what is the enterprise business plan

Microsoft 365 Business VS. Enterprise: A Detailed Comparison

As businesses of all sizes become increasingly reliant on technology, the choice of software becomes a crucial factor in determining their success. For many organizations, Microsoft 365 has become the go-to solution for productivity and collaboration needs.

However, with the different subscriptions available, it can be confusing to decide which one is best for your company. This article explains the differences between Microsoft 365 Business and Microsoft 365 Enterprise editions and helps you understand which one is the right fit for your organization’s unique needs.

Table of Contents

What is Microsoft 365?

Microsoft 365 has revolutionized the way businesses operate, offering a subscription-based service that provides access to the complete suite of Office applications , alongside advanced enterprise business services such as Exchange Online and SharePoint Online.

As a cloud-based platform, it also offers unparalleled storage capabilities, making it an indispensable tool for companies of all sizes. But that’s not all – Microsoft 365 goes beyond the basics by offering optional add-ons, such as Windows 10 Enterprise license and Enterprise Mobility + Security (EMS), which delivers top-of-the-line security solutions for organizations.

Additionally, Microsoft 365’s collaboration tools, including Teams , Lists, and Planner, enable team members to work seamlessly together and share ideas effortlessly. While both pricing plans – Business and Enterprise – offer similar basic features, the unique characteristics of each can have a significant impact on productivity and day-to-day operations, making it crucial for businesses to choose the right plan for their needs.

Microsoft 365 Business

Microsoft 365 Business is a powerful suite of tools and services designed to help Small and Medium-sized Businesses (SMBs) streamline their operations and increase productivity.

It includes access to popular Microsoft Office applications such as Word, Excel, and PowerPoint, as well as business-specific services such as Exchange Online for email and calendaring, SharePoint Online for document management and collaboration, and Microsoft Teams for communication and collaboration.

Microsoft 365 Business is a versatile platform suitable for various industries and can be utilized by individuals, startups, small businesses, and medium-sized businesses. It provides an integrated approach to productivity and collaboration, allowing teams to work together effectively, from any location.

Microsoft 365 Business comes in three different pricing plans, each tailored to suit different business needs. The Business Basic plan offers access to essential Office apps, email and calendar services, and OneDrive storage.

The Business Standard plan includes additional features such as desktop versions of Office apps and Microsoft Teams, while the Business Premium plan offers even more advanced security features, including device management and information protection, as well as advanced analytics.

Here is a detailed comparison of the Microsoft 365 plans for businesses:

Microsoft 365 Enterprise

Microsoft 365 Enterprise is a cloud-based productivity suite that brings together a range of Microsoft applications and services to help businesses of all sizes to work smarter, collaborate more effectively, and stay secure in the digital age.

It is designed for organizations with more than 300 users at a time and is ideal for businesses looking for a secure and scalable platform to manage their operations. It is used by a wide range of businesses, including large enterprises, small and medium-sized businesses, non-profits, government agencies, and educational institutions.

The suite offers a range of features and benefits, including access to the latest versions of MS Office apps such as Word, Excel, PowerPoint, and Outlook, as well as cloud-based services like OneDrive for Business, SharePoint, and Teams. With Microsoft 365 Enterprise, businesses can collaborate in real-time, share documents and data securely, and work from anywhere, on any device.

Microsoft 365 Enterprise also provides advanced security and compliance features to help businesses protect their data and stay compliant with industry regulations. This includes advanced threat protection, data loss prevention, and encryption capabilities, as well as compliance features like eDiscovery and legal hold.

Here is a table that illustrates the significant features of the different Microsoft 365 plans for enterprises:

Key Differences in Microsoft 365 Business and Enterprise

The major differences between these plans are the range of features and capabilities they provide. In this section, we will explore the key differences between these two plans to help you determine which one is best for your business.

Compatibility

Microsoft 365 Business allows for Azure AD Join without Azure Virtual Network (VNet) support, as well as Azure AD Join with VNet support. However, support for Hybrid Azure AD with VNet is only available in Windows 365 Enterprise. Other domain support is currently in development for 365 Enterprise.

On the other hand, MS 365 Enterprise offers more advanced compatibility options for businesses. It includes all the features of 365 Business but also allows for Hybrid Azure AD with VNet support. In addition, it offers support for other domain options that are currently in development.

License Requirements

For businesses considering Microsoft 365 Business plans, there are no pre-existing licensing requirements needed to purchase and implement Windows 365 Business. However, certain features such as device management will require users to have a license for Microsoft Endpoint Management.

Whereas, Microsoft 365 Enterprise plans require each user to have specific licensing requirements. This includes being licensed for Windows 10 or 11 Enterprise , as well as having licenses for Microsoft Endpoint Manager and Azure AD P1. These licensing requirements are essential to ensure full access to all enterprise features and functionalities.

Device Management

For Microsoft 365 Business plans, device management is somewhat limited. The Microsoft Admin Center allows for the assignment and unassignment of cloud PC licenses, while some device management is possible through Microsoft Endpoint Manager with an Intune license. However, cloud PCs are not visible in the Windows 365 blade.

Speaking of the Microsoft 365 Enterprise plans offer a robust device management solution. With access to the Microsoft Intune admin center, you can manage Cloud PC images, access on-premises resources, and apply granular policies to devices.

Additionally, Intune allows for the resizing of Cloud PCs and configuration of user experience settings, as well as all the policy-based management options available to physical devices. In short, Microsoft 365 Enterprise plans provide a comprehensive device management solution for businesses.

Microsoft 365 Business or Enterprise: Which One to Select

If you are looking to choose between Microsoft Business and Enterprise plans, it is important to consider the size and needs of your organization. If you have 300 or fewer users and do not require advanced security or compliance features, a Business plan can offer basic Office apps and cloud-based versions of Word, Excel, and Outlook, along with Teams and device management capabilities.

Furthermore, the Business plan is often more cost-effective, making it a suitable choice for small businesses or startups with a limited budget.

However, if you need local desktop installations for Office programs or require advanced security controls, an Enterprise plan may be more appropriate for your needs. An Enterprise plan would also only be considered if the size of your organization exceeds 300 users.

Microsoft offers two distinct plan categories tailored to meet the unique needs of different types of businesses: Business and Enterprise.

Choosing the right plan can be critical to the success of your business, and Microsoft’s range of options ensures that you can find a plan that fits your specific needs. Whether you’re a small business owner just starting or a large company with thousands of employees, Microsoft has a plan that can help you grow and succeed.

So, take the time to evaluate your needs, explore the available options, and make the right decision for your business. With Microsoft, you can be confident that you’re getting the best tools and services to help your business thrive.

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How to unleash the potential and power of enterprise business planning

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Unleashing the potential and power of enterprise business planning (pdf) (pdf), discover how organizations can move to a more connected, insights-driven process called enterprise business planning (ebp)., impacts of the digital finance journey on fp&a.

T he financial planning and analysis (FP&A) function has a mandate to evolve its role as a strategic value partner. Leaders are leveraging the explosive trends in digital innovations and capabilities and are transforming areas, such as planning, reporting and transactional execution. Organizations all over the globe are seeking to harness solutions, such as artificial intelligence (AI), robotic process automation (RPA), cloud computing and other technologies, for a variety of business processes. Yet, transformation is not an overnight feat. To implement a digital solution without examining the underlying related processes is a costly mistake that can result in lost opportunities.

While digitization is ushering in demand for increased end-to-end efficiency and visibility, the traditional finance function is having an identity crisis. With larger demands and higher expectations on the CFO, organizations are forced to deconstruct the finance function and synthesize a future vision fueled by enhanced skills and leading-edge technology.

By leveraging digital tools and leading process techniques, FP&A can close the gap between the upstream commercial and supply chain events and the impact on financial outcomes. Metrics rise and fall, and sometimes finance is notified only on a need-to-know basis. Now, FP&A can shift from looking in the rearview mirror to predicting and reporting on what is likely to happen.

By combining leading processes, cross-functional teaming and widely available technology, organizations can move to a more connected, insights-driven process called enterprise business planning (EBP). But what is EBP?

Why enterprise business planning is important for your organization

Moving to EBP can help an organization shift from sporadic interactions to collaboration, and teaming throughout the organization if done effectively. But why is this important? Disruption, an unstable social climate, and global events have shown us that a rudimentary understanding of business drivers in relation to planning is inadequate. Many companies are racing toward greater visibility and efficiency by leveraging new technology and digital capabilities; however, technology is not the sole enabler of more efficient outputs.

