business plan template project management

Project Management Business Plan Template

Written by Dave Lavinsky

Project Management Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their project management companies.

If you’re unfamiliar with creating a project management business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a project management business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Project Management Business Plan?

A business plan provides a snapshot of your project management business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Project Management Company

If you’re looking to start a project management business or grow your existing project management company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your project management business to improve your chances of success. Your project management business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Project Management Businesses

With regards to funding, the main sources of funding for a project management business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for project management companies.

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How to write a business plan for a project management business.

If you want to start a project management business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your project management business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of project management business you are running and the status. For example, are you a startup, do you have a project management business that you would like to grow, or are you operating a chain of project management businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the project management industry.
• Discuss the type of project management business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of project management business you are operating.

For example, you might specialize in one of the following types of project management businesses:

• Marketing project management : this type of project management involves overseeing projects related to marketing and advertising.
• Construction project management: this type of project management involves overseeing responsibilities related to planning and the logistics of a construction project.
• Engineering project management: this type of project management is responsible for overseeing engineering projects to ensure they’re completed appropriately.
• IT project management: this type of project management involves overseeing job duties such as establishing IT goals, overseeing the IT team’s processes and ensuring all project-related employees have the necessary resources to complete the project.

In addition to explaining the type of project management business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, the number of clients with positive outcomes, reaching X number of clients served, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the project management industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the project management industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your project management business plan:

• How big is the project management industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your project management business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your project management business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: small businesses, midsize companies and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of project management business you operate. Clearly, corporations would respond to different marketing promotions than small businesses, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other project management businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes in-house employees, online programs, or software. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of clients do they serve?
• What type of project management business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide your own staff?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a project management business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of project management company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide consulting, scheduling, budgeting, or staffing?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your project management company. Document where your company is situated and mention how the site will impact your success. For example, is your project management business located in a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your project management marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Attend industry events and tradeshows
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your project management business, including answering calls, planning and providing project services, client interaction,  billing clients and/or vendors, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your project management business to a new city.  

Management Team

To demonstrate your project management business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing project management businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a project management business or successfully running a small consulting firm.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you manage 5 clients per day, and/or offer consulting services? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your project management business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a project management business:

• Cost of equipment and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of project management services you plan to offer.

Writing a business plan for your project management business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the project management industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful project management business.

Don’t you wish there was a faster, easier way to finish your Project Management business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning advisor can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Project Management Business Plan Template

Written by Dave Lavinsky

Project Management Business Plan

You’ve come to the right place to create your Project Management business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Project Management businesses.

Below is a template to help you create each section of your Project Management business plan.

Executive Summary

Business overview.

ProPlan Solutions is a startup project management company located in Santa Clara, California. The company is founded by Ron Henderson who has experience in project management, in addition to several years of experience in project management. Now, with the expertise of knowledge and business acumen, Ron has determined he can confidently start and effectively grow a successful ProPlan Solutions company. Ron believes his experience of strategic growth, marketing skills, financial capabilities, and wide and deep knowledge of program management practices will provide everything needed for long-term growth and profitability.

ProPlan Solutions will provide a comprehensive array of services for a wide variety of clients. ProPlan Solutions will be the complete solution, providing services and products to each client while supporting the strategic goals of the company. ProPlan Solutions will be the ultimate choice in project management for clients to ensure that every need of the customer is fully and completely met.

Product Offering

The following are the services that ProPlan Solutions will provide:

• Project planning
• Project initiation and actionable steps
• Streamline project processes
• Build project collaboration
• Guaranteed on-time completion of projects
• Stakeholder engagement
• Stakeholder initiation and communication
• Budgeting and resource allocation
• Risk assessment
• Rick management

Customer Focus

ProPlan Solutions will target all construction companies within the greater Santa Clara region. They will target project managers who work independently. They will target city government planning officials. They will target commercial building owners and stakeholders.

Management Team

ProPlan Solutions will be owned and operated by Don Henderson. He recruited his former administrative manager, Stanley Marshall, to be the administrative director in ProPlan Solutions. In addition, Don recruited Darlene Cooper to be the marketing director, overseeing all forms of marketing, including social media and other channels.

Don Henderson is a graduate of Ohio State University, where he earned a degree in Innovation. He has been instrumental in his former employment in leading a wide and diverse number of projects-in-process by employing his expertise, knowledge and capabilities learned while on the job for more than a decade. He believes his organizational skills and diligence will allow him to grow his clientele base and his team of employees to a long-term strategic goal.

Stanley Marshall is the former administrative manager where Don was formerly employed. Stanley is well-known for his ability to break every project or task into digestible bites to then put them all together with a 99.9% accuracy rate. Stanley will become the new administrative director, overseeing employees, organizational needs and the construction of projects that conform to timelines.

Darlene Cooper is a personal acquaintance of Don Henderson and, after observing her social media and public relations skills, he asked Darlene to join the new company as the marketing director. She will build the pipeline of potential clients by marketing the skills and capabilities of the leaders within ProPlan Solutions and the history of successful projects behind the executive staff.

Success Factors

ProPlan Solutions will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly-qualified team of ProPlan Solutions
• Comprehensive menu of services and products
• Streamlined project processes via proprietary software
• Project collaboration with all players
• ProPlan Solutions offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.

Financial Highlights

ProPlan Solutions is seeking $200,000 in debt financing to launch its ProPlan Solutions. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for ProPlan Solutions.

Company Overview

Who is proplan solutions.

ProPlan Solutions is a newly established, full-service project management in Santa Clara, California. ProPlan Solutions will be the most reliable, cost-effective, and efficient choice for construction projects of all sizes within the Bay Area region. ProPlan Solutions will provide a comprehensive menu of project planning and completion services for any company or stakeholder to utilize. Their full-service approach includes a comprehensive slate of steps to completion and a guaranteed project completion date.

  ProPlan Solutions will be able to manage large and small projects from start to finish. The team of professionals are highly qualified and experienced in project initiation, processes, and completion with collaboration. ProPlan Solutions removes all headaches and issues of challenging projects and ensures all issues are taken care of expeditiously while delivering the best customer service.

ProPlan Solutions History

ProPlan Solutions is owned and operated by Don Henderson, a former project manager who has a wide and deep level of experience in multiple projects. Don has worked for a major management corporation for over ten years and he has the expertise across a wide variety of projects to effectively lead his teams to success in each project managed. Ron has gained the trust and commitment of three large technology-based companies in Santa Clara and is working to finalize the contracts at this time.

Since incorporation, ProPlan Solutions has achieved the following milestones:

• Registered ProPlan Solutions, LLC to transact business in the state of California.
• Has a contract in place for a 10,000 square foot office at one of the midtown buildings
• Reached out to numerous contacts to include ProPlan Solutions in their project planning.
• Began recruiting an executive staff of three persons and an administrative staff of four to work at ProPlan Solutions.

ProPlan Solutions Services

The following will be the services ProPlan Solutions will provide:

Industry Analysis

The project management industry is expected to grow over the next five years to over $7 billion. The growth will be driven by new technology that drives innovation and new projects that follow. There will be new risk assessments needed and timelines for project management could be more demanding, which would propel growth. This depends on the addition of software and application methods. The growth will also be driven by increasing demand for complex project management, particularly in the technology sector. The growth will be driven by small management projects combined for expediency and collaboration.

Costs will likely be reduced as software reduces the time and personnel needed when new tasks can be managed and completed by robotic or computer-driven technological solutions. Costs will likely be reduced as new constructs become adopted and the point of use becomes widened with many early adopters leading to full market adaptability that will reduce the cost per project.

Customer Analysis

Demographic profile of target market.

Customer Segmentation

ProPlan Solutions will primarily target the following customer profiles:

• Construction companies
• Technology-driven companies
• Independent project managers
• City or statewide planning officials
• Commercial building owners
• Collaborators and stakeholders of construction projects

Competitive Analysis

Direct and indirect competitors.

ProPlan Solutions will face competition from other companies with similar business profiles. A description of each competitor company is below.

The Rodgers Group

The Rodgers Group provides risk analysis and risk management during complex projects while in process. The risk analysis component is determined by Trenton Rogers, a skilled professional with ten years of expertise gained before he started The Rodgers Group. Potential risk assessments and projections will include changes in project scope, unforeseen challenges, and market competition. The Rodgers Group also manages mitigation strategies, preparing multiple “what if” scenarios for their client base.

EX Strategies

Started by London Breed in 2015, EX Strategies is focused on projects that involved exit strategies. In many cases, this requires lengthy and specific client consultations and care as the exit process can be lengthy. EX Strategies handles all potential exit strategies, including mergers, acquisitions, and transiting to a consulting model as needed. The market conditions and business goals of every business owner are determined prior to any constructions or projects get underway.

The Sustainable Assessment Company

The Sustainable Assessment Company specializes in projects that determine sustainability, no matter how large or small the project may be. Founded by Josiah Stein in 2020, the company focuses on the fact that most construction now contains sustainability plans and solutions. Therefore, the Sustainable Assessment Company looks forward and backward at new and existing organizations to determine viability of the initial plans and creates solutions that lead to higher-performing levels of sustainability. As many companies are committed to community engagement, along with social and environmental responsibility, the Sustainable Assessment Company supports and creates new constructs for success in these areas.

Competitive Advantage

ProPlan Solutions will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

ProPlan Solutions will offer the unique value proposition to its clientele:

Promotions Strategy

The promotions strategy for ProPlan Solutions is as follows:

Word of Mouth/Referrals

ProPlan Solutions has built up an extensive list of contacts over the years by providing exceptional service and expertise to their former clients. The contacts and clients will follow them to the new company and help spread the word of ProPlan Solutions.

Professional Associations and Networking

Industry associations will be joined and networking efforts will become an on-going effort at ProPlan Solutions. Trade associations in the national arena will also be joined. New technology trade associations will also be adopted, as companies seek the newest technology to apply the most effective innovations.

Website/SEO Marketing

ProPlan Solutions will fully utilize their website. The website will be well organized, informative, and list all the services that ProPlan Solutions provides. The website will also list their contact information and list a few of their largest projects completed successfully. The website will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “project management company” or “risk assessments near me,” ProPlan Solutions will be listed at the top of the search results.

The pricing of ProPlan Solutions will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for ProPlan Solutions. Operation Functions:

• Don Henderson will be the owner and president of the company. Don will oversee all staff and manage client relations. Don has spent the past year recruiting the following staff:
• Stanley Marshall will be the new administrative director, overseeing employees, organizational needs and the construction of projects that conform to timelines.
• Darlene Cooper brings social media skills and public relations expertise to ProPlan Solutions. She will become the marketing director, building the pipeline of potential clients within the marketing skills and capabilities she carries.

Milestones:

ProPlan Solutions will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel and staff employment contracts for the ProPlan Solutions
• 6/1/202X – Finalize contracts for ProPlan Solutions clients
• 6/15/202X – Begin networking at industry events
• 6/22/202X – Begin moving into ProPlan Solutions office
• 7/1/202X – ProPlan Solutions opens its doors for business

Financial Plan

Key revenue & costs.

The revenue drivers for ProPlan Solutions are the fees they will charge to clients for their services. .

The cost drivers will be the overhead costs required in order to staff ProPlan Solutions. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

ProPlan Solutions is seeking $200,000 in debt financing to launch its project management company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Projects Per Month: 15
• Average Revenue per Month: $25,000
• Office Lease per Year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Project Management Business Plan FAQs

What is a project management business plan.

A project management business plan is a plan to start and/or grow your project management business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Project Management business plan using our Project Management Business Plan Template here .

What are the Main Types of Project Management Businesses?

There are a number of different kinds of project management businesses, some examples include: Marketing project management, Construction project management, Engineering project management, and IT project management.

How Do You Get Funding for Your Project Management Business Plan?

Project Management businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Project Management Business?

Starting a project management business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster. 1. Develop A Project Management Business Plan - The first step in starting a business is to create a detailed project management business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your project management business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your project management business is in compliance with local laws. 3. Register Your Project Management Business - Once you have chosen a legal structure, the next step is to register your project management business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 4. Identify Financing Options - It’s likely that you’ll need some capital to start your project management business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 7. Acquire Necessary Project Management Equipment & Supplies - In order to start your project management business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your project management business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Free Project Management Plan Templates

By Kate Eby | August 8, 2019

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In this article, you’ll find all the project management plan templates you need to get started on a comprehensive project plan. We’ve included templates that cover all aspects of project planning, from scope and budget to communication and scheduling. 

If you are new to project management plan templates, start by reading the What to Include in a Project Management Plan section.

Included on this page, you'll find a project management plan , a project management plan outline in both Microsoft Word and Google Docs , an integrated project plan template , and many more.

Templates for Presenting and Tracking the Project

The following templates include sheets, widgets, and outlines that can help you present an overview of the project to stakeholders. These templates also help you monitor progress as you execute the project.

Project Management Plan Outline Template

A comprehensive project management plan includes many plans and documents necessary for the success of a project. Project plan sub-documents may consist of the project scope, work breakdown structure (WBS), milestone list, and more. This project management plan template also provides an outline, so you can include all plan details in one document or attach or link to separate planning documents.

