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Building a Solid Internal Business Plan: Expert Guidance and Insights

An internal business plan is like a compass for your organization, guiding your team towards common goals and strategies. In this guide, we’ll break down each component of an internal business plan in simpler terms and share expert tips to help you create a plan that keeps your team on the same page.

Key Highlights

• An internal business plan is a roadmap that guides your team towards common goals and strategies.
• It helps align your team, make better decisions, and achieve success.
• Create a clear and concise plan with SMART goals, action steps, and communication strategies.

What is Internal Business Plan?

A business plan acts as a blueprint for your organization’s future, detailing its goals, strategies, and financial projections. An internal business plan takes this concept further, focusing specifically on aligning your team and ensuring everyone understands their roles and responsibilities in achieving your shared vision.

Differences Between Internal and External Business Plans:

Here’s a breakdown of the key differences between internal and external business plans:

What's the Purpose of an Internal Business Plan?

Think of an internal business plan as your team’s GPS for success. It’s all about getting everyone on the same page and heading toward the same goals. Unlike the fancy plans you show off to investors, this one is all about making sure your team knows where you’re headed and how to get there together.

Here's Why It Matters:

• Teamwork and Focus: It spells out what your gang is trying to achieve and gives everyone a clear focus on the mission.
• Smarter Choices: Helps everyone make better decisions by laying out the game plan. It's like having a playbook for your business moves.
• Using Resources Wisely: Shows where the money, people, and tech need to go, making sure everything's used just right.
• Making Everyone Accountable: Sets goals and ways to measure success so that everyone's accountable for their part.
• Happy Teams: When everyone knows what they're doing and why, it makes the team feel united and pumped up.
• Spotting Trouble Early: It's like having a radar for problems, so you can plan ahead and steer clear of disasters.

An internal business plan isn’t just a document—it’s your team’s guidebook, making sure everyone’s rowing in the same direction and making the right moves to reach those big goals.

Benefits of an Internal Business Plan:

• Improved Communication and Alignment: Creates a shared understanding of goals, strategies, and responsibilities within the organization.
• Enhanced Decision-Making: Provides a data-driven foundation for strategic decision-making and resource allocation.
• Increased Accountability and Performance: Establishes key performance indicators (KPIs) and promotes accountability for achieving goals.
• Boosted Team Morale and Motivation: A clear roadmap fosters a sense of purpose and direction for team members.
• Improved Risk Management: Identifies potential challenges and facilitates the development of contingency plans.

Overall, an internal business plan serves as a vital tool for achieving organizational goals, fostering collaboration, and ensuring long-term success.

Checkout our free sample business plans now!

1. mission and vision: your organization's purpose (around 200 words).

Your mission defines why your organization exists, while your vision outlines what you aim to achieve in the future. Keep these statements clear and inspiring, as they set the direction for your entire team.

• Expert Tip 1: "Your mission and vision should motivate and unite your team. They're your organization's North Star." - Maria Rodriguez, Management Consultant.

2. Organizational Goals: What You Want to Achieve (Around 250 words)

Lay out your short-term and long-term goals. Make them specific, measurable, achievable, relevant, and time-bound (SMART). These goals give your team a sense of purpose and direction.

• Expert Tip 2: "Goals should be like checkpoints in a race - clear and achievable. They keep your team focused and motivated." - Mark Thompson, Organizational Strategist.

3. SWOT Analysis: Understanding Your Internal Landscape (Around 300 words)

Conduct a SWOT analysis to identify your organization’s strengths, weaknesses, opportunities, and threats. This helps your team understand your current position and potential challenges.

• Expert Tip 3: "SWOT analysis is like a diagnostic checkup. It helps you know where you're strong and where you need to improve." - Emily Turner, Business Analyst.

4. Key Strategies: How You'll Achieve Your Goals (Around 250 words)

Outline the strategies your organization will use to achieve its goals. These could include expanding to new markets, improving processes, or developing new products or services.

• Expert Tip 4: "Your strategies should align with your goals. They're the 'how' behind your 'what'." - David Reynolds, Strategy Consultant.

5. Action Plans: Who Does What (Around 350 words)

Break your strategies down into actionable steps. Assign responsibilities to specific team members, set deadlines, and define key performance indicators (KPIs) to track progress.

• Expert Tip 5: "Action plans turn ideas into actions. They make your strategies a reality." - Laura Martinez, Project Manager.

6. Budget and Resources: What You Need (Around 250 words)

Detail the budget and resources required to execute your action plans. This includes finances, manpower, technology, and any other resources necessary for success.

• Expert Tip 6: "Budgets ensure you have the resources to implement your plans. They're like a financial roadmap." - Susan James, Financial Analyst.

7. Monitoring and Evaluation: Keeping Things on Track (Around 300 words)

Explain how you’ll monitor progress and evaluate the success of your action plans. Regular assessments help your team stay on course and make adjustments as needed.

• Expert Tip 7: "Monitoring and evaluation ensure you're headed in the right direction. It's about continuous improvement." - John Stevens, Management Expert.

Hire our professional business plan writers now!

8. communication plan: keeping everyone informed (around 200 words).

Describe how you’ll communicate the plan to your team. Transparency and clear communication are crucial to ensure everyone understands their roles and responsibilities.

• Expert Tip 8: "A well-communicated plan fosters teamwork and alignment. It's the glue that holds your organization together." - Maria Rodriguez, Communication Specialist.

Common Mistakes to Avoid

While crafting and implementing your internal business plan, be mindful of these common pitfalls:

• 1. Lack of Clarity and Specificity: Vague goals and objectives lead to confusion and hinder progress. Ensure your plan outlines SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals with clear action steps.
• 2. Ignoring Internal Analysis: Neglecting a SWOT analysis (strengths, weaknesses, opportunities, and threats) leaves you blind to internal challenges and untapped potential. Conduct a thorough assessment to gain a realistic understanding of your organization's capabilities.
• 3. Unrealistic Budgeting: Overestimating resources or underestimating costs can derail your plan. Develop a realistic budget based on accurate data and forecasts to avoid financial constraints.
• 4. Inadequate Communication: Failing to communicate the plan effectively to your team leads to misalignment and inefficiency. Foster open communication channels and ensure everyone understands their roles and responsibilities.
• 5. Rigid and Inflexible Approach: The business landscape is dynamic, so your plan should be adaptable. Be prepared to adjust your strategies and tactics as needed based on market changes, performance data, and feedback.

Tips to Overcome Challenges

• Seek feedback: Enlist the help of colleagues and stakeholders to review your plan and identify areas for improvement.
• Promote collaboration: Encourage open communication and brainstorming sessions to foster innovative ideas and solutions.
• Track progress regularly: Monitor key performance indicators (KPIs) to measure progress and identify areas needing adjustments.
• Be proactive: Anticipate potential challenges and develop contingency plans to minimize disruptions.
• Embrace flexibility: Be prepared to adapt your plan as needed based on evolving circumstances.

Measuring Success

Effective metrics for internal business plan success.

• Goal Achievement: Track progress towards achieving your defined SMART goals.
• Financial Performance: Monitor key financial metrics like revenue, profitability, and cost-effectiveness.
• Operational Efficiency: Measure improvements in efficiency through process metrics like cycle time and error rates.
• Team Performance: Evaluate team effectiveness by tracking KPIs like productivity, engagement, and satisfaction.
• Market Share and Growth: Monitor your market share and growth rate to assess your competitive position and market penetration.

Interpreting Data and Making Data-Driven Decisions:

• Analyze trends and patterns: Identify trends and patterns emerging from your data to understand the underlying drivers of success or failure.
• Investigate root causes: Delve deeper into the root causes behind performance data to pinpoint areas for improvement.
• Test and experiment: Utilize A/B testing and other experimental methods to validate your assumptions and optimize your strategies.
• Communicate data insights: Share key data insights with your team to promote transparency and inform decision-making.
• Make data-driven decisions: Base your strategic decisions on evidence and insights gleaned from your data analysis.

By implementing these tips and practices, you can avoid common pitfalls and effectively measure the success of your internal business plan. Remember, a successful plan requires continuous monitoring, feedback, and adaptation to ensure it remains relevant and effective in driving your organization towards its goals. Ready to write an internal business plan but don’t know what to do? Explore WiseBusinessPlans’ professional business plan writers to get started today!

What Must an Entrepreneur Do after Creating a Business Plan?

With your internal business plan finalized, it’s time to shift gears and focus on its execution. This crucial phase requires action, dedication, and strategic implementation to transform your vision into reality. Here’s what you, as an entrepreneur, must do after creating an internal business plan:

1. Secure Funding

• Assess your financial needs: Review your budget and determine the funding required to execute your plan. Explore various funding options, including personal savings, loans, grants, and angel investors.
• Craft a compelling pitch: Develop a concise and persuasive pitch deck that highlights your vision, market potential, and financial projections to attract investors.
• Build relationships with potential investors: Network with individuals and organizations interested in your industry and build relationships that can pave the way for funding opportunities.

2. Assemble Your Team

• Identify key roles: Determine the skills and expertise needed to implement your plan effectively.
• Recruit talented individuals: Find passionate and qualified individuals who share your vision and values, and build a cohesive and motivated team.
• Delegate and empower: Assign tasks and responsibilities based on individual strengths, fostering ownership and accountability within your team.

3. Execute Your Strategies

• Break down your plan into action steps: Divide your strategies into manageable tasks with clear deadlines.
• Implement best practices: Utilize proven strategies and methodologies aligned with your industry and goals.
• Monitor progress and adapt: Regularly track progress against your goals, identify areas needing improvement, and adapt your strategies as needed.

4. Foster Communication and Collaboration

• Communicate openly and transparently: Keep your team informed of progress, challenges, and decisions.
• Encourage feedback and input: Create an environment where team members feel comfortable sharing ideas and concerns.
• Build trust and collaboration: Foster a collaborative culture that encourages teamwork and shared ownership of success.

5. Measure Performance and Analyze Data

• Track key performance indicators (KPIs): Identify specific metrics aligned with your goals and regularly track their progress.
• Analyze data and draw insights: Utilize data to identify trends, understand performance drivers, and make data-driven decisions.
• Continuously improve: Leverage data insights to identify areas for improvement and adapt your strategies to optimize performance.

By following these steps after crafting your internal business plan, leveraging a well-designed business plan template can further assist in effectively translating your vision into action, propelling your entrepreneurial journey towards success.

Hire our award-winning business plan writers now!

In summary, creating an internal business plan is about providing your team with a roadmap to success. By simplifying each section and focusing on clear communication, you’ll not only set your team on the right path but also promote unity and collaboration within your organization. Your internal business plan is your tool for achieving your mission and turning your vision into reality.

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Free business plan template—and how to write your own

I wrote my first business plan when I was six. I've learned a lot since then, and in hindsight, I can see why the investors around my family's Christmas table didn't take my space Marine cowboy ranch pitch seriously. I didn't put a lot of thought into what it would take to make the idea work, and I certainly didn't do the market research. Also, it was a space Marine cowboy ranch business.

My point is that thinking about the outcome before considering the many variables that pave the way is counterproductive. A business plan may not seem like the most critical or complicated document, but it can guide an entire organization, keeping success at the top of everyone's mind. It's the difference between a successful investor pitch and crying on Christmas.

To show you what I mean, I've put together a simple business plan template to get you started.

Table of contents:

Simple business plan template + example

After some good old-fashioned data entry, you should have a polished business plan that's ready to share. Regardless of what stage your business is in, this template is flexible enough to accommodate your needs.

What is a business plan?

A business plan is a document that clearly defines your company's goals, strategies, and operational details. It's essentially a roadmap for your team and investors. Think of it as boiling your entire business (concept, vision, dreams, and everything in between) down to one document. 

A formal business plan will include an overview of your products or services, marketing and sales strategies, targeted markets, financial details, and even a description of what you're building. 

Of course, business plans are unique snowflakes, so there's no one size fits all. Depending on what you're trying to do—attract investors, guide project expansion, align team members—your plan will look a little different. I'll dig into the different types of business plans in a bit.

What makes a business plan so important?

In its simplest form, a business plan turns your concept into a reality. In more tangible terms, it also helps you achieve necessary business goals like securing funding. You'll have a hard time finding investors if you show up to a pitch meeting with only a winning smile and a can-do attitude—a strong business plan can show them a clear path to a return on their investment.