Read the full whitepaper to learn more about:

• What planning processes is FP&A involved in?
• What role does FP&A play today, and what role will FP&A play in the future?
• Where does FP&A fit into EBP?
• Enterprise business planning champion roles
• Tools that can help an organization become a champion of EBP
• Next steps to become an EBP champion 

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Shedding the old ways of operating and implementing novel approaches to problems is not easy. However, FP&A can come together with other areas of the business to establish an end-end framework – one that integrates planning activities in an efficient and sustainable way – to help set the path for your EBP adoption journey.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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• [9] Premium features require a Microsoft Viva license. Microsoft Teams-integrated features require a Teams license to enable but can be used without Teams via web or other in-app experiences. Learn more.
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What is a Business Plan? Definition, Tips, and Templates

Published: June 07, 2023

In an era where more than 20% of small enterprises fail in their first year, having a clear, defined, and well-thought-out business plan is a crucial first step for setting up a business for long-term success.

Business plans are a required tool for all entrepreneurs, business owners, business acquirers, and even business school students. But … what exactly is a business plan?

In this post, we'll explain what a business plan is, the reasons why you'd need one, identify different types of business plans, and what you should include in yours.

What is a business plan?

A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company's go-to-market plan, financial projections, market research, business purpose, and mission statement. Key staff who are responsible for achieving the goals may also be included in the business plan along with a timeline.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

What is a business plan used for?

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

Business Plan Template [ Download Now ]

Working on your business plan? Try using our Business Plan Template . Pre-filled with the sections a great business plan needs, the template will give aspiring entrepreneurs a feel for what a business plan is, what should be in it, and how it can be used to establish and grow a business from the ground up.

Purposes of a Business Plan

Chances are, someone drafting a business plan will be doing so for one or more of the following reasons:

1. Securing financing from investors.

Since its contents revolve around how businesses succeed, break even, and turn a profit, a business plan is used as a tool for sourcing capital. This document is an entrepreneur's way of showing potential investors or lenders how their capital will be put to work and how it will help the business thrive.

All banks, investors, and venture capital firms will want to see a business plan before handing over their money, and investors typically expect a 10% ROI or more from the capital they invest in a business.

Therefore, these investors need to know if — and when — they'll be making their money back (and then some). Additionally, they'll want to read about the process and strategy for how the business will reach those financial goals, which is where the context provided by sales, marketing, and operations plans come into play.

2. Documenting a company's strategy and goals.

A business plan should leave no stone unturned.

Business plans can span dozens or even hundreds of pages, affording their drafters the opportunity to explain what a business' goals are and how the business will achieve them.

To show potential investors that they've addressed every question and thought through every possible scenario, entrepreneurs should thoroughly explain their marketing, sales, and operations strategies — from acquiring a physical location for the business to explaining a tactical approach for marketing penetration.

These explanations should ultimately lead to a business' break-even point supported by a sales forecast and financial projections, with the business plan writer being able to speak to the why behind anything outlined in the plan.

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The essential document for starting a business -- custom built for your needs.

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Free Business Plan [Template]

Fill out the form to access your free business plan., 3. legitimizing a business idea..

Everyone's got a great idea for a company — until they put pen to paper and realize that it's not exactly feasible.

A business plan is an aspiring entrepreneur's way to prove that a business idea is actually worth pursuing.

As entrepreneurs document their go-to-market process, capital needs, and expected return on investment, entrepreneurs likely come across a few hiccups that will make them second guess their strategies and metrics — and that's exactly what the business plan is for.

It ensures an entrepreneur's ducks are in a row before bringing their business idea to the world and reassures the readers that whoever wrote the plan is serious about the idea, having put hours into thinking of the business idea, fleshing out growth tactics, and calculating financial projections.

4. Getting an A in your business class.

Speaking from personal experience, there's a chance you're here to get business plan ideas for your Business 101 class project.

If that's the case, might we suggest checking out this post on How to Write a Business Plan — providing a section-by-section guide on creating your plan?

What does a business plan need to include?

• Business Plan Subtitle
• Executive Summary
• Company Description
• The Business Opportunity
• Competitive Analysis
• Target Market
• Marketing Plan
• Financial Summary
• Funding Requirements

1. Business Plan Subtitle

Every great business plan starts with a captivating title and subtitle. You’ll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence.

2. Executive Summary

Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read. The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.

3. Company Description

This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement. You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.

4. The Business Opportunity

The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can. This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high-level information about your target market.

5. Competitive Analysis

Just about every industry has more than one player in the market. Even if your business owns the majority of the market share in your industry or your business concept is the first of its kind, you still have competition. In the competitive analysis section, you’ll take an objective look at the industry landscape to determine where your business fits. A SWOT analysis is an organized way to format this section.

6. Target Market

Who are the core customers of your business and why? The target market portion of your business plan outlines this in detail. The target market should explain the demographics, psychographics, behavioristics, and geographics of the ideal customer.

7. Marketing Plan

Marketing is expansive, and it’ll be tempting to cover every type of marketing possible, but a brief overview of how you’ll market your unique value proposition to your target audience, followed by a tactical plan will suffice.

Think broadly and narrow down from there: Will you focus on a slow-and-steady play where you make an upfront investment in organic customer acquisition? Or will you generate lots of quick customers using a pay-to-play advertising strategy? This kind of information should guide the marketing plan section of your business plan.

8. Financial Summary

Money doesn’t grow on trees and even the most digital, sustainable businesses have expenses. Outlining a financial summary of where your business is currently and where you’d like it to be in the future will substantiate this section. Consider including any monetary information that will give potential investors a glimpse into the financial health of your business. Assets, liabilities, expenses, debt, investments, revenue, and more are all useful adds here.

So, you’ve outlined some great goals, the business opportunity is valid, and the industry is ready for what you have to offer. Who’s responsible for turning all this high-level talk into results? The "team" section of your business plan answers that question by providing an overview of the roles responsible for each goal. Don’t worry if you don’t have every team member on board yet, knowing what roles to hire for is helpful as you seek funding from investors.

10. Funding Requirements

Remember that one of the goals of a business plan is to secure funding from investors, so you’ll need to include funding requirements you’d like them to fulfill. The amount your business needs, for what reasons, and for how long will meet the requirement for this section.

Types of Business Plans

• Startup Business Plan
• Feasibility Business Plan
• Internal Business Plan
• Strategic Business Plan
• Business Acquisition Plan
• Business Repositioning Plan
• Expansion or Growth Business Plan

There’s no one size fits all business plan as there are several types of businesses in the market today. From startups with just one founder to historic household names that need to stay competitive, every type of business needs a business plan that’s tailored to its needs. Below are a few of the most common types of business plans.

For even more examples, check out these sample business plans to help you write your own .

1. Startup Business Plan

As one of the most common types of business plans, a startup business plan is for new business ideas. This plan lays the foundation for the eventual success of a business.

The biggest challenge with the startup business plan is that it’s written completely from scratch. Startup business plans often reference existing industry data. They also explain unique business strategies and go-to-market plans.

Because startup business plans expand on an original idea, the contents will vary by the top priority goals.

For example, say a startup is looking for funding. If capital is a priority, this business plan might focus more on financial projections than marketing or company culture.

2. Feasibility Business Plan

This type of business plan focuses on a single essential aspect of the business — the product or service. It may be part of a startup business plan or a standalone plan for an existing organization. This comprehensive plan may include:

• A detailed product description
• Market analysis
• Technology needs
• Production needs
• Financial sources
• Production operations

According to CBInsights research, 35% of startups fail because of a lack of market need. Another 10% fail because of mistimed products.

Some businesses will complete a feasibility study to explore ideas and narrow product plans to the best choice. They conduct these studies before completing the feasibility business plan. Then the feasibility plan centers on that one product or service.

3. Internal Business Plan

Internal business plans help leaders communicate company goals, strategy, and performance. This helps the business align and work toward objectives more effectively.

Besides the typical elements in a startup business plan, an internal business plan may also include:

• Department-specific budgets
• Target demographic analysis
• Market size and share of voice analysis
• Action plans
• Sustainability plans

Most external-facing business plans focus on raising capital and support for a business. But an internal business plan helps keep the business mission consistent in the face of change.

4. Strategic Business Plan

Strategic business plans focus on long-term objectives for your business. They usually cover the first three to five years of operations. This is different from the typical startup business plan which focuses on the first one to three years. The audience for this plan is also primarily internal stakeholders.

