Types of business plan is very important to know before you make a business planning example. By knowing the types of business plan, you will be sharper in determining what information needs to be conveyed in a business plan.
In general, there are at least 5 types of business plans in each type of organization. The following is an explanation of each:
1. Start-Up Business Plan
A newly established or developing business must prepare detailed strategies, one way is by making a business plan.
The purpose of a start-up business plan is to describe in detail the strategies needed to start and run a new business.
Often, this business plan also serves to secure funding from outside.
Start-up plans include detailed and comprehensive information related to business background, product or service, market and industry analysis, management responsibilities, and detailed financial analysis and detail.
Read: Small Business Financial Plan Example
2. Internal Business Plan
Internal Business Plans are a type of business plan that targets a specific business-related audience.
For example, a marketing team needs to evaluate a specific project. The Business Plan will help describe the current condition of the company, including operating costs and profitability.
Then, the operational costs and profitability will be calculated to find out whether the business can recover the capital spent on the project.
Internal plans provide information about the project’s marketing, hiring, and technology costs. In addition, it also contains a market analysis that describes the target demographic, market size, and the positive effect of the market on the company’s revenue.
3. Strategic Business Plan
A strategic business plan can provide a high-level view of the company’s goals and how the company can achieve them. This type of business plan is usually used as the basic plan for the entire company.
Generally, the framework of the strategic business plan for each company is different, but most companies use the following elements:
• Business vision and mission
• Critical success factors
• Strategies to achieve goals
• Implementation
Strategic business plans are able to inspire employees to work together to create success for the company.
4. Feasibility Business Plan
This type of business plan can be applied when your business wants to grow more, such as offering new products or entering new markets.
This business plan can help you find out how likely it is to succeed so that you know the best steps for the future.
Feasibility plans focus more on an assessment approach that includes target demographics, market analysis and capital requirements, along with objective standards for assessing feasibility.
5. Operations Business Plan
The operational business plan is an internal plan consisting of elements related to the company’s operations. The purpose of an operational business plan is to outline the responsibilities of employees.
Read: Business Planning Example
Mastering All Types of Business Plan
Whether you are a business owner or not, a good initial understanding of the types of business plans will hone your skills in making them. As a business owner, it is clear that your skills in making a business plan will be very useful to provide guidance on business development. As a professional, a business plan can be a personal guide or support for your career success as an expert in long-term business organization. Thus, it will be more profitable if you understand the types of business plans and apply them in business practice.
Read: Why Business Core Values and Business Planning Must Be Integrated?
