FOUR TYPES OF BUSINESS PLAN
A business plan can be divided into four types. There are short plans, mini-plans, presentation plans, and what-if plans. Each of these plans requires a different amount of labor and gives approximately slightly different results.
THE MINI PLAN
Many recipients prefer this plan because they are easy to access or download, and can be read quickly either on phone or tablet. A mini plan should be succinctly written and should contain necessary information while writing about your business. In the case of a business venture, a mini-plan may be satisfactory but if yours is a more complex business, you may need the higher versions of the plan.
This mini business plan will help you to formulate questions and how you can answer them. Below are the questions that mini-plan help provide answers to
- My Line of Business
- The core business area is IT
- Design and sale of children clothes
- Your goods and services
- Pleasure dress and dress for play
- The application that can connect a company’s website with the company’s administrative system.
- My customers are
- People who are good financially and have time to spend on an exclusive and cultural vacation
- The biggest retail outlet that sells children’s clothes in the area.
- Production Company within the state where the business is located.
- What makes me different from my competitor
- We offer effective service in term of price and develop a standard that fit about 80% of customers’ needs.
- Good contact we have so far with the retailers of children wears gives us the advantage
- Major resources for my business
- Network among retailers and access to dress maker’s workroom
- Visited many historical sites, inside business knowledge, and website professional.
THE FOLLOWING ARE THE REASONS TO USE A MINI PLAN
- The mini-plan is always straightforward and goes straight to the point. Although, you can create a longer version with a more detailed analysis which includes financial projection, why you are in the business, your competitive analysis. Your mini-plan helps you to take action in your business.
- A long and many pages of business plans are put away sometimes, what you want is key information that will help you plan for success. Your mini-plan will help you focus.
- The mini-plan helps you to live the dream, quickly identify the key strategies and activities that will help you grow your business, take necessary action and enjoy your freedom.
THE PRESENTATION PLAN
The use of PowerPoint presentations changed the way many entrepreneurs present their business plans. This plan is short to present, although it’s not necessarily easy to present and many people lose sleep because they have a presentation, especially if the presentation has something to do with the future of the business. But presenting your business plan as a deck can be very powerful. It is good to know that your readers may not always have the privilege of meeting you or asking questions in cases where the traditional business plan is submitted. But with a presentation plan, you have the privilege to present and talk about everything and cover all the key points in your business plan while directly talking to your assessors, and they can ask you questions if anything is unclear to them.
In preparing your presentation plan, remember to keep graphics uncluttered and ensure your plan is concise, the important questions who, what, where, and how all need to be answered. While writing your presentation plan, ensure you analyze your customers, and define the objective of the presentation.
Read Also: WHAT ARE THE THREE MAIN PURPOSES OF A BUSINESS PLAN
THE WORKING PLAN
This is a tool to be used to operate your business; it has to be detailed. While preparing a working plan, you might need to describe a rival as competing primarily on a price basis. This kind of plan is intended and designed basically for internal use, may also omit some elements that may be considered necessary in the conventional business plan. Also, you probably don’t need to include an appendix with resumes of key executives. Nor would a working plan especially benefits from product photos.
Some internal policy considerations may guide the decision about whether to include certain information in a working plan. Many entrepreneurs are sensitive about employees having the precise salary the owner takes home from the business. To this extent, such information can be left out of a working plan without compromising its benefits; you can feel free to protect your privacy.
THE WHAT-IF PLAN
When you face unusual circumstances, you need a variant on the working plan. For example, you may need to prepare a contingency plan. A contingency plan is based on the worst scenario that you can imagine your business surviving – loss of market share, heavy price competition, defect of a key member of your team, etc. You need to make provision for “what ifs” in this type of business plan. A what-if business plan can help you spot the increased needs for space, equipment, personnel, and other variables so you can make good decisions.
OTHER TYPES OF BUSINESS PLAN
ONE PAGE BUSINESS PLAN
This type of business plan is for a very small business. One page business plan is a good way to have business ideas on paper and to work out the fundamentals of the business. With this plan, you will write a couple of sentences that are important for your business. It should include items such as the business model and competitive advantage. Below are the sections that must present in your one-page business plan:
- Problem: this section should demonstrate what problem your business intends to provide solutions for.
- Solution: What will your business provide to solve the problem?
- Business Model: How will your business make money?
- Target Customers: What type of people will buy your product or service?
- Promotion: How will your customers know about your product?
- Competitive Advantage: What will your business do better than the competitors?
- Financial Projection: How much money do you need to start? What will you earn per month?
What to do after creating your one-page plan
When you are done with creating your one-page business plan, do not keep it under the drawer, share it with supportive friends, family, and mentors for feedback.
TRADITIONAL BUSINESS PLAN
The traditional business plan is more in-depth and thorough than the other types of the business plan. A traditional plan may contain over 40 pages of info about your business. Typically, you will use this plan to get funding from financial institutions. Also, you may use this traditional business plan to attract investors to your business. Sections in the traditional business plan are;
- Opening organizational and legal pages
- Executive summary
- Company Summary
- Products and Services
- Market and industry analysis
- Marketing strategy and implementation strategy
- Financial data and analysis
MODERN BUSINESS PLAN
This is an alternative to the traditional business plan. Many business owners prefer to use this because it can be done as a visual exercise with the leadership team. Jointly, the team can go through each section and provide high-level input once you have created the basics for the business model. In your modern business plan section, you should have the following;
- Customer segments
- Value Proposition
- Customer Relationships
- Key resources
- Key Activities
- Key Partnership
- Cost structure
- Revenue Stream
If you need a service of a Professional Business plan writer, then Dayo Adetiloye Business Hub is the place to go Call or WhatsApp us now on 081 0563 6015, 080 7635 9735 or send an email to email@example.com and we will solve any of your business plan problems.
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