These types of business plans may include:

• Relevant data and analysis
• Assessments of company resources
• Vision and mission statements

It's important to remember that, while many businesses create a strategic plan before launching, some business owners just jump in. So, this business plan can add value by outlining how your business plans to reach specific goals. This type of planning can also help a business anticipate future challenges.

5. Business Acquisition Plan

Investors use business plans to acquire existing businesses, too — not just new businesses.

A business acquisition plan may include costs, schedules, or management requirements. This data will come from an acquisition strategy.

A business plan for an existing company will explain:

• How an acquisition will change its operating model
• What will stay the same under new ownership
• Why things will change or stay the same
• Acquisition planning documentation
• Timelines for acquisition

Additionally, the business plan should speak to the current state of the business and why it's up for sale.

For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased. It should also include:

• What the new owner will do to turn the business around
• Historic business metrics
• Sales projections after the acquisition
• Justification for those projections

6. Business Repositioning Plan

When a business wants to avoid acquisition, reposition its brand, or try something new, CEOs or owners will develop a business repositioning plan.

This plan will:

• Acknowledge the current state of the company.
• State a vision for the future of the company.
• Explain why the business needs to reposition itself.
• Outline a process for how the company will adjust.

Companies planning for a business reposition often do so — proactively or retroactively — due to a shift in market trends and customer needs.

For example, shoe brand AllBirds plans to refocus its brand on core customers and shift its go-to-market strategy. These decisions are a reaction to lackluster sales following product changes and other missteps.

7. Expansion or Growth Business Plan

When your business is ready to expand, a growth business plan creates a useful structure for reaching specific targets.

For example, a successful business expanding into another location can use a growth business plan. This is because it may also mean the business needs to focus on a new target market or generate more capital.

This type of plan usually covers the next year or two of growth. It often references current sales, revenue, and successes. It may also include:

• SWOT analysis
• Growth opportunity studies
• Financial goals and plans
• Marketing plans
• Capability planning

These types of business plans will vary by business, but they can help businesses quickly rally around new priorities to drive growth.

Getting Started With Your Business Plan

At the end of the day, a business plan is simply an explanation of a business idea and why it will be successful. The more detail and thought you put into it, the more successful your plan — and the business it outlines — will be.

When writing your business plan, you’ll benefit from extensive research, feedback from your team or board of directors, and a solid template to organize your thoughts. If you need one of these, download HubSpot's Free Business Plan Template below to get started.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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What is a Business Plan? Definition and Resources

9 min. read

Updated May 10, 2024

If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan — or at least the very basic components of one.

The origin of formal business plans is murky. But they certainly go back centuries. And when you consider that 20% of new businesses fail in year 1 , and half fail within 5 years, the importance of thorough planning and research should be clear.

But just what is a business plan? And what’s required to move from a series of ideas to a formal plan? Here we’ll answer that question and explain why you need one to be a successful business owner.

• What is a business plan?

A business plan lays out a strategic roadmap for any new or growing business.

Any entrepreneur with a great idea for a business needs to conduct market research , analyze their competitors , validate their idea by talking to potential customers, and define their unique value proposition .

The business plan captures that opportunity you see for your company: it describes your product or service and business model , and the target market you’ll serve. 

It also includes details on how you’ll execute your plan: how you’ll price and market your solution and your financial projections .

Reasons for writing a business plan

If you’re asking yourself, ‘Do I really need to write a business plan?’ consider this fact: 

Companies that commit to planning grow 30% faster than those that don’t.

Creating a business plan is crucial for businesses of any size or stage. It helps you develop a working business and avoid consequences that could stop you before you ever start.

If you plan to raise funds for your business through a traditional bank loan or SBA loan , none of them will want to move forward without seeing your business plan. Venture capital firms may or may not ask for one, but you’ll still need to do thorough planning to create a pitch that makes them want to invest.

But it’s more than just a means of getting your business funded . The plan is also your roadmap to identify and address potential risks. 

It’s not a one-time document. Your business plan is a living guide to ensure your business stays on course.

Related: 14 of the top reasons why you need a business plan

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What research shows about business plans

Numerous studies have established that planning improves business performance:

• 71% of fast-growing companies have business plans that include budgets, sales goals, and marketing and sales strategies.
• Companies that clearly define their value proposition are more successful than those that can’t.
• Companies or startups with a business plan are more likely to get funding than those without one.
• Starting the business planning process before investing in marketing reduces the likelihood of business failure.

The planning process significantly impacts business growth for existing companies and startups alike.

Read More: Research-backed reasons why writing a business plan matters

When should you write a business plan?

No two business plans are alike. 

Yet there are similar questions for anyone considering writing a plan to answer. One basic but important question is when to start writing it.

A Harvard Business Review study found that the ideal time to write a business plan is between 6 and 12 months after deciding to start a business. 

But the reality can be more nuanced – it depends on the stage a business is in, or the type of business plan being written.

Ideal times to write a business plan include:

• When you have an idea for a business
• When you’re starting a business
• When you’re preparing to buy (or sell)
• When you’re trying to get funding
• When business conditions change
• When you’re growing or scaling your business

Read More: The best times to write or update your business plan

How often should you update your business plan?

As is often the case, how often a business plan should be updated depends on your circumstances.

A business plan isn’t a homework assignment to complete and forget about. At the same time, no one wants to get so bogged down in the details that they lose sight of day-to-day goals. 

But it should cover new opportunities and threats that a business owner surfaces, and incorporate feedback they get from customers. So it can’t be a static document.

Related Reading: 5 fundamental principles of business planning

For an entrepreneur at the ideation stage, writing and checking back on their business plan will help them determine if they can turn that idea into a profitable business .

And for owners of up-and-running businesses, updating the plan (or rewriting it) will help them respond to market shifts they wouldn’t be prepared for otherwise. 

It also lets them compare their forecasts and budgets to actual financial results. This invaluable process surfaces where a business might be out-performing expectations and where weak performance may require a prompt strategy change. 

The planning process is what uncovers those insights.

Related Reading: 10 prompts to help you write a business plan with AI

• How long should your business plan be?

Thinking about a business plan strictly in terms of page length can risk overlooking more important factors, like the level of detail or clarity in the plan. 

Not all of the plan consists of writing – there are also financial tables, graphs, and product illustrations to include.

But there are a few general rules to consider about a plan’s length:

• Your business plan shouldn’t take more than 15 minutes to skim.
• Business plans for internal use (not for a bank loan or outside investment) can be as short as 5 to 10 pages.

A good practice is to write your business plan to match the expectations of your audience. 

If you’re walking into a bank looking for a loan, your plan should match the formal, professional style that a loan officer would expect . But if you’re writing it for stakeholders on your own team—shorter and less formal (even just a few pages) could be the better way to go.

The length of your plan may also depend on the stage your business is in. 

For instance, a startup plan won’t have nearly as much financial information to include as a plan written for an established company will.

Read More: How long should your business plan be?  

What information is included in a business plan?

The contents of a plan business plan will vary depending on the industry the business is in. 

After all, someone opening a new restaurant will have different customers, inventory needs, and marketing tactics to consider than someone bringing a new medical device to the market. 

But there are some common elements that most business plans include:

• Executive summary: An overview of the business operation, strategy, and goals. The executive summary should be written last, despite being the first thing anyone will read.
• Products and services: A description of the solution that a business is bringing to the market, emphasizing how it solves the problem customers are facing.
• Market analysis: An examination of the demographic and psychographic attributes of likely customers, resulting in the profile of an ideal customer for the business.
• Competitive analysis: Documenting the competitors a business will face in the market, and their strengths and weaknesses relative to those competitors.
• Marketing and sales plan: Summarizing a business’s tactics to position their product or service favorably in the market, attract customers, and generate revenue.
• Operational plan: Detailing the requirements to run the business day-to-day, including staffing, equipment, inventory, and facility needs.
• Organization and management structure: A listing of the departments and position breakdown of the business, as well as descriptions of the backgrounds and qualifications of the leadership team.
• Key milestones: Laying out the key dates that a business is projected to reach certain milestones , such as revenue, break-even, or customer acquisition goals.
• Financial plan: Balance sheets, cash flow forecast , and sales and expense forecasts with forward-looking financial projections, listing assumptions and potential risks that could affect the accuracy of the plan.
• Appendix: All of the supporting information that doesn’t fit into specific sections of the business plan, such as data and charts.

Read More: Use this business plan outline to organize your plan

• Different types of business plans

A business plan isn’t a one-size-fits-all document. There are numerous ways to create an effective business plan that fits entrepreneurs’ or established business owners’ needs. 

