.
Startup business plan
A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.
Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.
Strategic business plan
A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.
The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.
Operational business plan
An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:
Organizational structure
Staffing plan
Production plan
Quality control
Inventory management
Supply chain
The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.
Growth-business plan
A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.
The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).
One-page business plan
A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.
A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.
Best practices for how to make a good business plan
Here are some additional tips for creating a business plan:
Use a template
A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.
Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.
Be practical
Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.
Be specific
Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.
Be thorough with your research
Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.
Get input from others
It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.
Review and revise regularly
A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.
Create a winning business plan to chart your path to success
Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.
The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.
Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.
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How Should You Review Your Business Plan?
Ultimate Guide On Writing A Business Plan
- May 25, 2024
When was the last time you reviewed your business plan?
If you can’t recall, it’s possibly long enough, and by now your plan might not even offer a realistic blueprint for your business.
You see, writing a business plan is not enough. It’s much more important to review and update it time and again to keep it relevant and useful.
Now, the question is how and how often should the business plan be reviewed. Well, we will cover all that in this blog post but before that, let’s understand what exactly is a business plan review .
What is a business plan review?
A business plan review is a structured evaluation of your business plan to identify its strengths and weaknesses so that you can take remedial steps to improve its effectiveness.
A business plan review process evaluates the feasibility and assumptions of the plan and enhances its overall clarity to help make it more presentable to potential investors.
Why should you regularly review your business plan?
Whether you have just written your business plan or yours is sitting on the shelf collecting dust—it is important to revisit it regularly to ensure that it remains useful and relevant.
Many businesses review their business plans regularly, and if you don’t, here are all the reasons why you should.
- A rigorous review ensures that your plan includes all the relevant and essential information for stakeholders. It identifies gaps in your plan and removes inessential fluff to make it crisp and qualitative.
- Regular review realigns your business strategies with the changing market conditions. This will ensure that your plan remains relevant, effective, and in line with your long-term objectives.
- The review analyzes resource allocation and helps you make essential changes to ensure that none of the resources get over or underutilized.
- Critiquing your plan allows you to see your business objectively. You can see the faults that are otherwise invisible and make essential changes to strengthen your business’s position.
- Reviewing your plan pushes you to reevaluate your financials, making sure they aren’t impractical or unrealistic.
Plan review is therefore essential for everyone— a new business as well as an established one to drive a business in a forward direction.
How to review your business plan?
Reviewing a business plan requires an eye for detail. While we are not suggesting a microanalysis of the plan, thorough reviewing should ensure that every aspect of the plan is properly covered and presented, the facts quoted are corrected, and there is negligible scope for confusion.
Here is a quick step-by-step guide to reviewing business plans:
1. Read the business plan
After you write a business plan , read it at least twice to find critical errors, gaps in information, lack of depth, and irrelevant information. Start making notes wherever you find room for improvement.
2. Put yourself in the investors’ shoes
As you review your plan, think from an investor’s perspective. Evaluate if the plan has sufficient information about a business model and financial aspects to aid decision-making. If not, rework and focus on aspects that show the business’s potential to make money.
3. Assess your business strategy
While reviewing, reassess your market research and analysis. Ensure that the target market and competitors’ edge are explicitly explained.
Think from the customers’ perspective while analyzing your products and service section . Do you see the benefits or USPs that would make the target customers want your products and services? If not, rework the section and present your offerings in a stronger light.
Also, check your marketing and sales strategies to see that they are clearly laid out.
4. Evaluate the management team
Assess the management section to see if it strongly reflects the potential of your people to execute business strategies. If not, the section needs rework. Focus on highlighting their achievements, skills, and expertise.
As a new business, you might still be building your team. However, the section must acknowledge the gaps in your talent team and offer strategic ways to overcome them.
5. Reassess your financial projections
Scrutinize your financial and profit projections to identify missed costs and overly optimistic profits and revenue. Ensure that you offer a logical and easy-to-follow explanation to help prospective investors assess the practicality of your projections.
Following these steps will ensure that the business plan is effectively critiqued.
How often should a business plan be reviewed?
A business plan is a living document that needs regular reviewing and a thorough update every now and then. However, the question is how often?
Ideally, a business plan should be reviewed at least once every year to keep it relevant and useful. However, most successful businesses follow a review cycle of 45 days to 6 months to increase their adaptability to market changes, emerging trends, consumer shifts, and government regulations.
It’s okay if you cannot conduct a regular review of your business plan, month after month. However, if there are major industrial or market changes in your business landscape, you should reassess the plan and make essential changes immediately.
Now, you and your partners can determine the review cycle for these living documents. However, as long as your plan represents the current situation of the business landscape, the review can be carried out on an annual basis.
Things to consider when reviewing a business plan
Now, here’s a list of things you should keep in mind or bear as a checklist while reviewing your small-business business plan.
- Ensure that the business plan covers information about all the essential business plan components . This includes sections for executive summary, company overview, market analysis, products and service offerings, sales and marketing plan, operations plan, management team, and financial plan.
- Ensure that there is a verifiable source for every data you present or the claim you make.
- Remove all extra information that is irrelevant to the context. Focus on simple, concise language with no complicated jargon.
- Reassess your competitors’ section and check if it highlights your competitive advantage.
- Ensure that the plan offers a clear understanding of your target market and the market share.
- Check your financial projections to make sure they aren’t conservative or overly optimistic.
- Add a table of contents if the plan is extremely detailed.
- Evaluate the business strategies and ensure they are in line with your business goals.
- Reassess the plan from your audience’s point of view.
- Recheck for any factual, grammatical, or content errors.
Mark this checklist as you review your business plan to ensure full assessment.
Review your Business Plan with Upmetrics
When was the last time you checked your plan? If you can’t remember this is probably the time to review it and make necessary updates so that it continues to serve as a realistic guide for your business.
No excuses about how tiring or exhausting updating your business plan can be. With the right Business planning software , you can review and update your plan in no time.
Its AI business plan writing feature allows you to quickly draft/rewrite sections of your business plan and reassess your financial projections to ensure that no expense, costs, or revenue streams remain unaccounted for.
However, if your plan needs a complete makeover, consider rewriting it using our AI business plan creator . All it takes is 15 minutes for this tool to create a plan based on the details and answers you offer.
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Frequently Asked Questions
Who should review my business plan.
Since no one understands your business better than you, you should be the one reviewing your business plan. However, if you find someone more experienced from your industry to help you review your plan, an external unhinged opinion can be of great help.
Business plans should be reviewed at least once a year to keep them relevant. However, you should be reviewing your operational, financial, and strategic plans every few months to keep up with the changing trends and industrial shifts.
What should I do after a business plan review?
After reviewing your business plan, focus on implementation. Communicate the changes in strategies to your internal team, adjust your financial projections, and test your strategies in the actual world.
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
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Business plans might seem like an old-school stiff-collared practice, but they deserve a place in the startup realm, too. It’s probably not going to be the frame-worthy document you hang in the office—yet, it may one day be deserving of the privilege.
Whether you’re looking to win the heart of an angel investor or convince a bank to lend you money, you’ll need a business plan. And not just any ol’ notes and scribble on the back of a pizza box or napkin—you’ll need a professional, standardized report.
Bah. Sounds like homework, right?
Yes. Yes, it does.
However, just like bookkeeping, loan applications, and 404 redirects, business plans are an essential step in cementing your business foundation.
Don’t worry. We’ll show you how to write a business plan without boring you to tears. We’ve jam-packed this article with all the business plan examples, templates, and tips you need to take your non-existent proposal from concept to completion.
Table of Contents
What Is a Business Plan?
Tips to Make Your Small Business Plan Ironclad
How to Write a Business Plan in 6 Steps
Startup Business Plan Template
Business Plan Examples
Work on Making Your Business Plan
How to Write a Business Plan FAQs
What is a business plan why do you desperately need one.
A business plan is a roadmap that outlines:
- Who your business is, what it does, and who it serves
- Where your business is now
- Where you want it to go
- How you’re going to make it happen
- What might stop you from taking your business from Point A to Point B
- How you’ll overcome the predicted obstacles
While it’s not required when starting a business, having a business plan is helpful for a few reasons:
- Secure a Bank Loan: Before approving you for a business loan, banks will want to see that your business is legitimate and can repay the loan. They want to know how you’re going to use the loan and how you’ll make monthly payments on your debt. Lenders want to see a sound business strategy that doesn’t end in loan default.
- Win Over Investors: Like lenders, investors want to know they’re going to make a return on their investment. They need to see your business plan to have the confidence to hand you money.
- Stay Focused: It’s easy to get lost chasing the next big thing. Your business plan keeps you on track and focused on the big picture. Your business plan can prevent you from wasting time and resources on something that isn’t aligned with your business goals.
Beyond the reasoning, let’s look at what the data says:
- Simply writing a business plan can boost your average annual growth by 30%
- Entrepreneurs who create a formal business plan are 16% more likely to succeed than those who don’t
- A study looking at 65 fast-growth companies found that 71% had small business plans
- The process and output of creating a business plan have shown to improve business performance
Convinced yet? If those numbers and reasons don’t have you scrambling for pen and paper, who knows what will.
Don’t Skip: Business Startup Costs Checklist
Before we get into the nitty-gritty steps of how to write a business plan, let’s look at some high-level tips to get you started in the right direction:
Be Professional and Legit
You might be tempted to get cutesy or revolutionary with your business plan—resist the urge. While you should let your brand and creativity shine with everything you produce, business plans fall more into the realm of professional documents.