Download Project Management Plan Outline Template

Word | Google Docs

Download Resource Requirement Calendar Chart

Excel | G oogle Sheets

Project Management Plan Dashboard Template

A dashboard provides a handy means for project managers, stakeholders, and team members to display summaries of important metrics. This integrated project plan template includes a task list that updates a corresponding Gantt chart as you begin and complete tasks. The template also offers a widget to summarize task status, project spending, and pending items.

Download Project Management Plan Dashboard Template - Excel

Integrated Project Plan (IPP) Template

You may need a narrative description of parts or all of your project plan. However, a visual depiction can convey how aspects of the project relate to one another and the schedule. With this integrated project plan template, choose a Gantt chart or static timeline. Then, complete the task list, list responsible parties, and add due dates. The template also includes a cost baseline sheet and a communication plan sheet.

Download Integrated Content Project Plan Template - Excel 

Project Management Plan Template

This customizable template suggests the items you need to prepare to implement your project and provides space for each item’s due date. Additionally, find sections for the project approval phase, project planning, project execution, and project close.  

Download Project Plan Template

Excel | Smartsheet

Templates for Researching and Preparing a Project Plan

The following project management planning templates can help you as you determine and document the tasks and resources required to complete a project.

Project Scope Statement Template

The project scope defines the deliverables and the resources you need to complete those deliverables. By identifying these elements before the project begins, you reduce the chances of scope creep, wherein expectations and budgets expand without limit. When you write a project scope, refer to project objectives, goal statements, and the project charter . If you are a vendor preparing a project plan, you may refer instead to the statement of work you received with the request for proposal (RFP ). 

The project scope template below details the following: the project deliverables; the project assumptions; what is out of scope for the project; the time, budget, quality, regulatory, and resource constraints; and the tasks you need to accomplish in order to create the deliverables. In this template, you can describe the tasks without a separate work breakdown structure document, or use the WBS template that follows.

Download Project Scope Statement Template - Word

Work Breakdown Structure (WBS) Diagram Template

A work breakdown structure provides a visual tool for understanding how you can accomplish a project. Start with the goal or deliverable at the top and then break down the effort needed into smaller and smaller tasks. A WBS focuses on tasks and deliverables but complements the project schedule, which offers a high-level view of the work required over time. Some project management pundits suggest that leadership benefits most from schedules, while teams and individuals benefit from a WBS. This template offers a fill-in-the-blanks diagram and a task list template. Use both formats with the scope of work template.

Download Work Breakdown Structure Template - Excel 

Stakeholder Management Plan Template

Stakeholder analysis identifies individuals and groups with a potential interest in the project, determines the extent of their interest and degree of possible influence, and attempts to understand the best means of communicating with those individuals and groups about the project. A stakeholder analysis forms a significant basis for the project communication plan. 

This stakeholder management template offers space to list stakeholders, describe their role in the organization and in your project, identify the types of project activities that might interest them, define their level of commitment, and supply the reasons for their interest in your project. One sheet of this template includes a stakeholder analysis matrix, so you can create a visual evaluation of the level of commitment and influence for each stakeholder.

Download Stakeholder Management Plan Template

Cost Estimate and Projected Budget Template

Use this cost estimation and budget template to document the process for determining and, if necessary, adjusting your budget. The template provides a table to identify who can approve spending limit breaches and space to describe the budgeting procedure, the cost baseline procedure, the change procedure, and the proposed budget.

Download Cost Estimate and Projected Budget Template

Risk Assessment Templates

Organizations have risks, and projects are also susceptible to problems, such as accidents, scope creep, or vendor problems with supply or quality. This risk assessment template focuses on risks to task and project deadlines, but you can tailor the linked template to address other risks, too. The template details the task description, deadline, risk level, and status in the task table, and the statistics for the project are displayed in the status and priority table.

Download Project Risk Management Plan Template

Project Resource Plan Template

A resource plan lists the equipment, supplies, and staffing needed for a project. Resource plans help schedule shared resources, including hardware, software, and office or workspace. This template outlines project phases and then lists resources by project phase, role, department, pay rate, and more.

Download Project Resource Plan Template

Project Executive Summary Template

You start your project plan document or presentation with an executive summary, which encapsulates the project at a high level. However, the executive summary should be the last piece of content or document you write as you create a plan. To write this summary, refer to the project charter for plan details, or, if you are a vendor or contractor fulfilling part of a larger project, refer to the project statement of work. This customizable template walks you through the elements of an executive summary, including major milestones and issues to be solved. Add your own summary components as required.

Download Project Executive Summary Template

Templates for Implementing and Managing a Project Plan

The example project management plans that follow will help you solve problems, communicate with your team and stakeholders, and ensure quality deliverables as you implement the project.

Project Governance Template

Project governance describes how you will conduct the project and who has responsibility and accountability for the effective and efficient execution of the project. This project governance template outlines the project scope and lists who is responsible for what requirements and tasks. It also offers a RACI matrix and provides space to link to the resumes of key personnel. Additionally, the template details the process for managing and escalating issues, the decision-making process, and the quality assurance process. 

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Excel | Word

Communication Plan Template

To conduct a successful project, internal and external stakeholders must be clear on goals and changes. A communication plan template assists you in documenting stakeholders, contact information, areas of interest, required information, and message format and frequency. 

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Chronological or Simple Timeline Template

A timeline is an essential tool in project management. Timelines capture the required activities in a project in the form of high-level milestones or detailed tasks and sub-tasks and show how those activities relate to each other. This chronological timeline works well for simple projects. With this template, you can add tasks to the list, and those tasks will appear in the timeline.

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Gantt Timeline Template

A dynamic Gantt chart can serve as a timeline for more complex projects. Add milestones to the timeline to focus all eyes on the prize and highlight dependencies among tasks.

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Change Management Process Template

Change is inevitable in projects, but it’s much better to plan for change and provide a consistent process for reviewing, implementing, and tracking adjustments and updates. This change management process template offers a visual tool for understanding how to suggest changes, reviewing proposed changes, planning for their implementation, and assessing the results. 

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Test Plan Template

To guarantee a successful and usable deliverable, create a quality assurance or quality control plan. This test plan template is particularly adapted to Agile product development, but can be customized to fit your management approach and product. Simply list the test ID, the test number, the test description, the expected and actual result, whether the product passed or failed, and pertinent comments. 

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What to Include in a Project Management Plan

A successful project starts with a detailed project management plan . Project management plan templates guide you through the planning process, so you can focus on the details rather than trying to remember what you must include. To make your job easier and help ensure successful planning, download the templates included in this article. 

A project management plan may consist of one document or a collection of component documents that provide extra detail for specific planning areas, such as the schedule, the work breakdown structure, or the stakeholder analysis. Whether combined or separate, most project management plan templates contain the following sections:

Introduction

Briefly describe the project’s purpose, goals, and deliverables. Refer to the project charter when you write this section.

Project Approach or Executive Summary

Outline the management approach for the project. List key personnel and anyone with specific responsibilities and decision-making authority. Describe any assumptions and constraints. You may also include risks in this section.

Project Scope

To avoid scope creep, you must clearly define what outcomes you expect from the project and what is out of scope. The project charter provides a starting point for defining scope, but you should also include the following sections in your project scope statement or link to separate documents:

• Work Breakdown Structure (WBS): The work breakdown structure offers a visual description of all the high and low-level tasks needed to create the deliverables. In the WBS diagram, list the major tasks at the top and then break down the items into smaller and smaller tasks until you determine the smallest tasks or work packages. The WBS works with the work breakdown structure dictionary, which is a detailed list of tasks, owners, due dates, and more.
• Schedule Baseline: To understand whether your activities, milestones, and project are on track, create a schedule baseline. 
• Milestones: Milestones mark important stages of completion in your project. Create a list of high-level milestones, and briefly introduce them and their context in the overall project schedule.

Change Management Plan

A change management plan offers a consistent model for documenting, submitting, approving, and tracking changes in a project. These important instructions are often created in a separate document.

Risk Management Plan

For the project plan, summarize the risk management approach, including the process for identifying risks and the mitigation strategy. At the end of the project, during the after-action analysis, the project manager will assess the identified risks against the management approach and recommend any improvements for future projects.

A risk register captures each risk and mitigation action. A register is essential for quality improvement and may be required for regulatory compliance. It logs a unique ID for a risk, a risk detail, who identified the risk, the date during which they identified it, the probability of the risk, the severity of its impact, and so on. In PRINCE2, a risk register is known as a risk log .

Project Scope Management Plan

The project scope management section describes who has the authority to constrain efforts. It details the tools and methods for establishing project scope, including supporting documents. Those supporting documents may include the WBS and project charter or statement of work. The scope management plan should also explain how you measure and track scope. In addition, the document should clearly articulate how the project manager communicates scope to the team.

Communication Plan

Your communication plan describes the project information you need to share with your team and stakeholders, the identity of those recipients, their contact information, and the means and frequency of communication. The communication plan is crucial to the efficient functioning of the project. Consider conducting a stakeholder analysis early in project planning, so you can use it to inform the communication plan.

Cost Management Plan

In a cost management plan, you describe how you will measure, manage, and report costs for the project duration. Identify who has responsibility for controlling costs, how they approve and track budget changes, and the means by which and frequency with which they report on the budget.

A cost baseline describes the approved, time-phased spending for a project and represents the combined total of the estimated project cost and contingency reserves.

Resource or Procurement Plan

The resource plan or procurement plan defines spending limits and identifies who has the authority to approve amounts that exceed those limits. It also details the types of resources you’ll be using, such as equipment, utilities, infrastructure, and costs, and indicates whether you will rent, lease, or purchase such items.  

Resource Calendar

A resource calendar provides a visual reference for understanding when and for how long you require important resources. Whoever has functional responsibility for the included resources must approve the resource calendar.

Human Resources Management Plan

The human resources plan outlines the skill sets required for the project, the pay rates for the project, and whether HR will staff the project with new hires or contractors.

Quality Management Plan

To ensure that your completed project meets quality expectations, create a quality management plan . This plan defines the standards against which you will judge the final outcome. The plan also identifies the processes that will gauge the work. In the quality plan, note who is responsible for quality, and describe any applicable quality assurance or quality control regulations, standards, processes, and tools. 

A quality baseline articulates the specific metrics by which you will assess quality throughout the project. To discover the appropriate metrics, you should review the current quality management process or standards, any recent or similar projects, and any pertinent industry or regulatory standards.

Other Helpful Project Management Templates

Other documents and plans can help you describe the unique aspects of your project plan. Here is a selection of links to supporting samples and templates:

• Construction project management
• HR project management
• Software project management
• KPI template 
• Project change request form

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Free Project Management Templates

Project Management Plan Template

A successful project requires a detailed and well-planned Project Management Plan. Start planning with our Project Plan Template. This Project Management Plan template is a good starting point for planning your project; however, be sure to check out our Subsidiary Management Plans for areas which need more focused management. If you want to know what is a project plan, be sure to go to our blog and read the blog entry titled, “What is a Project Plan?”. This template, along with all templates on our site, is based on our experience managing projects in accordance with the standards set by the Project Management Institute .

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Introduction.

The Introduction provides a high level overview of the project and what is included in this Project Management Plan. This should include a high level description of the project and describe the projects deliverables and benefits. Excessive detail is not necessary in this section as the other sections of the project plan will include this information. This section of the project management plan template should provide a summarized framework of the project and its purpose. Look back at the Project Charter for information to include in this section.

Total Software Incorporated (TSI) has recently approved the SmartVoice project to move forward for project initiation within the research and development (R&D) group. This project will result in the development of new voice recognition software and supports TSI’s corporate strategy of providing progressive solutions to clients which improve productivity in both the workplace and home environment. While voice recognition software is currently available, TSI believes that new technological developments will enable our team to develop a solution far superior to what is currently available.

TSI has been successful in gaining market share because of its aggressive pursuit of product quality, ease of use, flexibility, and customer service. Additionally, customers understand that our products may be applied to a wide range of uses for business and personal functions. By leveraging our reputation for superior quality and user-friendly products, and capitalizing on new technology, TSI can position itself as the premier provider of effective and easy to use voice recognitions software in today’s marketplace.

Project Management Approach

This section of the Project Plan template is where you outline the overall management approach for the project. This section should describe, in general terms, the roles and authority of project team members. It should also include which organizations will provide resources for the project and any resource constraints or limitations. If there are any decisions which must be made by specific individuals—for example authorizing additional funding by the project sponsor—this should also be stated here. It should be written as an Executive Summary for the Project Management Plan.

The Project Manager, Joe Green, has the overall authority and responsibility for managing and executing this project according to this Project Plan and its Subsidiary Management Plans. The project team will consist of personnel from the coding group, quality control/assurance group, technical writing group, and testing group. The project manager will work with all resources to perform project planning. All project and subsidiary management plans will be reviewed and approved by the project sponsor. All funding decisions will also be made by the project sponsor. Any delegation of approval authority to the project manager should be done in writing and be signed by both the project sponsor and project manager.

The project team will be a matrix in that team members from each organization continue to report to their organizational management throughout the duration of the project. The project manager is responsible for communicating with organizational managers on the progress and performance of each project resource.