Here are a few of the most common types of business plans for small businesses:

• One-page plan : Outlining all of the most important information about a business into an adaptable one-page plan.
• Growth plan : An ongoing business management plan that ensures business tactics and strategies are aligned as a business scales up.
• Internal plan : A shorter version of a full business plan to be shared with internal stakeholders – ideal for established companies considering strategic shifts.

Business plan vs. operational plan vs. strategic plan

• What questions are you trying to answer? 
• Are you trying to lay out a plan for the actual running of your business?
• Is your focus on how you will meet short or long-term goals? 

Since your objective will ultimately inform your plan, you need to know what you’re trying to accomplish before you start writing.

While a business plan provides the foundation for a business, other types of plans support this guiding document.

An operational plan sets short-term goals for the business by laying out where it plans to focus energy and investments and when it plans to hit key milestones.

Then there is the strategic plan , which examines longer-range opportunities for the business, and how to meet those larger goals over time.

Read More: How to use a business plan for strategic development and operations

• Business plan vs. business model

If a business plan describes the tactics an entrepreneur will use to succeed in the market, then the business model represents how they will make money. 

The difference may seem subtle, but it’s important. 

Think of a business plan as the roadmap for how to exploit market opportunities and reach a state of sustainable growth. By contrast, the business model lays out how a business will operate and what it will look like once it has reached that growth phase.

Learn More: The differences between a business model and business plan

• Moving from idea to business plan

Now that you understand what a business plan is, the next step is to start writing your business plan . 

The best way to start is by reviewing examples and downloading a business plan template. These resources will provide you with guidance and inspiration to help you write a plan.

We recommend starting with a simple one-page plan ; it streamlines the planning process and helps you organize your ideas. However, if one page doesn’t fit your needs, there are plenty of other great templates available that will put you well on your way to writing a useful business plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

• Reasons to write a business plan
• Business planning research
• When to write a business plan
• When to update a business plan
• Information to include
• Business vs. operational vs. strategic plans

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What Is a Business Plan? Definition and Planning Essentials Explained

Posted february 21, 2022 by kody wirth.

What is a business plan? It’s the roadmap for your business. The outline of your goals, objectives, and the steps you’ll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance. 

A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth. In short, a business plan is a lot of different things. It’s more than just a stack of paper and can be one of your most effective tools as a business owner. 

Let’s explore the basics of business planning, the structure of a traditional plan, your planning options, and how you can use your plan to succeed. 

What is a business plan?

A business plan is a document that explains how your business operates. It summarizes your business structure, objectives, milestones, and financial performance. Again, it’s a guide that helps you, and anyone else, better understand how your business will succeed.  

Why do you need a business plan?

The primary purpose of a business plan is to help you understand the direction of your business and the steps it will take to get there. Having a solid business plan can help you grow up to 30% faster and according to our own 2021 Small Business research working on a business plan increases confidence regarding business health—even in the midst of a crisis. 

These benefits are directly connected to how writing a business plan makes you more informed and better prepares you for entrepreneurship. It helps you reduce risk and avoid pursuing potentially poor ideas. You’ll also be able to more easily uncover your business’s potential. By regularly returning to your plan you can understand what parts of your strategy are working and those that are not.

That just scratches the surface for why having a plan is valuable. Check out our full write-up for fifteen more reasons why you need a business plan .  

What can you do with your plan?

So what can you do with a business plan once you’ve created it? It can be all too easy to write a plan and just let it be. Here are just a few ways you can leverage your plan to benefit your business.

Test an idea

Writing a plan isn’t just for those that are ready to start a business. It’s just as valuable for those that have an idea and want to determine if it’s actually possible or not. By writing a plan to explore the validity of an idea, you are working through the process of understanding what it would take to be successful. 

The market and competitive research alone can tell you a lot about your idea. Is the marketplace too crowded? Is the solution you have in mind not really needed? Add in the exploration of milestones, potential expenses, and the sales needed to attain profitability and you can paint a pretty clear picture of the potential of your business.

Document your strategy and goals

For those starting or managing a business understanding where you’re going and how you’re going to get there are vital. Writing your plan helps you do that. It ensures that you are considering all aspects of your business, know what milestones you need to hit, and can effectively make adjustments if that doesn’t happen. 

With a plan in place, you’ll have an idea of where you want your business to go as well as how you’ve performed in the past. This alone better prepares you to take on challenges, review what you’ve done before, and make the right adjustments.

Pursue funding

Even if you do not intend to pursue funding right away, having a business plan will prepare you for it. It will ensure that you have all of the information necessary to submit a loan application and pitch to investors. So, rather than scrambling to gather documentation and write a cohesive plan once it’s relevant, you can instead keep your plan up-to-date and attempt to attain funding. Just add a use of funds report to your financial plan and you’ll be ready to go.

The benefits of having a plan don’t stop there. You can then use your business plan to help you manage the funding you receive. You’ll not only be able to easily track and forecast how you’ll use your funds but easily report on how it’s been used. 

Better manage your business

A solid business plan isn’t meant to be something you do once and forget about. Instead, it should be a useful tool that you can regularly use to analyze performance, make strategic decisions, and anticipate future scenarios. It’s a document that you should regularly update and adjust as you go to better fit the actual state of your business.

Doing so makes it easier to understand what’s working and what’s not. It helps you understand if you’re truly reaching your goals or if you need to make further adjustments. Having your plan in place makes that process quicker, more informative, and leaves you with far more time to actually spend running your business.

What should your business plan include?

The content and structure of your business plan should include anything that will help you use it effectively. That being said, there are some key elements that you should cover and that investors will expect to see. 

Executive summary

The executive summary is a simple overview of your business and your overall plan. It should serve as a standalone document that provides enough detail for anyone—including yourself, team members, or investors—to fully understand your business strategy. Make sure to cover the problem you’re solving, a description of your product or service, your target market, organizational structure, a financial summary, and any necessary funding requirements.

This will be the first part of your plan but it’s easiest to write it after you’ve created your full plan.

Products & Services

When describing your products or services, you need to start by outlining the problem you’re solving and why what you offer is valuable. This is where you’ll also address current competition in the market and any competitive advantages your products or services bring to the table. Lastly, be sure to outline the steps or milestones that you’ll need to hit to successfully launch your business. If you’ve already hit some initial milestones, like taking pre-orders or early funding, be sure to include it here to further prove the validity of your business. 

Market analysis

A market analysis is a qualitative and quantitative assessment of the current market you’re entering or competing in. It helps you understand the overall state and potential of the industry, who your ideal customers are, the positioning of your competition, and how you intend to position your own business. This helps you better explore the long-term trends of the market, what challenges to expect, and how you will need to initially introduce and even price your products or services.

Check out our full guide for how to conduct a market analysis in just four easy steps .  

Marketing & sales

Here you detail how you intend to reach your target market. This includes your sales activities, general pricing plan, and the beginnings of your marketing strategy. If you have any branding elements, sample marketing campaigns, or messaging available—this is the place to add it. 

Additionally, it may be wise to include a SWOT analysis that demonstrates your business or specific product/service position. This will showcase how you intend to leverage sales and marketing channels to deal with competitive threats and take advantage of any opportunities.

Check out our full write-up to learn how to create a cohesive marketing strategy for your business. 

Organization & management

This section addresses the legal structure of your business, your current team, and any gaps that need to be filled. Depending on your business type and longevity, you’ll also need to include your location, ownership information, and business history. Basically, add any information that helps explain your organizational structure and how you operate. This section is particularly important for pitching to investors but should be included even if attempted funding is not in your immediate future.

Financial projections

Possibly the most important piece of your plan, your financials section is vital for showcasing the viability of your business. It also helps you establish a baseline to measure against and makes it easier to make ongoing strategic decisions as your business grows. This may seem complex on the surface, but it can be far easier than you think. 

Focus on building solid forecasts, keep your categories simple, and lean on assumptions. You can always return to this section to add more details and refine your financial statements as you operate. 

Here are the statements you should include in your financial plan:

• Sales and revenue projections
• Profit and loss statement
• Cash flow statement
• Balance sheet

The appendix is where you add additional detail, documentation, or extended notes that support the other sections of your plan. Don’t worry about adding this section at first and only add documentation that you think will be beneficial for anyone reading your plan.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. So, to get the most out of your plan, it’s best to find a format that suits your needs. Here are a few common business plan types worth considering. 

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you’ll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or any other situation where the full details of your business must be understood by another individual. 

This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix. We recommend only starting with this business plan format if you plan to immediately pursue funding and already have a solid handle on your business information. 

