So you might want to ask “What type of Business plan does my business require?” This is a list of the 6 different types of business plans you can check out and determine which one works well or suits your business.
Most business owners, especially the small scale business owners always have the wrong notion that they have no need for a business plan. And those that believe they need a business plan also have the conception that a single business plan will suit all kinds of businesses. Thats just totally wrong. There are different types of business plans, in fact there are about 6 different kinds of business plans.
Are there different types of business plan? Well, a well written business plan is not only needed when a business is about to be launched, but also needed throughout the growth process. A business plan could be written to seek investors, get finances. Whatever purpose you need the business plan for, it will surely come in handy and save you a lot of troubles in the course of running your business
So how many types of business plan are there?
The standard business plan proceeds with the executive summary and will include different sections that cover the company, the products and services that it offers to render, the market, strategy and goals, management team as well as the financial analysis and forecast.
The internal business plan will also talk about the repayment plan of any capital needed for the business, gives detailed information project marketing and costs of hiring and tech.
Since the internal business plan will only be required for internal purposes and not for any form of external usage, it might not necessarily mention the management team or give a detailed and well explained analysis of the business. The Internal business plan is very much likely to be shorter than a standard plan, but must surely include the goals and purposes of the business
There are 5 different elements of a strategic business plan:
The strategic business plan culminates all cadres of business into the main picture, motivating the employees to work as a team to assist the company to achieve its goals and objectives.
The sections of a feasibility business plans will include need for the said products and services, required capital and target demographics.
It is usually created as an annual growth plan and most of the times, include a marketing as well as a financial plan. Any other types of business plan must incorporate every detail of the company to give potential investors maximum satisfaction about the growth potential of the company.