Investors and their judgmental silence aside, this document is critical for guiding internal decision-making, setting goals, and providing a clear direction for the business and its vision.

Key components of a business plan

Before your business partners can understand your vision, you need to make sure you do. Before you start putting your business plan together, ask yourself whether your idea is feasible, whether it's different from what's already out there, if there are any competitors, and if they're doing something unique. Also consider your prices and customer base.

You likely already know most of the answers to these questions. My Christmas pitch all those years ago could have gone differently if I'd put crayon to paper and answered these questions myself. My family couldn't follow my spur-of-the-moment speech, and neither will your team or investors—they need it spelled out as clearly as possible.

While no two business plans will look the same, there's a handful of key components virtually all good business plans have in common. So, if you haven't already looked through the template with the optimism that my six-year-old self lost that Christmas, here's what you can expect to find.

Title page: Impress readers with a unique presentation. This is your first opportunity to showcase your brand. 

Table of contents: No one likes being lost in a document. A TOC can help readers navigate the various sections and get an overview of what's inside.

Executive summary: Provide an overview of the business, summarizing its mission, goals, and key highlights.

Market analysis: Include your research and data on the target market. Make sure to outline industry trends, competition, and customer demographics.

Products/services: Detail your services or products. You'll want to expand on your unique selling points and customer benefits.

Marketing and sales strategy: Outline your plans for promoting your business. If you've already identified marketing and sales channels, include those, too.

The organization: Showcase how your business will function on a structural level. Make sure to talk about your team's different positions and functions, and how it will all be managed.

Types of business plans

Let's say you have a well-established construction manufacturing business. If you're looking to expand the business into a new location, you don't want to repurpose the same simple startup business plan. You'd want to build on it (pun intended) with an expansion business plan. 

Unlike your original business plan, which outlined your original milestones and goals, an expansion plan would include an analysis of your expansion and its development, purpose, feasibility, market, and reasoning. It would still outline your overarching goals for the business as a whole, but with additional information about the expansion and what that entails.

And that's just the tip of the iceberg. For example, internal and strategic business plans serve an internal purpose. These are the types that are written for your team rather than your business partners. They're created to pin down the long-term game plan and keep team members aligned.

Making the business plan template your own

A business idea and a feasible business plan are two very different things. Follow these steps to solidify your ideas into a clear roadmap. 

1. Define your mission statement

2. outline a detailed company description.

Don't be shy about the details. Provide your readers with a comprehensive overview of your company, its history, founders, legal structure, location, and the concept it's all built around. You might even include photos and illustrations for an extra flair.

3. Set your business goals

4. detail your services/products, 5. analyze your target audience, 6. set milestones for marketing and sales.

Showcasing that you've identified your target audience isn't enough. You need to prove that you know how to speak to it and how to appeal to it while promoting your products and services. Some businesses set up milestones such as X amount of sales, Y number of acquired clients, or, in my case, the successful integration of Cowboy Ranch into the International Space Station.

7. Perform a financial analysis

Conduct a thorough financial analysis that includes details such as income statements, balance sheets, and cash flow statements. Outline your financial projections and your funding requirements. This section should prove how financially feasible your business concept is.

Once you have these points outlined and fleshed out, it's only a matter of representing each and every one of them in detail, ensuring that the voice and tone of your business plan reflect your brand and embody the unique concept you want to get across.

Future-proofing your business plan

In summary: investors are not mind readers, and cowboys should stay on Earth. 

Your business plan is the sum of your ideas, passion, vision, and the lessons you learn as your business develops. Over the years, it will likely go through a few iterations and changes, but the plan you write today will guide you through the beginning stages. 

Related reading:

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Hachem Ramki

Hachem is a writer and digital marketer from Montreal. After graduating with a degree in English, Hachem spent seven years traveling around the world before moving to Canada. When he's not writing, he enjoys Basketball, Dungeons and Dragons, and playing music for friends and family.

• Sales & business development
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Legal Templates

Home Business Plan

Business Plan Templates

Use our template to make an investment-worthy business plan.

Updated December 8, 2023 Written by Sara Hostelley | Reviewed by Brooke Davis

A business plan is a document outlining a company’s operations, strategies, goals, and objectives. It’s crucial to guide you through each stage of starting and growing your business.

Templates (8)

What is a business plan, why is a business plan essential, components of a business plan, how to write a business plan, business plan sample.

Below, you can find free business plan templates for specific business types. You can also find more in-depth information on writing a plan for your business, whether it’s a food truck, restaurant, real estate business, or another entity:

Create a detailed plan that lays out the details of how your business will achieve it's objectives.

Traditional Business Plan

Create a simplified version of a traditional business plan.

One-Page Business Plan

Create a Non-Profit Business Plan and learn how to write one.

Create a Daycare Business Plan and learn how to write one.

Create a Restaurant Business Plan and learn how to write one.

Create a Real Estate Business Plan and learn how to write one.

Real Estate

Create a Food Truck Business Plan and learn how to write one.

A business plan is a document detailing how a business, whether it’s a new or existing company, will achieve its goals and objectives. It guides you through every step of starting and running a company.

A business plan can be the foundation of your business, serving as a written roadmap that covers all aspects of how to structure, run, and grow your business. You can also refer back to it as your business progresses to track its growth and success.

In addition to being a helpful document internally, a business plan is also vital for a company to communicate its success to external parties that may influence its future success.

Consider some of the main reasons why large and small business owners alike use business plans:

1. Use As a Roadmap

A business plan sets specific, measurable, and time-bound goals. Having these goals helps you track progress, evaluate performance, and adjust as necessary.

By laying out goals, you have a clear and attainable plan of action with the ability to see and monitor your progress.

2. Plan Strategies For Potential Challenges

A business plan can help you think objectively about your business’s key elements and inform your decision-making as you move forward.

A detailed plan can provide a semblance of control over a potentially cumbersome process. Formulating a plan can improve your ability to make choices and decisions for yourself and the business. This approach is much better than suddenly making a critical decision without time to evaluate or haphazardly letting others decide for you.

3. Get Funding or Bring on New Business Partners

An accurate business plan is essential whether or not you need to secure a business loan. Investors and lenders often require a business plan before they commit capital. A solid plan demonstrates your commitment, viability, and potential return on investment.

Create a business plan that grabs the attention of potential investors and provides them with enough structure and confidence that they will move forward and grant funding and support to your business.

You can use your business plan to highlight how the proposed business will be successful and profitable.

4. Discover Any Weaknesses

A business plan includes a strengths, weaknesses, opportunities, and threats (SWOT) analysis that helps identify potential risks and challenges. It is essential to allocate resources and demonstrate monthly profit or loss. By recognizing these elements early, you can develop strategies to mitigate or address them.

5. Analyze the Market and Competition

Market research within the plan helps you better understand your target audience, competition, and industry trends. This knowledge is crucial for making informed business decisions.

By learning about your competition, you can help make your goods or services stand out and help validate your business idea.

You should update a business plan as you go, altering your goals as necessary and being mindful of any changes of direction in your business.

A typical business plan includes the following sections:

• Executive Summary
• Management Team
• Products and Services
• Customers and Marketing
• SWOT Analysis

Our business plan template includes all of the above, so you won’t have to worry about missing out on essential sections.

Step 1 – Create an Executive Summary

An executive summary is the first section of a traditional business plan, serving as the first impression of your business. Please give a brief overview of your company, including its mission, key goals, and a snapshot of your financial projections.

You can skip this step if you’re writing a lean business plan for a startup. Instead, replace it with a few sentences outlining the problem your startup aims to solve and the solution you will provide.

Executive Summary Example:

Market research indicates there are a growing number of dog owners in Tallahassee who want to train their animals. Consumer surveys indicate that most consumers don’t have the time or resources to train their animals themselves.

Consumers have also expressed a desire for combined dog walking and training services to help discipline their animals.

Pawsitive Strides Canine Coaching & Walks provides a convenient service for customers with furry friends and disposable incomes.

Tips for Writing an Executive Summary

• Define a problem in your market and state how your business will solve it.
• Limit your executive summary to one page.
• Use a tone appropriate for your audience.

Step 2 – Describe Your Company’s Team

A professional business plan will include a statement about your company’s team and management.

Describe your startup’s legal structure. After that, you can insert a chart to show the hierarchical structure of your company. Show and name your C-suite executives, management team, and key employees. Include short biographies and links to their resumes and LinkedIn profiles to give the reader a complete picture of your staff’s qualifications.

If you have a smaller staff, you can highlight the founder and CEO and your staff members who perform the services or create your business’s products.

Example for Company’s Team Statement:

Jamie Clayton, Founder and CEO

• Board-certified veterinarian.

Pawsitive Strides Canine Coaching & Walks’s dog walkers and trainers

• 14 full-time staff members.
• 26 part-time staff members.
• All staff members have the Certified Professional Dog Trainer-Knowledge and Skills Assessed (CPDT-KSA) credential from the Certification Council for Professional Dog Trainers.

Tips for Writing about Your Company Management and Team

• Include any roles you’d like to hire to grow your company, if applicable.
• Highlight expertise and awards one to show your staff’s capabilities.

Step 3 – Summarize Market Analysis and Potential

Your business plan must also thoroughly analyze your target market and customer base. The goal here is to show that you understand your market and target audience and that there is a viable market for your business.

Market Analysis Example:

Pawsitive Strides Canine Coaching & Walks’s ideal customer is a dog owner between the ages of 25 and 65 with a high disposable income. They’re ideally a working professional or have recently retired from the workplace. They love their dog (or dogs) and want them to be well-behaved and have an outlet for all their energy.

Market research shows that Pawsitive Strides Canine Coaching & Walks has ample opportunities in the Tallahassee area:

• The total revenue for dog walking services in the U.S. increased from $900 million in 2019 to $1.1 billion in 2023.
• Dog ownership has increased by 20% over the last five years.
• Online search volume for “dog walkers in Tallahassee” is up by 10% since last year.
• 19% of Tallahassee’s residents have a household income of $125,000 or more (compared to the average of 5% across the U.S.).

Tips for Writing a Market Analysis

• Use reliable sources for acquiring data.
• Conduct consumer surveys to hear from people in your target area.
• Focus on the demand in your area and the growth potential.
• Include revenue and expense projections based on market data.

Step 4 – Describe Your Product or Service

Describe the products and services you offer. Pinpoint the value they provide to current and future customers and share your plans for research and development.

The main goal of this section is to convince the reader and yourself that your business is viable and that you have enough resources, time, and energy to achieve your goals.

Product Description Example:

Pawsitive Strides Canine Coaching & Walks isn’t an ordinary dog walking service. When a customer signs up for our monthly subscription plan, we have one of our certified dog walkers go to their house 12 times a month on a schedule that works for them.

Our dog walker takes their dog on a 30-minute walk and corrects their behavior. Their dog learns how to walk on a leash calmly and be around cars and people. Not only does the dog get some exercise and fresh air, but they also learn discipline, meaning the customer doesn’t have to worry about training their dog in this sense.

Tips for Writing a Product/Service Description

• Highlight cross-sell and upsell opportunities, if applicable.
• Emphasize what distinguishes you from other companies providing similar services/products.
• Include details for updating your offerings in the future.

Step 5 – Plan Your Marketing Strategy

Discuss the brand vision you want to cultivate, the metrics you’ll track, and the channels you’ll use to reach your target audience. Outlining how you plan to collect and retain customers will help you experience growth in the long term.

Marketing Strategy Example:

Pawsitive Strides Canine Coaching & Walks will focus on social media and direct mail marketing as its two main forms of advertising. We’ll track customer referrals to determine how many current customers are satisfied with our services.

On our social media platforms, including Instagram and Facebook, we’ll track our audience growth rate, bounce rate, and click-through rate.

Tips for Writing a Marketing Strategy

• Add the budget/resources you have, if applicable.
• Create strategies for marketing to different segments within your main target audience.

Step 6 – Conduct SWOT Analysis

Organizations use SWOT analyses to determine how closely a business will adhere to its growth trajectories. This analysis involves looking at a company’s SWOTs, which are:

• Strengths: Strengths are things your company does well. Examples include having a unique selling proposition, standout brandings, or human resources, like your employees and C-class executives.
• Weaknesses:  These barriers prevent your project or company from reaching certain milestones. Examples include financial limitations, a shortage of skilled professionals, and unclear selling propositions.
• Opportunities:  These positive external factors could give you a competitive edge. For instance, if you’re a manufacturer and the federal government cuts tariffs, you can export your products into a new market to boost market share and sales.
• Threats:  These are events, competitors, and situations that pose a risk to your company and the goals you’ve set for it. Typical threats include negative media coverage, changing customer demands, emerging competitors, and new rules and regulations.