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea. 

The structure ditches a linear structure in favor of a cell-based template. It encourages you to build connections between every element of your business. It’s faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations. This is really best for those exploring their business idea for the first time, but keep in mind that it can be difficult to actually validate your idea this way as well as adapt it into a full plan.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan. This format is a simplified version of the traditional plan that focuses on the core aspects of your business. It basically serves as a beefed-up pitch document and can be finished as quickly as the business model canvas.

By starting with a one-page plan, you give yourself a minimal document to build from. You’ll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan. This plan type is useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Now, the option that we here at LivePlan recommend is the Lean Plan . This is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27-minutes . However, it’s even easier to convert into a full plan thanks to how heavily it’s tied to your financials. The overall goal of Lean Planning isn’t to just produce documents that you use once and shelve. Instead, the Lean Planning process helps you build a healthier company that thrives in times of growth and stable through times of crisis.

It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Try the LivePlan Method for Lean Business Planning

Now that you know the basics of business planning, it’s time to get started. Again we recommend leveraging a Lean Plan for a faster, easier, and far more useful planning process. 

To get familiar with the Lean Plan format, you can download our free Lean Plan template . However, if you want to elevate your ability to create and use your lean plan even further, you may want to explore LivePlan. 

It features step-by-step guidance that ensures you cover everything necessary while reducing the time spent on formatting and presenting. You’ll also gain access to financial forecasting tools that propel you through the process. Finally, it will transform your plan into a management tool that will help you easily compare your forecasts to your actual results. 

Check out how LivePlan streamlines Lean Planning by downloading our Kickstart Your Business ebook .

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Are you trying to decide between the Microsoft 365 Business vs Enterprise plans for your organization? It can be tough to determine which plan is the right fit, especially with so many options to choose from. In this blog post, we'll compare the key features and capabilities of both plans to help you make an informed decision.

Introduction to Microsoft 365 Business vs Enterprise Licensing Options

Microsoft 365 is a subscription-based service that includes Office 365, Windows 10, and Enterprise Mobility + Security. It is designed to empower users to be creative and work together, securely. Microsoft 365 is available in a variety of plans to meet the needs of different businesses and organizations.

Microsoft 365 Business

(Formerly called Office 365 Business) is a plan specifically designed for small and medium-sized businesses. It includes access to the latest versions of Office applications, online storage with OneDrive, email with Exchange Online, and a range of security and compliance features.

Below are the new names of Microsoft Business Plans:

• Microsoft 365 Business Basic (formerly Office 365 Business Essentials)
• Microsoft 365 Business Standard (formerly Office 365 Business Premium)
• Microsoft 365 Business Premium (formerly Microsoft 365 Business)
• Microsoft 365 Apps for Business or Enterprise (formerly Office 365 Business and Office 365 ProPlus )

Microsoft 365 Enterprise

is a plan designed for large organizations. It includes all the features of Microsoft 365 Business, as well as additional security and compliance features, such as Advanced Threat Protection and Advanced Compliance. If you’re only interested in Microsoft Enterprise Plans you can instead read Office 365 vs Microsoft 365 Enterprise Plans .

High-Level Features Comparison of Microsoft Office 365 Business and Enterprise Features

Mail storage limit for different microsoft office online plans.

With regards to email storage, Microsoft Office 365 / Microsoft 365 Enterprise plans have much more to offer than Microsoft Business. The Microsoft 365 / Office 365 Enterprise give their clients access to a bigger Exchange Online post box size of 100 GB and boundless stockpiling as an archive mailbox, when contrasted with the Business which offers a capacity of 50 GB.

OneDrive Storage Limit

OneDrive storage limit is another difference that differentiates the two families of Microsoft Plans. The Enterprise family offers unlimited while the Microsoft Business Premium maxes out at 1TB of cloud storage.

On-Premises CAL Rights Equivalency to Office 365

Another significant contrast between the Microsoft Office 365 / Microsoft 365 business vs Enterprise is the on-premises CAL (Client Access License) rights. Microsoft Enterprise gives its clients the ECAL Suite which gives them the right to use On-Premises Exchange, SharePoint, Skype, Windows, and so on.

Cap on Number of Organization’s Users for Microsoft Business vs Enterprise 

The essential contrast between the Microsoft Office 365 / Microsoft 365 Enterprise and Microsoft Business is the number of users advertised. Microsoft Business can be utilized and imparted to up to three hundred users, though Microsoft Office 365 / Microsoft 365 Enterprise plans can be imparted to a boundless number of users.

Henceforth, the Business Subscription is an answer intended for little and developing businesses, though the Enterprise plan is fitting for bigger firms.

Microsoft 365 Business vs Enterprise Plans: Detailed Comparison

The following table presents a detailed comparison of Microsoft 365 business vs Enterprise. In addition, you can also find the comparison between individual Business and Enterprise plans to include:

• Microsoft 365 Business Basic vs Business Standard
• Microsoft 365 Business Basic License vs Microsoft 365 premium
• Microsoft 365 Business Premium vs E3 (Microsoft 365 E3)
• Microsoft Business Premium vs E5 (Microsoft 365 E5)

Factors to Consider When Choosing Between Microsoft 365 Business vs Enterprise

When it comes to choosing between the Microsoft 365 business vs Enterprise, there are several factors to consider. Here are a few key things to keep in mind:

• Your business size and needs: The Microsoft Office Business plan is designed for small and medium-sized businesses, while the Enterprise plans are geared towards larger organizations. Consider the size of your business and the specific needs of your employees when determining which plan is the best fit.
• Your budget and available resources: The Microsoft Office 365 Business license plan is more affordable than the Enterprise plans. However, it's important to weigh the cost against the features and capabilities you need. If your business requires advanced security and compliance features, for example, it may be worth investing in an Enterprise plan.
• Your current and future technology needs: Think about the technology your business is currently using and the tools you'll need in the future. The Microsoft 365 Business plan includes the core Office applications, but the Enterprise plan offers additional features and capabilities that may be more suitable for your needs.
• Any specific industry or compliance requirements: If your business operates in a regulated industry or is required to meet specific compliance standards, you'll need to consider the features and capabilities of each plan to ensure you're meeting those requirements. The Enterprise plans offer advanced security and compliance features that may be necessary for your business.

It's important to carefully consider these factors when deciding between the Microsoft 365 business vs Enterprise plans. Seek guidance from a Microsoft Partner or licensing specialist to ensure you're making the best decision for your business.

Cost Comparison between Microsoft 365 Business vs Enterprise

A significant contrast that each business will consider before buying Microsoft is the expense of the two. While the fundamental highlights in both Microsoft 365 business vs Enterprise continue as before, the previous one comes at a lower cost.

The base cost for the Business Subscription ranges from $6 to $22, while Enterprise comes at a more significant expense, going from $8 to $57.

Along these lines, for any individual who wishes to utilize only the fundamental features of Microsoft, the Business plan would be the correct alternative.

We’re here to help

If you're still unsure which plan is the best fit for your business, consider seeking guidance and advice from a Microsoft Partner or licensing specialist. Communication Square is a Microsoft Preferred Partner and Direct Cloud Solutions Provider and can help you navigate the different options and choose the right plan for your business. Click to schedule a FREE consultation .

Last Updated 2 months ago

About the Author

Ateeb is a Microsoft Certified Solutions Associate. He aids clients in deployment, and management of Microsoft technologies - for both, on-premises and on the cloud environment. With significant experience in deploying stand-alone and enterprise solutions, Ateeb enjoys helping organizations with their digital transformation journey.

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Have questions before purchasing office 365.

Which Microsoft 365 plan is right for your business?

Your business has unique needs, which is why there are several Microsoft 365 plans to choose from, so you get the apps and features you need. Many of the plans sound similar, so we'll guide you through the options to help you find the plan that will best support you to run your business.

If you want a full breakdown and comparison of features in each plan, check out more here .

You can also take a quick 2-minute assessment to get a recommendation on which plan is best for you.

Microsoft 365 for business  is a subscription service that lets you run your organization in the cloud while Microsoft takes care of the IT for you. It connects employees to the people, information, and content they need to do their best work, from any device.

The most popular plan and what is recommended for most businesses is Microsoft 365 Business Standard.

If you have other needs, choose one of the options below:

We already have Word and Excel, but we're interested in email and Microsoft Teams

If your business already has licenses of Microsoft Office, you might only want to get business-class email that gives you a custom email domain address and Microsoft Teams for online meetings. If this is the case, then Microsoft 365 Business Basic would be your best option. 