Project Scope

State the scope of the project in this section of the Project Management Plan. The scope statement from the project charter should be used as a starting point; however, the project plan needs to include a much more detailed scope than the charter. This detail should include what the project does and does not include. The more detail included in this section, the better the product. This will help to clarify what is included in the project and help to avoid any confusion from project team members and stakeholders.

The scope of TSI’s SmartVoice project includes the planning, design, development, testing, and transition of the SmartVoice voice recognition software package. This software will meet or exceed organizational software standards and additional requirements established in the project charter. The scope of this project also includes completion of all documentation, manuals, and training aids to be used in conjunction with the software. Project completion will occur when the software and documentation package has been successfully executed and transitioned to TSI’s manufacturing group for production.

All SmartVoice project work will be performed internally and no portion of this project will be outsourced. The scope of this project does not include any changes in requirements to standard operating systems to run the software, software updates or revisions.

Milestone List

Provide a summary list of milestones including dates for each milestone. Include an introductory paragraph in this section which provides some insight to the major milestones. This section of the project plan template should also mention or discuss actions taken if any changes to the milestones or delivery dates are required.

The below chart lists the major milestones for the SmartVoice Project. This chart is comprised only of major project milestones such as completion of a project phase or gate review. There may be smaller milestones which are not included on this chart but are included in the project schedule and WBS. If there are any scheduling delays which may impact a milestone or delivery date, the project manager must be notified immediately so proactive measures may be taken to mitigate slips in dates. Any approved changes to these milestones or dates will be communicated to the project team by the project manager.

Schedule Baseline and Work Breakdown Structure

This section of the Project Management Plan should discuss the WBS, WBS Dictionary, and Schedule baseline and how they will be used in managing the project’s scope. The WBS provides the work packages to be performed for the completion of the project. The WBS Dictionary defines the work packages. The schedule baseline provides a reference point for managing project progress as it pertains to schedule and timeline. The schedule baseline and work breakdown structure (WBS) should be created in Microsoft Project. The WBS can be exported from the MS Project file. Be sure to consult our Work Breakdown Structure Template.

The WBS for the SmartVoice Project is comprised of work packages which do not exceed 40 hours of work but are at least 4 hours of work. Work packages were developed through close collaboration among project team members and stakeholders with input from functional managers and research from past projects.

The WBS Dictionary defines all work packages for the SmartVoice Project. These definitions include all tasks, resources, and deliverables. Every work package in the WBS is defined in the WBS Dictionary and will aid in resource planning, task completion, and ensuring deliverables meet project requirements.

The SmartVoice Project schedule was derived from the WBS and Project Charter with input from all project team members. The schedule was completed, reviewed by the Project Sponsor, and approved and base-lined. The schedule will be maintained as a MS Project Gantt Chart by the SmartVoice Project Manager. Any proposed changes to the schedule will follow TSI’s change control process. If established boundary controls may be exceeded, a change request will be submitted to the Project Manager. The Project Manager and team will determine the impact of the change on the schedule, cost, resources, scope, and risks. If it is determined that the impacts will exceed the boundary conditions then the change will be forwarded to the Project Sponsor for review and approval. The SmartVoice boundary conditions are:

CPI less than 0.8 or greater than 1.2 SPI less than 0.8 or greater than 1.2

If the change is approved by the Project Sponsor then it will be implemented by the Project Manager who will update the schedule and all documentation and communicate the change to all stakeholders in accordance with the Change Control Process.

The Project Schedule Baseline and Work Breakdown Structure are provided in Appendix A, Project Schedule and Appendix B, Work Breakdown Structure.

Change Management Plan

This part of the Project Plan should describe your change control process. Ideally, this process will be some type of organizational standard which is repeatable and done on most or all projects when a change is necessary. Changes to any project must be carefully considered and the impact of the change must be clear in order to make any type of approval decisions. Many organizations have change control boards (CCBs) which review proposed changes and either approve or deny them. This is an effective way to provide oversight and ensure adequate feedback and review of the change is obtained. This section of the project management plan template gives you an place where you should also identify who has approval authority for changes to the project, who submits the changes, how they are tracked and monitored.

For complex or large projects the Change Management Plan may be included as an appendix to the Project Management Plan or as a separate, stand-alone document. We have a detailed Change Management Plan Template available on our website.

The following steps comprise TSI’s organization change control process for all projects and will be utilized on the SmartVoice project:

Step #1: Identify the need for a change (Any Stakeholder) Requestor will submit a completed TSI change request form to the project manager Step #2: Log change in the change request register (Project Manager) The project manager will maintain a log of all change requests for the duration of the project Step #3: Conduct an evaluation of the change (Project Manager, Project Team, Requestor) The project manager will conduct an evaluation of the impact of the change to cost, risk, schedule, and scope Step #4: Submit change request to Change Control Board (CCB) (Project Manager) The project manager will submit the change request and analysis to the CCB for review Step #5: Change Control Board decision (CCB) The CCB will discuss the proposed change and decide whether or not it will be approved based on all submitted information Step #6: Implement change (Project Manager) If a change is approved by the CCB, the project manager will update and re-baseline project documentation as necessary as well as ensure any changes are communicated to the team and stakeholders

Any team member or stakeholder may submit a change request for the SmartVoice Project. The SmartVoice Project Sponsor will chair the CCB and any changes to project scope, cost, or schedule must meet his approval. All change requests will be logged in the change control register by the Project Manager and tracked through to completion whether approved or not.

Communications Management Plan

The purpose of the Communications Management Plan is to define the communication requirements for the project and how information will be distributed to ensure project success. You should give considerable thought to how you want to manage communications on every project. By having a solid communications management approach you’ll find that many project management problems can be avoided. In this section you should provide an overview of your communications management approach. Generally, the Communications Management Plan defines the following:

• Communication requirements based on roles
• What information will be communicated
• How the information will be communicated
• When will information be distributed
• Who does the communication
• Who receives the communication
• Communications conduct

For larger and more complex projects, the Communications Management Plan may be included as an appendix or separate document apart from the Project Management Plan. We have a detailed Communications Management Plan Template available on our website.

This Communications Management Plan sets the communications framework for this project. It will serve as a guide for communications throughout the life of the project and will be updated as communication requirements change. This plan identifies and defines the roles of SmartVoice project team members as they pertain to communications. It also includes a communications matrix which maps the communication requirements of this project, and communication conduct for meetings and other forms of communication. A project team directory is also included to provide contact information for all stakeholders directly involved in the project.

The Project Manager will take the lead role in ensuring effective communications on this project. The communications requirements are documented in the Communications Matrix below. The Communications Matrix will be used as the guide for what information to communicate, who is to do the communicating, when to communicate it, and to whom to communicate.

Project team directory for all communications is:

Communications Conduct:

Meetings: The Project Manager will distribute a meeting agenda at least 2 days prior to any scheduled meeting and all participants are expected to review the agenda prior to the meeting. During all project meetings the timekeeper will ensure that the group adheres to the times stated in the agenda and the recorder will take all notes for distribution to the team upon completion of the meeting. It is imperative that all participants arrive to each meeting on time and all cell phones and blackberries should be turned off or set to vibrate mode to minimize distractions. Meeting minutes will be distributed no later than 24 hours after each meeting is completed.

Email: All email pertaining to the SmartVoice Project should be professional, free of errors, and provide brief communication. Email should be distributed to the correct project participants in accordance with the communication matrix above based on its content. All attachments should be in one of the organization’s standard software suite programs and adhere to established company formats. If the email is to bring an issue forward then it should discuss what the issue is, provide a brief background on the issue, and provide a recommendation to correct the issue. The Project Manager should be included on any email pertaining to the SmartVoice Project.

Informal Communications: While informal communication is a part of every project and is necessary for successful project completion, any issues, concerns, or updates that arise from informal discussion between team members must be communicated to the Project Manager so the appropriate action may be taken.

Cost Management Plan

The Cost Management Plan clearly defines how the costs on a project will be managed throughout the project’s lifecycle. It sets the format and standards by which the project costs are measured, reported, and controlled. Working within the cost management guidelines is imperative for all project team members to ensure successful completion of the project. These guidelines may include which level of the WBS cost accounts will be created in and the establishment of acceptable variances. The Cost Management Plan:

• Identifies who is responsible for managing costs
• Identifies who has the authority to approve changes to the project or its budget
• How cost performance is quantitatively measured and reported upon
• Report formats, frequency and to whom they are presented

For complex or large projects the Cost Management Plan may be included as an appendix to the Project Plan or as a separate, stand-alone document. In addition to this project plan template we have a detailed Cost Management Plan Template available on our website.

The Project Manager will be responsible for managing and reporting on the project’s cost throughout the duration of the project. The Project Manager will present and review the project’s cost performance during the monthly project status meeting. Using earned value calculations, the Project Manager is responsible for accounting for cost deviations and presenting the Project Sponsor with options for getting the project back on budget. All budget authority and decisions, to include budget changes, reside with the SmartVoice Project Sponsor.

For the SmartVoice Project, control accounts will be created at the fourth level of the WBS which is where all costs and performance will be managed and tracked. Financial performance of the SmartVoice Project will be measured through earned value calculations pertaining to the project’s cost accounts. Work started on work packages will grant that work package with 50% credit; whereas, the remaining 50% is credited upon completion of all work defined in that work package. Costs may be rounded to the nearest dollar and work hours rounded to the nearest whole hour.

Cost and Schedule Performance Index (CPI and SPI respectively) will be reported on a monthly basis by the Project Manager to the Project Sponsor. Variances of 10% or +/- 0.1 in the cost and schedule performance indexes will change the status of the cost to yellow or cautionary. These will be reported and if it’s determined that there is no or minimal impact on the project’s cost or schedule baseline then there may be no action required. Cost variances of 20%, or +/- 0.2 in the cost and schedule performance indexes will change the status of the cost to red or critical. These will be reported and require corrective action from the Project Manager in order to bring the cost and/or schedule performance indexes back in line with the allowable variance. Any corrective actions will require a project change request and be must approved by the CCB before it can be implemented.

Earned value calculations will be compiled by the Project Manager and reported at the monthly project status meeting. If there are indications that these values will approach or reach the critical stage before a subsequent meeting, the Project Manager will communicate this to the Project Sponsor immediately.

Procurement Management Plan

The Procurement Management Plan should be defined enough to clearly identify the necessary steps and responsibilities for procurement from the beginning to the end of a project. The project manager must ensure that the plan facilitates the successful completion of the project and does not become an overwhelming task in itself to manage. The project manager will work with the project team, contracts/purchasing department, and other key players to manage the procurement activities.

For larger projects or projects with more complicated procurement management requirements, you can include the Procurement Management Plan as a separate document apart from the Project Management Plan. In addition to this Project Plan Template we have a detailed Procurement Management Plan Template available on our website.

The Project Manager will provide oversight and management for all procurement activities under this project. The Project Manager is authorized to approve all procurement actions up to $50,000. Any procurement actions exceeding this amount must be approved by the Project Sponsor.

While this project requires minimal or no procurement, in the event procurement is required, the Project Manager will work with the project team to identify all items or services to be procured for the successful completion of the project. The Project Manager will then ensure these procurements are reviewed by the Program Management Office (PMO) and presented to the contracts and purchasing groups. The contracts and purchasing groups will review the procurement actions, determine whether it is advantageous to make or buy the items or resource required services internally, and begin the vendor selection, purchasing and the contracting process.

In the event a procurement becomes necessary, the Project Manager will be responsible for management any selected vendor or external resource. The Project Manager will also measure performance as it relates to the vendor providing necessary goods and/or services and communicate this to the purchasing and contracts groups.

Project Scope Management Plan

It is important that the approach to managing the projects’ scope be clearly defined and documented in detail. Failure to clearly establish and communicate project scope can result in delays, unnecessary work, failure to achieve deliverables, cost overruns, or other unintended consequences. This section of our project management plan template provides a summary of the Scope Management Plan in which it addresses the following:

• Who has authority and responsibility for scope management
• How the scope is defined (i.e. Scope Statement, WBS, WBS Dictionary, Statement of Work, etc.)
• How the scope is measured and verified (i.e. Quality Checklists, Scope Baseline, Work Performance Measurements, etc.)
• The scope change process (who initiates, who authorizes, etc.)
• Who is responsible for accepting the final project deliverable and approves acceptance of project scope

We have a detailed Scope Management Plan Template available on our website which can be included as an appendix to the Project Management Plan for larger or more complex projects. Be sure to review it and determine if it’s necessary for managing your project.

Scope management for the SmartVoice Project will be the sole responsibility of the Project Manager. The scope for this project is defined by the Scope Statement, Work Breakdown Structure (WBS) and WBS Dictionary. The Project Manager, Sponsor, and Stakeholders will establish and approve documentation for measuring project scope which includes deliverable quality checklists and work performance measurements.