Think of your business plan the same way as your terms and conditions, employee contracts, or financial statements. You want your plan to be as uniform as possible so investors, lenders, partners, and prospective employees can find the information they need to make important decisions.
If you want to create a fun summary business plan for internal consumption, then, by all means, go right ahead. However, for the purpose of writing this external-facing document, keep it legit.
Know Your Audience
Your official business plan document is for lenders, investors, partners, and big-time prospective employees. Keep these names and faces in your mind as you draft your plan.
Think about what they might be interested in seeing, what questions they’ll ask, and what might convince (or scare) them. Cut the jargon and tailor your language so these individuals can understand.
Remember, these are busy people. They’re likely looking at hundreds of applicants and startup investments every month. Keep your business plan succinct and to the point. Include the most pertinent information and omit the sections that won’t impact their decision-making.
Invest Time Researching
You might not have answers to all the sections you should include in your business plan. Don’t skip over these!
Your audience will want:
- Detailed information about your customers
- Numbers and solid math to back up your financial claims and estimates
- Deep insights about your competitors and potential threats
- Data to support market opportunities and strategy
Your answers can’t be hypothetical or opinionated. You need research to back up your claims. If you don’t have that data yet, then invest time and money in collecting it. That information isn’t just critical for your business plan—it’s essential for owning, operating, and growing your company.
Stay Realistic
Your business may be ambitious, but reign in the enthusiasm just a teeny-tiny bit. The last thing you want to do is have an angel investor call BS and say “I’m out” before even giving you a chance.
The folks looking at your business and evaluating your plan have been around the block—they know a thing or two about fact and fiction. Your plan should be a blueprint for success. It should be the step-by-step roadmap for how you’re going from Point A to Point B.
How to Write a Business Plan—6 Essential Elements
Not every business plan looks the same, but most share a few common elements. Here’s what they typically include:
- Executive Summary
- Business Overview
- Products and Services
- Market Analysis
- Competitive Analysis
- Financial Strategy
Below, we’ll break down each of these sections in more detail.
1. Executive Summary
While your executive summary is the first page of your business plan, it’s the section you’ll write last. That’s because it summarizes your entire business plan into a succinct one-pager.
Begin with an executive summary that introduces the reader to your business and gives them an overview of what’s inside the business plan.
Your executive summary highlights key points of your plan. Consider this your elevator pitch. You want to put all your juiciest strengths and opportunities strategically in this section.
2. Business Overview
In this section, you can dive deeper into the elements of your business, including answering:
- What’s your business structure? Sole proprietorship, LLC, corporation, etc.
- Where is it located?
- Who owns the business? Does it have employees?
- What problem does it solve, and how?
- What’s your mission statement? Your mission statement briefly describes why you are in business. To write a proper mission statement, brainstorm your business’s core values and who you serve.
Don’t overlook your mission statement. This powerful sentence or paragraph could be the inspiration that drives an investor to take an interest in your business. Here are a few examples of powerful mission statements that just might give you the goosebumps:
- Patagonia: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.
- Tesla: To accelerate the world’s transition to sustainable energy.
- InvisionApp : Question Assumptions. Think Deeply. Iterate as a Lifestyle. Details, Details. Design is Everywhere. Integrity.
- TED : Spread ideas.
- Warby Parker : To offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.
3. Products and Services
As the owner, you know your business and the industry inside and out. However, whoever’s reading your document might not. You’re going to need to break down your products and services in minute detail.
For example, if you own a SaaS business, you’re going to need to explain how this business model works and what you’re selling.
You’ll need to include:
- What services you sell: Describe the services you provide and how these will help your target audience.
- What products you sell: Describe your products (and types if applicable) and how they will solve a need for your target and provide value.
- How much you charge: If you’re selling services, will you charge hourly, per project, retainer, or a mixture of all of these? If you’re selling products, what are the price ranges?
4. Market Analysis
Your market analysis essentially explains how your products and services address customer concerns and pain points. This section will include research and data on the state and direction of your industry and target market.
This research should reveal lucrative opportunities and how your business is uniquely positioned to seize the advantage. You’ll also want to touch on your marketing strategy and how it will (or does) work for your audience.
Include a detailed analysis of your target customers. This describes the people you serve and sell your product to. Be careful not to go too broad here—you don’t want to fall into the common entrepreneurial trap of trying to sell to everyone and thereby not differentiating yourself enough to survive the competition.
The market analysis section will include your unique value proposition. Your unique value proposition (UVP) is the thing that makes you stand out from your competitors. This is your key to success.
If you don’t have a UVP, you don’t have a way to take on competitors who are already in this space. Here’s an example of an ecommerce internet business plan outlining their competitive edge:
FireStarters’ competitive advantage is offering product lines that make a statement but won’t leave you broke. The major brands are expensive and not distinctive enough to satisfy the changing taste of our target customers. FireStarters offers products that are just ahead of the curve and so affordable that our customers will return to the website often to check out what’s new.
5. Competitive Analysis
Your competitive analysis examines the strengths and weaknesses of competing businesses in your market or industry. This will include direct and indirect competitors. It can also include threats and opportunities, like economic concerns or legal restraints.
The best way to sum up this section is with a classic SWOT analysis. This will explain your company’s position in relation to your competitors.
6. Financial Strategy
Your financial strategy will sum up your revenue, expenses, profit (or loss), and financial plan for the future. It’ll explain how you make money, where your cash flow goes, and how you’ll become profitable or stay profitable.
This is one of the most important sections for lenders and investors. Have you ever watched Shark Tank? They always ask about the company’s financial situation. How has it performed in the past? What’s the ongoing outlook moving forward? How does the business plan to make it happen?
Answer all of these questions in your financial strategy so that your audience doesn’t have to ask. Go ahead and include forecasts and graphs in your plan, too:
- Balance sheet: This includes your assets, liabilities, and equity.
- Profit & Loss (P&L) statement: This details your income and expenses over a given period.
- Cash flow statement: Similar to the P&L, this one will show all cash flowing into and out of the business each month.
It takes cash to change the world—lenders and investors get it. If you’re short on funding, explain how much money you’ll need and how you’ll use the capital. Where are you looking for financing? Are you looking to take out a business loan, or would you rather trade equity for capital instead?
Read More: 16 Financial Concepts Every Entrepreneur Needs to Know
Startup Business Plan Template (Copy/Paste Outline)
Ready to write your own business plan? Copy/paste the startup business plan template below and fill in the blanks.
Executive Summary Remember, do this last. Summarize who you are and your business plan in one page.
Business Overview Describe your business. What’s it do? Who owns it? How’s it structured? What’s the mission statement?
Products and Services Detail the products and services you offer. How do they work? What do you charge?
Market Analysis Write about the state of the market and opportunities. Use date. Describe your customers. Include your UVP.
Competitive Analysis Outline the competitors in your market and industry. Include threats and opportunities. Add a SWOT analysis of your business.
Financial Strategy Sum up your revenue, expenses, profit (or loss), and financial plan for the future. If you’re applying for a loan, include how you’ll use the funding to progress the business.
5 Frame-Worthy Business Plan Examples
Want to explore other templates and examples? We got you covered. Check out these 5 business plan examples you can use as inspiration when writing your plan:
- SBA Wooden Grain Toy Company
- SBA We Can Do It Consulting
- OrcaSmart Business Plan Sample
- Plum Business Plan Template
- PandaDoc Free Business Plan Templates
Get to Work on Making Your Business Plan
If you find you’re getting stuck on perfecting your document, opt for a simple one-page business plan —and then get to work. You can always polish up your official plan later as you learn more about your business and the industry.
Remember, business plans are not a requirement for starting a business—they’re only truly essential if a bank or investor is asking for it.
Ask others to review your business plan. Get feedback from other startups and successful business owners. They’ll likely be able to see holes in your planning or undetected opportunities—just make sure these individuals aren’t your competitors (or potential competitors).
Your business plan isn’t a one-and-done report—it’s a living, breathing document. You’ll make changes to it as you grow and evolve. When the market or your customers change, your plan will need to change to adapt.
That means when you’re finished with this exercise, it’s not time to print your plan out and stuff it in a file cabinet somewhere. No, it should sit on your desk as a day-to-day reference. Use it (and update it) as you make decisions about your product, customers, and financial plan.
Review your business plan frequently, update it routinely, and follow the path you’ve developed to the future you’re building.
Keep Learning: New Product Development Process in 8 Easy Steps
What financial information should be included in a business plan?
Be as detailed as you can without assuming too much. For example, include your expected revenue, expenses, profit, and growth for the future.
What are some common mistakes to avoid when writing a business plan?
The most common mistake is turning your business plan into a textbook. A business plan is an internal guide and an external pitching tool. Cut the fat and only include the most relevant information to start and run your business.
Who should review my business plan before I submit it?
Co-founders, investors, or a board of advisors. Otherwise, reach out to a trusted mentor, your local chamber of commerce, or someone you know that runs a business.
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About Jesse Sumrak
Jesse Sumrak is a writing zealot focused on creating killer content. He’s spent almost a decade writing about startup, marketing, and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped business. A writer by day and a peak bagger by night (and early early morning), you can usually find Jesse preparing for the apocalypse on a precipitous peak somewhere in the Rocky Mountains of Colorado.
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20 Questions for Your Q1 Business Plan Review
The end of Q1 is the ideal time for a business plan review.
So how do you even review a business plan?
You’ve heard me say before that having a business plan is an absolutely essential part of getting to where you want to be in life. But no matter how good of a plan you make, at the end of the day, it’s still only a plan – which means it’s meant to be followed, not written and set aside. That’s what this business plan review is for.