Web and mobile versions of Word, Excel, PowerPoint, and Outlook.

Host email with a 50GB mailbox and custom email domain address.

1TB of cloud storage to store and share files.

Facilitate online meetings and video calls for up to 300 users and create a hub for teamwork using Microsoft Teams.

Manage appointments with Bookings and manage projects with Forms, Lists, and Planner.

Click here if Microsoft 365 Business Basic is the right option.

My business and employees just need apps like Word, PowerPoint, and Excel

If your business only needs desktop apps like Word or Excel, Microsoft 365 Apps for business will be your best option.

The latest desktop versions of Microsoft 365 apps: Outlook, Word, Excel, PowerPoint, OneNote (plus Access and Publisher for PC only).

Automatic updates to your apps with the latest features and capabilities.

1 TB of cloud storage to store and share files.

Each license lets you install Microsoft 365 apps on five mobile devices, five tablets and five PCs or Macs per user.

Click here if Microsoft 365 Apps for business is the right option.

What add-ons are there for my business plan?

There are a plenty of add-ons to choose from, but two that we recommend you consider are Microsoft Defender for Business and Teams Phone.

Help keep your devices and servers secure from online threats such as ransomware and malware. Defender for Business is an easy-to-use cybersecurity solution to help protect against, detect, and respond to cyberattacks.

Learn more about Microsoft Defender for Business

Help administrators keep your organization connected with Microsoft Teams calling solutions. Empower employees in remote, in-office, or hybrid work environments with the flexibility of Teams Phone and devices that fit the way you work.

Learn more about Microsoft Teams Phone

Check out  Buy or manage add-ons for Microsoft 365 business plans to learn how to add new features to enhance your subscription.

How do I change subscriptions?

If you chose a plan for your business, but later want to change it, check out Upgrade or change to a different Microsoft 365 for business plan to read how you can switch your plan.

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The Business Planning Process: 6 Steps To Creating a New Plan

In this article, we will define and explain the basic business planning process to help your business move in the right direction.

What is Business Planning?

Business planning is the process whereby an organization’s leaders figure out the best roadmap for growth and document their plan for success.

The business planning process includes diagnosing the company’s internal strengths and weaknesses, improving its efficiency, working out how it will compete against rival firms in the future, and setting milestones for progress so they can be measured.

The process includes writing a new business plan. What is a business plan? It is a written document that provides an outline and resources needed to achieve success. Whether you are writing your plan from scratch, from a simple business plan template , or working with an experienced business plan consultant or writer, business planning for startups, small businesses, and existing companies is the same.

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The Better Business Planning Process

The business plan process includes 6 steps as follows:

• Do Your Research
• Calculate Your Financial Forecast
• Draft Your Plan
• Revise & Proofread
• Nail the Business Plan Presentation

We’ve provided more detail for each of these key business plan steps below.

1. Do Your Research

Conduct detailed research into the industry, target market, existing customer base,  competitors, and costs of the business begins the process. Consider each new step a new project that requires project planning and execution. You may ask yourself the following questions:

• What are your business goals?
• What is the current state of your business?
• What are the current industry trends?
• What is your competition doing?

There are a variety of resources needed, ranging from databases and articles to direct interviews with other entrepreneurs, potential customers, or industry experts. The information gathered during this process should be documented and organized carefully, including the source as there is a need to cite sources within your business plan.

You may also want to complete a SWOT Analysis for your own business to identify your strengths, weaknesses, opportunities, and potential risks as this will help you develop your strategies to highlight your competitive advantage.

2. Strategize

Now, you will use the research to determine the best strategy for your business. You may choose to develop new strategies or refine existing strategies that have demonstrated success in the industry. Pulling the best practices of the industry provides a foundation, but then you should expand on the different activities that focus on your competitive advantage.

This step of the planning process may include formulating a vision for the company’s future, which can be done by conducting intensive customer interviews and understanding their motivations for purchasing goods and services of interest. Dig deeper into decisions on an appropriate marketing plan, operational processes to execute your plan, and human resources required for the first five years of the company’s life.

3. Calculate Your Financial Forecast

All of the activities you choose for your strategy come at some cost and, hopefully, lead to some revenues. Sketch out the financial situation by looking at whether you can expect revenues to cover all costs and leave room for profit in the long run.

Begin to insert your financial assumptions and startup costs into a financial model which can produce a first-year cash flow statement for you, giving you the best sense of the cash you will need on hand to fund your early operations.

A full set of financial statements provides the details about the company’s operations and performance, including its expenses and profits by accounting period (quarterly or year-to-date). Financial statements also provide a snapshot of the company’s current financial position, including its assets and liabilities.

This is one of the most valued aspects of any business plan as it provides a straightforward summary of what a company does with its money, or how it grows from initial investment to become profitable.

4. Draft Your Plan

With financials more or less settled and a strategy decided, it is time to draft through the narrative of each component of your business plan . With the background work you have completed, the drafting itself should be a relatively painless process.

If you have trouble writing convincing prose, this is a time to seek the help of an experienced business plan writer who can put together the plan from this point.

5. Revise & Proofread

Revisit the entire plan to look for any ideas or wording that may be confusing, redundant, or irrelevant to the points you are making within the plan. You may want to work with other management team members in your business who are familiar with the company’s operations or marketing plan in order to fine-tune the plan.

Finally, proofread thoroughly for spelling, grammar, and formatting, enlisting the help of others to act as additional sets of eyes. You may begin to experience burnout from working on the plan for so long and have a need to set it aside for a bit to look at it again with fresh eyes.

6. Nail the Business Plan Presentation

The presentation of the business plan should succinctly highlight the key points outlined above and include additional material that would be helpful to potential investors such as financial information, resumes of key employees, or samples of marketing materials. It can also be beneficial to provide a report on past sales or financial performance and what the business has done to bring it back into positive territory.

Business Planning Process Conclusion

Every entrepreneur dreams of the day their business becomes wildly successful.

But what does that really mean? How do you know whether your idea is worth pursuing?

And how do you stay motivated when things are not going as planned? The answers to these questions can be found in your business plan. This document helps entrepreneurs make better decisions and avoid common pitfalls along the way. ​

Business plans are dynamic documents that can be revised and presented to different audiences throughout the course of a company’s life. For example, a business may have one plan for its initial investment proposal, another which focuses more on milestones and objectives for the first several years in existence, and yet one more which is used specifically when raising funds.

Business plans are a critical first step for any company looking to attract investors or receive grant money, as they allow a new organization to better convey its potential and business goals to those able to provide financial resources.

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

• A market analysis : gathering information about factors and conditions that affect your industry
• Competitive analysis : evaluating the strengths and weaknesses of your competitors
• Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
• Marketing: using your research to advertise your business
• Logistics and operations plans : planning and executing the most efficient production process
• Cash flow projection : being prepared for how much money is going into and out of your business
• An overall path to long-term growth

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

• No market need : No one wants what you’re selling.
• Lack of capital : Cash flow issues or businesses simply run out of money.
• Inadequate team : This underscores the importance of hiring the right people to help you run your business.
• Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
• Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Related Posts

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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Empower employees to share your posts across their own social networks with Hootsuite Amplify. Enterprise plans come with 25 Amplify seats for free.

Review management

Monitor brand reviews alongside social mentions in Hootsuite. Track reviews across the web and share to your social networks in a few taps.

UGC and influencer management

Manage user-generated content and influencer relationships right from the Hootsuite dashboard with TINT and Upfluence. 

Hootsuite reviews

See how enterprise businesses use hootsuite to get real results on social media.

slashed their first response time to under 10 minutes using Hootsuite Enterprise.

Mélia Hotels

resolves ~3,100 conversations a week, 11% of which are booking requests.

Julius Baer

drove 5.3M impressions on LinkedIn alone using Hootsuite Amplify. 

Frequently asked questions

Hootsuite Enterprise is proven to help reduce your team’s workload and bolster its social media performance — all at the same time.

All Hootsuite plans can help you save time, post better content, see what’s working, and grow your social media following. Every plan includes all the basics you need to simplify social media scheduling, content creation, analytics, inbox management, and social listening.

With Enterprise, your team gets access to some of the best enterprise social media management tools you won’t get with any other Hootsuite plan. It includes tools for social ads analytics, team productivity reporting, and employee advocacy.

Plus, with an Enterprise account, you can customize your experience with industry-leading add-ons. Equip your account with an Advanced Inbox to take social media customer service to the next level or add Advanced Analytics to view and track your social media ROI.