Proposed scope changes may be initiated by the Project Manager, Stakeholders or any member of the project team. All change requests will be submitted to the Project Manager who will then evaluate the requested scope change. Upon acceptance of the scope change request the Project Manager will submit the scope change request to the Change Control Board and Project Sponsor for acceptance. Upon approval of scope changes by the Change Control Board and Project Sponsor the Project Manager will update all project documents and communicate the scope change to all stakeholders. Based on feedback and input from the Project Manager and Stakeholders, the Project Sponsor is responsible for the acceptance of the final project deliverables and project scope.

The Project Sponsor is responsible for formally accepting the project’s final deliverable. This acceptance will be based on a review of all project documentation, testing results, beta trial results, and completion of all tasks/work packages and product functionality.

Schedule Management Plan

This section of the Project Plan provides a general framework for the approach which will be taken to create the project schedule. Effective schedule management is necessary for ensuring tasks are completed on time, resources are allocated appropriately, and to help measure project performance. This section of the Project Plan should include discussion of the scheduling tool/format, schedule milestones, and schedule development roles and responsibilities.

Be sure to check out the detailed Schedule Management Plan Template available on our website. The separate Schedule Management Plan is suitable for larger projects or projects where the schedule management is more formalized. The Schedule Management Plan can be broken out as an appendix to the Project Plan.

Project schedules for the SmartVoice Project will be created using MS Project 2007 starting with the deliverables identified in the project’s Work Breakdown Structure (WBS). Activity definition will identify the specific work packages which must be performed to complete each deliverable. Activity sequencing will be used to determine the order of work packages and assign relationships between project activities. Activity duration estimating will be used to calculate the number of work periods required to complete work packages. Resource estimating will be used to assign resources to work packages in order to complete schedule development.

Once a preliminary schedule has been developed, it will be reviewed by the project team and any resources tentatively assigned to project tasks. The project team and resources must agree to the proposed work package assignments, durations, and schedule. Once this is achieved the project sponsor will review and approve the schedule and it will then be base lined.

In accordance with TSI’s organizational standard, the following will be designated as milestones for all project schedules:

• Completion of scope statement and WBS/WBS Dictionary
• Baselined project schedule
• Approval of final project budget
• Project kick-off
• Approval of roles and responsibilities
• Requirements definition approval
• Completion of data mapping/inventory
• Project implementation
• Acceptance of final deliverables

Roles and responsibilities for schedule development are as follows:

The project manager will be responsible for facilitating work package definition, sequencing, and estimating duration and resources with the project team. The project manager will also create the project schedule using MS Project 2007 and validate the schedule with the project team, stakeholders, and the project sponsor. The project manager will obtain schedule approval from the project sponsor and baseline the schedule.

The project team is responsible for participating in work package definition, sequencing, duration, and resource estimating. The project team will also review and validate the proposed schedule and perform assigned activities once the schedule is approved.

The project sponsor will participate in reviews of the proposed schedule and approve the final schedule before it is base lined.

The project stakeholders will participate in reviews of the proposed schedule and assist in its validation.

Quality Management Plan

This portion of the Project Management Plan Template discusses how quality management will be used to ensure that the deliverables for the project meet a formally established standard of acceptance. All project deliverables should be defined in order to provide a foundation and understanding of the tasks at hand and what work must be planned. Quality management is the process by which the organization not only completes the work, but completes the work to an acceptable standard. Without a thorough Quality Management Plan, work may be completed in a substandard or unacceptable manner. This section should include quality roles and responsibilities, quality control, quality assurance, and quality monitoring.

For larger or more complex projects, the Quality Management Plan may be included as an appendix or separate document from the Project Management Plan. A detailed Quality Management Plan Template is available for use on our website.

All members of the SmartVoice project team will play a role in quality management. It is imperative that the team ensures that work is completed at an adequate level of quality from individual work packages to the final project deliverable. The following are the quality roles and responsibilities for the SmartVoice Project:

The Project Sponsor is responsible for approving all quality standards for the SmartVoice Project. The Project Sponsor will review all project tasks and deliverables to ensure compliance with established and approved quality standards. Additionally, the Project Sponsor will sign off on the final acceptance of the project deliverable.

The Project Manager is responsible for quality management throughout the duration of the project. The Project Manager is responsible for implementing the Quality Management Plan and ensuring all tasks, processes, and documentation are compliant with the plan. The Project Manager will work with the project’s quality specialists to establish acceptable quality standards. The Project Manager is also responsible for communicating and tracking all quality standards to the project team and stakeholders.

The Quality Specialists are responsible for working with the Project Manager to develop and implement the Quality Management Plan. Quality Specialists will recommend tools and methodologies for tracking quality and standards to establish acceptable quality levels. The Quality Specialists will create and maintain Quality Control and Assurance Logs throughout the project.

The remaining member of the project team, as well as the stakeholders will be responsible for assisting the Project Manager and Quality Specialists in the establishment of acceptable quality standards. They will also work to ensure that all quality standards are met and communicate any concerns regarding quality to the Project Manager.

Quality control for the SmartVoice Project will utilize tools and methodologies for ensuring that all project deliverables comply with approved quality standards. To meet deliverable requirements and expectations, we must implement a formal process in which quality standards are measured and accepted. The Project Manager will ensure all quality standards and quality control activities are met throughout the project. The Quality Specialists will assist the Project Manager in verifying that all quality standards are met for each deliverable. If any changes are proposed and approved by the Project Sponsor and CCB, the Project Manager is responsible for communicating the changes to the project team and updating all project plans and documentation.

Quality assurance for the SmartVoice Project will ensure that all processes used in the completion of the project meet acceptable quality standards. These process standards are in place to maximize project efficiency and minimize waste. For each process used throughout the project, the Project Manager will track and measure quality against the approved standards with the assistance of the Quality Specialists and ensure all quality standards are met. If any changes are proposed and approved by the Project Sponsor and CCB, the Project Manager is responsible for communicating the changes to the project team and updating all project plans and documentation.

Risk Management Plan

This part of the Project Plan provides a general description for the approach taken to identify and manage the risks associated with the project. It should be a short paragraph or two summarizing the approach to risk management on this project.

Since risk management is a science in itself, we have many risk management templates available on our website. Look for the detailed Risk Management Plan Template , Risk Register Template along with our article on how to perform a risk assessment meeting.

The approach for managing risks for the SmartVoice Project includes a methodical process by which the project team identifies, scores, and ranks the various risks. Every effort will be made to proactively identify risks ahead of time in order to implement a mitigation strategy from the project’s onset. The most likely and highest impact risks were added to the project schedule to ensure that the assigned risk managers take the necessary steps to implement the mitigation response at the appropriate time during the schedule. Risk managers will provide status updates on their assigned risks in the bi-weekly project team meetings, but only when the meetings include their risk’s planned timeframe.

Upon the completion of the project, during the closing process, the project manager will analyze each risk as well as the risk management process. Based on this analysis, the project manager will identify any improvements that can be made to the risk management process for future projects. These improvements will be captured as part of the lessons learned knowledge base.

Risk Register

The Risk Register for this project is provided in Appendix C, Risk Register.

Staffing Management Plan

Here the Project Plan Template discusses how you plan to staff the project. This section should include discussion on matrixed or projectized organizational structure depending on which is being used for this project. This section of the project plan should also include how resources will be procured and managed as well as the key resources needed for the project.

The SmartVoice Project will consist of a matrix structure with support from various internal organizations. All work will be performed internally. Staffing requirements for the SmartVoice Project include the following:

Project Manager (1 position) – responsible for all management for the SmartVoice Project. The Project Manager is responsible for planning, creating, and/or managing all work activities, variances, tracking, reporting, communication, performance evaluations, staffing, and internal coordination with functional managers.

Senior Programmer (1 position) – responsible for oversight of all coding and programming tasks for the SmartVoice Project as well as ensuring functionality is compliant with quality standards. Responsible for working with the Project Manager to create work packages, manage risk, manage schedule, identify requirements, and create reports. The Senior Programmer will be managed by the Project Manager who will provide performance feedback to the functional manager.

Programmer (1 position) – responsible for coding and programming for the SmartVoice Project. All coding and programming tasks will be reviewed by the Senior Programmer prior to implementation. Responsibilities also include assisting with risk identification, determining impacts of change requests, and status reporting. The Programmer will be managed by the Project Manager and feedback will be provided to the functional manager for performance evaluations by the Project Manager and Senior Programmer.

Senior Quality Specialist (1 position) – responsible for assisting the Project Manager in creating quality control and assurance standards. The Senior Quality Specialist is also responsible for maintaining quality control and assurance logs throughout the project. The Senior Quality Specialist will be managed by the Project Manager who will also provide feedback to the functional manager for performance evaluations.

Quality Specialist (1 position) – responsible for assisting the Project Manager and Senior Quality Specialist in creating and tracking quality control and assurance standards. The Quality Specialist will have primary responsibility for compiling quality reporting and metrics for the Project Manager to communicate. The Quality Specialist will be managed by the Project Manager who will provide feedback, along with the Senior Quality Specialist to the functional manager for performance evaluations.

Technical Writer (1 position) – responsible for compiling all project documentation and reporting into organizational formats. Responsible for assisting the Project Manager in Configuration Management and revision control for all project documentation. Responsible for scribing duties during all project meetings and maintaining all project communication distribution lists. The Technical Writer will be managed by the Project Manager who will also provide feedback to the functional manager for performance evaluations.

Testing Specialist (1 position) – responsible for helping establish testing specifications for the SmartVoice Project with the assistance of the Project Manager and Programmers. Responsible for ensuring all testing is complete and documented in accordance with TSI standards. Responsible for ensuring all testing resources are coordinated. The Testing Specialist will be managed by the Project Manager who will also provide feedback to the functional manager for performance evaluations.

The Project Manager will negotiate with all necessary TSI functional managers in order to identify and assign resources for the SmartVoice Project. All resources must be approved by the appropriate functional manager before the resource may begin any project work. The project team will not be co-located for this project and all resources will remain in their current workspace.

Resource Calendar

Include a Resource Calendar as part of your project plan. The resource calendar identifies key resources needed for the project and the times/durations they’ll be needed. Some resources may be needed for the entire length of the project while others may only be required for a portion of the project. This information must be agreed to by the Project Sponsor and Functional Managers prior to beginning the project.

The SmartVoice Project will require all project team members for the entire duration of the project although levels of effort will vary as the project progresses. The Project is scheduled to last one year with standard 40 hour work weeks. If a project team member is not required for a full 40 hour work week at any point during the project, their efforts outside of the SmartVoice Project will be at the discretion of their Functional Manager.

Cost Baseline

This section of the Project Plan Template contains the cost baseline for the project upon which cost management will be based. The project will use earned value metrics to track and manage costs and the cost baseline provides the basis for the tracking, reporting, and management of costs.

The cost baseline for the SmartVoice project includes all budgeted costs for the successful completion of the project.

Quality Baseline

This section of the Project Management Plan should include the quality baseline for the project. The purpose of this baseline is to provide a basis for ensuring that quality can be measured to determine if acceptable quality levels have been achieved. It is important for all projects to clearly define and communicate quality standards and the quality baseline serves this purpose. This is why the quality baseline is included in the Project Management Plan Template.

The SmartVoice Project must meet the quality standards established in the quality baseline. The quality baseline is the baseline which provides the acceptable quality levels of the SmartVoice Project. The software must meet or exceed the quality baseline values in order to achieve success.

To download this free project management plan template in MS Word format, click on the Download Template at the top of this page.

Project Management Plan: Samples, Examples & Free Template

Learn how to create a project management plan that actually works and ensures you get your project over the line on time and on budget, with samples and examples

Table of Contents

What is a project management plan, what is a project management plan used for, what are the main elements of a project plan, how to write a project management plan, sample project management plan outline, using our project management plan template to build your project plan, project management plan: faq's.

A project management plan is a comprehensive document that outlines how a project will be executed, monitored, controlled and closed. For project managers and their teams, it's the ultimate toolkit for achieving their objectives while managing day-to-day pressures such as time, cost, scope, resourcing and risk. This guide outlines what a project management plan is used for, why it's important , and offers a step-by-step guide on how to make one that actually works.

Your project plan document is where you go deep on the ins, outs, overs, and unders of your project. It's where you break this vision down into the day-to-day execution of your project, covering everything you need to do to reach your project goals.

A detailed project plan will plot out everything from timelines to budget, resourcing to deliverables, and more, giving you a blueprint of what needs to be done (and when) that you can use to guide — and assess — your project.

The key components of a project management plan are:

Project Objectives

Scope Statement

Schedule Management

Cost Management

Resource Management

Communication Plan

Stakeholder Management

Procurement Management

Closure Criteria

Project Organization

Ready to get down to business? Here are 5 key things you need to do when writing a project plan.

1. Identify the baselines for your project

Before you begin writing a project plan, you need to make sure you have the basics down. Start by identifying the baselines for the project’s scope, schedule and cost, as the rest of your project planning will need to fit in around those constraints.

As mentioned above, these baselines should already be roughly outlined in your project charter — but here’s where you really start to map them out and create accurate estimates. And the more detailed, the better, because these are what you’ll be using for comparison to measure how your project performs.

2. Identify your project dependencies

Or in other words, ask yourself: what needs to happen before this other thing can happen? Identifying your project dependencies at the outset of your project means you can plan your timelines more efficiently, spot potential blockers, and ensure that you avoid unnecessary delays.