It’s the role of a good coach to check in on your progress and keep you on pace, so that’s exactly what I’m hoping to accomplish here in this blog.
According to your business plan , the strategies you’ve put in place so far can either:
- Launch you to where you want to be (if you refine them) or
- Send you spiraling into a crash (if they’re left unchecked)
It’s probably fair to say you’d prefer the first one, right? In that case, I’m giving you one of my favorite simple business plan review techniques. All you have to do is get all your numbers ready, pull up your business plan, and answer 20 questions.
Got everything ready? Then let’s get started…
How often should a business plan be reviewed?
Your business plan should be reviewed at least once per year. In today’s fast-paced business world, it’s easy to get caught up in the day-to-day operations and lose sight of the bigger picture. That’s why it’s crucial to schedule regular business plan reviews. Updating your business plan annually helps ensure that your company stays competitive and on track to meet its long-term goals. With so much at stake, you can’t afford to wait until the last minute to sift through all the numbers and make necessary changes. By reviewing your business plan regularly, you’ll be able to identify areas of improvement and make strategic adjustments. Don’t let your business plan become a static document. Keep it alive and thriving by scheduling regular reviews.
Business Plan Review Questions to Ask Yourself
Question No. 1: What’s your WHY? This is something you should already have written in your business plan , but it’s a question worth repeatedly asking not just at the end of every quarter but every day. So look at what you wrote down in December and then ask the question again. Has your answer changed? It’s okay if it has but make the adjustment.
Question No. 2: What’s your role?
Define your job, because your job title defines how you approach both your work and your business plan review. Are you operating as a real estate agent or like the CEO of your company?
Question No. 3: Did you make enough money to achieve your WHY?
Before we dive into any of your actual numbers, let’s establish a monetary value for your WHY. Not everything in life has a price tag: love, peace, honesty… But most things do, or at least money plays a role in them. Maybe you want to pay for your kid’s college. Maybe you want to start investing in properties. So ask yourself if over the last three months you’re on the right track for these goals and what being on the right track would actually look like.
Goals vs. Reality
Question No. 4: Units Closed vs. Goal Units Closed?
Question No. 5: Volume vs. Goal Volume?
Question No. 6: GCI vs. Goal GCI?
Question No. 7: What’s your average price per listing?
Add up the sum total of what all your listings have sold for and divide by the number of listings taken.
Are You Following Your Plan?
Question No. 8: Are you using all the lead sources you said you would on your business plan?
Question No. 9: Which lead sources are you underutilizing?
Question No. 10: Have you put in place the systems you wanted to have by Q2?
Question No. 11: In what ways do you need to adjust your plan to catch up to where you want to be by Q3?
Question No. 12: Expenses vs. Income. Are you staying in the right range?
If not, how far off are you and where is that money going?
Finding Your Personal Metrics
Question No. 13: How many conversations did you have?
Then break this down to how many you had each day, week, and month. Create a daily average.
Question No. 14: How many appointments did you take?
Question No. 15: How many conversations does it take you to get an appointment?
It’s simple division that creates massive predictability for your business. You should know this number and “live it” every day. Remember: Appointments are the only currency that matters today.
Question No. 16: How many appointments does it take for you to convert a listing?
Important Questions to Have Framed in Your Office
Question No. 17: How much money do you make from each conversation you have?
Divide your GCI by the total number of conversations you had. Then take this number and put it somewhere that you and every person on your team can see every day. When you don’t feel like making your calls, just remind yourself that this is how much every call is worth to you.
Question No. 18: What went well for you in Q1 and how can you do more of it?
It’s important to not only focus on where you’ve fallen short, because you’re strengths are what you need to rely on here – which means it’s important to know what they are!
Question No. 19: What do you need to stop doing and leave behind in Q2?
It’s time to strip away all the baggage that’s slowing you down, whether that means it’s time to hire someone or maybe it’s a lifestyle habit that’s getting in the way of your success.
Question No. 20: Are you getting to support you need?
In my 35+ years in this business, I’ve never seen anyone figure everything out by themselves. Even for people who are thriving right now, imagine what you could do if you had professional support to guide you on your journey…
My guess is, you’d learn that you’re not setting your goals high enough. Because we don’t know what we’re capable of until we have a valued mentor bring it out of us, push us to new limits, and show us the blind spots we can’t see for ourselves. So, if you’re ready to take this next step and fully commit to becoming the best version of yourself in Q2 and beyond, self-schedule a free coaching consultation right here . It only takes about an hour and might just change your life.
And if you’re already a coaching member or Sphere subscriber , be sure to watch Kay Fairchild’s webinar on conducting a more detailed quarterly business plan review inside of illūm, where she takes you step-by-step through her own extremely valuable quarterly review process.
Need to create a business plan first?
With access to this on-demand business plan webinar , you’ll gain immediate access to our acclaimed seven-point business plan template, essential tips on fostering the right mindset to conquer today’s volatile market, engaging Q&A sessions, and more insights from Tom Ferry. Don’t miss this chance to arm yourself with the knowledge and tools to thrive. Unlock your access to the full video, business plan template, and more!
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The Business Planning Process: 6 Steps To Creating a New Plan
In this article, we will define and explain the basic business planning process to help your business move in the right direction.
What is Business Planning?
Business planning is the process whereby an organization’s leaders figure out the best roadmap for growth and document their plan for success.
The business planning process includes diagnosing the company’s internal strengths and weaknesses, improving its efficiency, working out how it will compete against rival firms in the future, and setting milestones for progress so they can be measured.
The process includes writing a new business plan. What is a business plan? It is a written document that provides an outline and resources needed to achieve success. Whether you are writing your plan from scratch, from a simple business plan template , or working with an experienced business plan consultant or writer, business planning for startups, small businesses, and existing companies is the same.
Finish Your Business Plan Today!
The best business planning process is to use our business plan template to streamline the creation of your plan: Download Growthink’s Ultimate Business Plan Template and finish your business plan & financial model in hours.
The Better Business Planning Process
The business plan process includes 6 steps as follows:
- Do Your Research
- Calculate Your Financial Forecast
- Draft Your Plan
- Revise & Proofread
- Nail the Business Plan Presentation
We’ve provided more detail for each of these key business plan steps below.
1. Do Your Research
Conduct detailed research into the industry, target market, existing customer base, competitors, and costs of the business begins the process. Consider each new step a new project that requires project planning and execution. You may ask yourself the following questions:
- What are your business goals?
- What is the current state of your business?
- What are the current industry trends?
- What is your competition doing?
There are a variety of resources needed, ranging from databases and articles to direct interviews with other entrepreneurs, potential customers, or industry experts. The information gathered during this process should be documented and organized carefully, including the source as there is a need to cite sources within your business plan.
You may also want to complete a SWOT Analysis for your own business to identify your strengths, weaknesses, opportunities, and potential risks as this will help you develop your strategies to highlight your competitive advantage.
2. Strategize
Now, you will use the research to determine the best strategy for your business. You may choose to develop new strategies or refine existing strategies that have demonstrated success in the industry. Pulling the best practices of the industry provides a foundation, but then you should expand on the different activities that focus on your competitive advantage.
This step of the planning process may include formulating a vision for the company’s future, which can be done by conducting intensive customer interviews and understanding their motivations for purchasing goods and services of interest. Dig deeper into decisions on an appropriate marketing plan, operational processes to execute your plan, and human resources required for the first five years of the company’s life.
3. Calculate Your Financial Forecast
All of the activities you choose for your strategy come at some cost and, hopefully, lead to some revenues. Sketch out the financial situation by looking at whether you can expect revenues to cover all costs and leave room for profit in the long run.
Begin to insert your financial assumptions and startup costs into a financial model which can produce a first-year cash flow statement for you, giving you the best sense of the cash you will need on hand to fund your early operations.
A full set of financial statements provides the details about the company’s operations and performance, including its expenses and profits by accounting period (quarterly or year-to-date). Financial statements also provide a snapshot of the company’s current financial position, including its assets and liabilities.
This is one of the most valued aspects of any business plan as it provides a straightforward summary of what a company does with its money, or how it grows from initial investment to become profitable.
4. Draft Your Plan
With financials more or less settled and a strategy decided, it is time to draft through the narrative of each component of your business plan . With the background work you have completed, the drafting itself should be a relatively painless process.
If you have trouble writing convincing prose, this is a time to seek the help of an experienced business plan writer who can put together the plan from this point.
5. Revise & Proofread
Revisit the entire plan to look for any ideas or wording that may be confusing, redundant, or irrelevant to the points you are making within the plan. You may want to work with other management team members in your business who are familiar with the company’s operations or marketing plan in order to fine-tune the plan.
Finally, proofread thoroughly for spelling, grammar, and formatting, enlisting the help of others to act as additional sets of eyes. You may begin to experience burnout from working on the plan for so long and have a need to set it aside for a bit to look at it again with fresh eyes.
6. Nail the Business Plan Presentation
The presentation of the business plan should succinctly highlight the key points outlined above and include additional material that would be helpful to potential investors such as financial information, resumes of key employees, or samples of marketing materials. It can also be beneficial to provide a report on past sales or financial performance and what the business has done to bring it back into positive territory.
Business Planning Process Conclusion
Every entrepreneur dreams of the day their business becomes wildly successful.
But what does that really mean? How do you know whether your idea is worth pursuing?
And how do you stay motivated when things are not going as planned? The answers to these questions can be found in your business plan. This document helps entrepreneurs make better decisions and avoid common pitfalls along the way.