SWOT Analysis Example:

• Appeals to people who don’t have the time or resources to train their pets.
• Low startup costs.
• Finding enough certified employees to meet the anticipated demand.
• Dealing with aggressive animals may be challenging for newer employees.

Opportunities

• Offering multiple subscription packages for customers who want more frequent training sessions for their pets.
• BehaviorBuddies is a dog walking service in Bradfordville that may take away customers.

Tips for Writing a SWOT Analysis

• Be honest with your business’s weaknesses and threats.
• Capitalize on opportunities you find through market analysis.

Step 7 – Develop a Strategy for Operations

Your business plan needs to include a thorough operations plan. This section reveals your manufacturing, fulfillment, managing, staffing, hiring strategies, and all the other processes you go through when running your business daily.

Operations Strategy Example:

Jamie Clayton will oversee the hiring of all employees, and the team lead will train all employees for at least one month to ensure they have the knowledge necessary to deal with animals of all temperaments.

The team lead will also organize the dog walking schedule to ensure all team members have enough time to arrive at customers’ houses and complete the dog walking/training sessions thoroughly.

Tips for Writing a Business Strategy

• Consider what your business needs to thrive on a daily basis.
• Account for inventory and supplies, even if your business is service-based.

Step 8 – Compile Your Business Financials

Create financial projections, including income statements, balance sheets, and cash flow statements for the first few years of operation. If you need funding, specify the amount and how you plan to use it.

Financial Statement Example:

Income Statement for the Year Ended December 31, 2023

• Revenue: $150,000
• Cost of Goods Sold: $30,000
• Gross Profit: $120,000
• Operating Expenses: $80,000
• Net Operating Income: $40,000
• Other Income/Expenses: -$2,000
• Net Income: $38,000

Tips for Writing a Financial Section

• Double-check the accuracy of financial information.
• Demonstrate how the proposed funding aligns with your company’s goals.
• Forecast future financial performance.

Step 9 – Explain Your Funding Request

If you’re seeking funding or investment for your business, explain the amount you need and how you intend to use it. Be transparent about the terms you’re offering to investors or lenders.

Funding Request Example:

Pawsitive Strides Canine Coaching & Walks has already hired a team to serve our existing customers. Once we scale to $500,000 in annual revenue over the next two years and at a 10% profit margin, our primary ongoing annual expenses (not including taxes) will total $350,000.

While already profitable, we are requesting $200,000 in the form of a business loan to buy two additional company vehicles. These vehicles will improve our employees’ ability to get to customers’ homes, and the remaining money will go toward maintaining current company vehicles.

Tips for Writing a Funding Request

• Add a timeline so investors know your goals and how you plan to use the money.
• If you seek funding in the form of an exchange for equity, an investor may expect to gain decision-making powers in your company. Plan for this situation accordingly.

Step 10 – Compile an Appendix for Official Documents

Include relevant documents, such as resumes of key team members, legal agreements, market research data, product design mock-ups, and your business’s legal structure documents.

Remember that each business plan is unique, so tailor your content to your venture and audience. Your business plan should effectively communicate your vision, strategy, and financial viability to potential investors, partners, and stakeholders.

Combine the appendix with a table of contents and footnotes section so you can reference it throughout your document.

You can download a free business plan template below in PDF or Word format:

Related Documents

• Business Continuity Plan : Outline how your business will run in the event of a range of disaster scenarios with a business continuity plan.
• One-Page Business Plan : A simplified version of a traditional business plan that outlines the basics of your business.
• LLC Operating Agreement : An internal written document among members of a Limited Liability Company (“LLC”).
• Business Proposal : Use this document to form new relationships with other businesses and organizations.
• Request for Proposal : Download this form to allow you to collect offers from various vendors who can provide goods or services your business needs.
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How to Write a Detailed Business Plan Step-by-Step [Free Template]

Posted july 17, 2024 by noah parsons.

Writing a business plan is one of the most valuable things you can do for your business. 

Study after study proves that business planning significantly improves your chances of success by up to 30 percent 1 . That’s because the planning process helps you think about all aspects of your business and how it will operate and grow.

Ready to write your own detailed business plan? Here’s everything you need ( along with a free template ) to create your plan.

Before you write a detailed business plan, start with a one-page business plan

Despite the benefits of business planning , it’s easy to procrastinate writing a business plan. 

Most people would prefer to work hands-on in their business rather than think about business strategy . That’s why, if you’re writing a business plan for the first time, we recommend you start with a simpler and shorter one-page business plan.

With a one-page plan, there’s no need to go into a lot of details or dive deep into financial projections—you just write down the fundamentals of your business and how it works. 

A one-page plan should cover:

• Value proposition
• Market need
• Your solution

Competition

Target market.

• Sales and marketing
• Budget and sales goals
• Team summary
• Key partners
• Funding needs

A one-page business plan is a great jumping-off point in the planning process. It’ll give you an overview of your business and help you quickly refine your ideas.

Check out our guide to writing a simple one-page business plan for detailed instructions, examples, and a free downloadable template .

When do you need a more detailed business plan?

While I will always recommend starting with the one-page plan format, there are times when a more detailed plan is necessary:

• Flesh out sections of your plan: You need to better understand how your marketing, operations, or other business functions will operate.
• Build a more detailed financial forecast: A one-page plan only includes a summary of your financial projections. A detailed plan includes a full financial forecast, including a profit and loss statement, balance sheet, and cash flow forecast to better measure performance.
• Prepare for lenders and investors: While they may not read the full plan, any investor will ask in-depth questions that you can only answer by spending time writing a detailed business plan.
• Sell your business: Use your business plan as part of your sales pitch, and show potential buyers all the details of how your business works.

How to write a detailed business plan

Let’s walk through writing a detailed business plan step-by-step and explore an example of what a finished business plan (for a local swim club Pools & Laps) built with LivePlan’s business plan builder looks like.

1. Executive summary

Yes, the executive summary comes first in your plan, but you should write it last—once you know all the details of your business plan. 

It is just a summary of your full plan, so be careful not to be too repetitive—keep it between one or two pages and highlight: 

• Your opportunity: This summarizes what your business does, what problem it solves, and who your customers are. This is where you want readers to get excited about your business
• Your team: For investors, your business’s team is often even more important than what the business is. Briefly highlight why your team is uniquely qualified to build the business and make it successful.
• Financials: What are the highlights of your financial forecast ? Summarize your sales goals, when you plan to be profitable, and how much money you need to get your business off the ground.

For existing businesses, write the executive summary for your audience—whether it’s investors, business partners, or employees. Think about what your audience will want to know, and just hit the highlights.

2. Opportunity

The “opportunity” section of your business plan is all about the products and services that you are creating. The goal is to explain why your business is exciting and the problems that it solves for people. You’ll want to cover:

Problem & solution

Every successful business solves a problem for its customers. Their products and services make people’s lives easier or fill an unmet need in the marketplace. 

In this section, you’ll want to explain the problem that you solve, whom you solve it for, and what your solution is. This is where you go in-depth to describe what you do and how you improve the lives of your customers.

In the previous section, you summarized your target customer. Now you’ll want to describe them in much greater detail. You’ll want to cover things like your target market’s demographics (age, gender, location, etc.) and psychographics (hobbies and other behaviors). 

Ideally, you can also estimate the size of your target market so you know how many potential customers you might have.

Every business has competition , so don’t leave this section out. You’ll need to explain what other companies are doing to serve your customers or if your customers have other options for solving the problem you are solving. 

Explain how your approach is different and better than your competitors, whether it’s better features, pricing, or location. Explain why a customer would come to you instead of going to another company. 

3. Execution

This section of your business plan dives into how you will accomplish your goals. While the Opportunity section discussed what you’re doing, you now need to explain the specifics of how you will do it.

Marketing & sales

What marketing tactics will you use to get the word out about your business? You’ll want to explain how you get customers to your door and what the sales process looks like. For businesses with a sales force, explain how the sales team gets leads and what the process is like for closing a sale.

Depending on the type of business that you are starting, the operations section needs to be customized to meet your needs. If you are building a mail-order business, you’ll want to cover how you source your products and how fulfillment will work.

If you’re building a manufacturing business, explain the manufacturing process and the necessary facilities. This is where you’ll talk about how your business “works,” meaning you should explain what day-to-day functions and processes are needed to make your business successful.

Milestones & metrics

So far, your business plan has mostly discussed what you’re doing and how you will do it. 

The milestones and metrics section is all about timing. Your plan should highlight key dates and goals that you intend to hit. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them. 

You should also discuss key metrics : the numbers you will track to determine your success.

The Company section of your business plan should explain your business’s overall structure and the team behind it.

Organizational structure

Describe your location, facilities, and anything else about your physical location relevant to your business. You’ll also want to explain the legal structure of your business—are you an S-corp, C-corp, or an LLC? What does company ownership look like?

Arguably one of the most important parts of your plan when seeking investment is the “Team” section. This should explain who you are and who else is helping you run the business. Focus on experience and qualifications for building the type of business that you want to build. 

It’s OK if you don’t have a complete team yet. Just highlight the key roles that you need to fill and the type of person you hope to hire for each role.

5. Financial plan and forecasts

Your business plan now covers the “what,” the “how,” and the “when” for your business. Now it’s time to talk about money. 

Financial forecasts

What revenue do you plan on bringing in, and when? What kind of expenses will you have? How much cash will you need?

These are the types of questions you’ll answer by creating detailed forecasts. Don’t worry about getting it perfect, these are just educated guesses. Your goal is to get numbers down that seem reasonable so you can review and revise financial expectations as you run your business. 

You’ll want to cover sales , expenses , personnel costs , asset purchases, cash , etc, for at least the first 12 months of your business. If you can, also create educated guesses for the following two years in annual totals. 

If you intend to pursue funding, it’s worth noting that some investors and lenders might want to see a five-year forecast. For most other cases, three years is usually enough.

If you’re raising money for your business, the Financing section is where you describe how much you need. Whether you’re getting loans or investments, you should highlight what and when you need it. 

Ideally, you’ll also want to summarize the specific ways you’ll use the funding once you have it. 

For more specifics, check out our write-up explaining what to include in your business plan for a bank loan .

Historical Financial statements

If your business is up and running, you should also include your profit and loss statement , balance sheet , and cash flow statement . These are the historical record of your business performance and will be required by lenders, investors, and anyone considering buying your business. 

If you don’t want lengthy financial statements overwhelming this section of your business plan, you can just include the most recent statements and include the rest within your appendix.

6. Appendix 

The final section of your business plan is the appendix . Include detailed financial forecasts here and any other key documentation for your business. 

If you have product schematics, patent information, or any other details that aren’t appropriate for the main body of the plan but need to be included for reference.

Tips to write a detailed business plan

Keep it brief.

You may not be limited to one page, but that doesn’t mean you need to write a novel. Keep your business plan focused using clear, plain language and avoiding jargon. Make your plan easier to skim by using short sentences, bulleted lists, and visuals. Remember, you can always come back and add more details.

Related Reading: 7 tips to make a high-quality business plan  

Start with what you know

Don’t worry about following a strict top-to-bottom approach. Instead, build momentum by starting with sections you know well. This will help you get information down and ultimately make you more likely to complete your business plan. 

Set time limits

You don’t have to write your business plan in one sitting. It may be more valuable to set a time limit, see how much you get done, and return to it again in another session. This will keep you focused and productive and help you fit plan writing into your other responsibilities.

Reference business plan examples

Real-world business plan examples from your industry can provide valuable insights into how others have successfully presented their ideas, strategies, and financials. Exploring these examples can inspire your own approach and offer practical guidance on what to include and how to tailor it to your specific needs.

Just be sure not to copy and paste anything.

Prioritize sections that really matter

When writing a detailed business plan, focus on the parts most important to you and your business. 

If you plan on distributing your plan to outsiders, you should complete every section. But, if your plan is just for internal use, focus on the areas that will help you right now.

Download a free business plan template

Are you ready to write your detailed business plan? Get started by downloading our free business plan template . With that, you will be well on your way to a better business strategy, with all of the necessary information expected in a more detailed plan.