Hootsuite Enterprise is designed for large social media teams. Enterprise starts at five user seats and 50 social media accounts (Need more? No problem). 

Because of this, it’s a great fit for larger businesses like enterprise companies, franchises, and agencies. But every business is unique, and Enterprise may be the best choice for yours even if you’ve got a small but mighty crew. 

Organizations across all industries use Hootsuite Enterprise to grow their presence on social media. Enterprise comes with features and integrations that even make it a popular choice for highly regulated industries, including financial services , government , and healthcare .

Your yearly contract helps you save money and includes value-added services — but it does come with terms and conditions.

You can find your standard enterprise terms and conditions here .

One important condition to remember is about the automatic yearly renewal of your contract.

Planning on changing your contract? Or planning to discontinue your contract next year? You need to send your Customer Success representative a written notice (email is good!) of your non-renewal at least 60 days prior to the end of your term. If you don’t give us written notice of cancellation, you’ll be automatically renewed for a year (and be responsible for those fees).

Upon renewal, we reserve the right to increase the Fees for Services. If our fees go up, we’ll provide you with a written notice at least 90 days prior to the end of your current term.

Your one-year contract will automatically renew every year.

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Lead your organization’s social strategy. Level up your strategy skills with our Advanced Social Media Strategy Certificate. This is a comprehensive and academically recognized certification by Hootsuite and Syracuse University’s S.I. Newhouse School of Public Communications.

Find out how Hootsuite can level up your socials with a custom demo — no strings attached

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Free Google Slides Business Model Canvas Templates

By Courtney Patterson | May 8, 2024

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These customizable Google Slides business model canvas templates are tailored for entrepreneurs, startup enthusiasts, and strategic planners. Download any template to help you develop and refine your business model, establishing a solid base for growth and innovation. This collection includes a  Lean business model canvas template , a  social enterprise business model canvas template , a  tech startup business model canvas template , and more.

Google Slides Simple Business Model Canvas Template

Download the Simple Business Model Canvas Template for Google Slides 

When to Use This Template:  Use this streamlined business model canvas template during dynamic strategy meetings or brainstorming sessions. It's particularly useful for entrepreneurs, startups, and educators looking for a fast way to kick-start planning, facilitate workshops, or clarify ongoing business strategies. 

Notable Template Features:  This template efficiently outlines key aspects of a business model, such as value propositions, target customer segments, and critical operations. The user-friendly layout ensures swift updates and engaging team discussions, making it an essential resource for visualizing and refining strategic plans. 

Access this complimentary collection of  free business model canvas templates to effectively visualize your business's fundamental elements. 

Google Slides Lean Business Model Canvas Template

Download the Sample Lean Business Model Canvas Template for Google Slides 

Download the Blank Lean Business Model Canvas Template for Google Slides

When to Use This Template:  Ideal for high-velocity environments, this Lean business model canvas template with or without sample data allows forward-thinking innovators to expedite the testing and validation of their business concepts. It focuses on refining the pivotal aspects of a business strategy to adjust based on real-time market responses. 

Notable Template Features:  This template highlights critical Lean startup principles, including the alignment of solutions with customer problems, compelling value propositions, and key performance indicators (KPIs). Its interactive and flexible design makes it a vital resource for teams striving for continual progress. Download the sample version for a pre-filled template, or try the blank version to fill in the sections with your own data.

Google Slides Business Capability Model Template

Download the Business Capability Model Template for Google Slides  

When to Use This Template:  Use this template to streamline your strategic planning. It is designed to help organizations assess and outline their core business functions and capabilities so that they can synchronize business strategies with operational strengths and identify areas for investment. 

Notable Template Features:  Across multiple dynamic slides, this template facilitates a thorough analysis of business capabilities, from day-to-day operations to customer interaction tactics. Its organized layout allows for a methodical review of your company's strengths, weaknesses, and growth opportunities, improving communication and strategic alignment across teams and sectors. 

Google Slides Social Enterprise Business Model Canvas Template

Download the Social Enterprise Business Model Canvas Template for Google Slides

When to Use This Template:  This Google Slides template is ideal for social enterprises and mission-driven organizations that need to strategize how to balance social impact with financial viability. Use this template in brainstorming sessions or strategic planning meetings to navigate the challenges of creating social value and financial stability. 

Notable Template Features:  This template emphasizes integrating social objectives with core business functions. It includes dedicated sections for outlining social missions, evaluating impact, and building community relationships. Its comprehensive design enables you to map out both the social and economic facets of your business. 

Google Slides Customer-Focused Business Model Canvas Template

Download the Sample Customer-Focused Business Model Canvas Template for Google Slides  

Download the Blank Customer-Focused Business Model Canvas Template for Google Slides  

When to Use This Template:  Use this customer-focused template with or without sample data when you're fine-tuning or developing a business strategy with a strong emphasis on customer insights. The template is particularly effective at turning customer needs into unique market positions and customized experiences.

Notable Template Features:  Specially crafted to highlight the role of customer perspectives in strategic planning, this template features dedicated areas for detailing customer journeys, preferences, and the feedback process. It offers a comprehensive examination of how your business model caters to customer demands, prioritizing customer satisfaction and active engagement in every strategic move.

Google Slides E-Commerce Business Model Canvas Template

Download the E-Commerce Business Model Canvas Template for Google Slides  

When to Use This Template:  Try this e-commerce template when you need to elevate your presence in the digital retail space. Ideal for strategizing the launch of a new online store or refining the operations of an existing one, this template facilitates a detailed examination and improvement of an online shopping journey, from the first interaction to follow-up after sales. 

Notable Template Features:  Tailor-made for the nuances of e-commerce, this template provides a guide for strategizing around online consumer behaviors, digital marketing tactics, and logistical operations. It covers crucial strategic e-commerce activities, such as enhancing the customer experience, streamlining payment systems, and ensuring effective customer support. 

Google Slides Tech Startup Business Model Canvas Template

Download the Tech Startup Business Model Canvas Template for Google Slides

When to Use This Template:  Use this tech startup template during critical phases of brainstorming and entering the market or as you adjust your tech enterprise to meet the changing needs of the industry. It's designed to help you better understand the relationship between your technological innovations and market requirements.

Notable Template Features:  Adapted for the unique challenges and opportunities of the tech sector, this template emphasizes research and development, intellectual property management, and strategies for gaining users. It offers a comprehensive layout for mapping out how your tech solutions align with market expectations, with a focus on ensuring scalability, security measures, and innovation.

Related Templates

Explore these complimentary Google Slides templates rooted in business model canvas methodologies. Tailored to boost your strategic business planning, these resources emphasize strategic planning, market analysis, value proposition clarification, and customer journey mapping. 

Free SWOT Analysis Templates for Google Slides

Make use of these  free SWOT analysis templates for Google Slides to better understand your organization's strengths, weaknesses, opportunities, and threats, allowing for new strategic initiatives and insightful decision-making. 

Free Google Slides Project Management Templates

These  free Google Slides project management templates offer users an intuitive way to organize, track, and present project details, timelines, and milestones, enhancing project visibility and team collaboration. 

Free Brand Presentation Templates

See this collection of  free brand presentation templates for resources to help you seamlessly integrate and showcase your brand's identity in your business model canvas, enhancing how you communicate your value proposition and market positioning. 

Free Marketing Report Templates

Take a look at these  free marketing report templates for help analyzing and presenting your marketing efforts and ensuring that they align with the strategies outlined in your business model canvas. 

Free Change Management Strategy Templates

Check out these  free change management strategy templates to help you effectively plan and execute organizational changes, ensuring they align with your strategic objectives. 

Free Go-to-Market Strategy Templates

Explore these  free go-to-market strategy templates when you need a targeted strategic approach for launching a product or service. 

Free Project Timeline Templates

Dive into these  free project timeline templates to help you map out the key milestones and timelines for your strategic initiatives, aligning them with the broader goals outlined in your business model canvas. 

Free Annual Plan Templates and Yearly Planning Templates

Discover these  free annual plan templates and yearly planning templates to assist you in setting annual goals and strategies that are in harmony with your long-term objectives. 

Free Google Timeline Templates

Check out these  free Google timeline templates to help you effectively visualize and plan the chronological development and execution of the strategies outlined in your business model canvas. 

Refine Your Business Models with Real-Time Work Management in Smartsheet

Discover a better way to connect your people, processes, and tools with one simple, easy-to-use platform that empowers your team to get more done, faster.