3. Identify project stakeholders

You’ll already have done the groundwork for this in your stakeholder analysis, but as you flesh out your project management plan and think through the phases of your project in more detail, you’ll likely start to find more project stakeholders at each phase.

Now is also a good time to go deeper on which stakeholders need to be informed and involved at which stages, for a more comprehensive stakeholder management plan you can use at each phase of your project.

4. Identify project milestones

What are the key markers of your project’s progress? It can be a concrete deliverable, the end of a phase in a stage-gate process — whatever milestones make sense to you, breaking your project down into manageable chunks, each with a defined goal, helps to keep the team motivated, allows you to celebrate each achievement, and signposts how the overall progress is coming along.  Learn more about using Milestones here .

5. Identify who’s responsible for what

Once you start to get a big-picture understanding of the work that’s needed and the resources you have to complete it, you can start deciding who should do what. Giving each item an owner is essential to getting things done. No more “oh, was I supposed to do that?” — once you identify who’s responsible for what, you can ensure accountability and transparency.

The 5 Stages of Team Development

All teams develop according to some natural patterns and using that knowledge, you can offer some guidance to build the kind of team that communicates well and finds better ways to collaborate and achieve the goals you’ve established. Here’s what you need to know.

Now let's go through a sample project plan. In the below example, we highlight the main sections of the plan and what needs to be included in each one to set your project up for success.

Section 1: Executive summary

The executive summary offers a concise overview of the entire project. It includes key highlights such as the project's purpose, objectives, scope, timeline, budget, and major stakeholders. It's often the first section stakeholders read to get a high-level understanding of the project.

Section 2: Project introduction

This section sets the stage by providing context and background information about the project. It explains why the project is being undertaken and introduces the main objectives and scope of the project.

Section 3: Project objectives

Here, the project's specific goals and objectives are outlined in detail. Objectives should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to provide clarity and guidance.

Section 4: Project scope

The scope section defines what is included and excluded from the project. It helps prevent scope creep by establishing clear boundaries and also mentions any assumptions and constraints that may affect the project.

Section 5: Schedule management

This section details the project's timeline, including milestones and deadlines. It breaks down the project into tasks and identifies task dependencies. Often, visual representations like Gantt charts are used for clarity.

Section 6: Cost management

Here, the project budget is presented, including cost estimates for various project components. It may also outline cost control measures to ensure the project stays within budget.

Section 7: Quality management

This section focuses on the quality standards and objectives for the project. It describes quality control and assurance processes, as well as any inspection and testing procedures that will be implemented.

Project management template

Save time on setup without sacrificing attention to detail. With our project management template, you can quickly create project management plans that help you complete your project on time and on budget.

Section 8: Resource management

In this section, the project team is introduced, and roles and responsibilities are defined. It addresses resource allocation, scheduling, and, if applicable, procurement needs.

Section 9: Risk management

The risk management section identifies potential risks and uncertainties that could impact the project. It discusses risk assessment, prioritization, and mitigation strategies to reduce the impact of these risks.

Section 10: Communication plan

The communication plan outlines how project information will be shared with stakeholders and team members. It specifies communication methods, frequency, and reporting channels to ensure effective communication throughout the project.

Section 11: Stakeholder management

This section lists project stakeholders and analyzes their interests, influence, and expectations. It also outlines strategies for engaging and managing these stakeholders to ensure their needs are addressed.

Section 12: Procurement management

If procurement of goods or services is involved, this section explains the procurement strategy, vendor selection criteria, and how contracts will be managed.

Section 13: Change management

Change management procedures are detailed here, including how changes to the project scope, schedule, or other aspects will be requested, evaluated, approved, and communicated.

Section 14: Closure criteria

Criteria for determining when the project is complete and ready for closure are specified in this section. It may also include plans for project handover and post-project evaluation.

Section 15: Project organization

This section describes the project team's structure, roles, and responsibilities, ensuring everyone understands their positions and reporting lines. It may also mention external stakeholders and their roles if applicable.

Once you’ve documented your project management plan, bring it to life with a project management tool that will help you to stay on track, keep your team accountable, and promote transparency.

Here are 3 ways you can use Teamwork.com to supercharge your project management plan.

Add your supporting documentation to Teamwork Spaces

Use the Teamwork.com and Teamwork Spaces integration to link a project in Teamwork.com with a space in Teamwork Spaces, so your important project documents are only ever a click away.

Some documents you might want to add in addition to your project charter and project management plan include:

Scoping documents

Risk assessments

Change management plans

SOPs for important project processes

List of stakeholders and their roles

Outline of approval processes

Communications management plan

Any other best practices documentation or supporting info as necessary

You can even embed task lists into your pages and mark tasks as complete right from Teamwork Spaces, so you can keep work flowing without even needing to switch tabs.

Start adding your Milestones

Break down your work into Milestones and task lists that are going to help you reach them. With Teamwork.com, you can assign an owner to each Milestone, map out your Milestone due dates and see them represented in the project calendar, and even get a full change history for milestones so you can track any edits.

Visualize your task dependencies with a Gantt chart

Gantt chart-style views are a useful way to get a visual representation of your tasks and their dependencies, allowing for better scheduling and resourcing. In Teamwork.com, you can drag and drop to quickly rearrange your project schedule , without throwing everything out of order or straying off-plan.

Remember: software should support the way you work, not dictate it. So regardless of methodology or team type, create a project plan that works for you and your team — and find a tool that helps you put it into action.

Use our project plan template

Now that you know how to create a project management plan that actually works, you’re ready to implement using our team management software . To help you get up and running quickly, we’ve created a ready to use project plan template . Our project template will help you quickly create project plans that ensure all of your projects are completed on time and on budget

What is a project management plan template?

A project management plan template is a pre-designed framework that provides a structured format for creating a project management plan. It serves as a starting point for project managers and teams to develop their specific project plans, saving time and ensuring that key project management components are properly addressed.

How can a template help you build a great project management plan?

A template can help you build a great project management plan by saving time, ensuring comprehensive coverage of project management aspects, and incorporating industry best practices and visual aids for clarity. They also support collaboration, version control, and customization to fit the unique needs of each project, making them a valuable tool for project managers in achieving successful project outcomes.

What is the main purpose of a project management plan?

The main purpose of a project management plan is to provide a comprehensive and structured roadmap for successfully executing, monitoring, controlling, and closing a project. It serves as a central document that outlines project objectives, scope, schedule, budget, quality standards, resource allocation, risk management strategies, and communication approaches.

What tools do I need to help manage a project plan?

To effectively manage a project plan, you'll need a set of tools and software that cover various aspects of project management. These include project management software, communication and collaboration platforms, file and document management solutions, time and task tracking apps, and budgeting and financial management tools.

What steps are involved in the project planning process?

The steps involved in the project planning process include defining specific project objectives and scope, identifying deliverables and key milestones, budgets, risk assessment and quality control measures. It should also include a communication plan and stakeholder engagement strategies.

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Project Management Business Plan

If you are someone with a decent knowledge of planning, strategizing, and increasing a company’s profit through it, then a project management business might be your cup of tea.

Several business owners want their business’s voice to be heard and recognized, but with a hundred other tasks to do, they are left with no time to plan or look back on the progress of their strategies. And here’s where project management teams can help.

And if you are planning to start your project management business, you’ll need a project management business plan.

We have created a project management plan template for you to get a good idea about what a perfect project management plan should look like and what details you should include in your plan.

Industry Overview

The project management market was valued at 5.37 billion dollars in 2020 and is expected to rise going forward too.

The major reason behind the rise of this market is the value addition and results in it offers. Also, as project managers become experts at what they do, the demand and value of their services rise too.

But at the same time, you must have proof that your services can add value to your client’s business. Proper planning and in-depth knowledge of the industry and its trends can help you do that.

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Things to Consider Before Writing Project Management Business Plan

Identify your niche.

Although you might be tempted to take up different projects, you need to niche down and find out which area you want to turn into your area of expertise. Taking up similar projects helps you find out and develop optimal solutions to the major problems that exist in that market.

Note down your deliverables

Note down what would be included in your set of deliverables. It helps you set the right customer expectations and also helps you manage your resources more effectively.

Note down common risks in the industry

Smart people learn from other people’s mistakes, and so should you. Analyze common risks and how to avoid them, so you get to provide better services to your clients. It also helps you get through common problems that hold other businesses back. Hence, it is necessary to analyze common risks for the betterment of your business.

Find out ways to reach out to your potential customers

There would be definite ways that would help you reach out to potential customers better and faster. Your business needs to find these mediums and market your business to help you increase your audience’s awareness regarding your brand. It also ensures that you get results equivalent to your marketing efforts.

Such mediums could be a specific social networking site, email, websites, print ads, online communities, and so on. You should research to find out which is the best for your niche.

Chalking Out Your Business Plan

The project management plan is required to understand how the project will be executed, monitored, controlled, and closed during the project development life cycle.

Before you start writing your project management plan, spend as much time as you can reading through some samples of project management plans.

Not only will that give you a good idea of what it is you’re aiming for, but it will also show you the different sections that different entrepreneurs include and the language they use to write about themselves and their plans.

Project Management Plan Outline

This is the standard project management plan outline which will cover all important sections that you should include in your business plan.

• Project Purpose, Objectives, and Success Criteria
• Project Deliverables
• Assumptions, Dependencies, and Constraints
• Definitions and Acronyms
• Evolution of the Plan
• External Interfaces
• Internal Structure
• Roles and Responsibilities
• Estimation Plan
• Staffing Plan
• Staff Training Plan
• Resource Acquisition Plan
• Project Commitments
• Data Control Plan
• Requirements Control Plan
• Schedule Control Plan
• Budget Control Plan
• Communication, Tracking, and Reporting Plan
• Metrics Collection Plan
• Risk Management Plan
• Financial Management Plan (Cost/Budget Management)
• Issue Resolution Plan
• Project Close-Out Plan
• Process Model
• Methods, Tools, and Techniques
• Configuration Management Plan
• Quality Assurance Plan
• Documentation Plan
• Process Improvement Plan

After  getting started with Upmetrics , you can copy this project management plan template into your plan and modify the required information and download your project management plan pdf and doc file. It’s the fastest and easiest way to start writing your plan.

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Download a sample project management business plan

Need help writing your business plan from scratch? Here you go; download our free project management business plan pdf to start.

It’s a modern business plan template specifically designed for your project management business. Use the example business plan as a guide for writing your own.

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About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated July 3, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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Project Plan Template

Get your Project Plan Template for Word or open it in ProjectManager, the best way to manage your projects online.

Download this free project plan template for Word to scope your work and break it down into manageable components; then schedule and assign the tasks needed to complete your project.

You can also use this project management plan template to manage workloads and tasks as changes occur. A project plan is the foundation of the work you do to lead a project to successful completion.

Once everything is sorted on the Word doc, open ProjectManager’s free project plan template. It lets you build a dynamic project plan that can be managed in five different project views: Gantt chart, task list, kanban board, calendar and spreadsheet. Plus, your team can collaborate on the project in real time and track progress along the way with dashboards and instant status reports. Get started for free with ProjectManager and build a better project plan.

What Is a Project Plan Template?

A project plan template is a document that compiles all the guidelines and procedures the project management team needs to execute a project. Project plan templates allow project managers to save time during the project planning phase and also help them ensure nothing slips through the cracks.

How to Use This Project Plan Template

Project planning starts with a thorough project plan document. Follow these planning steps to ensure that your project plan covers all project aspects. This means you’ll be less likely to run into surprises.

1. Planning Basis

Project scope.

Begin with the project scope. What activities and tasks as defined in your project must be completed to make the project a success? Use the project charter as a springboard. You can also use a work breakdown structure to identify all the activities, tasks, deliverables and milestones of your project.

Project Milestones

Based on your project charter or work breakdown structure, note the milestones or major events or phases in your project, and collect them in a chart with three columns for the milestone, a description and its delivery date. Examples of milestones are when the business case is approved when the project team is appointed or the project management office is established.

Project Management Phases

The next step is detailing the phases of the project, which is defined as a set of activities, such as the project’s initiation, planning, execution, monitoring and closure. These should also be noted in a chart with the phase followed by a description of it and its sequence.

Project Tasks

You need to note the tasks that are necessary to complete the project, too. There are many project tasks such as developing a quality plan, formulating supplier contracts and performing project closure. Write them out in a chart listing the phase, activity, description and sequence.

Effort & Resource Requirements

This leads to the effort likely needed to complete the above tasks. List the task with the amount of time you believe necessary to finish the task. This in turn goes hand in glove with resources, so you want to take the task and attach a resource or team member to it. This is the person responsible for completing the task.

2. Project Plan

Project schedule.

Now you’re ready to create a project schedule from the summary above. Use the phases and activities to create a Gantt chart to easily visualize the project timeline, the work needed and its duration.

Task Dependencies

You want to add the dependencies, or tasks that are linked to others and can potentially block team members if not done in a timely and sequential manner. In fact, there are four types of task dependencies: finish-to-start, finish-to-finish, start-to-start and start-to-finish. List the key dependencies in a chart with the activity, what it depends on and the type of dependency.

