Creating a clear and well-researched business plan is the starting point in launching any successful business. But did you know that you might need different variations of your business plan, depending on your audience? Most business owners don’t think about their target audience when writing their plan, but it’s actually the first thing you should determine so that you can build your plan accordingly. There are three main variances of your business plan that you might need to have, and we’ll break down each one for you.
3 main types of business plans
1) For yourself: The first (and arguably most important) version of your business plan will be for you. It will act as a roadmap, steering your company and clearly laying out what you’re going to do and how you’re going to do it. Yes, that means it should be really specific. For example, if your goal is to get new clients, you need to outline exactly what you’ll be doing to reach that goal, such as that you’ll go to three networking events per month. The roadmap version of your business plan is a living document that you should update frequently (we say at least once a year, but every quarter would be even better).
2) For external partners: Strategic alliances are one of the best ways to grow your business because you can expand your capabilities without expanding your infrastructure. If you’re searching for external partners to connect your business with, create a separate version of your business plan to help them determine the merits of a partnership with you. This version of your plan shows them who you are as a company, what your growth plans are, and who your target market is, all of which should help them feel confident that you’re a good match. To create this variation of your business plan, you can remove many of the more specific details from your roadmap version.
3) For potential financiers: If you’re hoping to find investors for your business or are talking to a bank to take out a loan, you’ll need to hire an accountant to create a version of your business plan which includes the financial details that shows what you’ve accomplished so far and what your future plans are. You’ll need to quantify everything, such as number of customers, volume of sales, and what your targets are.
The key thing to remember is that even though there are different variations to a business plan, you don’t typically need to have all of them. Take the time to figure out which types of plans you need, and save yourself the added effort and expense of creating unnecessary ones.
When it comes to building your business website, there are so many platform options to choose from. One of the most popular choices is WordPress.We’ll break down the pros and cons of choosing this platform in our next blog post.