If you want to improve your ability to build a healthy, growing business, consider LivePlan.

It’s a product that makes planning easy and features a guided business plan creator , drag-and-drop financial forecasting tools , and an AI-powered LivePlan Assistant to help you write, generate ideas, and analyze your business performance. 

Use your detailed business plan to grow your business

Your business plan isn’t just a document to attract investors or close a bank loan. It’s a tool that helps you better manage and grow your business. And you’ll get the most value from your business plan if you use it as part of a growth planning process . 

With growth planning, you’ll easily create and execute your plan, track performance, identify opportunities and issues, and consistently revise your strategy. It’s a flexible process that encourages you to build a plan that fits your needs.  

So, whether you stick with a one-page plan or expand into a more detailed business plan—you’ll be ready to start growth planning.

Sources in this article

• Parsons, Noah. “Do You Need a Business Plan? This Study Says Yes” Bplans: Free Business Planning Resources and Templates , 10 May 2024, www.bplans.com/business-planning/basics/research .

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated July 3, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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The creation of a business strategy is the first step in starting a daycare. Use this Daycare Business Plan Template to describe your company’s objectives, as well as your target market, potential rivals, and your financing strategy.

Convenience Store Business Plan

Do you need a Convenience Store Business Plan Template? This plan includes all the details and information needed to secure funding for a convenience store.

Startup Business Plan Template

We offer you the steps and the tools to create a fantastic business plan. Attract investors with this sleek and free startup business plan template.

Business Plan Template

This business plan template is a great tool for your startup to customize to reflect your strong qualifications, experienced team, and marketable business idea.

What is a business plan?

A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.

Typically, a good business plan consists of the following:

• Executive summary
• Company description
• Mission statement
• Product and services
• Marketing plan
• Operations plan
• Management organization
• Financial plan
• Conclusion & appendix

Every section involved in a business plan is designed to help startup businesses reach their target market.

A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.

However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.

Should I use a business plan template?

Yes.  If you’ve never written one, a business plan can be challenging to write.

Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.

However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.

Business plan templates for free

Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.

Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.

Grab a free template to get started!

Frequently asked questions

How many pages should my business plan be.

This depends on the kind of business plan you need to write and how you intend to use the plan that you create.

For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).

These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.

Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.

Who needs a business plan?

Every business should have a business plan. This is an essential guidance document for any founder or CEO.

Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.

Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.

What is the best business plan template?

Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.

If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.

PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.

Should I hire someone to write my business plan for me?

No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee.  These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.

The reason for this is simple: You know the most about your business, and your business needs you to succeed.

A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.

Those ideas and guiding principles aren’t something you can outsource.

Should I use business planning software?

Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.

You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.

Get started with PandaDoc today

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10 Free Business Plan Templates in Word, Excel, & ClickUp

Praburam Srinivasan

Growth Marketing Manager

February 13, 2024

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Turning your vision into a clear and coherent business plan can be confusing and tough. 

Hours of brainstorming and facing an intimidating blank page can raise more questions than answers. Are you covering everything? What should go where? How do you keep each section thorough but brief?

If these questions have kept you up at night and slowed your progress, know you’re not alone. That’s why we’ve put together the top 10 business plan templates in Word, Excel, and ClickUp—to provide answers, clarity, and a structured framework to work with. This way, you’re sure to capture all the relevant information without wasting time. 

And the best part? Business planning becomes a little less “ugh!” and a lot more “aha!” 🤩

What is a Business Plan Template?

What makes a good business plan template, 1. clickup business plan template, 2. clickup sales plan template, 3. clickup business development action plan template, 4. clickup business roadmap template, 5. clickup business continuity plan template, 6. clickup lean business plan template, 7. clickup small business action plan template, 8. clickup strategic business roadmap template , 9. microsoft word business plan template by microsoft, 10. excel business plan template by vertex42.

A business plan template is a structured framework for entrepreneurs and business executives who want to create business plans. It comes with pre-arranged sections and headings that cover key elements like the executive summary , business overview, target customers, unique value proposition, marketing plans, and financial statements.  

A good business plan template helps with thorough planning, clear documentation, and practical implementation. Here’s what to look for:

• Comprehensive structure: A good template comes with all the relevant sections to outline a business strategy, such as executive summary, market research and analysis, and financial projections 
• Clarity and guidance: A good template is easy to follow. It has brief instructions or prompts for each section, guiding you to think deeply about your business and ensuring you don’t skip important details
• Clean design: Aesthetics matter. Choose a template that’s not just functional but also professionally designed. This ensures your plan is presentable to stakeholders, partners, and potential investors
• Flexibility : Your template should easily accommodate changes without hassle, like adding or removing sections, changing content and style, and rearranging parts 🛠️ 

While a template provides the structure, it’s the information you feed it that brings it to life. These pointers will help you pick a template that aligns with your business needs and clearly showcases your vision.

10 Business Plan Templates to Use in 2024

Preparing for business success in 2024 (and beyond) requires a comprehensive and organized business plan. We’ve handpicked the best templates to help you guide your team, attract investors, and secure funding. Let’s check them out.

If you’re looking to replace a traditional business plan document, then ClickUp’s Business Plan Template is for you!

This one-page business plan template, designed in ClickUp Docs , is neatly broken down into the following sections:

• Company description : Overview, mission, vision, and team
• Market analysis : Problem, solution, target market, competition, and competitive advantage
• Sales and marketing strategy : Products/services and marketing channels
• Operational plan : Location and facilities, equipment and tools, manpower, and financial forecasts
• Milestones and metrics: Targets and KPIs

Customize the template with your company logo and contact details, and easily navigate to different sections using the collapsible table of contents. The mini prompts under each section guide you on what to include—with suggestions on how to present the data (e.g., bullet lists, pictures, charts, and tables). 

You can share the document with anyone via URL and collaborate in real time. And when the business plan is ready, you have the option to print it or export it to PDF, HTML, or Markdown.

But that’s not all. This template is equipped with basic and enterprise project management features to streamline the business plan creation process . The Topics List view has a list of all the different sections and subsections of the template and allows you to assign it to a team member, set a due date, and attach relevant documents and references.

Switch from List to Board view to track and update task statuses according to the following: To Do, In Progress, Needs Revision, and Complete. 

This template is a comprehensive toolkit for documenting the different sections of your business plan and streamlining the creation process to ensure it’s completed on time. 🗓️

If you’re looking for a tool to kickstart or update your sales plan, ClickUp’s Sales Plan Template has got you covered. This sales plan template features a project summary list with tasks to help you craft a comprehensive and effective sales strategy. Some of these tasks include:

• Determine sales objectives and goals
• Draft positioning statement
• Perform competitive analysis
• Draft ideal customer persona
• Create a lead generation strategy

Assign each task to a specific individual or team, set priority levels , and add due dates. Specify what section of the sales plan each task belongs to (e.g., executive summary, revenue goals, team structure, etc.), deliverable type (such as document, task, or meeting), and approval state (like pending, needs revisions, and approved).

And in ClickUp style, you can switch to multiple views: List for a list of all tasks, Board for visual task management, Timeline for an overview of task durations, and Gantt to get a view of task dependencies. 

This simple business plan template is perfect for any type of business looking to create a winning sales strategy while clarifying team roles and keeping tasks organized. ✨

Thinking about scaling your business’s reach and operations but unsure where or how to start? It can be overwhelming, no doubt—you need a clear vision, measurable goals, and an actionable plan that every member of your team can rally behind. 

Thankfully, ClickUp’s Business Development Action Plan Template is designed to use automations to simplify this process so every step toward your business growth is clear, trackable, and actionable.

Start by assessing your current situation and deciding on your main growth goal. Are you aiming to increase revenue, tap into new markets, or introduce new products or services? With ClickUp Whiteboards or Docs, brainstorm and collaborate with your team on this decision.

Set and track your short- and long-term growth goals with ClickUp’s Goals , break them down into smaller targets, and assign these targets to team members, complete with due dates. Add these targets to a new ClickUp Dashboard to track real-time progress and celebrate small wins. 🎉

Whether you’re a startup or small business owner looking to hit your next major milestone or an established business exploring new avenues, this template keeps your team aligned, engaged, and informed every step of the way.

ClickUp’s Business Roadmap Template is your go-to for mapping out major strategies and initiatives in areas like revenue growth, brand awareness, community engagement, and customer satisfaction. 

Use the List view to populate tasks under each initiative. With Custom Fields, you can capture which business category (e.g., Product, Operations, Sales & Marketing, etc.) tasks fall under and which quarter they’re slated for. You can also link to relevant documents and resources and evaluate tasks by effort and impact to ensure the most critical tasks get the attention they deserve. 👀

Depending on your focus, this template provides different views to show just what you need. For example, the All Initiatives per Quarter view lets you focus on what’s ahead by seeing tasks that need completion within a specific quarter. This ensures timely execution and helps in aligning resources effectively for the short term.

This template is ideal for business executives and management teams who need to coordinate multiple short- and long-term initiatives and business strategies.

In business, unexpected threats to operations can arise at any moment. Whether it’s economic turbulence, a global health crisis, or supply chain interruptions, every company needs to be ready. ClickUp’s Business Continuity Plan Template lets you prepare proactively for these unforeseen challenges.

The template organizes tasks into three main categories:

• Priorities: Tasks that need immediate attention
• Continuity coverage: Tasks that must continue despite challenges
• Guiding principles: Resources and protocols to ensure smooth operations

The Board view makes it easy to visualize all the tasks under each of these categories. And the Priorities List sorts tasks by those that are overdue, the upcoming ones, and then the ones due later.

In times of uncertainty, being prepared is your best strategy. This template helps your business not just survive but thrive in challenging situations, keeping your customers, employees, and investors satisfied. 🤝

Looking to execute your business plan the “lean” way? Use ClickUp’s Lean Business Plan Template . It’s designed to help you optimize resource usage and cut unnecessary steps—giving you better results with less effort.

In the Plan Summary List view, list all the tasks that need to get done. Add specific details like who’s doing each task, when it’s due, and which part of the Business Model Canvas (BMC) it falls under. The By Priority view sorts this list based on priorities like Urgent, High, Normal, and Low. This makes it easy to spot the most important tasks and tackle them first.

Additionally, the Board view gives you an overview of task progression from start to finish. And the BMC view rearranges these tasks based on the various BMC components. 

Each task can further be broken down into subtasks and multiple checklists to ensure all related action items are executed. ✔️

This template is an invaluable resource for startups and large enterprises looking to maximize process efficiencies and results in a streamlined and cost-effective way.

The Small Business Action Plan Template by ClickUp is tailor-made for small businesses looking to transform their business ideas and goals into actionable steps and, eventually, into reality. 

It provides a simple and organized framework for creating, assigning, prioritizing, and tracking tasks. And in effect, it ensures that goals are not just set but achieved. Through the native dashboard and goal-setting features, you can monitor task progress and how they move you closer to achieving your goals.

Thanks to ClickUp’s robust communication features like chat, comments, and @mentions, it’s easy to get every team member on the same page and quickly address questions or concerns.

Use this action plan template to hit your business goals by streamlining your internal processes and aligning team efforts.

For larger businesses and scaling enterprises, getting different departments to work together toward a big goal can be challenging. The ClickUp Strategic Business Roadmap Template makes it easier by giving you a clear plan to follow.

This template is packaged in a folder and split into different lists for each department in your business, like Sales, Product, Marketing, and Enablement. This way, every team can focus on their tasks while collectively contributing to the bigger goal.

There are multiple viewing options available for team members. These include:

• Progress Board: Visualize tasks that are on track, those at risk, and those behind
• Gantt view: Get an overview of project timelines and dependencies
• Team view: See what each team member is working on so you can balance workloads for maximum productivity

While this template may feel overwhelming at first, the getting started guide offers a step-by-step breakdown to help you navigate it with ease. And like all ClickUp templates, you can easily customize it to suit your business needs and preferences.

Microsoft’s 20-page traditional business plan template simplifies the process of drafting comprehensive business plans. It’s made up of different sections, including:

• Executive summary : Highlights, objectives, mission statement, and keys to success
• Description of business: Company ownership and legal structure, hours of operation, products and services, suppliers, financial plans, etc.
• Marketing: Market analysis, market segmentation, competition, and pricing
• Appendix: Start-up expenses, cash flow statements, income statements, sales forecast, milestones, break-even analysis, etc.