Project Assumptions and Constraints

List any assumptions you have about the project. Then note the project constraints. Finally, in an appendix, you’ll want to attach the supporting documentation, such as the project schedule, business case, feasibility study, project charter, etc.

3. Budget, Risk and Change Management

Project budget.

The project budget is one of the most critical components of any project plan. That’s because the project budget determines the amount of money available for your project. Therefore, you need to be very careful when creating yours.

First, gather your project tasks, identify the resource requirements for each and lastly estimate their costs. Once you have the costs for each project task, you can add them to get your estimated project cost value. That value will be your cost baseline and the base for your project budget.

Every project plan needs a risk management section. Our project plan template has a risk log so you can list the potential risks that could affect your project plan. From there you can develop your risk mitigation strategies and assign risk owners.

Change Management Process

Every project plan needs to be changed during the execution phase for several reasons. For example, new project requirements might arise and cause changes to the original plan. As a project manager, you must oversee how changes are made to your project. Our change management log helps you keep track of any changes made to your project plan.

4. Appendix

Each project management plan is unique, and its components might vary depending on the requirements of your project. These are the most commonly used documents:

• Project Budget Template
• Change Request Template
• Change Order Template
• Scope Management Plan
• Cost Management Plan
• Risk Management Plan

Why You Need a Project Plan Template

Now that you’ve downloaded the free project plan template, you are ready to get your project on track to a successful completion! The project plan is crucial, as it is the fundamental project planning document from which your project is formally managed.

The project plan is made up of goals, activities, tasks and resources needed to complete the project as outlined in the project business case and the project charter. You want to have a description of the major phases of the project, a schedule of activities, tasks and their duration, dependencies, resources, timeframes, etc. Then list the assumptions and constraints in the project planning process.

When you’re creating a project management plan, follow these steps: note the project scope, identify milestones and tasks, estimate costs, quantify the effort required, allocate the resources, make a schedule , list dependencies and document it for approval. Your project management plan template needs to incorporate components such as the scope management plan, cost management plan and schedule management plan, among others.

While the business case from earlier in the project planning process may offer a general project view, the project plan goes into greater detail once the project scope and charter are formalized and a team is hired. Although you write the project plan during the project planning phase, it doesn’t stay in a drawer once complete. This project plan template should be considered a living document that’ll be revisited and referred to throughout the project life cycle. This is because the project management plan is a roadmap that project managers use during the execution phase when they need information about the project schedule, costs, scope and budget.

Once your document is finalized, it’s time to build a dynamic project plan and schedule. Project planning software can help you transfer your project plan onto a Gantt chart so you can create a timeline, schedule work, design phases, attach documents and track progress along the way. Then share the plan with your team, who can use multiple project views, such as the task list, sheet, calendar and kanban board.

When Do I Use the Project Plan Template?

The project management life cycle is made up of five phases: the initiation phase, the planning phase, the execution phase, the monitoring and the closure phase. Planning comes in after you’ve initiated the project but before it’s executed.

For example, during the initiation phase, there are many documents that are created to set up the project plan, such as a feasibility study to identify the problem you want to solve, the scope of the project and the deliverables you want. This feeds into the business case , which compares costs versus benefits. The statement of work (SOW) looks at the project goals, objectives, scope and deliverables.

These don’t constitute a project plan, but they do lay the foundation on which you’ll build your plan. This is when you take the broad strokes from the initiation phase and break it down into smaller, more manageable tasks. Each of these tasks must be achieved within the project timeframe.

Who Uses the Project Plan Template?

It’s important to note that the project manager is tasked with the ownership of creating the project plan, but work isn’t done in isolation. The project manager must work in congress with the team, experts and others who can provide insight and guidance into developing a realistic project management plan.

Teams are assembled for their skills and experience working on such projects, so it makes sense that you need ideas on how to plan the project. Of course, the team will have access to the project plan throughout the execution phase of the project. They’ll be assigned tasks and be responsible for delivering them on time and within budget.

Others who will use the project plan include stakeholders and executives, or anyone with a vested interest in the successful outcome of the project. The project manager will present to these groups throughout the project life cycle to keep them abreast of progress and ensure that actual progress matches what’s been outlined in the project plan.

Free Project Management Templates

There are dozens of free project management templates for Word and Excel available on our site. Some of them are useful during the project planning process. Here are a few that can help build your project plan.

Action Plan Template

Your project plan has to align with a larger strategy which is outlined in an action plan. The free action plan template provides you with a space to lay out the needed steps and concrete tasks to reach your project goal. The action plan gives you a frame in which to capture the main thrust of the project to help you prioritize tasks in your plan.

Gantt Chart Template

The Gantt chart is the workhorse of project management planning. It’s a visual tool that organizes your tasks on a timeline . It helps you prioritize and set durations for each task, shows phases and breaks up larger projects into more manageable phases.

WBS Template

Another key tool when building your project schedule is the work breakdown structure (WBS). This is a technique for working backward from your final deliverable to outline each step that gets you there. It’s a thorough way to make sure you don’t miss any puzzle pieces of your larger project. This project management template takes you through that process.

Related Content

Now that you’ve downloaded your free project management plan template and it reflects your project plan, you’re ready for the job at hand. But, whether you’re a project management journeyman or apprentice, you never want to stay complacent. Industries and businesses don’t stand still, and you have to do your best to stay up-to-date on new trends.

There are many free project management templates and topics of discussion on ProjectManager that can be easily filtered to bring you the content that’s most relevant to your interests. Subjects include, but aren’t limited to, project management software, scheduling, risk and task management, collaboration, time tracking, Gantt charts, reporting and, of course, planning.

As the subject at hand is planning, we’ve compiled three of the most recent and relevant posts on project planning. Enjoy!

• Project Documentation: 15 Essential Project Documents
• How to Choose a Project Planner
• How to Create a Program Management Plan
• Agile Sprint Plan Template

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ProjectManager is a great project planning tool. It offers the features you need to plan, track and report on your project. There are online and interactive Gantt charts that take the pain out of having to build one manually.

The software is also online so it’s easy to access from anywhere and on any device. Better still, it makes sharing necessary documents and tasks easy, and both the project manager and team members can get automated notifications to streamline the reporting process.

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

How to Create a Realistic Project Plan with Templates & Examples

As a project manager, a huge part of your role is to write project plans that help you keep projects on track. But that’s not all a project plan should do. 

A project plan is arguably the most important document you’ll create for a project. At its core, a plan should communicate your project approach and the process your team will use to manage the project according to scope.

Let’s take a closer look at how you can develop a rock-solid planning process that guides your team and projects to success.

What is a project plan?

Project plan example: what to include, why you should always write a project plan, 5 steps to an effective project planning process, how to create a project plan in teamgantt, free project plan templates.

A project plan is a document that maps out the tasks, effort, timing, and resources needed to meet project goals within a predefined scope. It’s often presented in the form of a gantt chart because it’s easy to visualize the project timeline and ensure work stays on track.

Any solid project management plan should answer the following questions:

• What are the major deliverables?
• How will we get to those deliverables and the deadline?
• Who’s on the project team, and what role will they play in those deliverables?
• Which stakeholders need to provide feedback on deliverables, and when?
• When will the team meet milestones?

A project plan communicates this information in a simple, straightforward way so everyone clearly understands the objectives and how they contribute to project success. It may also be accompanied by other planning documents, such as a project charter , risk assessment , or communication plan .

While no two project plans are alike, they all share the same common building blocks. Be sure to include the following components in any project plan you create:

• Project tasks : A detailed list of work to be done organized by project phase, process step, or work group
• Project schedule : A visual timeline of task start dates, durations, and deadlines, with clear progress indicators
• Key milestones : Major events, dates, decisions, and deliverables used for tracking forward progress
• Dependencies : A line connecting tasks that need to happen in a certain order
• Resources : Assignments that indicate the person or team responsible for completing a task

Here’s a simple example of what a project plan looks like with these basic elements highlighted:

Some people don’t understand the power of a good project plan. If you feel pressured to skip the plan and jump right into the work, remind your team and stakeholders that having a plan benefits everyone by making it easier to:

• Build consensus before work begins : A detailed project plan ensures everyone has a clear understanding of—and agrees on—the overall process, scope, staffing, and even communications from the outset. That goes a long way in keeping project confusion and pop-up requests from gumming up the works.
• Avoid scheduling conflicts : Project plans enable you to organize tasks so it’s clear who's responsible for what and when. If your team is juggling multiple projects, you can cross-reference other plans to see who’s available to take on new work before committing to a timeline.
• Monitor project goals and scope : When new tasks creep in, it’s easy to lose sight of the original objectives. Spelling out the work you need to complete in a time-based plan keeps project goals front and center so you can ensure project scope stays intact.  ‍
• Hold your team and stakeholders accountable : A good project plan sets expectations around the process and pacing you'll follow each step of the way. When plans are shared with teams and stakeholders, it keeps folks honest about what is—or isn’t—happening and forces you to resolve issues in a timely way.

Easy drag and drop features with templates for faster scheduling. Plan a project in minutes, collaborate easily as a team, and switch to calendar and list views in a single click.

Poor planning can lead to some pretty ugly consequences—from missed deadlines and budget overages to team burnout and client frustration. That’s why it’s important to establish a solid process you can use to plan any project. 

Planning a project doesn’t have to be difficult. These basic project planning steps can help you write a plan that’s both realistic and on target.

• Start with project discovery & definition
• Draft a rough outline of your plan
• Formalize your project management plan
• Present & confirm your plan
• Execute your plan & adjust as needed

Step 1: Start with project discovery and definition

A project plan is more than a dry document with dates. It’s the story of your project, and you don’t want it to be a tall tale! So make sure you know all the facts before you start creating a project plan.

Understand the project scope and value

Understanding the ins and outs of the project will help you determine the best process and identify any snags that might get in the way of success. Conduct your own research to dig deeper on:

• Project goals and outcomes
• Partnerships and outlying dependencies
• Potential issues and risks

Review the scope of work , and dive into any documents or communications relevant to the project (maybe an RFP or notes from sales calls or client meetings). Be thorough in your research to uncover critical project details, and ask thoughtful questions before you commit to anything. 

Interview key stakeholders

If you want to dazzle stakeholders with a stellar project delivery, you’ve got to know how they work and what they expect. Schedule time with your main project contact, and ask them some tough questions about process, organizational politics, and general risks before creating a project plan. 

This will give project stakeholders confidence that your team has the experience to handle any difficult personality or situation. It also shows you care about the success of the project from the start.

Be sure to discuss these things with your stakeholders:

• Product ownership and the decision-making process
• Stakeholder interest/involvement levels
• Key outages, meetings, deadlines, and driving factors
• Related or similar projects, goals, and outcomes
• The best way to communicate with partners and stakeholders

See a list of sample interview questions to ask stakeholders so you can develop better project plans.

Get to know your team

The last step in the research phase is to take time to learn more about the people who’ll be responsible for the work. Sit down with your team and get to know their:

• Collaboration and communication styles
• Availability and workload

Understanding these basics about your team will help you craft a thoughtful plan that takes their work styles and bandwidth into consideration. After all, a happy team delivers better projects.

Step 2: Draft a rough outline of your plan

Now that you’ve gathered the basic project details, the next step is to knock out a rough draft of your plan. Take some time to think about the discussions you had in the pre-planning phase and the approach your team might take to meet the project goals.

Sketch out the main components of your project plan

Sit down with a pen and paper (or a whiteboard), and outline how the project should work at a high level. Be sure you have a calendar close by to check dates.

If you’re at a loss for where to begin, start with the who, what, when, and how of the project. A first outline can be very rough and might look something like a work breakdown structure . Make sure your project outline includes the following components:

• Deliverables and the tasks required to create them
• Your client’s approval process
• Timeframes associated with tasks/deliverables
• Ideas on resources needed for tasks/deliverables
• A list of the assumptions you’re making in the plan
• A list of absolutes as they relate to the project budget and/or deadlines

Considering these elements will help you avoid surprises—or at least minimize them. And remember, you’re doing this as a draft so you can use it as a conversation-starter for your team. It’s not final yet!

Get input from your team on process, effort, and timing

You don’t want to put yourself or your team in an awkward position by not coming to a consensus on the approach before presenting it to your client. That's why a project manager can’t be the only one writing a project plan.

Once you’ve created a basic project outline, take those rough ideas and considerations to your team. This enables you to invite discussion about what might work rather than simply dictating a process. After all, every project must begin with clear communication of the project goals and the effort required to meet them. 

Be sure to get input from your team on how they can complete the tasks at hand without killing the budget and the team’s morale. As a project manager, you can decide on Agile vs. Waterfall approaches , but when it comes down to it, you need to know that the team can realistically execute the plan.

You can also use this review time to question your own thinking and push the team to take a new approach to the work. For example, if you’re working on a digital product, could designers start creating visual concepts while the wireframes are being developed? Or can you have two resources working on the same task at once?

Running ideas by the team and having an open dialogue about the approach not only helps you build a more accurate project plan. It gets everyone thinking about the project in the same terms. This type of buy-in and communication builds trust and gets people excited about working together to solve a goal. It can work wonders for the greater good of your team and project.

