Those in the world of business are aware that success doesn’t come easy. In fact, establishing a brand and making your own place requires years of effort, hard work, and, most of all, thorough planning. Yes, adequate and detailed planning is the first step to success. This is why experts recommend starting out your journey by creating a business plan.
Bill Schantz describes a business plan as “a document that describes the current state of a company or project and contains a roadmap for its future activities.” This means that it should include your company’s vision and mission statements, as well as your goals and objectives. It should also assess your target market, your competition, and your financial situation. There are multiple types of business plans, each intended to serve a different purpose and achieve a specific goal.
Types of Business Plans – Described By Bill Schantz
Start-Up Plan:
This is the most common type of business plan and what most people think of when they hear the term “business plan.” A start-up plan is meant to help you get your business off the ground. It will include all of the above-mentioned elements, as well as a marketing strategy and execution plan.
Feasibility Plan:
A feasibility plan is very similar to a start-up plan, except that its focus is on determining whether or not your business idea is actually viable. This type of business plan will assess things like the market, your competition, and your financial situation to determine if starting your business is a wise decision.
Operational Plan:
An operational plan is focused on the day-to-day operations of your business. It includes elements like your company’s organizational structure, job descriptions, processes, and procedures. This type of business plan is important for keeping your business running smoothly.
Growth Plan:
As the name suggests, a growth plan is meant to help you grow your business. It includes things like expanding your product or service offerings, entering new markets, and increasing your marketing efforts.
Acquisition Plan:
An acquisition plan is created for the purpose of acquiring another company. This type of business plan assesses the company you’re interested in acquiring, as well as your own company, in order to determine if the acquisition would be a wise decision.
Exit Plan:
According to Bill Schantz, an exit plan is not something you create for your business; it’s something you create for yourself. It’s a plan for what you’ll do once you retire or leave your business. This could involve selling your business, passing it down to family members, or shutting it down altogether.
Succession Plan:
A succession plan is similar to an exit plan, except that it’s created for the purpose of passing your business down to another person. This could be a family member, employee, or partner.
Bottom Line
Bill Schantz further emphasizes that there are different types of business plans for different purposes. But they all have one thing in common: they’re meant to give you direction and help you achieve success. So, if you’re thinking of starting a business, be sure to create a business plan that’s right for you.