With Smartsheet, you can align your team on strategic initiatives, improve collaboration efforts, and automate repetitive processes, giving you the ability to make better business decisions and boost effectiveness as you scale. 

When you wear a lot of hats, you need a tool that empowers you to get more done in less time. Smartsheet helps you achieve that. Try free for 30 days, today .

Connect your people, processes, and tools with one simple, easy-to-use platform.

Invest to build financial resilience and reduce risk

Amid intensifying market disruptions and escalating business volatility, there’s more pressure on Chief Financial Officers (CFOs) and Chief Risk Officers (CROs) to balance multiple interconnected transformations while sustaining company performance, profitability and safety.

Finance and risk management now

of CFOs say the responsibility they’ve been entrusted with feels much greater than in the past

CFOs call the shots on business-critical decisions that impact the entire organization, not just finance

of risk leaders believe that complex, interconnected new risks are emerging at a more rapid pace than ever before

of risk leaders say their risk management capabilities have not kept pace with the rapidly changing landscape

How to reinvent finance and risk management

Win with a data-driven operating model.

Think “out-of-the-box”

Cloud-enabled EPM paves the path to advanced analytics

Harness the power of data, ai, and technology, what you measure shapes what you do.

This journey begins with building a digital core that draws on data, technology, and talent. Determining the right mix of people and applications is key to implementing a data-driven operating model that delivers.

Make finance more predictive and proactive

A data-driven operating model can reduce time forming insights by up to 30% and deliver real-time business performance analysis.

Improve liquidity management

Additionally, it can increase cash collection by up to 30%, improve cash and capital forecasting by 85-95% and raise cash in bank by up to 95%.

Increase operational efficiency

See a 50-60% increase in operational efficiency, a 45-50% reduction in operating costs and 30-40% savings from an improved reporting system.

Mitigate risk and improve compliance

Touchless processing can help drive a 50-60% increase in efficiency, while an improved reporting system can help deliver up to 40% in savings.

Create an agile operating model

Increase cross-worldwide business unit collaboration, while simplifying processes and harmonizing service.

Leveraging “out-of-the-box" cloud capabilities can increase automation and integrate data and ERP on the cloud for powerful analytics.

Provide a single “source of truth”

Transforming your finance platform can result in a single repository of clean and current data that's fully integrated. This data allows finance and other functions across your organization to unlock and share powerful and actionable insights.

Simplify the technology landscape

The simpler the landscape and greater the use of “out-of-the-box" capabilities, the greater the opportunity to grow your business at a lower cost. For example, reducing the number of applications frees up resources to focus on innovation activities.

Build a foundation that enables evolution

A solid ERP foundation can enable future initiatives, such as advanced reporting and analytics, intelligent automation and an insight-driven culture.

Activate new ways of working

Use the power of humans and data science to transform decision-making and ways of working across the organization.

Today’s decision support capabilities require new technology and collaboration tools. An end-to-end modeling capability that emphasizes scenario planning and aligns to company metrics is key.

Improve forecast accuracy

Implementing a modern, integrated EPM system will allow your team to have real time visibility of financial performance and improve forecast accuracy.

Reduce cycle time

Integrated and agile planning capabilities reduce cycle time and enable scenario planning to stress test specific situations and challenges.

Modernize your risk function, driving superior data insights and optimizing controls to meet regulatory, business and operational demands.

Strengthen your risk management

Through automation, streamlining of data and implementation of exception-based risk management, you can reduce the cost of core risk management processes by up to 50%.

Efficient AML/KYC investigation

Using automation and analytics, you can reduce anti-money laundering (AML) alerts by 25-40% and know your customer (KYC) reviews by 15-35%.

Effective regulatory compliance and remediation

Achieve a 95-98% quality rating across deliveries by implementing a quality control framework. Through AI-driven remediation, deliver 50-70% in cost savings.

Optimize risk-adjusted business performance

This can lead to a 20% improvement in revenue and risk adjustment performance management, unlocking new capital efficiency use cases. See a fast and efficient flow of risk insight to business divisions, along with an enhanced ability to identify and mitigate control issues and risk appetite breaches.

Safeguard business growth and expansion

Begin with establishing controls for financial product innovation (e.g., payments) and regulatory advisory for market expansion. In addition, proactively identify risks and opportunities in the interconnected business model.

The time has come to devote the same resources and attention given to financials to ESG measurement. It all starts with blending financial and nonfinancial goals via a data-led performance management capability.

Risk mitigation and cost avoidance

Preventing fines and penalties (e.g., climate taxes) and avoiding the loss of business due to the impact of your ESG metrics are just two of the benefits of implementing a data-driven approach to sustainability measurement, analytics and performance reporting.

Compliance and control

Meet consistent compliance with regulatory standards, and draw on data which is more reliable for reporting and decision-making.

Optimization of financing

Improved sustainability ratings can reduce the cost of debt. What’s more, you can gain access to beneficial lending rates, subsidies and tax breaks. And lastly, improve your chances of being included in a large ESG fund.

Cost reduction and operational efficiency

When you reduce water, energy and fuel usage—along with raw materials and waste—you can see increased efficiency and less maintenance and transportation costs.

Revenue growth and pricing power

Eco-friendly products can improve customer loyalty. They can also offer entry to new customer segments, new geographical markets and create the opportunity to leverage premium pricing models for innovative products.

What’s trending in finance and risk management

In an era of permacrisis, companies are embracing reinvention and turning to their CFOs. To meet the moment, CFOs need to transform their finance function to better support the organization’s reinvention and growth ambitions.

Risk is everywhere and companies need to create a new risk mindset and capabilities across the enterprise. This pivot is critical for turning hyper-disruption into opportunities for business resilience and growth.

Accenture explains how CFO's role has evolved & how CFO leadership & strategic decision making can drive enterprise growth & reinvention.

Five imperatives the C-suite must address to reinvent in the age of generative AI.

This is a singular moment for CIOs: here is how they can take advantage to unlock true business value across their enterprise.

See how operations reinventors are rising to the challenges of disruption, capturing new paths for growth, and setting new performance frontiers.

Accenture explores how responsible leaders can profitably embed sustainability without completely tearing up the traditional business case.

Affirming our commitment to transparency and accountability to our ESG goals and progress.

Partners in change

Accenture’s deep strategy, process, and technology expertise enables us to digitally transform organizations utilizing Anaplan.

Make processes more efficient, turn insights into action, and unlock new value in business processes.

Unleash the value of data locked up in contracts to realize benefits including accelerated transformation and better business outcomes.

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Butte County updates local drought plan

M ay 15—CHICO — California may no longer be in a drought, but local governments still face requirements to make changes based on Senate Bill 552.

The Butte County Board of Supervisors unanimously voted on a resolution that would ultimately update the county's drought plan which was initially implemented in 2004.

Water and Resource Conservation Director Kami Loeser presented the item before the board and requested authorization for her department to take part in "direct technical services" to make the updates happen.

"The state's department of water resources offers a county drought resilience planning assistance program that would provide direct technical assistance to support the county's drought planning efforts," Loeser said in her presentation. "And the drought direct technical assistance program is administered through (The California Department of Water Resources) and implemented by a consulting firm that they have retained."

SB552 was signed by Gov. Gavin Newsom in 2021 and shifted some of the requirements for conserving and utilizing water.

"SB552 specifically requires all counties to improve drought and water shortage preparedness for state small water systems and domestic wells within a county's jurisdiction by establishing a standing drought water shortage task force or drought task force and developing a county drought resilience plan or DRP," Loeser said.

Additionally, the board approved two contracts that will add to the Palermo Clean Water Consolidation Project.

The first, at the cost of just north of $2.52 million, will go to the Butte and South Feather Water and Power Agency for the procurement of water conveyance infrastructure to assist areas facing dry or drying wells.

A second contract for $475,000 was approved to bring on a consultant for construction management services.

Both contracts have a term through Sept. 30, 2025.

Other business

Aside from preparing for an updated drought plan, the board voted on the following:

—A sublease agreement at the cost of just short of $5.26 million was approved for the Behavioral Health Sobering Center with Horizon Services, Inc. at 560 Cohasset Road.

—A contract with Escheman Construction Company was approved for the Oro Quincy Highway Road Repair Project to the tune of $4.26 million.

—Seven properties had liens imposed on them after being declared public nuisances.

—A presentation was given on the Mobile Hygiene Center and Homeless Shelter Case Management Program along with a public hearing for the program's grant close out. Though the grant term has ended, the program will continue on.

(c)2024 Chico Enterprise-Record, Calif Distributed by Tribune Content Agency, LLC.