How to Write a Business Plan Quickly and Efficiently
When you own a small business, having a detailed business plan can help you keep moving in the right direction. You can use your plan to help set goals and evaluate your progress. A plan can also be useful when you need to find a business partner or investor. It will let them see the current state of your company as well as how you plan to grow and move forward. Using a template can help you get started.
Choosing the Right Format For You
When you are creating your plan, you should be sure to choose the format that is best for your company. There are two common formats that most plans use. Whether you use a traditional or lean startup structure should be determined by the needs of your business.
The Traditional Business Plan
A traditional plan contains a lot of detailed information and is therefore the more time-consuming option. It can be worth taking the time to use this format, however, because it is often requested by investors and lenders.
There are nine sections that are generally used for this format, but you do not need to use them all. You can select what is necessary for your business and leave the rest out. These sections include a summary of your business as well as a more detailed description, the product or service you offer and information on your company’s structure and business team, among others.
The Lean Startup Plan
This format is not as detailed as the traditional plan and can be preferable for those who want a more concise plan. If you think that your business plan will need to be adjusted later on or if you have a business that is simple to explain, the lean startup plan may work better for you. This type of plan may take as little as an hour to complete and includes key information.
When you are creating a lean startup plan, there are many versions to choose from. They may include sections with information on your target market, other businesses you plan to work with and how your company will make a profit. Depending on the version you use, the sections included can vary.
Creating a business plan can seem like a difficult and intimidating task, but a template can make it easier. Choose the format that is best for your business and don’t forget that you can customize it as needed.