Step 3: Formalize your project management plan

You should feel comfortable enough at this point to put together a rock-solid project schedule using whatever tool works for you. 

Build out a detailed project schedule that’s easy to read

Any good online project planning tool will help you formalize your thoughts and lay them out in a consistent, visual format that’s easy to follow and track. (Ahem, TeamGantt works nicely for a lot of happy customers. ) 

Make sure tasks have clear start and end dates so there’s no question when work needs to happen to hit project deadlines. Organize work into phases, and use labels and/or color-coding to improve scannability. The easier your project plan is to understand at a glance, the better!

See how to create a project plan in TeamGantt

Consider how your team likes to work

Be as flexible as possible when it comes to how your project plan is presented. There's no absolute when it comes to how to format your plan as long as you and your team understand what goes into one.

Remember, people absorb information differently. While you might be partial to a gantt chart, others might prefer to view tasks in a list, calendar, or even a kanban board. You can make all of those variations work if you’ve taken the steps to create a solid plan.

For example, here’s an Agile project plan we built that lists each sprint as its own task group with milestones for sprint planning and deployment.

And here’s what that same project plan looks like if you turn it into a kanban board in TeamGantt. Simply click the Board tab and set up your columns so your team can manage their daily workflows more easily.

If your team currently prefers spreadsheets and isn’t quite ready to use TeamGantt yet, try our free Excel gantt chart template .

Step 4: Present and confirm your plan

You’re almost finished! Now it’s time to do your due diligence. It’s easy to throw stuff in a plan, but you have to make sure you get it right.

Run your final plan by your internal team

Your team needs to know the reality of your plan as it stands after you’ve built it out in TeamGantt. And you want to be sure they’re comfortable committing to the details. If they don’t, things will quickly fall apart!

Always review your final plan with your team before delivering it to stakeholders. Why? Because things like dates and tasks—and even assignments—will shift as you formalize the rough sketch of your plan. 

Here are a few things you’ll want to discuss with your team as you review the final plan together:

• Review times
• Team work times
• Dependencies
• Time off, meetings, and milestones
• The final deadline
• Any assumptions you’ve made
• Major changes since your last talk

There’s nothing more embarrassing than delivering a plan with an error or a promise you can’t keep. Taking a few minutes to get buy-in from your team will give everyone peace of mind about your plan.

Review your project plan with stakeholders

Once you’ve confirmed the plan with your team and have their full sign-off, you’re ready to share your project plan with stakeholders . 

When delivering your project plan, make sure you provide an executive summary. This might come in the form of a project brief . A short recap of the overall methodology, resources, assumptions, deadlines, and related review times will help you convey what the plan means to the project and everyone involved.

Project plans can be daunting, so schedule time to present your project plan to stakeholders at a high level. Here are some things you’ll want to point out about your plan during this review:

• Overall process and pacing
• Major deliverables and timing
• The time they’ll have to review deliverables
• Overall timing for task groups or phases
• How far off you are from the deadline
• Wiggle room on the final deadline

If a stakeholder is interested in the day-to-day details, feel free to walk them through the plan line by line. Otherwise, start by explaining overall sections or phases, and be sure to come back to your plan at intervals throughout the project to remind them of tasks, next steps, and overall progress.

Step 5: Execute your plan and adjust as needed

Some projects are smooth and easy to manage, and others are a complete nightmare that wake you up at 3 a.m. every other night. Thankfully, having a solid project plan is your best defense against project chaos once work gets underway.

Keep in mind that project plans are living documents. Projects change constantly, and someone has to stay on top of—and document—that change. Remember to:

• Update your plan regularly as work progresses and things change
• Communicate changes to your team, partners, and stakeholders
• Monitor and communicate risks as your project evolves

Ready to plan your project in TeamGantt? Follow these easy steps to build a plan that’s structured well and includes the elements you need for project success.

1. Enter your basic project details.

To create a new project plan in TeamGantt, click the New Project button in the upper right corner of the My Projects screen. Then enter your project name and start date, and select the days of the week you want to include in your plan. Click Create New Project to move on to the next step.

2. List out your project tasks and milestones.

Now the real planning fun begins! Enter all the different tasks it will take to get the job done. If there are any key meetings, deliverable deadlines, or approvals, add those as milestones in your project plan.

3. Organize tasks into subgroups. 

Scrolling through one long list of tasks can be mind-numbing, even to the best of us. Break tasks down into phases or sections to ensure your project plan is easy to read and understand. 

4. Add task durations and milestone dates to the project timeline.

A visual project plan makes it easy to see exactly what needs to get done by when. Make sure every task has a start and end date so nothing falls through the cracks. TeamGantt’s drag and drop feature makes this planning step quick and easy.

5. Connect related tasks with dependencies.

Adding dependencies between tasks ensures work gets done in the right order and also helps you plan for delay risks. If your plan shifts and you need to move tasks around, dependencies speed up the process.

6. Assign responsible team members to tasks.

That way there’s no confusion about who’s doing what, and your team can update and manage their daily tasks . Don’t forget to check team availability along the way to avoid overloading anyone with too much work.

7. Use the RACI chart to define task roles more clearly.

This feature takes accountability one step further by letting you assign more specific roles to each task: Responsible , Accountable , Consulted , and Informed . Learn how RACI charts work and what each role means.

8. Add hourly estimates and/or points to each task. 

This makes it easy to see the lift each task involves at a glance. Including hourly estimates in your project plan also enables you to manage workloads and track overages more accurately.

9. Color-code tasks for better scannability.

You can use colors to categorize tasks by project phase, priority, department, or team member—whatever makes visual sense to you and your team.

10. Add notes to clarify tasks or spell out important details.

There’s no such thing as too much information if it means your team has what they need to deliver quality work on time. Use the Notes section of your Discussion tab to enter any pertinent details your team will find helpful.

11. Upload important documents to the project.

This ensures project files are accessible to everyone in a centralized hub.  For example, you might attach your creative brief to the project so your content and design teams have clear direction for completing their deliverables.

If you’re planning a project for the first time or taking on a totally new type of project, you might be struggling to get your plan off the ground. We created a simple project management plan template to help you get started.

TeamGantt gives you the ability to quickly and easily build and adjust your plan using drag and drop scheduling. Plus, it comes with customizable views to fit every team member’s work style. 

Try our basic project plan template for free!

Looking for more specific project plan examples to jumpstart your process? Use these project planning templates to generate ideas and save time building out your plan:

• Construction project plan template
• Event planning template
• Strategic marketing plan template
• Tactical marketing plan template
• Software development plan template
• Video production schedule template
• Website project plan template

Plan your next project in minutes

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The Best Project Plan Template

• Michaela Rollings
• August 23, 2024

Table of Contents

In any organization, project plans are essential documents that outline the goals, objectives, scope, timelines, resources, and potential risks associated with a specific project.

These plans provide a roadmap for all team members to follow and help ensure that everyone is on the same page and working towards a common goal. Better yet, having a project plan template make that roadmap even more clear and replicable across teams.

The Main Benefits of Project Plans

One of the key benefits of project plans is that they provide a clear direction for all team members involved in the project. By clearly outlining the goals and objectives of the project, team members can understand what is expected of them and how their individual contributions fit into the bigger picture. This helps to align everyone’s efforts towards achieving the desired outcome – and that’s even easier with a project plan template.

Project plans also help to ensure that projects are completed on time and within budget. By outlining the specific timelines and resources required for each phase of the project, project managers can better track progress and make adjustments as needed to keep the project on track.

Hive’s to-do list view pictured above.

This helps to mitigate the risk of delays and cost overruns, which can have a significant impact on the overall success of the project.

Additionally, project plans help to identify potential risks and challenges that may arise during the project. By considering these factors early on, project managers can develop strategies to address them proactively and minimize their impact on the project.

This can help to improve the overall chances of success and reduce the likelihood of unforeseen issues derailing the project. Making project plans repeatable with a project plan template also helps the reduction of issues that could arise.

What Does A Project Plan Template Help You Do?

What’s even better than any old project plan? A free project plan template, built custom for your team and needs. When you’re just starting out, you don’t always have the money, time, or energy to spend on paying someone to build out a complex plan. But our free project plan plan template will cover that for you.

Set Clear Goals

One of the key reasons why project plans are important is that they help teams to clarify their vision and set concrete goals for their project. By outlining the project’s mission, objectives, and strategies, a project plan provides a framework for decision-making and helps to keep the team or organization on track towards its long-term goals – it can even help you automate them.

Without a clear plan in place, it can be easy for teams to lose focus and become overwhelmed by day-to-day operations. That’s why we’re helping you develop this project plan template – it will take you 60 seconds to create, and it will save you HOURS down the line. Here’s why it’s helpful to have a project plan template.

Communicate With Stakeholders

In addition to providing a roadmap for the business, a well-developed project plan also serves as a communication tool for stakeholders. Whether it’s potential investors, employees, or suppliers, a project plan can help to convey the project’s goals and objectives in a clear and concise manner. There’s no easier way to ensure you’re all on the same page than a project template.

This can be particularly important when seeking financing, as lenders and investors will want to see a well-thought-out plan that demonstrates the company’s potential for success.

Anticipating Future Challenges

Another key reason why project plans and a project plan template are important is that they help store and replicate successful past projects. If you’ve got a project template that has been battle-tested and used throughout the course of months and years, it’s easier to guarantee project success.

This level of preparation can also help the business to navigate unforeseen challenges and adapt to changing market conditions.

6 Steps to Writing A Project Plan

Writing a project plan is essential for effectively managing and executing a project. To ensure success, it is important to follow a systematic approach to develop a comprehensive and well-thought-out plan.

The following are the steps needed to write a project plan, whether it’s from a project plan template for Word, or something more complex, like an agile project plan template:

1. Define the project scope: Identify the objectives, deliverables, timeline, budget, and resources required for the project. Clearly outline what needs to be accomplished and the constraints that need to be considered.

2. Identify key stakeholders: Determine who will be involved in the project and their roles and responsibilities. This includes team members, sponsors, clients, and any other relevant parties.

3. Create a work breakdown structure: Break down the project into smaller tasks and subtasks to organize and prioritize the work that needs to be done. This will help ensure that all aspects of the project are considered and accounted for.

4. Develop a timeline: Create a schedule that outlines the start and end dates of the project, as well as key milestones and deadlines. This will help keep the project on track and ensure that tasks are completed in a timely manner.

5. Assign resources: Allocate resources, such as personnel, equipment, and budget, to each task in the project plan. This will help ensure that the necessary resources are available to complete the project successfully.

6. Monitor and control progress: Establish metrics and key performance indicators to track progress and measure the success of the project. Regularly review and update the project plan to address any deviations or issues that arise.

By following these steps, you can develop a well-structured and detailed project plan that will guide the successful completion of your project.

Get Hive’s Free Project Plan Template

We know how hard it is to get started with a business – we started one too! Hive has been around since 2016, but we know that it can be so tricky to get out of the gate.

The good news is that we’ve used our project planning and AI superpowers to bring you a free business plan template that can be customized to your EXACT needs. How you might ask? Our super impressive new AI tool .

All you have to do to get your own personal business plan is visit mind.hive.com and type in the following command: “Create a project plan for me.”

You’ll be able to add in the amount of days you’d like it to plan across, and you can also interact in real-time and add feedback to the AI planner. So if it spits out something that you don’t like, you can just ask the AI to change it.

From there, you can get and download your project plan, get started, and head for world domination. Getting a free business plan template has really never been easier. And you’re in total control!

Best Prompts to Generate a Great Project Plan

With Hive’s project action plan template generator, you’ll need to feed a prompt to the AI. Here are a few places to start:

• “Generate a project plan for a new startup in the cosmetics space looking to launch their first product”
• “Build out a project plan for a construction company looking to kick off three local house builds at once”
• “List the steps I’d need to take to start a business in Colorado”
• “Generate a free startup plan for a non-profit dog adoption agency in Minnesota”

These are just a few places to start! The sky is the limit, and we want this project plan template to be as customized as possible.

Have any feedback for us about project plans? Email us at [email protected].

Want to spread the word share on social, get started with hive.

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Blog Marketing What is a Project Management Plan and How to Create One

What is a Project Management Plan and How to Create One

Written by: Midori Nediger Dec 11, 2023

Have you ever been part of a project that didn’t go as planned?

It doesn’t feel good.

Wasted time, wasted resources. It’s pretty frustrating for everyone involved.

That’s why it’s so important to create a comprehensive project management plan   before your project gets off the ground.

In this guide, we’ll explore how to create and design a successful project management plan.

We’ll also showcase easy-to-customize project plan templates you can create today with our user-friendly drag-and-drop editor. Let’s get started!

  Click to jump ahead:

What is a project management plan?

How do you write a project management plan, project management plan templates and examples, what is the importance of a project management plan, what should a project management plan include, 5 key tips for creating a project management plan, project management plan best practices, common mistakes to avoid when creating a project management plan.

A project management plan is a formal document that defines how a project is going to be carried out by outlining the scope, goals, budget, timeline and deliverables of a project. Its crucial role lies in ensuring the project stays on course.

