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A business plan is a blueprint of your business. No matter if you’re running a startup or a well-established company, every entrepreneur needs to create a business plan. It helps you have a clear idea of your goals, objectives, the execution of your strategies, and tracking progress. Business plans come in all shapes and sizes. You can create a plan based on your unique requirements and goals. Often, businesses require different types of plans for different situations and to tackle different problems. Having just one standard business plan is not enough. A meticulously crafted business plan will efficiently serve its intended purpose. In fact, business plans are categorized based on the type of audience, the scope of the plan, and the purpose and format of the plan. Understanding the basics of each type will help you pick out the right one for your business requirements. In this article, you will learn the different types of sample business plans and when and where they are used. Based on AudienceBusiness plans are broadly categorized into two types based on the type of audience. They are:
Based on the ScopeSimilarly, business plans are classified into two types based on their size and the depth of information they encompass. They are: This is the reason why modern entrepreneurs choose the smart way to plan their business by opting for lean plans.
Based on Purpose and FormatBusiness plans are further classified based on their purpose and format into seven types, they are:
Estimating the cost of starting a business, also known as startup costs, should be included in a startup business plan
An operational plan, at its core, focuses on implementation processes like production, delivery of the product or services, and tracking progress.
A Plan for Every PriorityPlanning is essential for every business, without one a business is not likely to sustain itself in the long run. Although daunting sometimes, choosing the right plan for your business requirement can help you achieve your goals faster and with smart use of resources. Every situation needs a unique approach to tackle it effectively. Fortunately, there’s a plan for every purpose to help your business stand the test of time. Feel free to pick one that suits your business the best. Make sure to update it regularly.
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