The table of contents makes it easy to move to different sections of the document. And the text placeholders under each section provide clarity on the specific details required—making the process easier for users who may not be familiar with certain business terminology.

No business template roundup is complete without an Excel template. This business plan template lets you work on your business financials in Excel. It comes with customizable tables, formulas, and charts to help you look at the following areas:

• Highlight charts
• Market analysis
• Start-up assets and expenses
• Sales forecasts
• Profit and loss
• Balance sheet
• Cash flow projections
• Break-even analysis

This Excel template is especially useful when you want to create a clear and visual financial section for your business plan document—an essential element for attracting investors and lenders. However, there might be a steep learning curve to using this template if you’re not familiar with business financial planning and using Excel.

Try a Free Business Plan Template in ClickUp

Launching and running a successful business requires a well-thought-out and carefully crafted business plan. However, the business planning process doesn’t have to be complicated, boring, or take up too much time. Use any of the above 10 free business plan formats to simplify and speed up the process.

ClickUp templates go beyond offering a solid foundation to build your business plans. They come with extensive project management features to turn your vision into reality. And that’s not all— ClickUp’s template library offers over 1,000 additional templates to help manage various aspects of your business, from decision-making to product development to resource management .

Sign up for ClickUp’s Free Forever Plan today to fast-track your business’s growth! 🏆

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Powerful business plan templates

Plan for the future, no matter what your business plans are or the size of your business with these designs and templates. whether it's just one big project or an entire organization's worth of dreams, these templates will keep you and your company on track from ideation to completion..

Put your ideas to work with simple templates for every business plan

Every successful business took a lot of planning to get there, and these templates will be cornerstones of your future success. Whether you're looking to attract new business, pitch your services or reimagine your company, with these simple, customizable templates at your fingertips you can turn complexity into something tangible. These templates can become marketing assets or simply remain internal touchpoints for your team. And as your dreams change, you'll always have this template to refer to – it's easy to change what exists on paper. If you're a small business, focusing on your niche can help you dominate in your field, and you can forge a plan to figure out exactly what that niche might be and how to target your ideal customer . When it's time to share your vision with stakeholders, craft a presentation that outlines your plan succinctly and with style. Let these templates from Microsoft Designer be your partner in business strategy for years to come.

Business plan template

Streamline your strategic planning process with a free business plan template.

Leverage a professional business plan template to streamline your strategic planning process. It guides you through each critical aspect of your business, from market research to financial statements, ensuring that no essential detail is overlooked. With this template, organizing your business strategy and defining target customers becomes a more efficient, clear, and manageable task.

Try TimeCamp Planner for improved team collaboration and efficiency

The Importance of a Best Business Plan Template

A robust business plan is the foundation of any successful venture. It serves as a roadmap, guiding through the stages of growth and business development. A comprehensive business plan outlines objectives, strategies, and the means to achieve them, providing clarity and direction. It is essential not only for internal planning but also for communicating the business vision to potential investors and partners.

Overview of a Business Plan Template Structure

The structure of a business plan is critical to its effectiveness. It typically includes a summary, company overview, business model, market research, marketing plan, revenue and expense projections, and details about the management team. Each section plays a vital role in presenting a well-rounded view of the business, its goals, and its strategies. A well-structured business plan is not just a document; it's a strategic tool that can significantly influence the success of a business.

Crafting an Impactful Executive Summary with Simple Business Plan Templates

Key elements of a business plan executive summary.

The executive summary is a concise overview of the business plan, highlighting its key points. It should include the company description, business concept, primary objectives, market opportunity, income statement, and a summary of financial projections. This section is crucial as it's often the first part read by investors and stakeholders, and it sets the tone for the rest of the business plan.

Communicating Your Vision Effectively

Effectively communicating the business vision in the executive summary of the business plan template is vital. This section should encapsulate the essence of the business plan, conveying the ambition, potential, and direction of the business. It needs to be compelling enough to grab the reader's attention and encourage them to read further.

Conducting Thorough Market Analysis

Strategies for effective market analysis.

Market analysis is a critical component of the business plan. It involves examining the industry, target market, and competition. Effective competitive analysis requires gathering substantial data and insights to understand market trends, customer needs, and competitive dynamics. This analysis forms the basis for making informed decisions and strategies.

Interpreting Market Trends and Consumer Needs

Interpreting market trends and consumer needs is vital in positioning the existing business for success. This part of the competitor analysis helps in identifying opportunities and threats within the market and guides the development of strategies to address them. A thorough understanding of the market ensures that the business plan is grounded in reality and has a higher chance of success.

Developing a Strong Marketing Strategy with a Free Business Plan Template

Components of a successful marketing and business plan.

Marketing plans outline strategies for promoting products or services to the target audience. It should detail the marketing mix – product, price, place, and promotion – and explain how these elements will be utilized to reach the market effectively. Well-crafted marketing plans not only identify the target market but also outline specific actions for engaging with potential customers, enhancing brand visibility, and driving sales.

Aligning Marketing Strategies with Business Goals

Aligning marketing strategies with business goals is crucial for the success of any winning business plan. This alignment ensures that marketing efforts are not just tactical but strategic, contributing directly to the achievement of overall business objectives. It requires a deep understanding of both the business goals and the dynamics of the market to create a marketing plan that effectively bridges the gap between the two.

Building Financial Success

Projecting financials and managing budgets.

The finance plan section of the written business plan involves projecting financials, seeking financing, and managing budgets. This section should provide detailed financial forecasts, including income statements, cash flow statements, and balance sheets for the next few years. It's crucial for demonstrating the financial viability of the business and planning for future growth. Accurate financial projections help in making informed decisions about budget allocation, pricing strategies, and funding requirements.

Strategies to Secure Funding and Financial Growth

Strategies to secure funding are a key part of the financial plan. This involves identifying potential sources of funding, such as loans, investors, or grants, and developing a compelling case to secure these funds. The financial plan should convincingly show how the funds will be used to grow the business and how this growth will be financially sustainable in the long run.

Creating a Competitive Advantage

Identifying and leveraging competitive strengths.

Creating a competitive strength service offering is about identifying and leveraging the unique strengths or differentiators of the business. This could be through superior technology, innovative products, exceptional service, or strong brand positioning. The business plan should articulate these competitive strengths clearly and demonstrate how they will be used to capture market share and achieve business goals.

Sustaining Competitive Advantage in a Changing Market

Sustaining competitive business ideas in a constantly evolving market is challenging. The simple business plan template should outline strategies for maintaining this advantage, such as continuous innovation, adaptability to market changes, and consistent customer engagement. It's about creating a long-term financial plan to stay ahead of competitors and remain relevant in the market.

Assembling an Effective Management Team

Criteria for selecting management team members.

An effective managers team is essential for the success of any detailed business plan. The criteria for selecting key members should focus on diverse skills, experience, and leadership qualities. Each member should bring a unique set of abilities to the table, complementing each other and contributing to a well-rounded leadership team. A well-researched business plan should detail the roles, backgrounds, and responsibilities of each team member, showcasing how their collective expertise will drive the business forward.

Roles and Responsibilities within the Business Planning Team

Defining the roles and responsibilities within the managers' team and business partners is crucial for effective business plans. A successful business plan should clearly outline who is responsible for what areas of the business, ensuring accountability and efficiency. This clarity helps in avoiding overlaps and gaps in leadership, leading to better decision-making and a more cohesive team dynamic.

Navigating Legal and Regulatory Frameworks

Understanding legal requirements and compliance.

Navigating legal and regulatory frameworks is a non-negotiable aspect of any business plan. It involves understanding and complying with all relevant laws, regulations, and industry standards. This section should detail the legal considerations pertinent to the business, such as licenses, permits, and compliance requirements. Adequate attention to legalities not only protects the business from potential liabilities but also builds trust with stakeholders.

Mitigating Risks through Strategic Planning

Mitigating risks through strategic planning is essential for safeguarding a business idea. The business plan template should identify potential risks – financial, operational, legal, and market-related – and outline strategies to mitigate them. This includes plans for risk management, insurance, and contingency planning, ensuring the business is well-prepared for unforeseen challenges.

Utilizing Free Business Plan Templates

Advantages of using a printable business plan template.

Utilizing a free business template can be a practical starting point for drafting a new business plan. These templates provide a structured format and essential guidelines, which can be particularly beneficial for first-time entrepreneurs or small business owners. They help in organizing thoughts, ensuring all critical components of business plans are covered, and saving time in the planning process.

Customizing Templates to Fit Specific Business Needs

While free business templates offer a solid foundation, customizing them to fit specific business needs is crucial. This customization involves adapting the template to reflect the unique aspects of the new business, its industry, and its market. Tailoring the template ensures that the business plan format is relevant, focused, and aligned with the business’s specific goals and strategies.

Integrating TimeCamp Planner in Business Planning

Enhancing solid business plan execution with timecamp planner.

Integrating TimeCamp Planner into writing a business plan can significantly enhance execution efficiency. TimeCamp Planner offers features that support task management, time tracking, and progress monitoring – all crucial for implementing the strategies outlined in the business plan. Its use can lead to better resource allocation, improved time management, and more effective project execution.

TimeCamp Planner’s Role in Streamlining Business Processes

TimeCamp Planner plays a pivotal role in the writing process and streamlining established business processes, aligning perfectly with the principles of effective business planning. It provides insights into productivity, helps in identifying bottlenecks, and offers data-driven analytics for continuous improvement. Incorporating TimeCamp Planner in the business plan demonstrates a commitment to using advanced tools for optimal business management.

Conclusion: Executing and Revising Your Simple Business Plan Template

The journey from business planning to business success.

The journey from drafting a business plan template to achieving business success involves diligent execution and constant revision. A well-crafted business plan sets the stage, but it is the ongoing effort, adaptability, and commitment to the plan that ultimately lead to success. Regularly reviewing and updating the business plan in response to market changes, business growth, and new opportunities is crucial.

The Importance of Continual Plan Evaluation and Adaptation

Continual evaluation and adaptation of a business plan template is essential in today's dynamic business environment. The business plan template should not be a static document; it needs to evolve as the business grows and the market changes. Periodic reviews and updates help in staying relevant, addressing new challenges, and seizing emerging opportunities.

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The Ultimate Business Plan Template

May 22, 2023 - 10 min read

Business plan templates set you up for success by providing a framework to guide you through setting goals and planning crucial aspects of your business, like operations, marketing, and financials. 

A one-page business plan template compiles the essential information you need to explain your business and present it in the best light to investors, partners, suppliers, vendors, and employees. It is a brief document that organizes and communicates the most impressive, practical, and persuasive details of your business.

Depending on your business case — e.g., raising funds, launching a new product, or updating workflows and processes — you can add or remove specific sections in your business plan template to fit your needs. Using a business plan template frees up and saves valuable time and effort by providing guidance on what to include and highlight while ensuring you don’t overlook any necessary details.  

There are many business plan types, including startup business plans , expansion plans, business operational plans , and lean or one-page business plans. These plans have different goals and help entrepreneurs and small business owners sustain momentum and growth through different phases. 

This article will teach you how to write a business plan effectively. We ’ ll discuss the essential sections of a business plan, tips to complete each one, and mistakes to avoid. You can begin right now by downloading one of Wrike’s business-focused templates .

Is a business plan really necessary? 

As the world of work accelerates with the speed of innovation, globalization, and remote work , many practices are changing. Transactions and negotiations that would have taken months to complete can now transpire in hours or days using video conferencing and other collaborative tools . Seeking confirmation, giving feedback, signing contracts, and closing deals are done more efficiently and across many borders. 

But even so, business plans are as essential and valuable as ever. Widely used is the one-page business plan, which is a quick, concise way to summarize and present your business ’ s status, current needs, and projected future. One-page business plans help illustrate where your business is and how you plan to achieve its potential. Investors, partners, and stakeholders can see the main points at a glance and decide whether to continue conversations, turn down the offer, or agree to your ask. 

Business plan templates help simplify the process of creating thorough and effective business plans. They get you past the initial blank page and provide a structure for building your own professional and comprehensive business plan in minutes or hours, not days or weeks. These templates make it easy to visualize viable exit strategies and desired business outcomes, promoting strategic and impactful decision-making as a sole entrepreneur, small business, or CEO of a fast-growing startup answering to shareholders.