Business plans are dynamic documents that can be revised and presented to different audiences throughout the course of a company’s life. For example, a business may have one plan for its initial investment proposal, another which focuses more on milestones and objectives for the first several years in existence, and yet one more which is used specifically when raising funds.
Business plans are a critical first step for any company looking to attract investors or receive grant money, as they allow a new organization to better convey its potential and business goals to those able to provide financial resources.
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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!
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Other Helpful Business Plan Articles & Templates
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As of October 2, 2023, Acclr Business Information Services (Info entrepreneurs) will be delivered directly by CED’s Business Information Services . To find out more about CCMM’s other Acclr services, please visit this page: Acclr – Business Services | CCMM.
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Review your business performance
Once your business is established and running well, you may be inclined to let things continue to run as they are.
However, it's actually time to plan again. After the crucial early stages, you should regularly review your progress, identify how you can make the most of the market position you've established and decide where to take your business next. You will need to revisit and update your business plan with your new strategy in mind and make sure you introduce the developments you've noted.
This guide takes you through this essential process, detailing the stages you should go through to assess how well your business is performing, highlighting your strengths and areas that could be improved and suggesting the actions you need to take to implement the improvements that you've identified.
Why it's vital to review the progress of your business
Assess your core activities, assess your business efficiency, review your financial position, conduct a competitor analysis, conduct a customer and market analysis, use your review to redefine your business goals, models for your strategic analysis, breaking down your strategic review.
It's easy to focus only on the day-to-day running of your business, especially in the early stages. But once you're up and running, it can pay dividends to think about longer-term and more strategic planning. This is especially true as you take on more staff, create departments within the business, appoint managers or directors and become distanced from the everyday running of the business.
Reviewing your progress will be particularly useful if you feel:
- uncertain about how well the business is performing
- unsure if you're getting the most out of the business or making the most of market opportunities
- your business plan may be out of date, e.g. you haven't updated it since you started trading
- your business is moving in a direction different to the one you had planned
- the business may be becoming unwieldy or unresponsive to market demands
It is also useful if you have decided that your company is ready to move on to another level.
Setting the direction
A clear business strategy will help to answer any concerns and show practical ways forward.
Questions you might want to ask include:
- What's my direction? To answer this you need to look at where you are now, where you want to go over the next three to five years and how you intend to get there.
- What are my markets - now and in the future? Which markets should I compete in, how will they change and what does the business need in order to be involved in these sectors?
- How do I gain market advantage? How can the business perform better than the competition in my chosen markets?
- What resources do I require to succeed? What skills, assets, finance, relationships, technical competence and facilities do I need to compete? Have these changed since I started?
- What business environment am I competing in? What external factors may affect the business' ability to compete?
- How am I measuring success? Remember, measures of performance may change as your business matures.
It's doubtful whether you will be able to answer these questions on your own - involving your professional advisers, your fellow directors and your senior staff will all help to make your review more effective.
A good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide. Ask yourself what makes them successful, how they could be improved and whether you could launch new or complementary products or services.
Key questions about your products or services
It's useful to address these questions:
- How effectively are you matching your goods and services to your customers' needs? If you're not quite sure what those needs are, you could carry out further market or customer analysis. See the page in this guide on how to conduct a customer and market analysis.
- Which of your products and services are succeeding? Which aren't performing as planned? Decide which products and services offer both a high percentage of sales and high profit margins.
- What's really behind the problems of a product or service? Consider areas such as pricing, marketing, sales and after-sales service, design, packaging and systems during your review. Look for "quick wins" that give you the breathing space to make more fundamental improvements.
- Are you reviewing costs frequently? Are you keeping a close enough eye on your direct costs, your overheads and your assets? Are there different ways of doing things or new materials you could use that would lower your costs? Consider ways in which you can negotiate better deals with your suppliers.
Answering these questions will give you the basis on which to improve performance and profitability.
Many new businesses work in a short-term, reactive way. This offers flexibility - but can cost time and money as you move from getting the business going to concentrating on growing and developing it.
The best option is to balance your ability to respond rapidly with a clear overall strategy. This will help you decide whether the actions you take are appropriate or not.
At this stage you should ask yourself if there are any internal factors holding the business back, and if so, what can you do about them?
Consider the various aspects of your business in turn.
- What are your long-term commitments to the property?
- What are the advantages and disadvantages of your current location?
- Do you have room to grow, or the flexibility to cut back if necessary?
- If you move premises, what will be the cost? Will there be long-term cost savings and improvements in efficiency?
- If you manufacture products, how modern is your equipment?
- What is the capacity of your current facility compared to existing and forecast demand?
- How will you fund any improvements?
- How do you compare with your competition?
Information technology
- What management information and other IT systems do you have in place?
- Will these systems cater for any proposed expansion?
- Will they really make a difference to the quality of product or service your business provides? If they don't, can you change them to make sure they do?
- Do you make best use of technology such as wireless networking and mobile telephony to allow for more flexible working?
People and skills
- Do you have the right people to achieve your objectives?
- Do they know what is expected of them?
- Do you operate a training and development plan?
- Do you pay as well as the competition?
- Do you suffer from high staff turnover? Are staff motivated and satisfied?
Professional skills
- Do you have the right management team in place for growth?
- Do you have the skills available that you need in areas such as human resources, sales and IT?
- Do your staff need new or improved skills or to be retrained?
Businesses often fail because of poor financial management or a lack of planning. Often the business plan that was used to help raise finance is put on a shelf to gather dust.
When it comes to your business' success, therefore, developing and implementing sound financial and management systems (or paying someone to do it for you) is vital.
Updating your original business plan is a good place to start.
When reviewing your finances, you might want to consider the following:
- Cash flow - this is the balance of all of the money flowing in and out of your business. Make sure that your forecast is regularly reviewed and updated.
- Working capital - have your requirements changed? If so, explain the reasons for any movement. Compare this to the industry norm. If necessary, take steps to source additional capital.
- Cost base - keep your costs under constant review. Make sure that your costs are covered in your sale price - but don't expect your customers to pay for any business inefficiencies.
- Borrowing - what is the position of any lines of credit or loans? Are there more appropriate or cheaper forms of finance you could use?
- Growth - do you have plans in place to adapt your financing to accommodate your business' changing needs and growth?
Now that you have been running your business for a while, you will probably have a clearer idea of your competitors. Gathering more information may cost time, money and effort, but there are many benefits to knowing more about what your competition is doing.
What you need to know
The type of competitor information that will be really useful to you depends on the type of business you are and the market you're operating in. Questions to ask about your competitors include:
- who they are
- what they offer
- how they price their products
- what the profile and numbers of their customers are compared to yours
- what their competitive advantages and disadvantages are compared to yours
- what their reaction to your entry into the market or any product or price changes might be
You will probably find it useful to do a SWOT (strengths, weaknesses, opportunities, threats) analysis. This will show you how you are doing in relation to the market in general and specifically your closest competitors. See the page in this guide on models for your strategic analysis.
How to find out more
There are three main ways to find out more about your competitors:
- What they say about themselves - sales literature, advertisements, press releases, shared suppliers, exhibitions, websites, competitor visits, company accounts.
- What other people say about them - your sales people, customers, local directories, the Internet, newspapers, analysts' reports, market research companies.
- Commissioned market research - if you need more detailed information, you might want to commission specific market research.
When you started your business, you probably devised a marketing plan as part of your overall business plan. This would have defined the market in which you intended to sell and targeted the nature and geographical distribution of your customers.
From that strategy you would have been able to produce a marketing plan to help you meet your objectives. When you're reviewing your business' performance, you'll need to assess your customer base and market positioning as a key part of the process. You should update your marketing plan at least as often as your business plan.
Revisiting your markets
A business review offers you the opportunity to stand back from the activity outlined in your plan and look again at factors such as:
- changes in your market
- new and emerging services
- changes in your customers' needs
- external factors such as the economy, imports and new technology
- changes in competitive activity
Asking your customers for feedback on your business' performance will help to identify where improvements can be made to your products or services, your staffing levels or your business procedures.
At the same time, it is important to remember that while reviews of this kind can be very effective - they can give your business the flexibility it needs to beat off stiff competition at short notice - it is important to think through the implications of any changes. In the new phase of your business you'll need to plan your finances and resourcing carefully at all times.
To remain successful it's vital that you regularly set time aside to ask the following key strategic questions:
- Where is the business now?
- Where is it going?
- How is it going to get there?
Often businesses are able to work out where they want to go but don't draw up a roadmap of how to get there. If this happens, a business will lack the direction needed to turn even carefully laid plans into reality.
At the end of any review process, therefore, it's vital that work plans are prepared to put the new ideas into place and that a timetable is set. Regularly reviewing how the new plan is working and allowing for any teething problems or necessary adjustments is important too. Today's business environment is exceptionally dynamic and it is likely that you will need regular reviews, updates and revisions to your business plan in order to maintain business success.
Continuous improvement
In addition, a simple planning cycle can greatly enhance your ability to make changes in your business routine if necessary. Good planning helps you anticipate problems and adapt to change more easily.
Expert input
You may find at this stage in your business' development that you need external skills to help you with the changes you have to make. In this case you might consider:
- employing skilled consultants in areas where you cannot afford to develop inhouse skills
- appointing an experienced non-executive director who can provide a regular, impartial assessment of what you are doing
- using a management consultant to help you identify how you can strengthen or change your management structure to grow the business
There are a number of useful business-analysis models that may help you think more strategically about your business.
The SWOT analysis (strengths, weaknesses, opportunities, threats) is one of the most popular. This involves looking at the strengths and weaknesses of your business' capabilities, and any opportunities and threats to your business. Once you've identified all of these, you can assess how to capitalise on your strengths, minimise the effects of your weaknesses, make the most of any opportunities and reduce the impact of any threats.
