What is a business plan? I am sure many of us hear about business plans often but are you aware of the different types or components in them. Investopedia defines a business plan as “a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals.” Although they’re especially useful for new businesses, every company should have a business plan. Ideally, the plan is reviewed and updated periodically to see if goals have been met or have changed and evolved. Sometimes, a new business plan is created for an established business that has decided to move in a new direction.
Different Types of Business Plans
Business plans typically lay out a written roadmap for the firm from marketing, financial, and operational standpoints. There are various types and variations of these plans. They are the following:
- Miniplan: This is not a lengthy plan and can be as short as 2-10 pages. Covers your concept for the business, how you’ll finance and market it, and financial information such as operating expenses, cash flow, income projections, and a balance sheet.
- Internal Working Plan: Not nearly as formal as a traditional business plan. It Will be full of details about your finances and objectives, but you can leave out the parts that would mostly be necessary for outsiders, like resumes of key executives and photos of products or prototypes.
- Formal Presentation Plan: This is the traditional business plan you would hear about. This one will take the longest, probably be the longest, and will be suitable for showing to lenders, investors, and anyone else you may need to impress outside the company. Ensure you use correct spelling and grammar, avoid slang and jargon, must be well-written, and printed on high-quality paper with color.
- E-Plan: This can be any of the other types of plans but in a simple pdf format. You will need clickable spreadsheets and digital versions of corroborative documents to accompany this.
Where does Pinnacle Financial Services come in?
Pinnacle Financial Services is here to help guide you and your business in the right direction. We have entire back-office support that is at your disposal. Our back-office support helps save your business both time and money. Everything from leads to technology, we have you covered! I am the national agent trainer here and would be happy to help any agent put together a plan of action as soon as possible. What are you waiting for? Reach out to us today!
Check out this in-depth webinar on creating a business plan Here
For more information, contact a Pinnacle representative today at 1 (800)-772-6881 x7731 or email email@example.com.
National Director of Agent Training
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