Business plans help to: 

• Get more clarity on your business roadmap : Whether you ’ re a first-time entrepreneur or a small business owner looking to raise funds, business plans clarify your goals and organizational objectives for different periods, e.g., one to five years. Clear goals translate to actionable plans. Teams can break them down into tasks and projects and chart a timeline to achieve milestones. 
• Pitch and raise funds from investors: The most common reason people do the hard task of creating business plans in the first place is to pitch their startup or business idea to investors, bankers, or venture capitalists. A business plan shows you're serious about your business and communicates the business's potential. If your plan is clear and investors are convinced, you can raise the funds you need. 
• Convince stakeholders: There are many instances in business when you have to convince others to buy into a new idea or try new ways to improve the company ’s bottom line. Teams and project managers create internal business plans to present their cases and convince stakeholders about the viability of their proposed solution. A well-done business plan can win the necessary sponsorship and stakeholder support you need.
• Navigate potential risks: A business plan template ensures you cover all crucial aspects of your business. It creates visibility into potential risks and challenges the business or project may face as well as an opportunity for proactive brainstorming and strategy development to mitigate these risks.

How long should your business plan be?

A conventional business plan can be many pages long. The ideal length is whatever is required to explain the business adequately and excite your readers about its potential. Business plans can be from as few as five to as many as 25 pages. However, it’s advisable to keep it as short as possible to hold your readers ’ attention through most of it. 

A one-page business plan is a condensed, lightweight version of a conventional business plan. The one-page plan illustrates what your business does by summarizing its mission, operations, marketing, and financial forecasts on one page. 

You use visual elements like graphs and charts, bullet points, summaries, and clever formatting to keep the one-page plan informative, engaging, and clear for readers to understand. Answer frequently recurring questions in the appendices and carry along useful, additional documents to provide details and proof of work when seeking investment. Investors want to know your business can be profitable, and they can cash out. They ’ d like to see evidence of a viable market and customer interest. 

How do I write a simple business plan?

Before you begin writing your business plan, talk to your customers and employees to validate and shape your business concept. It doesn ’ t matter if you ’ re just beginning to grow your business or raising another round for expansion. 

Writing a business plan starts with speaking to people on the ground — customers, leads, residents, consumers, employees, and any other groups that directly use and experience your products, services, and business management . 

Once you have their input, you can start writing your business plan by completing the seven sections below. 

Essential components of a business plan

Every business plan should include the following sections:

• Executive summary
• Company description
• Products and services
• Market analysis
• Management team
• Financial plan
• Operational plan

These seven parts cover the crucial areas that keep a business running and successful. Without clarity on any section, you may struggle to build a thriving business. 

1. Executive summary

The executive summary outlines your one-page business plan. It introduces what readers can expect in the following sections and highlights the most impressive statistics and information in the business plan to pique their interest.

Executive summaries should be concise. Every sentence should be necessary and add value to the plan. Here ’ s an example of a one-page business plan executive summary:

Marigold Panes, a joint venture between a shipping and manufacturing company, aims to expand its successful European portfolio and capture a significant percentage of the rapidly growing North American window pane renovation market, focused on modern styles for residential and commercial spaces. This niche market is expanding at 12.6% yearly. It generated $19 billion in the US alone in the last year. Building on its success in Europe, Marigold Panes aims to establish a similarly structured company in the US within the next six months, using a hyper-localized go-to-market strategy across selected major cities.

2. Company description

The company description section should explain what your business does, highlighting your business model, industry, and type.

Include a clear mission and vision statement to set the foundation for your organization’s purpose, values, and long-term goals. This provides clarity and context around your business presence, creating a shared understanding of the business’s key objectives, guiding decision-making, inspiring teams, and setting the stage for long-term success.

Stating your mission and vision statements early in the business plan helps establish a sense of purpose from the outset. Be firm yet flexible to allow room for adapting to changing market conditions while remaining true to the company’s core values.

Continuing with the Marigold Panes example, let ’ s see what a company description may look like.

• Introduction: Marigold Panes is a partnership between a shipping and a manufacturing company focused on winning window pane renovation projects from North America.
• Business type: Joint venture (JV) , i.e., a partnership between two entities: a shipping company and a manufacturing company. 
• Founding team: Partnering companies have a track record of delivering high-quality projects in their industries. This JV brings a double assurance of quality and standards for the market in North America. Both companies have strong executive and management teams with experience and expertise in fields apart from the core two.
• Business mission: Marigold Panes ’ mission is to source, manufacture, and ship the highest - quality window panes worldwide. 
• Establish a trustworthy brand presence in North America.
• Grow customer base >15% month on month.
• Meet a revenue target of $2 billion from the North American market within three years

3. Products and services

Your plan ’ s products and services section should outline all the business ’ s products and services. This should include your current products and services, those in the pipeline, and any others you plan to launch. Add necessary details about each one, so readers have a concise yet clear understanding of them.

Ensure you ’ re clear about ownership and copyright issues for every product or service listed. Share details about the workflows and processes that enable your business production and allow you to deliver successfully to customers.

Continuing with Marigold Panes, its products and services section may look like this: 

• Procurement of window pane materials
• Manufacturing of window panes
• Shipping of window panes
• Managing window pane disposal
• Windowpane renovation projects

4. Market analysis

Your market analysis section should highlight the most important peculiarities about your target market and customer types, presenting research that validates the products and services. Depending on the stage your company is at, your market research section may be more focused on total market size, percentage of market share, rate of market share growth, or competitor activities. 

Break down your total market into smaller segments based on factors such as demographics, location, and priority needs. This will help identify the size and value of a specific target audience within the broader market, enabling you to create tailored marketing strategies for reaching and appealing to different market segments.

Market research helps you learn about your industry ’ s current demand and supply balance, how best to position yourself to solve the market ’ s needs, the most viable segments within it, and the best strategies for achieving product/market fit. It helps teams understand target customers’ pain points, needs, and preferences. That way, companies can create a product or service that effectively addresses particular needs, leading to high demand and customer satisfaction.

You can use the popular SWOT analysis (strengths, weaknesses, opportunities, and threats) technique to show your company ’ s positioning and competitive advantages. SWOT analyses are excellent complements to one-page plans as they convey so much information about your business operations, positioning, and potential using little space on the page. 

For Marigold Panes, it would start by listing all the window pane companies in North America operating for over two years and conducting above $500 million in annual revenue. It can then research the shortlisted companies and learn its business weaknesses and strengths compared to them. 

5. Management team

The management team section outlines your business ’ s top, most critical personnel and their expertise, experience, and credentials. This should show your organizational hierarchy and business ’ s legal structure. 

For Marigold Panes, it may list the personnel working on the new partnership from the executive and management teams of both companies.

Ensure that every team member in your business plan is credible, competent, and quick at their job — with the capacity and ability to convey your business goals and convince stakeholders your team and organization can execute their projects. 

6. Financial plan

Not all business plans need an in-depth financial plan, but every one needs a well-done forecast and estimations to show where the business is currently and how you plan to grow from there. A financial plan section provides a snapshot of your business ’ s current and future financial health. It shows investors whether your business will become profitable, where you spend the most money, and how fast you spend it. 

For a one-page plan, you only need an overview of your financial activities and projections, including where your capital came from, how much runway you have, the cash burn rate, how much investment you need for the next round, and how you plan to use the money. 

Your finances may be in the red and making losses when you ’ re just starting your business. Investors expect this and are more interested in learning how and when you plan to break even, pay off any loans, and start to make profit. 

Our example, Marigold Panes, is a partnership between two existing companies. Its financial plan for the new joint venture would include a balance sheet summary showing assets, liabilities, and capital of the new joint venture, as well as additional financial data including periodic projections.

7. Operational plan

The operational plan section in your one-page business plan should include a summary of what needs to be done to transform your raw materials into finished products and how they will be delivered to customers. 

The operational plan outlines your business ’ s main goals and the processes, tasks, and milestones to reach them. Think of how your products and services are created from scratch. What essential tasks, expenses, and steps must be taken every time to create the product/service or achieve a goal? Operational planning is best optimized with project tracking software such as Wrike to ensure smooth and efficient collaborative workflows, encouraging progress from one phase to the next.

For Marigold Panes, the operational plan may include getting procurement quotes from international suppliers, a system for estimating production costs on each new project, manufacturing equipment to design the panes, and manufactured/sales inventory for shipping to customers.

Business plan example

Here is a one-page business plan example to inspire your own. This business plan example has fields for your: 

• Executive summary: In this section, write a brief, compelling summary of your business plan
• Company description: Detail a comprehensive overview of your company, including its legal structure, mission, vision, and objectives
• Products and services: Here, you focus on the products or services your company offers, highlighting the unique selling points that differentiate your offerings from competitors
• Management team: Introduce your management team, emphasizing their skills, experiences, and qualifications that are relevant to your industry and company
• Marketing analysis: In this section, present a thorough analysis of your target market, including market segmentation, target audience identification, market size, growth potential, and competitor analysis
• Financial plan: In this section, outline the company’s financial projections and goals
• Operational plan: List the day-to-day processes, tools, and procedures required to run the business effectively

Business plan best practices

Follow the following best practices to create an effective plan for your business: 

• Be realistic: Use figures as close to current reality as possible to create budgets and estimate fixed and variable costs over time. This applies to timelines and schedules as well. Take note when the actual work being done begins to deviate from the planned work and resources . 
• Conduct quality research: Gather the figures, dates, and other data used in preparing your business plan from reputable, unbiased, authoritative sources. Cite these sources in the appendices of your plan.
• Review and iterate: One-page business plans are lean enough to be easily adjusted to reflect market fluctuations, economic changes, and any other variations. Iterating and updating your business plans regularly ensures your team members and stakeholders work using the latest findings and stay aligned on the same goals and timelines. 
• Focus on your business strengths: Showcase the best reasons for anyone to want to partner, support, or invest in your business. If you have impressive financial projections or a highly skilled management team, emphasize these sections in your plan. When you illustrate weaknesses, ensure you have a solution for them in your roadmap. 
• Have your documents on hand: Your readers may want to look deeper into some assumptions of your plan. Have answers to frequently asked questions in the appendices and hold on to copies of practical documents you can share. 

What to avoid when writing a business plan

Business plans are developed to communicate business goals and convince important stakeholders to believe in, and possibly invest in, your company. It is important to keep this in mind when creating a business plan. This way, you write to impress and convince the reader rather than simply presenting facts and figures about the business. Keep the following tips in mind and avoid commonly made mistakes in business planning:

• Make your business plan easy to scan. Separate sections, color-code where possible, and format your document to look inviting. Avoid long blocks of text and vary the way you present your data, e.g., using visual charts and bullet points.
• Avoid including irrelevant information in your plan. You have limited space on a single page, so make sure every sentence and section serves a purpose. Your business plan should be packed with data that shows your business is on track to increase profitability with your team and anticipated resources.
• Avoid ambiguity. Be clear about where you are in your business and what you need to get to the next stage so your readers or investors know exactly what’s required and how they can be a part of it. Put yourself in their shoes and consider what ’ s most important for them to know to make a favorable decision. For instance, instead of focusing on your product ’ s features and technology, you focus on your audience ’ s needs, e.g., the financial viability and operational feasibility of your plan.
• Maintain a realistic perspective: Avoid overly optimistic projections, especially in the financial projections, day-to-day capabilities of the team, and estimated output and revenue at key milestones. This helps to plan a realistic runway, show your resource management strategies, and lead your business toward success. Overconfident estimates can also damage your business’s credibility and discourage potential investors. Make sure to address your competitors’ activities to show how you plan to differentiate and position your company.

Use Wrike to create the best business plan for your growing business

Wrike helps entrepreneurs, business owners, intrapreneurs, and teams create business plans easily. You can organize your projects using folders and sub-folders and assign them to specific team members or groups with a shared timeline and completion date. Wrike takes business planning from passive to active in this way. 

You can begin writing your project objectives , invite involved team members and stakeholders, and request their input in creating the business plan where necessary. For example, the accounting manager fills out the details required in the financial plan section, while the operations manager fills out the operations guidelines. 

Even a solo team can gain many benefits from planning with Wrike. From templates to reduce rework to workload charts that show your task assignments, Wrike helps make planning and managing your business efficient. Get started with a free trial today to plan and run your business better.