Opportunities and threats in the external environment
It's important to remember that opportunities can also be threats - for example, new markets could be dominated by competitors, undermining your position. Equally, threats can also be opportunities -for example, a competitor growing quickly and opening a new market for your product or service could mean that your market expands too.
A SWOT analysis can provide a clear basis for examining your business performance and prospects. It can be used as part of a regular review process or in preparation for raising finance or bringing in consultants for a review.
Once you have collected information on your organisation's internal strengths and weaknesses, and external opportunities and threats, enter this data into a simple table.
Positive | Negative | |
---|---|---|
Internal | Strengths | Weaknesses |
External | Opportunities | Threats |
Other tools include:
STEEPLE analysis - a technique for understanding the various external influences on a business – Social, Technological, Economic, Environmental, Political, Legal and Ethical.
Scenario planning - a technique that builds various plausible views of possible futures for a business.
Critical success factor analysis - a technique to identify the areas in which a business must succeed in order to achieve its objectives.
The Five Forces - the theory that there are five defined factors that influence the development of markets and businesses - potential entrants, existing competitors, buyers, suppliers and alternative products/services. Using this model you build a strategy to keep ahead of these influences.
As owner-manager of your business or as a member of its management team, you should stand back once in a while and review your business' performance.
The areas you need to look at are:
- Your market performance and direction - how well you are performing through your sales results, which markets to aim for next and how to improve your performance.
- Your products and services - how long your existing products will meet your customers' needs and any plans for renewal.
- Operational matters - your premises, your methods, technologies used, your processes, IT and quality. Are there any internal issues that are holding your business back?
- Financial matters - how your business is financed, levels of retained profit, the sales income generated and your cash flow.
- Your organisation and your people - your structures, people planning issues, training and development.
The five steps above will give you a clear indication of any issues that you need to address quickly in order to maintain your business in its early stages.
If you feel all of the areas above are strong, you can start to plan for the next phase and build a cohesive strategy to develop your business. However, if there are areas that need attention, deal with them now so that you can move forward. There are a variety of growth options for every business - it's important that you settle on the right one for you.
Also, once you've isolated your best route for developing your business, you can boost your chances of success by planning it carefully and monitoring your progress against an updated business plan.
Original document, Review your business performance , © Crown copyright 2009 Source: Business Link UK (now GOV.UK/Business ) Adapted for Québec by Info entrepreneurs
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Better Knowledge. Your Insight Is Sharper
- From Idea to Implementation: Essential Business Planning Strategies
Updated: August 25, 2024 · Reviewed by: Ahmad Nasrudin
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Business planning is a crucial step in starting and growing a successful enterprise. It provides a roadmap for your venture, outlining your goals, strategies, and financial projections.
Whether you’re a budding entrepreneur or an established business owner, a well-crafted business plan can help you:
- Define your business goals and objectives
- Conduct thorough market research
- Develop a sound financial strategy
- Attract investors and secure funding
- Measure progress and make informed decisions
In this comprehensive guide, we’ll walk you through the process of creating a business plan, from understanding the key components to developing effective strategies. By the end, you’ll be equipped to build a solid foundation for your business and increase your chances of success.
Understanding Business Planning
What is a business plan.
A business plan is a comprehensive document that outlines your business strategy, goals, and financial projections. It serves as a roadmap for your venture, guiding your decisions and attracting potential investors.
There are several types of business plans, each with its own specific focus:
- Operational plans: These plans focus on a business’s day-to-day operations, including production, marketing, sales, and customer service.
- Strategic plans: Strategic plans outline a company’s long-term goals and objectives, and the strategies for achieving them.
- Marketing plans: Marketing plans focus on the specific marketing strategies and tactics that a business will use to reach its target market.
Why is a business plan important?
A well-crafted business plan offers numerous benefits, including:
- Improved decision-making: A business plan helps you make informed decisions by providing a clear framework for your business strategy.
- Attracting investors and securing funding: Investors are likelier to invest in businesses with well-thought-out plans.
- Enhanced credibility: A business plan demonstrates your understanding of the market, your industry, and your business’s potential.
- Increased focus and accountability: A business plan helps you stay focused on your goals and measure your progress.
- Risk mitigation: By identifying potential risks and challenges, a business plan can help you develop strategies to mitigate them.
A business plan is essential for any entrepreneur or business owner, providing a foundation for success and growth.
Creating a Business Plan
What are the key components of a business plan.
A well-structured business plan typically includes the following key components:
- Executive summary: A concise business overview, including your mission, vision, and key value proposition.
- Company description: A detailed description of your business, including its legal structure , ownership, and management team.
- Market analysis: An in-depth analysis of your target market, competition, and industry trends.
- Organizational structure: A breakdown of your company’s organizational chart and responsibilities.
- Products or services: A detailed description of your offerings, including their features, benefits, and pricing.
- Marketing and sales plan: Your strategy for promoting your products or services and generating sales.
- Financial projections: Your projected income statement, balance sheet, and cash flow statement.
Each of these components is essential for a comprehensive business plan. Together, they provide a clear picture of your business, its market potential, and its financial viability.
How long should a business plan be?
While a business plan has no strict length requirement, it is typically 15-25 pages long . However, the length may vary depending on the complexity of your business and the level of detail required.
A shorter plan may be sufficient for a small, simple business, while a larger, more complex business may require a more detailed plan. The key is to ensure that your plan is clear and concise and provides the necessary information to attract investors or secure funding.
Who should read my business plan?
Your business plan can be valuable to a variety of stakeholders, including:
- Investors: Investors may use your business plan to assess the potential return on their investment.
- Lenders: Lenders may use your business plan to evaluate your creditworthiness and determine whether to provide funding.
- Employees: Employees can use the business plan to understand the company’s goals, strategy, and their role within the organization.
- Suppliers: Suppliers may use your business plan to assess your financial stability and future growth potential.
- Partners: Partners can use your business plan to understand your business goals and how you plan to collaborate.
By sharing your business plan with relevant stakeholders, you can build relationships, secure funding, and gain valuable insights and support.
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Market Analysis
What is market research.
Market research is the process of gathering and analyzing information about a market. It helps you understand your target market, competition, industry trends, and consumer behavior.
There are two main types of market research:
- Primary research: Collecting original data through surveys, focus groups, interviews, or observations.
- Secondary research: Analyzing existing data from government agencies, industry reports, academic studies, and other sources.
How can I conduct market research?
There are numerous methods for conducting market research, both online and offline. Here are some common approaches and resources:
- Surveys: Gather quantitative and qualitative data by creating surveys using online tools like SurveyMonkey or Google Forms.
- Focus groups: Conduct group discussions to obtain insights and feedback from potential customers.
- Interviews: Interview individuals in your target market to gain deeper understanding and perspectives.
- Online research: Use search engines, industry databases, and social media platforms to find information on market trends, competitors, and consumer behavior.
- Government data: Utilize government agencies like the U.S. Census Bureau and the Bureau of Labor Statistics for demographic data and economic indicators.
- Industry reports: Consult reports from organizations like Forrester, Gartner, and IBISWorld for in-depth market analysis.
- Social media listening: Monitor social media platforms to track conversations and sentiment about your industry and competitors.
When conducting market research, consider the following tips:
- Define your research objectives: Clearly outline what you want to learn from your research.
- Choose appropriate methods: The research methods best suit your objectives and resources.
- Develop a sampling plan: Determine who you will survey or interview and how you will select your sample.
- Analyze your data: Use statistical tools and techniques to analyze your research data and draw meaningful conclusions.
- Interpret your findings: Consider the implications of your research findings and how they can inform your business strategy.
By following these guidelines and combining various research methods, you can gather valuable insights to inform your business decisions and develop effective marketing strategies.
What is a target market?
Your target market is the specific people most likely to purchase your product or service. Identifying your target market is essential for effectively marketing your business and tailoring your offerings to meet their needs.
Here are some strategies to help you identify your target market:
- Create customer personas: Develop detailed profiles of your ideal customers, including their demographics (age, gender, income, education, location), psychographics (lifestyle, interests, values, beliefs), and behaviors (purchasing habits, brand preferences, online behavior).
- Analyze your existing customers: If you have an existing business, analyze the characteristics of your current customers to identify patterns and trends.
- Conduct market research: Use surveys, focus groups, and interviews to gather data about potential customers and their preferences.
By understanding your target market, you can tailor your marketing efforts and product offerings to meet their specific needs and preferences, increasing your chances of success.
Financial Projections
What financial statements should i include.
When creating your business plan, you should include the following financial statements :
- Income statement: Also known as a profit and loss statement, this shows your business’s revenue, expenses, and net income over a specific period.
- Balance sheet: This statement shows your business’s assets, liabilities, and equity at a specific point in time.
- Cash flow statement: This statement shows the cash flow in and out of your business over a specific period.
These three interrelated statements provide a comprehensive picture of your business’s financial health.
How do I create financial projections?
Financial projections are estimates of your business’s future financial performance. To create accurate projections, you’ll need to use a combination of historical data, industry benchmarks, and assumptions about future growth.
Here are some steps to follow:
- Gather historical data: Collect data on your past sales, expenses, and cash flow.
- Analyze industry trends: Research industry trends and forecasts to identify potential opportunities and challenges.
- Make assumptions about future growth: Make reasonable assumptions about your business’s future sales, expenses, and other factors.
- Create financial projections: Use this information to create projections for your income statement, balance sheet, and cash flow statement.
