In this guide, we look at the different types of business plans and where they apply.
You can write a standard, lean, one-page, startup, strategic, feasibility, operational, or growth business plan depending on your needs.
Here’s an explanation for each:
1. Standard Business Plan
A standard business plan gives a detailed description of the operations of a business so stakeholders can understand the business well. A standard business plan features an executive summary, competitive analysis, SWOT analysis, and market summary.
The success of a standard business plan anchors on the information it provides. Therefore, focus on providing accurate information, so investors can have an easy time evaluating the risk and potential of the business before releasing funds.
A standard business plan should also include financial plan, problem analysis, and management objectives.
2. Lean Business Plan
A lean business plan is a condensed and straightforward document that highlights and summarizes the most important aspects of a business. Many entrepreneurs use this plan for efficient communication because it highlights only the most significant elements and milestones.
The necessary details to include in a lean business plan are operation strategies, financial projections, and the strategies necessary for business success in a rather competitive marketing landscape.
3. One-page Business Plan
A one-page business plan is more or less for direct to the point communication. It’s the best plan to use if you want to pitch investors and stakeholders who don’t have much time to read extensive documents.
The main benefit of a one-page business plan is that it presents only the most important information guaranteed to pique an audience’s attention. While the plan doesn’t have peripheral explanations, the information presented is enough to give a clear overview of the business.
A well-written one-page business plan summarizes the target market, operational requirements, objectives, forecasts, and products or services.
4. Startup Business Plan
A startup business plan states the requirements a business must meet to start operating in a specific market. It incorporates elements of lean and standard business plans, and its detailed sections are common when establishing new techniques likely to support the business’s overall operations.
A startup business plan has to address licensing, business permits, necessary equipment, and human resource management questions. And while the plan will vary based on the nature of business activities, comprehensive details are mandatory.
5. Strategic Business Plan
A strategic business plan describes the roadmap that a business leader intends to use to steer the enterprise in the right direction after overcoming different challenges and exploring opportunities.
You can only write a comprehensive strategic business plan after conducting an in-depth SWOT analysis and identifying the implementation processes necessary to put the business in the right direction.
The plan allows you to influence stakeholders to focus on specific aspects that eventually contribute to the overall success of the business.
6. Feasibility Business Plan
A feasibility plan allows a business to determine the existence of new markets and the potential benefits of investing in such markets.
To write a comprehensive feasibility plan, you have to understand the current business environment, evaluate opportunities, and consolidate funds to support the new ventures.
Keep in mind that your feasibility business plan may lead to recommendations that point out weaknesses and indicate ideas for growth after investments.
7. Operational Business Plan
An operational business plan is lean and focused on the implementation processes after goals are set and resources allocated to specific functions.
The specific sections of the plan will describe milestones, responsibilities, stakeholders, and goals.
Because an operational business plan focuses on internal processes, outsiders cannot contribute significantly to the business. However, they can participate in evaluation and tracking progress.
8. Growth Business Plan
Business growth is all about expansion. Therefore, you have to come up with a plan that identifies and integrate activities that facilitate expansion and drive the business to achieve specific milestone.
Your focus on growth requires accurate descriptions of long-term goals and the steps necessary to ignite the change you desire to see in your business.
The growth business plan integrates internal and external considerations to forecast, analyze, and secure resources for expansion. Incorporating What-if scenarios into the growth plan enables preparation for risky investments, ensuring readiness to address potential adverse outcomes.
What is a Business Plan?
We define a business plan as a document that describes a business’s goals and how it intends to achieve those goals. Business plans are for established enterprises and startups. A business plan is important because it documents an entity’s finance, marketing, and operational standpoint.
A comprehensive business plan acts as a powerful tool to attract investors, predict business demands in the future, and outline a long-term game plan for the business.
How Do I Write a Business Plan?
You can write a business plan by following the process we’ve outlined to get the task completed.
- Conduct in-depth business and market research to learn more about your audience.
- Have clear goals before you start writing.
- Go straight to the point.
- Keep your tone, voice, and style consistent and professional as you write.
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