Kelechi Udoagwu

Kelechi is a freelance writer and founder of Week of Saturdays, a platform for digital freelancers and remote workers living in Africa.

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How to Create an Internal Business Plan for a New Company Initiative

It is important to put together a complete, comprehensive internal business plan for a few reasons.

Business plans for start-up companies have become mainstays in the business world. But more and more company initiatives and projects have begun to require business plans as a way of validating prudent investments and company spend as maturing businesses look for innovation within to drive future revenue growth. A time may come in a business or a division when you have a new idea or product you believe will equal big revenue for the company, but how do you convey your message to the larger organization? As the world turns towards innovation and technology to drive growth in this mature economy, creating an internal business plan is becoming more and more commonplace, if not a necessity.

If you have a good working relationship with your executive team, business ideas should not be popping up out of the blue. Instead, you should have a platform for discussion in either staff meetings or one-on-one sessions with the executives. However, it is important to put together a complete, comprehensive internal business plan for a few reasons:

• It shows that you have your stuff together and can be organized and methodical about your plan.
• You will need to evangelize your new plan quickly and succinctly throughout the organization, and a detailed business plan is the most effective way to disseminate information.

Here are a few suggestions for inclusion in your business to improve the probability of gaining approval:

Executive Summary

The Executive Summary may be the most important part of the internal business plan as it cements the audience’s first impression of the project. This may be the only page many executives have time to read and discuss, so make sure it tells the story in a summarized manner. Style, visualization, and financial accuracy are all important aspect of this page.

Questions to ask and answer include:

• What is the idea?
• Where did it come from?
• How much to you believe its worth?
• What is the duration of investment?
• What is the financial impact?
• What is the mechanism we need to enact and unlock this new revenue stream?
• How does this project tie into and/or complement the overall strategy for the business and any other growth initiatives? (It is important to see how this product or service will become an integral part of the organization for years to come and not a one-off fad or an ill-conceived idea.)

It is very important to lay out your marketing strategy, as this will be the main focus point for management in understanding how realistic it will be to achieve your results. First, you need to identify your target market, whether it be a specific demographic or fanbase or creating a new segment. You will need to be very specific about your methods of attracting your target customers and the message you are going to represent to the overall market. If you are tapping into a new market, how will you get your message out there? If you are stealing share or competing against another rival, what will be your differentiation to gain share?

Without the right combination of message and means of delivering the message, even truly superior new products may have trouble gaining traction in the marketplace. If you can show that you already have customers lined up ready to purchase your products or services, this makes your case more convincing.

Management Team

Executives want to support new projects and new ideas, but they need to be confident in the people you put in charge. If you, as the author of the internal business plan, will not be directly operating the new product or service, but someone else on your team will be the main contact, you want to make sure they are a good fit for the project.

The team structure has to go beyond just your normal, everyday team configuration. It must show how each team member’s background and accomplishments contribute essential elements needed to succeed with this new venture. The project may involve more than one department, so you will want to show that you put time and effort into determining the team and define the responsibilities of each member. Make sure that you have a diverse group of people that have the availability to dedicate time to the project with a good mix of senior and junior employees.

Financial Projections

As the executive team decides whether they are going to approve of the investment in this new product or service, they have to consider whether they are going to get a sufficient return on their investment. Not only do they have to consider ROI, but in many companies where resources are limited and staffing up can be a political nightmare, business units also have to consider opportunity costs or tradeoffs related to moving individuals and not having them concentrate on already productive and proven products and services.

The financial projections provide clues about how well thought out the new products and services are as well as their financial viability. The executive team will look for whether the team has presented a reasonable forecast for revenue and profit growth that is both aggressive, but realistic for the business unit. When they see projections that seem unattainable, the project immediately loses credibility. Executive teams also want to see whether the management team backed up the projections with sound assumptions based on hard data obtained from industry sources – or were the projections simply guesswork. Financial projections in a business plan do not need to be voluminous or excessively complex. However, they do need to be clear and reasonable while being exciting from a ROI standpoint.

Getting Support for Your Internal Business Plan

While you may include additional information in your business plan, it is important to keep it short and succinct. It is also important that you dedicate the correct resources to develop, publish, and present this business plan. Our team at 8020 Consulting has experience putting together business plans for project and initiatives. You can contact us to learn more .

If you’d like to learn more about internal momentum toward business goals, we invite you to download our operational review program guide . It offers insights into how to organize meetings and set roles to encourage organizational traction:

About the Author

Lester has over 15 years of professional finance experience in strategic planning, forecasting and budgeting, financial analysis, and business evaluation. Prior to joining 8020 Consulting, Lester was the Director of Business Planning and Analysis at Warner Bros. and had previously worked as a Senior Manager of Retail Analysis and Manager of Finance for The Walt Disney Company. Additionally, Lester has held positions at Thomson Reuters and Public Financial Management. In his career, Lester also operated as the Chief Financial Officer for a consumer goods start-up company, where he oversaw the Accounting, Finance, Operations and HR functions. Lester’s expertise centers around FP&A, budgeting and forecasting, financial modeling, cause of change analysis, consolidation, industry analysis, and project management. Lester holds a Bachelor of Arts in Economics from Stanford University, and an MBA in Corporate Strategy and Finance from The University of Michigan, Ross School of Business.

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Top 10 Business-Plan Templates You Can Download Free

Why reinvent the wheel get free professional business plan templates at no cost..

Writing your business plan. Ughhhh.

It's definitely not the most exciting part of starting a business. In fact, if you're like a lot of entrepreneurs, you're probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding . Because that's the thing--your business plan is a pretty important.

Any funder worth his or her salt wants to see it right off the bat. Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows. Recently, I shared 18 Mistakes That Kill Startups , an infographic created by Mark Vital over at Funders and Founders.

A lot of those mistakes (most of them, in fact) are the result of poor planning. Bad location, a marginal niche, having no specific user in mind, raising too much or too little money--all of these issues can be prevented or at least mitigated with good planning.

Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It's an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities. It might even lead you to kill off aspects of your business before investing too much time or money in them.

That doesn't mean you have to bust out Word and start the plan from scratch. A template is great--you probably aren't doing anything that hasn't been done before, so it provides a proven structure for your plan. Pretty much everything on it can be customized. Check out these comprehensive business plan templates you can download for free to get you started:

1. Score's Business Plan Template for Startups

Score is an American nonprofit dedicated to helping entrepreneurs get their companies off the ground. Its template, available as a PDF or Word download, asks a whopping 150 questions and is generic enough to customize for most types of businesses. The Refining the Plan resource that comes with it is helpful, especially if this is your first crack at writing a business plan.

2. U.S. Small Business Administration Business Plan Engine

The SBA's template is available to fill out online and then download as a PDF. You can go back in and edit it as needed, so don't worry about having everything ready the first time you sit down to tackle it. Even broken into sections, it's a long document and a bit of a slog to get through, but it produces a professional-looking and useful business plan. This is particularly helpful if your idea isn't fully fleshed out and you know you have homework to do--it prompts you for information.

3. The $100 Startup's One-Page Business Plan

Who said a business plan has to be a long, complicated document? Some funders are going to want to see a lot of detail, but you can provide that in appendices. The $100 Startup, the website for the best-selling book of the same name, has a ton of stripped-down resources for entrepreneurs, including this super simplified business plan template.

4. LawDepot's WYSIWYG Business Plan Template

This one says you just have to answer a few simple questions and will be "done before you know it!" Don't believe it. A business plan should take time and a lot of homework, but if you've already done that, LawDepot's template is a decent choice. It walks you through getting started, marketing, product, competitive analysis, SWOT, and more, with a window below the input fields to show you the plan as you work away at it. You can download it free with a trial subscription, but you'll have to remember to cancel it within the week if you don't plan to continue using it.

Editor's Note: Looking for Business Loans for your company? If you would like information to help you choose the one that's right for you, use the questionnaire below to have our partner, BuyerZone, provide you with information for free:

5. sme toolkit business plan samples.

The SME Toolkit, jointly offered by IFC and IBM, offers a simple two-page outline of what should be included in your business plan to meet the minimum requirements of funders and tax authorities (in the U.S.). It contains 10 broad sections, including market analysis, management and organization, etc., with a one-paragraph explanation of each. A second download on the same page is an Excel file to help with your financial projections.

6. Office Online Templates Galore

Of course, Microsoft offers a ton of business plan templates for Office users (you can get birthday invitations while you're at it). If you'd rather do a business plan presentation than a Word doc, you can download one of Microsoft Office's half a dozen or so PowerPoint templates for just that purpose. You'll want to customize it with your company branding (you have your branding down, right?), but it's easier than starting from a blank PPT.

7. vFinance Inc. Business Plan Template and Guide

Global financial services firm vFinance offers a basic, 30-page business plan template to download from its website--one the company says has been downloaded more than a quarter of a million times. No, it won't be completely unique, but vFinance knows what it's doing and the template is pretty comprehensive. VFinance is the creator of the massive Venture Capital Directory and has tailored the plan to appeal to funders. If that's your goal, definitely check this one out.

8. Invoiceberry Templates for Word, Open Office, Excel, or PPT

U.K. online invoicing software brand Invoiceberry offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats. Each one also contains a marketing plan and executive summary template. There's a catch, though--the company asks you to take one of the following three actions before you can download the template: like it on Facebook, give it a +1 on Google+, or give it your email address. If you don't mind doing that, it's a good deal. Kudos to Invoiceberry for figuring out this effective lead-gen tactic too!

9. Santa Clara University's My Own Business Institute Plans

Santa Clara U's MOBI is an initiative of its Center for Entrepreneurship and Innovation at the Leavey School of Business. On the site, you can download each of the 15 business plan sections individually as Word documents, or grab all 15 together in one doc. There's a ton of other helpful resources as well, including guidelines for evaluating your potential sites, a list of key people to review your plan, and sample financial sheets.

10. RocketLawyer's Business Plan Templates by State

Like some of the others, you fill out RocketLawyer's form and download the business plan when you're done--but its template allows you to choose your state before getting started. These plans are tailored to meet your financing requirements in your state, which is a huge bonus for those seeking funding through banks. It's also heavily geared toward financing, making it a good choice if that's a priority for you.

Editorial Disclosure: Inc. writes about products and services in this and other articles. These articles are editorially independent - that means editors and reporters research and write on these products free of any influence of any marketing or sales departments. In other words, no one is telling our reporters or editors what to write or to include any particular positive or negative information about these products or services in the article. The article's content is entirely at the discretion of the reporter and editor. You will notice, however, that sometimes we include links to these products and services in the articles. When readers click on these links, and buy these products or services, Inc may be compensated. This e-commerce based advertising model - like every other ad on our article pages - has no impact on our editorial coverage. Reporters and editors don't add those links, nor will they manage them. This advertising model, like others you see on Inc, supports the independent journalism you find on this site.

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Writing an internal business plan

Beyond external, there are many internal reasons to write a business plan to support business success.

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While all of the reasons for writing a business plan are usually described as external, such as landing investors or recruiting quality talent – there are plenty of reasons to make an internal business plan as well. Generally, such a plan is there to act as a roadmap for the company’s success; something to remind everyone of the joint vision they are working towards.

Business plan writing tips & advice for the avid entrepreneur

Why is a business plan important and who is it for, can a business plan improve your organisational performance, why make an internal business plan.

Generally, many large businesses utilise internal business plans to make sure that the overall company vision is not compromised and easily communicated to everyone. That sort of strategic direction is not easy to achieve solely by meetings and memos, especially if sprawling corporate structures are involved. Plus, the information laid out in such ways is always prone to change; which is why business plans are there to provide a more long-term, future-oriented set of values and motives.

Apart from that, as you will see in detail below; internal business plans are less focused on the financial aspect of running a business, at least when everything is functioning correctly in that regard. Instead, such plans are more often used to establish a set of metrics that the staff can use to see how hard they are working. Additionally, they are there to enable better performance management by upper management; ensuring that everyone realised what they need to do for their job performance not to suffer, and precisely what is expected of them in the workplace.

Overall, internal business plans allow for a higher degree of control and coordination among different levels of management and employees. Not only is communication vastly improved by the elimination of superfluous dilemmas; but the staff is also better able to voice their pleasure or concerns about where the company is going in the commercial and cultural sense. Such a plan is as much suited for staff empowerment as it is for better management .