Remember that financial projections are just estimates, and actual results may vary. It’s important to regularly review and update your projections as your business grows and changes.
What is a break-even analysis?
A break-even analysis is a financial tool that helps you determine the sales volume you need to cover your costs and start making a profit. It calculates your break-even point, the point at which your total revenue equals your total costs.
To calculate your break-even point, you’ll need to know your fixed costs (costs that remain constant regardless of sales volume) and your variable costs (costs that vary with sales volume). You can then use the following formula:
- Break-even point = Fixed costs / (Selling price per unit – Variable cost per unit)
By understanding your break-even point, you can assess the feasibility of your business model and make informed decisions about pricing, sales targets, and cost-cutting measures.
Attracting Investors and Securing Funding
How can i attract investors.
Attracting investors requires effective communication , networking, and showcasing your business’s potential. Here are some key strategies:
- Create a compelling pitch deck: Develop a visually appealing and informative presentation highlighting your business idea , market opportunity, financial projections, and team.
- Network with potential investors: Attend industry events, connect with investors through online platforms, and leverage your professional network to identify potential investors.
- Highlight your business’s potential: Emphasize the growth potential of your business, the return on investment for investors, and the unique value proposition of your product or service.
What types of funding are available?
There are various funding sources available for businesses, each with its own advantages and disadvantages:
- Angel investors: Individuals who invest their own money in early-stage businesses. Angel investors often provide capital in exchange for equity.
- Venture capital firms: Companies that invest in high-growth businesses. Venture capital firms typically invest larger sums of money and expect higher returns.
- Banks: Banks offer loans to businesses, which can be used to finance operations, purchase equipment, or invest in growth.
- Crowdfunding platforms: Online platforms that allow individuals to raise funds from many people. Crowdfunding can be a valuable source of funding for startups and small businesses.
The most suitable funding source for your business will depend on your specific needs, its stage, and your ability to meet the requirements of different investors.
What should I include in my funding pitch?
A strong funding pitch should clearly articulate the following:
- Your business idea: Explain what your business does and the problem it solves.
- Market opportunity: Demonstrate the size and growth potential of your target market.
- Competitive advantage: Explain what sets your business apart from competitors.
- Financial projections: Present your financial projections, including revenue, expenses, and profitability.
- Team: Highlight your team members’ skills, experience, and passion.
- Investment requirements: Clearly state the funding you seek and how the funds will be used.
By following these guidelines and tailoring your pitch to your specific audience, you can increase your chances of attracting investors and securing the funding you need to grow your business.
Measuring Progress and Making Informed Decisions
How can i track my business’s progress.
Tracking your business’s progress is essential for identifying areas of strength and weakness, making informed decisions, and ensuring you’re on track to achieve your goals. Key performance indicators (KPIs) are metrics you can use to measure your business’s performance against specific goals.
Some examples of KPIs include:
- Sales revenue: Total revenue generated by your business.
- Profit margin: The percentage of revenue that remains after deducting expenses.
- Customer acquisition cost : The cost of acquiring a new customer.
- Customer retention rate: The percentage of customers who continue to do business with you.
- Market share: The percentage of a market that your business controls.
- Employee satisfaction: The level of satisfaction among your employees.
By tracking these KPIs and comparing them to your goals, you can identify areas where you are succeeding and areas where you need to improve.
How can I make informed decisions?
Making informed decisions is crucial for the success of your business. Here are some tips for making effective decisions:
- Regularly review your business plan: As your business evolves, it’s important to review and update it to ensure it aligns with your current goals and strategies.
- Analyze data: Use data from your KPIs and other sources to identify trends, opportunities, and challenges.
- Be prepared to adapt: The business landscape constantly changes, so adapt your strategy as needed.
- Seek advice and guidance: Don’t be afraid to seek advice from mentors, advisors, or other experts.
- Trust your instincts: While data and analysis are important, sometimes you must trust your gut and make decisions based on intuition.
By following these tips, you can make informed decisions to help your business grow and succeed.
Additional Tips
How often should i update my business plan.
Your business plan should be a living document that evolves as your business grows and changes. Reviewing and updating your plan regularly is important to ensure it remains relevant and effective.
The frequency of updates will depend on several factors, including:
- Business growth: As your business expands, you must update your financial projections and market analysis.
- Market changes: If your industry or target market undergoes significant changes, you may need to revise your business strategy.
- Performance: If your business is not meeting its goals, you may need to adjust your plan.
A general guideline is to review and update your business plan annually or more frequently if necessary.
Can I use a business plan template?
Using a business plan template can be a helpful starting point, but it’s important to customize it to fit your specific business. Templates can provide a structure and outline but may not include all the necessary sections or address your unique needs.
Advantages of using a template:
- Saves time: Templates can help you start quickly and avoid common mistakes.
- Provides structure: Templates can help you organize your thoughts and ensure that you include all the essential elements of a business plan.
Disadvantages of using a template:
- Lack of customization: Templates may not be tailored to your specific industry or business model.
- Limited flexibility: Templates can be restrictive, limiting your ability to add or remove sections as needed.
When choosing a template, look for one that is well-structured, easy to use, and adaptable to your specific business needs.
Should I seek professional help?
While you can create a basic business plan on your own, consulting with a business advisor or accountant can provide valuable guidance and expertise. Professionals can help you:
- Develop a comprehensive plan: Ensure that your plan includes all the necessary components and is well-structured.
- Conduct market research: Gather and analyze data to inform your business strategy.
- Create financial projections: Develop accurate financial projections based on industry benchmarks and your business’s specific circumstances.
- Identify potential challenges and opportunities: Assess the risks and rewards associated with your business venture.
- Provide guidance and support: Receive ongoing support and advice as you implement your business plan.
If you’re unsure about your ability to create a high-quality business plan, consider consulting with a professional. They can help you develop a plan to increase your chances of success.
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About Ahmad Nasrudin
Introverted writer with a passion for storytelling. Leveraged analytical skills from financial background (equity research, credit risk) at a leading rating agency to enhance writing with a unique statistical and macroeconomic perspective. Learn more about me
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Business Plan Review
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ContractsCounsel has assisted 41 clients with business plans and maintains a network of 31 business lawyers available daily.
A business plan review is an in-depth examination of your business plan and its viability. It can be conducted by a single expert, a panel of experts, or you and your colleagues.
What Is a Business Plan?
A business plan is essential for any company wishing to start or expand its operations. It provides a framework for decision-making and helps to make sure that all sections of the organization are working together towards common goals. A good business plan can also help attract investors or obtain loans from banks or other lending institutions.
The main purpose of a business plan is to provide investors with information about the opportunities and challenges facing your company so they can make informed decisions about whether or not they want to invest in it. If they decide to invest, they'll know how much money they are likely to make and what risks might arise during their investment term (usually between five years and ten years).
Of course, not all startups need a full-blown business plan — but if you seek outside funding or investment, it's best to start developing yours as early as possible. And even if you don't seek outside funding, it's still smart to develop a comprehensive plan for your business to clearly define what success looks like and how you'll get there.
What Is a Business Plan Review?
A business plan review should be conducted before you begin your venture, at least once during its life cycle (preferably after you have experienced some success), and when it comes time for you to close up shop. The objective is to identify strengths and weaknesses in your plan so that you can take steps toward improving those areas.
The purpose of a business plan review is not to evaluate the likelihood of success for a given project or company but rather to determine whether the project has been adequately researched and whether the information presented is accurate and comprehensive enough for investors or other stakeholders to make an informed decision about investing in it.
Why Should You Have Your Business Plan Reviewed?
Your business plan is a living document. Over time, it will change as you grow and learn more about your business, market and competition.
But even when the plan isn't changing, it's important to review it regularly to ensure that you're still on track. Here are seven reasons why:
A good review will give you an unbiased look at your plan, highlighting areas where more information is required or gaps in your thinking. This can help ensure that your plan contains everything it needs to, which makes it easier to manage and gives investors confidence in your business.
A business plan is a blueprint for reaching your long-term goals. But a good review will help you see how well your current strategy aligns with those goals and whether there are any holes in the plan. If there are gaps, the reviewer can help you identify what needs to be changed and where resources must be allocated to achieve those goals.
Having someone look over your plan from an objective point of view can help you see potential problems before they become major issues. You might find that something is missing from your strategy or that too many steps are involved in achieving your goals. It could also reveal other important information that will help improve the overall quality of your plan.
Business plans don't just cover what's happened so far — they also forecast what's going to happen next year, six months from now and beyond. So if things change along the way, they may not be reflected in the plan written today. A review can help keep your focus on where you want to go in the future by reviewing your progress each month and adjusting accordingly if needed.
A good consultant will give you constructive feedback about areas where your business plan falls short. This is invaluable when it comes time to revise your plan to more accurately reflect the reality of what's happening in your company, whether due to external factors or internal mistakes. A comprehensive review will also show you where there are holes in your strategy and suggest how they can be filled to strengthen your company's position in its marketplace.
Looking at how your business has performed over time, you can identify areas of concern before they become serious problems.
For example, if sales are declining or profits are shrinking, these trends might be due to temporary factors that can be corrected with better marketing or product development. If sales continue to fall despite these efforts, however, there could be deeper-rooted problems that need addressing.
A good business plan will give you an idea of what your company can accomplish in the short term and over time.
A good business plan also helps potential investors understand what your business is about and why it has the potential for success. This means that if they invest in your company, they can be more confident that they're making a smart choice that will make them money.
Nicholas M.
- Business Strategy: Planning a company's strategic direction and goals. The business strategy consists of setting a business's vision and mission, identifying its strengths and weaknesses, and evaluating growth opportunities.
