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Business Planning
It's all in the details
Standard Business Plan:
Audience: External/Internal
Depth: Standard/Traditional.
Purpose: To give entrepreneurs a model to follow when they create a blueprint for their business and to identify, describe and analyze a business opportunity and/or a business already underway, examining its technical, economic, and financial feasibility.
- The Standard Business plan consists of a single document divided into several sections for distinct elements, such as a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data. A solid, well-researched business plan provides a practical overview of your vision. It can be used to ground your ideas into workable actions and to help pitch your idea to financial institutions or potential investors when looking for funding.
Lean Business Plan:
Audience: External/Internal
Depth: Lean/Concise
Purpose: Serves to lay out a map or a series of steps to follow to make it an active business plan. Works towards steps, tactics, and milestones.
- Every business owner should be made aware of lean business planning. It's a perfect compromise between the old-fashioned formal business plan that feels too big and elaborate, and the small steps and analysis aspects of planning that needs more details. It's all about taking small steps and evaluating results often and planning. This plan takes all of the bigger objectives and breaks them down into individual steps for each segment.
- Lean Planning helps you to quickly identify if your business idea is feasible and what you need to change or include to build a viable business. For already established and operating businesses, Lean Planning helps the business to continually refine and adjust strategies while measuring your progress towards your business goals. Planning is a tool that helps make better business decisions, not about producing necessarily a thick document that sits in a drawer, it is a tool that is used to be put into action.
Lean Vs. Standard
Just like types, there are different styles of business plans that one could choose from, and their purpose, scope & audience will tell you which one is right for you! A lean business plan provides the highlights (maybe 10 pages total), while a standard business plan provides the whole picture (maybe 40 pages total). The trait is often linked to the audience: Most external plans fall into the standard realm, while internal plans can be lean or standard, depending on a company’s needs.
Lean plans can help you track your progress. They forego background and detailed descriptions, instead focusing on deadlines, budgeting, cash flow, strategy, and tactics for implementing strategy and achieving goals. Standard plans provide a comprehensive view of a company and can help you score funding, create a strategy, and prepare for the unknown.
It's All in the details
Start-Up Business Plans:
Audience: External
Depth: Typically Standard, but also in Lean
Purpose: Development of a blueprint for building a successful business, and secure funding.
- The startup plan’s purpose is to lay out the steps and details of getting a new venture up and running and provide a framework for the successful future of your business; often, its purpose is also to secure funding from outside sources. Startup plans include detailed, comprehensive information related to topics like business background, product or service, market and industry analyses, management bios and responsibilities, full financial details, and analysis.
Internal Business Plans:
Audience: Generally Internal
Depth: Lean or Standard
Purpose: Business plans are either internally or externally focused. This type of plan is created to communicate important aspects of your business and operations.
- Internally focused plans serve as a document to “rally the troops”; organize the stakeholders and give an overall strategy to each of their regular tasks and actions. Within your business, an internal business plan is used to define your business strategy, define who your ideal customers are, outline a more detailed marketing plan, and set your revenue goals and expense budgets.
Feasibility Business Plans:
Audience: Generally internal
Depth: Generally lean, but also seen in Standard
Purpose: Decision Making for growing, new products and services or new market environment.
- The feasibility plan is less a business plan than a decision-making plan. You would create a feasibility plan if you’re thinking about growing, offering a new product, or tapping into a new market; it helps you find out the likelihood of success so you know whether to move forward.
- A feasibility plan leaves out high-level concerns like strategy, focusing instead on the assessment approach; the plan includes content specific to the proposed growth, including target demographics, market analyses, and capital needs, along with objective standards for assessing feasibility. Feasibility studies are typically internal, but not always. If a feasibility study is part of a funding request for a new product or service, you’ll have to include more of the standard elements, like company background and full financial data, in addition to the product-/service-specific topics.
Operations Business Plans
Audience: Internal or external
Depth: Typically Standard, but also seen in Lean
Purpose: An operation plan is an extremely detail-oriented plan that clearly defines how a team or department contributes to reaching company goals .
- An Operational Plan is used to ensure a smooth implementation of the daily activities conducted through your business. It works as a lighthouse to guide you and highlight any upcoming risks that could arise in the near future.
- This document is coherently chalked out for the day-to-day running of any business and outlines the operations related to finance, recruitment, marketing, and other resources required for a successful company.
Growth Business Plans:
Audience: Internal or external
Depth: Lean or standard
Purpose: Create a framework for proposed growth/expansion
- The growth plan is like a startup plan for a new segment of your business. Whether internal or external, lean or standard, this tool goes into comprehensive detail on the specific growth at hand, including descriptions of the new venture, financial projections, capital needs, budget analyses, and milestones. An external growth plan will need the usual descriptions of business, background, product, market, and management along with a broader financial view.
Strategic Planning:
Audience: Typically Internal
Depth: Standard or Lean
Purpose: A strategic plan focuses on long-term growth objectives, and addresses different business strategy types. A strategic business plan details the strategies a company will use to achieve its overall goals.
- A Strategic Plan includes many elements a business can utilize to attract financing and manage company objectives. All Businesses need to not only have a Business Plan but a Strategic Plan as they are not necessarily the same; it is a powerful tool that is used to focus on your business goals, needs, resources, and opportunities! In this Plan, we will use this document to communicate with shareholders, investors, and your organization, the goals, actions needed to achieve these goals, and other crucial elements developed during the planning stages of your Strategic Planning.
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