Mission statement

If vision is about imagining and looking forward; your mission is very much about the present, and doing. In other words – you want to focus your mission statement on the practical, everyday actions that company employees can undertake to itch closer to the future forecast of the vision statement. So, make sure to lay out what kind of behaviours and actions must be done for your business to get where you want it to go.

For customer-oriented companies, the mission statement can also contain a succinct description of what the most average target consumer is for the company; something all employees will keep in mind. And then, tackle the public image of your company; what it is currently, what you want it to become, and what everyone needs to do to attain that image. That will bring a unique definition to your business in the eyes of the public, and give everyone a sense of clarity about what kind of collective they’re in.

If you want to bring even more clarity to your business, the only thing you can do is provide more specific desired outcomes for the future of your business. With that in mind, make sure to use your internal business plan to lay out a clear set of objectives for everyone who has access to it. Once you manage that, you will have a perfect guiding light to keep everyone involved headed in the proper direction.

Unlike the broader mission statement, your objectives should be less long-term and much more detail-oriented and specific. For example, you may want to choose a realistic revenue target and a reasonable date for hitting it. Then, think of what all of your employees need to do to manage this. And give them a set of objectives all of them are capable of understanding and working towards. Naturally, these must be in perfect alignment with your mission and vision, for the business plan to give a meaningful structure to your company culture .

Strategies are more general activities that your management must employ to reach the desired objectives. You want to make sure these are spelt out clearly, but they can be pretty broad in terms of scope. Remember – these will act as a bridge between your objectives and the practical actions that must be taken.

If you’re looking for examples, think in terms of detailed quarterly or monthly reviews, and better measurements of certain metrics to reach specific objectives. For example, most of your employees may need to work on revamping the quality control process at all production stages.

Action plans

Action plans are a part of the internal business plan; usually there to tie in a particular activity from a strategy with your set of objectives. Let’s clear this up a bit. Actions could mean the creation of a new product or a more modern marketing plan. It could also be the process of developing or investing in new systems. That is something you want to plan out annually and with strict deadlines.

Sustainability

Before you round out your internal business plan, there’s one crucial question you need to ask yourself. Namely, is your company capable of doing everything that this plan sets out to do? After all, with so many different management plans that are a part of this overall plan, it may all seem a bit overly ambitious. And while it sometimes just seems a bit confusing until everyone gets more comfortable with it; in many situations, an internal business plan may be too lofty to be realistic.

There’s no shame in making amendments to your internal business plan after it’s been circulated the company. After all, some things may prove to be not feasible after a couple of months. Or, an idea which seemed great to you, in the beginning, is now looking pretty outdated.

On the other hand, you don’t want to throw things out of the plan whenever they prove difficult to do; that’s also a recipe for disaster. Finding that middle ground between following an intricate, but realistic plan, and changing one that’s just not viable – that is something only a truly great manager is capable of.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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Creating a change management communications plan: a guide for IC and HR pros

September 6th, 2024 Alyssa Towns

Managing change is one thing; communicating changes to others is another. It’s not uncommon for organizations to task their internal communicators (ICers) and human resources (HR) professionals with the ultimate challenge of communicating a significant change. That might be a company-wide restructure, the celebration of a new acquisition, major rebrand, or something else bound to shake the stable ground. Especially in scenarios without a dedicated change manager, the change management communications plan often falls into your (capable!) hands.

You’re the expert in company-wide communication, but presenting changes can feel scarier. That’s normal. You likely want to ensure the changes are clear while maintaining a positive company culture, especially during times of uncertainty. Not to mention that change is no joke! We’re creatures of habit, and you know you’re about to impact someone’s day-to-day (sometimes for the better, and sometimes for the worse). 

You have big shoes to fill and an empathetic heart for doing so! But you don’t have to walk this journey alone. We’re here to help! You don’t need to be a change management expert to create a stellar change management communications plan . We’re sharing our best tips for effectively tailoring your communications strategy to convey change.

What is change management?

Even if you aren’t familiar with the discipline of change management, as an internal communicator or HR team member, you’re probably already practicing it! At a high level, change management helps organizations (and, more importantly, their people) adopt and navigate change by using specific strategies and tactics to encourage adoption and long-term sustainment. 

Project management and change management are complementary skills (and you use both of them). Here’s an example:

When managing a communications project, say an intranet implementation, you use your knowledge, skills, and tools to design and deliver an outcome. In this case, you’re using your skills to develop a plan to implement an intranet, which includes: defining your goals, choosing a provider, outlining roles, and migrating content, all on a project timeline. 

In the same project, change management includes applying a structured process to help your people use the new intranet (aka the behavioral changes needed to make this a success). Change management is the effort required to help them understand why you are adopting an intranet, how to use it, and how to implement it as part of their daily routine. 

Prosci , a global leader in change management solutions and creator of the popular ADKAR (Awareness, Desire, Knowledge, Ability, Reinforcement) model, summarized it best: “Change management is an enabling framework for managing the people side of change.” 

How does change management help internal communicators?

If you talk to a change management professional or change manager, they’d likely be quick to say that change management is much more than a communications plan . That’s true; there is a lot more to it. However, communication is a significant piece of an overall change strategy.

That’s because managing change requires communicating what is changing (in addition to the other valuable aspects of a change management plan (sponsorship and commitment from leaders, impact assessments, adoption strategies, training, and sustainment planning). Like this:   

In an ideal world, you’d partner with a change manager (either internal or a consultant) to develop a communications plan that meets your organization’s needs. Unfortunately, for team-of-one internal communicators, that’s not always an option. You still need a communications plan (and one that incorporates elements of change management) to help your organization succeed. 

Tips for creating your change management communications plan

Understanding change management techniques and frameworks can help internal communicators who don’t have access to a change manager craft more effective communications. It can also help IC and HR pros build a communication plan with the necessary elements to ensure their teams feel supported through change. 

Whether you’re solely responsible for creating change communications or working with others, you can use these questions to frame your messaging to get helpful results. Remember that as you segment your audience into smaller groups, the answers to these questions may vary depending on who you’re talking to. (So you might answer these questions for people managers and frontline employees, and the answers might look slightly different for each group.) 

What are the 3-5 key messages we want to convey in this communication?

One superpower you possess as an internal communicator is conveying the most critical and essential information to your audience. When communicating change, call on this superpower to work with leaders to define the 3-5 key messages you plan to share with your team. If you stretch past five key messages, employees might struggle to remember what’s most important. 

What happens if there are more key messages to share? 

There might be! But what can happen, especially when assisting with a truly big change, is that the message contents can grow and expand, eventually becoming too muddy. You can develop additional campaigns to support other initiatives related to the significant change, but you only have one shot to nail the initial message.

Things to think about

Your key messages can (and should) answer the following questions, as these are often the questions your team members will have right out of the gate: 

• What’s changing? Honesty and transparency are the best ways to support your team members, so be clear about what exactly is and is not changing.
• Why are we making this change? Relevance is key! If a change feels particularly surprising to employees, they might wonder why this came out of left field and why it must happen now. Explain your rationale, which leads into…
• What happens if we don’t? Through your communication, you can also rally around the idea that this change is mission-critical while emphasizing its time-sensitiveness. 

Use the Do-Say-Think-Feel model to define your outcomes 

Effective communications always have a clear intended purpose. Some common ones include educating team members (for example, sharing the end-of-year open enrollment timeline), requesting information (like an RSVP for the upcoming team happy hour), or encouraging participation in the annual employee engagement survey. 

With change, it’s not unusual or uncommon to want to create a more holistic experience, driving how you want team members to feel, respond, and act to a message. Thinking about your communication from the perspective of those on the receiving end can help guide you from point A to point B. 

One way to do this is to use a version of the empathy map created by XPLANE’s founder, Dave Gray . Essentially, empathy mapping helps people “get into the minds” of their audience using a human-centered approach. This concept translates well to internal communications and planning change-related messages.

• Do we need them to complete an action? 
• When do they need to do the thing? 
• Do we need them to take our initial message and have follow-up conversations? 
• What are our expectations, and have we conveyed them? 
• What will they say in response to our announcement? (Either directly to us or indirectly through actions, surveys, etc.)
• What are the key messages we hope they repeat amongst themselves? 
• What will managers say to their direct reports? 
• What do we want our team members to say about our business? (e.g., We supported them well throughout this process, and the change went great!) 
• What will they leave our communication thinking about our organization and future direction? Our leaders? Our industry? 
• How is their role, team, or world changing? 
• Will they think this is a solid path forward or a bad idea? (You can’t control what people think but can provide a well-structured argument for the former.) 
• Your staff should feel supported, inspired, encouraged, and trusting. 
• You probably don’t want them to feel afraid, stressed, or overwhelmed. 

Have we proactively addressed any concerns that might arise?

Internal communicators and HR professionals have the added benefit of being inside the organization’s walls; external parties don’t. So, even if you partner with a change management professional to bring your communications plan to life, this is your time to shine! 

You have more “ears on the ground” and a deeper understanding of the audience and how they might respond when they hear the upcoming news. The best change management communications proactively address employee concerns so they don’t have to ask (even if the change is positive). 

• “When I first heard about this change, what questions did I have?” If you asked, there’s a good chance someone on the team would have the same or a similar question. You can help ensure your leaders feel prepared to answer those questions before they come up. 
• “Are there any unintended consequences of this message?” What are the angles we haven’t considered but should? (For example, if senior leaders previously boldly stated they weren’t looking to expand the business, and you’re announcing an acquisition six months after that initial message, there’s room to address the confusion that might arise.) 
• “What past experiences can I learn from? ” Did you communicate a change previously with a message that didn’t resonate with a particular team or individual? How might you adjust your communication plan this time around? 
• “Breathe, it’s OK that I’m not a superhero.” You can’t proactively address every question or concern. That’s okay. Addressing as many as possible is the goal because it will help relay to the audience that this messaging is intentional and that leaders have considered how this change impacts the broader business.

How will we know if this message is successful? 

We’re fans of data-driven feedback on communications, but success metrics become even more critical with change. We’re not just talking about open rates and clickthroughs , either. While these metrics can give us a general idea of whether or not your audience received your message, we also need to understand whether team members understand (or are adopting) the change. 

• If you ask your team to do something (a specific action), you could set a goal to achieve a certain percentage of actions completed by a given deadline.
• If you hope your team feels some way after a significant change, consider incorporating regular pulse surveys (or new questions to your annual employee engagement survey) that enable you to gauge where they are at. 
• This doesn’t have to be a one-and-done measurement. Instead, consider whether you want to measure your success over time and implement the necessary structures. Change takes time, so it can also be helpful to measure your success shortly after the communication happens and later down the road once people have time to digest the information! 

Do we need to tie this message to any other communications? 

No matter how change occurs in your organization, pausing and revisiting the bigger picture is essential. You need to understand how this communication fits into the broader context of everything else. Sometimes, you might need to tie messages together so they don’t feel conflicting and inharmonious. Or you might find that you need to reschedule other communications previously planned to give this one the space and time it deserves. 

• Where should we connect the dots and tie this back to other communications? If you announced a company-wide goal to increase employee engagement by offering more in-person events and plan to send a new calendar packed with upcoming opportunities, remind your readers! Give them the context needed to understand how these messages are related. 
• Is there a larger story here? This is a great one because stories (almost always) intertwine with each other whether you intend it that way or not. Zoom in and out to search for areas of connection. For example, while a layoff announcement should be empathetic and focused on the people to start, soon, your team members might wonder how they’re supposed to achieve those ambitious company goals leaders shared a few months back. 
• If this is a multi-part story, what have we already shared? What are we sharing now? What do we need to share later? You don’t have to have the specifics yet, but you can serve as a strategic partner to your leaders by guiding them through this process.

Change can be a good thing

With your change management communications plan carefully curated and ready to go, there’s only one thing left to do: start the conversation. If email and SMS are part of your communication strategy (or if you want them to be), an internal communications platform like Workshop can do wonders for information-sharing across multiple departments, locations, and roles. You can easily create emails with information segmented to various email lists, ensuring every employee receives what they need to know about the change.

Next steps: download a free change management plan template!

Our simple (and free!) change management plan template will help you line out the steps to your big initiative. It’s a fillable PDF, Google Doc, or Word doc that you can use, customize, and complete every time you start a project that requires change management. It’ll help you define success, outline the change, build your core team, craft your audiences and messaging, and organize your project management. Download the template now and get started!

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