- Business Forecast: A business forecast predicts how well the company's revenue and expenses will fare for the next few years. It typically includes financial statements for the current year, estimates for the following year, and projections for two or three subsequent years.
- Bank-Ready Business Plan: A business plan that has been carefully prepared to meet all criteria set by banks when applying for a loan. The bank will want financial projections showing how your business can repay the loan and reasonable evidence that you have identified all costs associated with starting and operating your new business.
Hire the best lawyers for a business plan review through Contracts Counsel where you can find many qualified and vetted lawyers to help you go over your business plan.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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www.linkedin/in/michaelbmiller I am an experienced contracts professional having practiced nearly 3 decades in the areas of corporate, mergers and acquisitions, technology, start-up, intellectual property, real estate, employment law as well as informal dispute resolution. I enjoy providing a cost effective, high quality, timely solution with patience and empathy regarding client needs. I graduated from NYU Law School and attended Rutgers College and the London School of Economics as an undergraduate. I have worked at top Wall Street firms, top regional firms and have long term experience in my own practice. I would welcome the opportunity to be of service to you as a trusted fiduciary. In 2022 and 2023, I was the top ranked attorney on the Contract Counsel site based upon number of clients, quality of work and number of 5 Star reviews.
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- Best Business Plan Software
10 Best Business Plan Software In 2024
Updated: May 3, 2024, 5:15pm
Writing a business plan not only helps you stay on track as you start a new business but it can also help you secure funding. You can create one from scratch with a simple template, but business plan software often has features to make it easier, more nuanced and overall better. It could even make the difference between bringing investors on board and going it alone. So, Forbes Advisor found the best business plan software that has the features you need at an affordable price.
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The Best Business Plan Software of 2024
Forbes advisor ratings, methodology, how to choose a business plan software, benefits of business plan software, frequently asked questions (faqs), next up in business.
Featured Partners
From $8 monthly per user
Zoom, LinkedIn, Adobe, Salesforce and more
On monday.com's Website
Yes, for one user and two editors
$9 per user per month
Google Drive, Slack, Tableau, Miro, Zapier and more
On Smartsheet's Website
Yes, for unlimited members
$7 per month
Slack, Microsoft Outlook, HubSpot, Salesforce, Timely, Google Drive and more
On ClickUp's Website
$9.80 per user per month
Salesforce, Adobe, Miro, Netsuite, Quickbooks, SAP
On Wrike's Website
- Wrike: Best overall
- Smartsheet: Best for goal management
- LivePlan: Best for financial forecasting
- Aha!: Best for roadmapping
- Bizplan: Best for beginners
- IdeaBuddy: Best for ideation
- iPlanner: Best for no-frills business planning
- Enloop: Best for automatic business plan creation
- AchieveIt: Best for consultant groups
- Business Sorter: Best for teams
Best Overall
Starting price
Free; $9.80 per user
Team messaging
Roadmapping
Wrike is a project management (PM) tool that works well as business plan software because it gives you tools to help you gather and compare your data. Wrike makes it easy to start your business plan with its collaboration tools, business plan templates , drag-and-drop interface and goal management features. Another benefit of using Wrike to build your plan is that you see your ideas and goals from multiple views: Gantt chart, calendar or board views.
There are a few reasons why it’s a good idea to use Wrike for your business plan. First, you can map out exactly what your business goals are in a project, invite teammates to collaborate and message business partners to discuss everything. Plus, you can export your data when you’re ready to put all the details into a presentation to hand over to potential investors.
Wrike offers a free plan that’s good for putting your vision down in task and project form, but you may want to upgrade to a paid plan to invite collaborators, get custom workflows and add more views and automations. Paid plan pricing ranges from $9.80 per user, per month, to $24.80 per user, per month, both billed annually.
Learn more: Read our full Wrike review .
Who should use it:
Wrike makes it easy for any new business owner to create a business plan and collaborate with others on the financial and operational goals. Plus, it provides value after you finalize your business plan because it’s a good pick for a PM tool.
- Roadmapping ability
- Multiple views (Gantt, calendar and board)
- Business plan templates included
- Goal management via projects and tasks
- Free plan available
- Affordable plans
- No pitching tools
- No financial tools
Best for Goal Management
$7 per user, per month
(billed annually)
(added cost)
Using PM software like Smartsheet is a good idea for starting a business plan because it includes all the tools you need to collaborate and plan across multiple teams or stakeholders. It’s especially good for real-time goal management. Get your ideas in place, go over market and competitive research from other teammates and finalize everything together.
Smartsheet won’t help you write your business plan, but it does give you a place to compile all the data and then you can use one of its free business plan templates. As you figure out your milestones, you can invite an unlimited number of viewers to see how it’s going. The only downsides are that Smartsheet doesn’t have a native messaging app (you’ll have to use an integration), only commenting allowed and there’s no free plan.
Paid plans from Smartsheet cost $7 per user, per month, or $25 per user, per month (billed annually for both). The low-priced Pro plan limits you to 10 editors, but the Business plan allows unlimited editors (but it also has a three-user minimum).
Learn more: Read our full Smartsheet review .
Smartsheet lets you make changes in real time, so it’s a good option for those who are just starting to piece together a plan and looking for a way to manage ideas and goals before finalizing a business plan.
- Discounts for nonprofits available
- Automations on every plan
- Popular integrations allowed on low-tier plan
- 30-day free trial
- No free plan
- Only 10 viewers allowed on low-tier plan
- Three-user minimum on Business plan
Best for Financial Forecasting
$15 per month
One of the strongest cases for using LivePlan to create your business plan is its financial forecasting. It isn’t just a single feature, rather it’s a tool that lets you turn your balance sheet and cash flow statements into charts, graphs and what-if situations to help you show possible investors the best- and worst-case scenarios for your business.
There are two plans available: Standard or Premium (there is no free plan). The low-priced plan, which costs $15 per month (billed annually), doesn’t limit your contributors or guests and includes instructions to help you complete a business plan. It even includes the financial forecasting features and more than 500 sample plans to get you started.
The Premium plan costs $30 per month (billed annually), but it’s full-featured. You get a milestone planner and industry benchmark data, which can save you research time. Another timesaver: At this plan level, you can integrate QuickBooks or Xero to add your financial data seamlessly.
LivePlan is business plan software that includes prompts and accounting software integrations, making it great for new business owners that want easy financial forecasting.
- Unlimited guests and contributors
- Export finished business plan as PowerPoint presentation
- Includes step-by-step instructions with prompts
- 35-day money-back guarantee
- No free trial
Best for Roadmapping
$59 per user, per month
Every business plan starts with strategy and Aha! makes it easier to map out what you plan to do to get from point A to point Z. Aha! is primarily roadmapping software that product teams use to plan features, products or bug fixes. Any business in any industry can use it to shape ideas and strategy into plans and milestones.
Much like product development, business plans have phases and Aha! is ideal for the first few phases of business planning. Although you won’t find a scorecard feature with Aha! Roadmaps, you can score and prioritize your business vision and goals. Finally, you can present your plan to viewers (stakeholders) before you create your official business plan and secure funding.
There are three plans from which you can choose: Premium at $59 per user, per month; Enterprise at $99 per user, per month; and Enterprise+ at $149 per user, per month, all billed annually. The only reasons to upgrade to either Enterprise plan is if you want to add on automation, development tools and custom worksheets and tables.
Aha! Roadmaps is a great tool to help you strategize and get your ideas for your business in one place. You can use the presentation feature to share your business’s roadmap on your way to creating your finalized business plan.
- User-friendly interface
- Ability to score and prioritize ideas
- Share roadmaps with others
- Expensive for business plan creation
- Has a bit of a learning curve
Best for Beginners
$20.75 per month
Bizplan is specifically for business plan creation. It offers a guided walkthrough of each section you need for a complete business plan to use for funding or pitching to partners. Plug in the information, from your mission and goals to financial forecasts, and Bizplan will do the math and create the visual charts you need to get your point across.
Bizplan is very easy to use because it includes prompts and questions that take away the manual effort of figuring out what you need, so you can simply focus on providing the answers. When you’re satisfied you included all the data needed, you can invite stakeholders and consultants to look it over and add comments for approval or change requests. A unique feature of Bizplan is it gives you access to Fundable, a crowdfunding platform, on which you can share your business plan to try to generate funding.
Monthly pricing costs $29, but you can opt for annual pricing that averages to $20.75 per month. If you expect to need business plan software for much longer than a year, there’s a lifetime access option for $349 flat. All plans come with all features and access, including business courses, business planning tools and a route to investors.
If it’s your first time creating a business plan, Bizplan is a great choice to help guide you through all the sections you need to include in your plan for potential investors and partners.
- Monthly, annual and lifetime plans
- Unlimited business plans
- Unlimited collaborators
- Step-by-step instructions
- Modular, drag-and-drop interface
- Online business courses
- Access to Fundable
- Financial forecasting
- No roadmapping tools
- Lack of customization
- Only integrates with Xero
Best for Ideation
Free; $6 per month
IdeaBuddy is a basic business plan tool that lets you start for free, which is great for beginners who aren’t quite ready to create a plan. The idea plan feature is great because it lets you lay out your business plan on one page, giving you an overview. There are built-in sticky notes for brainstorming and custom templates to start you off with a bit of a guide (or just create your own).
Another great feature of IdeaBuddy is the whiteboard, which lets you drag and drop various elements, draw on it and collaborate with others to come up with your perfect business idea. That feature is locked behind the highest tier, so you’ll have to pay $22 per month (billed annually) to use it. However, that plan also gives you up to 10 collaborators and 10 ideas.
Other plans are more limiting: The free plan is for a solopreneur who has a single idea to work on and the Dreamer plan is $6 per month while the Founder plan is $12 per month, both billed annually. The Dreamer plan is also limited to one idea, but you get one collaborator while the Founder plan gives you up to three ideas and three collaborators. Plus, you’ll get access to the paid plans to export and share your plan with viewers.
IdeaBuddy is just what it sounds like: It’s best for ideation. You can create a full-fledged business plan, but this program is best suited for the very beginning stages of business creation.
- Free forever plan
- Affordable paid plans
- Monthly and annual billing options
- Easy to use
- Export to Word, Excel or as PDF
- Flexible whiteboard feature
- May be too basic for some users
- Doesn’t offer much guidance
Best for No-Frills Business Planning
$55 for one year
Business plan software doesn’t have to be fancy to be effective, and iPlanner certainly fits that bill. It’s been around since 2007 and it doesn’t appear to have updated its look or functions. The browser-based business planning software gives you a place to build out your business model and a business plan.
There are two different software options from iPlanner: Strategy Designer and Startup Framework. The Strategy Designer costs $59 for three plans, but it’s a one-time fee for the year. Choose it if you want a more condensed and no-frills kind of business plan. You can export it to Word or as a PDF.
The iPlanner Startup Framework is $55 per year, which gives you one plan to create. It’s similar to the Designer version, but you can create a business model, separate financials and build a team with various roles (view only, project owner or consultant).
iPlanner is best for those who have created a business plan before and don’t need hand-holding or fancy features.
- Business modeling option
- Samples on site for demoing
- Export to Word or as PDF
- No free plan or trial
- Not a lot of guidance
- Outdated interface
Best for Automatic Business Plan Creation
$11 per month
Enloop is a unique business plan app that generates a business plan for you based on information you provide. You can edit the text Enloop writes for you to make it more specific or change numbers in your financial forecasts as you see fit. Enloop offers a scorecard that updates as you change things, finish sections and make your business plan overall better.
Then Enloop compares your financial forecasts to industry standards, so you don’t have to do the research. The software shows you up to 16 ratios, such as sales, inventory and payables and then shows you what the average is for your industry as it compares to your financials. Enloop then gives you either a pass or fail so that you can modify your plan before you put anything into play.
Although Enloop doesn’t offer a free plan, there is a free trial for one week so you can see if it’s right for you. The Detailed plan costs $11 per month while the Performance plan is $24 per month, both billed annually. The biggest difference between the two plans is how many financial ratios Enloop analyzes: The Detailed plan only gets three ratios and Performance plan gets 16.
Enloop is best for those who have some experience creating business plans, not necessarily for those who are starting from scratch as there are no brainstorming or strategizing tools included. Use Enloop to create business plans quickly.
- Three business plans for each tier
- Generates a business plan automatically
- Compares your financials to industry standards
- Seven-day free trial available
- Scorecards indicate odds of success
- No messaging team members through app
- Not meant for strategizing
Best for Consultant Groups
$80 per, user per month
Not everyone wants to go it alone when creating business plans and consultants are often hired for industry expertise and business plan creation. AchieveIt offers generous plans that won’t limit the number of plans and projects you can create, so you can work on multiple business plans at one time.
Specifically, AchieveIt is planning software meant for medium to large teams to work on projects simultaneously. For business planning, it’s a great option for those strategizing and analyzing a variety of data points with multiple people—all of AchieveIt’s plans have a minimum requirement of 20 users.
Plans are pricey, especially when you consider the user minimum. Core, the lowest-priced plan, costs $80 per user, per month, and Plus is $90 per user, per month, both billed annually. So, it’s going to cost $1,600 per month, at least, which puts this software out of reach for most small businesses.
AchieveIt is a good choice for large businesses that need planning software and for business plan purposes, it makes most sense for established consultant groups.
- Unlimited plans and projects
- Collaboration tools
- Goal management
- 20-user minimum
- Pricier than most competitors
- Integrations at added cost
Best for Teams
Business sorter.
$10 per month
When you’re ready to craft your business plan, it can help immensely to have business planning software like Business Sorter. The cloud-based app makes it easy for you to start a plan and kicks off your business planning with a SWOT analysis (strengths, weaknesses, opportunities, threats). Then, you can follow a guide to build your plan with each section divided by areas. After which, you can choose cards to help steer you toward the right objectives and goals for your business.
You won’t find roadmapping tools in Business Sorter, but the card system keeps you on track (and even gives you goals you may not have considered). As you prioritize goals, you’ll find steps you need to take that guide you to completing your business plan. Every plan allows multiple users, so you can collaborate on what takes precedence.
Plans start at $10 per month, billed annually, and allows you to have three users on board. For 10 users, the Medium plan costs $30 per month, billed annually, and if you need 30 users, the Large Team plan will run you $80 per month, billed annually. It’s one of the most affordable business planning apps for teams.
Although Business Sorter doesn’t offer a messaging tool, it’s still one of the best options for teams. You don’t have to pay per person, but you can add multiple people to the account to work on creating business plans.
- Easy-to-use business plan templates
- Free trial available
- Card system helps guide your goal setting
- Create up to 40 business plans
- Plans limit user count
- No messaging in app
- Very limited integrations
IMAGES
COMMENTS
Describe Your Services or Products. 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 ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
The steps below will guide you through the process of creating a business plan and what key components you need to include. 1. Create an executive summary. Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.
Here is a quick step-by-step guide to reviewing business plans: 1. Read the business plan. After you write a business plan, read it at least twice to find critical errors, gaps in information, lack of depth, and irrelevant information. Start making notes wherever you find room for improvement.
1. Executive Summary. While your executive summary is the first page of your business plan, it's the section you'll write last. That's because it summarizes your entire business plan into a succinct one-pager. Begin with an executive summary that introduces the reader to your business and gives them an overview of what's inside the ...
It's the roadmap for your business. The outline of your goals, objectives, and the steps you'll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance. A business plan can help you explore ideas, successfully start a business, manage operations, and ...
Question No. 5: Volume vs. Goal Volume? Question No. 6: GCI vs. Goal GCI? Question No. 7: What's your average price per listing? Add up the sum total of what all your listings have sold for and divide by the number of listings taken.
The Better Business Planning Process. The business plan process includes 6 steps as follows: Do Your Research. Strategize. Calculate Your Financial Forecast. Draft Your Plan. Revise & Proofread. Nail the Business Plan Presentation. We've provided more detail for each of these key business plan steps below.
A business review offers you the opportunity to stand back from the activity outlined in your plan and look again at factors such as: changes in your market. new and emerging services. changes in your customers' needs. external factors such as the economy, imports and new technology. changes in competitive activity.
Business planning is a crucial step in starting and growing a successful enterprise. It provides a roadmap for your venture, outlining your goals, strategies, ... Regularly review your business plan: As your business evolves, it's important to review and update it to ensure it aligns with your current goals and strategies.
A good review will give you an unbiased look at your plan, highlighting areas where more information is required or gaps in your thinking. This can help ensure that your plan contains everything it needs to, which makes it easier to manage and gives investors confidence in your business. It Helps You Identify Gaps In Your Strategy.
The Best Business Plan Software of 2024. Wrike: Best overall. Smartsheet: Best for goal management. LivePlan: Best for financial forecasting. Aha!: Best for roadmapping. Bizplan: Best for ...
The purpose of the mid-year business review is to monitor business performance, create solutions to make more money, and provide guidance for leadership via communication with, and for, your team. Since management encompasses planning, organizing, leading, and controlling, a quality business plan review integrates each of those disciplines ...
As with tax preparation software, it's reassuring when the business planning software solution defines terms, provides sample data, and explains the sort of information expected in each field ...
One global manufacturer set up its integrated business planning (IBP) system as the sole way it ran its entire business, creating a standardized, integrated process for strategic, tactical, and operational planning. Although the company had previously had a sales and operations planning (S&OP) process, it had been owned and led solely by the supply chain function.
We have a strategy in place, steps to walk through and key objectives we expect to find. Here's a quick overview of how we structure our monthly plan review meetings and what's worked well for us over the years. 1. Review your financial statements. We always start with the numbers first.
1. Put the meeting on the calendar. It's important to make it a formal event that's on the schedule. It can't be optional and it has to be at a regular time so that everyone always knows when the meeting is. For us, we started out with the meeting on the 3rd Thursday of every month.
Planning is comforting but it's a terrible way to make strategy, says Roger Martin, former dean of the Rotman School of Management at the University of Toronto. In contrast, setting strategy ...
Strategic Planning Should Be a Strategic Exercise. Summary. Many managers complain that strategy-making often reduces to an operational action plan that resembles the last one. To prevent that ...
Abstract. In creating and building a business, the entrepreneur assumes all the responsibilities for development and management, as well as the risks and rewards. Many businesses do not survive because business owners fail to develop an effective plan. The business plan focuses on major areas of concern and their contribution to the success of ...
A thorough review of estate planning strategies should also account for the potential impact of taxes, such as estate and gift taxes, to minimize the burden on beneficiaries. By regularly updating estate planning strategies, individuals can confirm their wishes are respected, and their loved ones are protected. Stay Current With Tax Laws
Kroger and Albertsons will defend their plan to merge - and try to overcome the U.S. government's objections - in a federal court hearing scheduled to begin Monday in Oregon.. The two companies proposed what would be the largest supermarket merger in U.S. history in October 2022. They say joining together would help them rein in costs and better compete with big rivals like Walmart and ...