You write a project plan  during the project planning stage of the  project life cycle , and it must be approved by stakeholders before a project can move on the execution stage.

If some of these terms are new to you, you can get up to speed with this post on project management terms . 

This means your project plan must be engaging, organized, and thorough enough to gain the support of your stakeholders.

Further Reading : New to project management? Read our blog post on the 4 stages of the project life cycle .

To write a successful project management plan, follow these 5 steps below to create an effective plan that serves as a valuable tool for project management:

1. Highlight the key elements of your project plan in an executive summary  

An executive summary is a brief description of the key contents of a project management plan .

I t’s usually the first thing stakeholders will read, and it should act like a Cliff’s-notes version of the whole plan.

It might touch on a project’s value proposition, goals, deliverables, and important milestones, but it has to be concise (it is a summary, after all). First, make sure you develop a proof of concept .

In this example, an executive summary can be broken into columns to contrast the existing problem with the project solution:

The two-column format with clear headers helps break up the information, making it extremely easy to read at a glance.

Here’s another example of a project management plan executive summary. This one visually highlights key takeaways with big fonts and helpful icons:

In this case, the highlighted facts and figures are particularly easy to scan (which is sure to make your stakeholders happy).

But your executive summary won’t always be so simple.

For larger projects, your executive summary will be longer and more detailed.

This project management plan template has a text-heavy executive summary, though the bold headers and different background colors keep it from looking overwhelming:

It’s also a good idea to divide it up into sections, with a dedicated header for each section:

Regardless of how you organize your executive summary, it should give your stakeholders a preview of what’s to come in the rest of the project management plan.

2. Plot your project schedule visually with a Gantt chart

A carefully planned project schedule is key to the success of any project. Without one, your project will likely crumble into a mess of missed deadlines, poor team management, and scope creep.

Luckily, project planning tools like Gantt charts and project timelines make creating your project schedule easy. You can visually plot each project task, add major milestones, then look for any dependencies or conflicts that you haven’t accounted for.

For example, this Gantt chart template outlines high-level project activities over the course of an entire quarter, with tasks color-coded by team:

A high-level roadmap like the one above is probably sufficient for your project management plan. Every team will be able to refer back to this timeline throughout the project to make sure they’re on track.

But before project kickoff , you’ll need to dig in and break down project responsibilities by individual team member, like in this Gantt chart example:

In the later execution and monitoring phases of the project, you’ll thank yourself for creating a detailed visual roadmap that you can track and adjust as things change.

You can also use a project management tool to keep your team organized.

Further Reading:   Our post featuring  Gantt chart examples  and more tips on how to use them for project management.

3. Clarify the structure of your project team with a team org chart

One of the hardest aspects of project planning is assembling a team and aligning them to the project vision.

And aligning your team is all about communication–communicating the project goals, communicating stakeholder requests, communicating the rationale behind big decisions…the list goes on.

This is where good project documentation is crucial! You need to create documents that your team and your stakeholders can access when they have questions or need guidance.

One easy thing to document visually is the structure of your team, with an organizational chart like this one:

In an organizational chart you should include some basic information like team hierarchy and team member contact information. That way your stakeholders have all of the information they need at their fingertips.

But in addition to that, you can indicate the high-level responsibilities of each team member and the channels of communication within the team (so your team knows exactly what they’re accountable for).

Here’s another simple organizational structure template that you can use as a starting point:

Create an organizational chart with our organizational chart maker .

4. Organize project risk factors in a risk breakdown structure

A big part of project planning is identifying the factors that are likely to derail your project, and coming up with plans and process to deal with those factors. This is generally referred to as risk management .

The first step in coming up with a risk management plan is to list all of the factors at play, which is where a risk breakdown structure comes in handy. A risk breakdown structure is a hierarchical representation of project risks, organized by category.

This risk breakdown structure template, for example, shows project risk broken down into technical risk, management risk, and external risk:

Once you’ve constructed your risk breakdown structure, you’ll be ready to do a deep dive into each risk (to assess and plan for any triggers and outcomes).

Streamline your workflow with business process management software .

5. Plan ahead: create project status reports to communicate progress to stakeholders

As I mentioned earlier, communication is fundamental in any project.

But even so, something that’s often overlooked by project managers is a communication management plan–a plan for how the project team is going to communicate with project stakeholders . Too often, project communication defaults to ad-hoc emails or last-minute meetings.

You can avoid this by planning ahead. Start with a project kickoff meeting and include a project status report template as part of your communication plan.

Here’s an example of a simple project status report that you might send to stakeholders on a weekly basis:

This type of report is invaluable for communicating updates on project progress. It shows what you’ve accomplished in a clear, consistent format, which can help flag issues before they arise, build trust with your stakeholders , and makes it easy to reflect on project performance once you’ve reached your goals.

You might also want to include a broader status report for bigger updates on a monthly or quarterly basis, like this one:

The above template allows you to inform stakeholders of more major updates like new budget requirements, revised completion dates, and project performance ratings.

You can even include visualization of up-to-date project milestones, like this example below:

Want more tips on creating visuals to enhance your communications? Read our visual communication guide for businesses . 

A project management plan is probably the most important deliverable your stakeholders will receive from you (besides the project itself).

It holds all of the information that stakeholders will use to determine whether your project moves forward or gets kicked to the curb.

That’s why it’s a good idea to start with a project management plan template. Using a template can help you organize your information logically and ensure it’s engaging enough to hold your stakeholders’ attention.

Construction project management plan template

Time is money, especially with construction projects. Having a construction plan template brings order to the chaos.

Instead of staring at a messy pile of construction stuff, you’ve got a plan that breaks everything down into bite-sized pieces.

And let’s not forget the paperwork. Construction projects have rules and regulations to follow. Your project plan helps you stay on the right side of the law with all the necessary documentation and compliance measures.

Start with a meticulous project overview, like in the second page of this template:

Though you may think this project will be similar to others you’ve done in the past, it’s important to nail the details.

This will also help you understand the scope of work so you can estimate costs properly and arrive at a quote that’s neither too high or low. Ontario Construction News has great advice on this process.

Simple project management plan template

This simple project management plan template that clearly lays out all of the information your stakeholders will need:

Simple project management communication plan template

A key part of project management is making sure everyone’s in the loop. A project communication plan ensures everyone knows how, where, who and when the team will communicate during the course of the project. Also construction scheduling is a critical aspect of the project management plan as it helps to ensure that all necessary tasks are completed within the allocated time frame and budget.

The key is to figure out what kind of communications is valuable to stakeholders and what is simply overwhelming and won’t lead to better decisions.

This template clearly outlines all of these factors to help manage expectations and eliminate confusion about what will get communicated and when:

Commercial development project plan template

The below project management plan template is simple and minimal, but still uses a unique layout and simple visuals to create an easy-to-read, scannable project overview.

This template is perfect for building or construction management , or any technical projects:

When picking a project plan template, look for one that’s flexible enough to accommodate any changes your stakeholders might request before they’ll approve the project. You never know what might change in the early planning stages of the project! You can also use  project management tools  to help you with your planning!

A well-developed project management plan sets the foundation for a successful project by providing a roadmap that guides the project team toward successful project completion. A good project management plan can ensure that:

• Project objectives and goals are clearly defined and understood
• Project scope is effectively managed
• Resources are allocated efficiently to maximize productivity and minimize waste
• Risks are identified, assessed and mitigated
• Project tasks and activities are well-organized and executed in a timely manner.
• Communication among team members , stakeholders and project sponsors is effective and transparent
• Changes to the project are properly evaluated, approved and implemented
• Lessons learned and best practices are documented for future reference and improvement
• Stakeholders are engaged and satisfied with the project outcomes
• The project is delivered within the specified timeline, budget and quality standards

Before you start assembling your own plan, you should be familiar with the main components of a typical project plan .

A project management plan should include the following sections:

• Executive summary: A short description of the contents of the report
• Project scope & deliverables: An outline of the boundaries of the project, and a description of how the project will be broken down into measurable deliverables
• Project schedule: A high-level view of project tasks and milestones ( Gantt charts are handy for this)
• Project resources: The budget, personnel, and other resources required to meet project goals
• Risk and issue management plan: A list of factors that could derail the project and a plan for how issues will be identified, addressed, and controlled
• Communication management plan: A plan for how team and stakeholder communication will be handled over the course of the project
• Cost and quality management plan: This section encompasses the project’s budget, cost estimation, and cost control mechanisms. It also includes quality assurance testing and control measures as well as any testing or verification activities to be performed.

Basically, a project plan should tell stakeholders what needs to get done, how it will get done, and when it will get done.

That said, one size doesn’t fit all. Every project management plan must be tailored to the specific industry and circumstances of the project. You can use a project management app for smoother project planning.

For example, this marketing plan looks client facing. It is tailored to sell the client on the agency:

Whereas this commercial development plan focuses on specific objectives and a detailed timeline:

With those basics out of the way, let’s get into how to write a project management plan that’s as engaging as it is professional.

Further Reading : If you’re looking to create a proposal, read our in-depth business proposal guide. Then try our job proposal templates or business proposal templates .  

Before diving into creating a project management plan, it is crucial to have a clear understanding of the project objectives and the expectations of stakeholders involved.

Without a firm grasp of these fundamental elements, your project may face significant challenges or fail to deliver the desired outcomes.

Here are key points to consider when creating a project management plan:

• Project Objectives: Clearly understand the project objectives and what you want to achieve. Identify the desired outcomes, deliverables and the purpose of the project.
• Scope of the Project: Determine the boundaries and extent of the project. Define what is included and excluded to ensure clarity and prevent scope creep .
• Stakeholders: Identify all stakeholders who will be impacted by or have an interest in the project. Understand their needs, expectations and level of involvement.
• Resources: Assess the resources required to execute the project successfully. This includes human resources, budget, equipment and materials. Determine their availability and allocation.
• Risks and Constraints: Identify potential risks, uncertainties and constraints that may affect the project. Understand the challenges, limitations and potential obstacles that need to be addressed.

Now that you have these key areas identified, let’s get started with creating your project plan.

Before you dive in, remember: a clear and adaptable plan is crucial for project success. Here are some best practices to keep your project plan on track:

• Use headers, columns and highlights to make your executive summary easy to read
• Plot your project schedule with a Gantt chart (with tasks color-coded by department or team member)
• Use visuals like organizational charts and risk breakdown structures to communicate across your team and with stakeholders
• Pick a flexible template that you can update to align with stakeholder requests

Creating a solid project management plan is crucial for setting your project up for success. Here are some common mistakes to avoid:

• Lack of clear goals: Don’t just have a vague idea of what you want to achieve. Define clear, SMART goals (Specific, Measurable, Achievable, Relevant and Time-bound) for your project. That way, everyone will be on the same page and it’ll be easier to measure progress effectively.
• Unrealistic timelines: Be optimistic, but also realistic. Don’t underestimate the time required for tasks. Factor in potential delays and buffer time when creating your project schedule.
• Scope creep: New requirements mid-project can affect deadlines and budgets. Plan the project clearly upfront, and take into consideration any changes that might come up.
• Poor communication: Communication is key throughout the project lifecycle. Regularly update stakeholders, team members and clients on progress, roadblocks and changes.
• Ignoring risks: Things don’t always go according to plan. Identify potential risks upfront and have a mitigation strategy in place for each one.
• Not involving stakeholders: Get key stakeholders involved early on. This helps manage everyone’s expectations and that you have the buy-in you need for success.
• Neglecting resource constraints: Don’t overload your team or underestimate the resources needed. Carefully consider the skills, time and budget available when planning your project.
• Micromanaging: Trust your team! Delegate tasks effectively and give them the autonomy they need to do their jobs.
• Failing to document: Keep good records. Document project decisions, plans and communication. This helps maintain transparency and ensures everyone has access to the latest information.
• Not adapting to change: Be prepared to adapt your plan as needed. Projects are rarely static, so be flexible and willing to adjust your approach based on new information or developments.

So, that’s the scoop on project management plans! I hope this piece will help you to avoid confusion, keep expectations in check and be ready to tackle any bumps for your upcoming projects.

If you ever need a revision, just follow the steps we talked about, use those best practices and you’ll have a plan that sets your project up for a win. Just remember, even the best plans need some tweaking sometimes. Be flexible and adjust as needed and you’re good to go!

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Simple business plan template for startup founders

Most new businesses that fail do so for one of two reasons: (1) lack of market need and/or (2) no more cash.

These two reasons account for more than 70% of new businesses not making it. However, both causes can often be avoided if founders invest upfront time in developing a carefully researched business plan.

A simple business plan template provides a proven framework to start from, concisely helps structure ideas, and shows potential investors what an organized and professional team looks like — one that can bring this business idea to market.

This article will share our custom-developed, simple business plan template, cover what should be included, and more.

Get the template

What is a simple business plan template?

A business plan is a written document outlining how a company intends to achieve its primary objectives — obtaining a particular market share, growing revenue, or reaching the next round of funding.

Download Excel template

While companies of all stages and sizes use business plans, they are beneficial for startups, as they can be the key to attaining funding.

A business plan template is a customizable document that provides all the crucial and necessary elements of a great business plan, allowing company leaders to start from a solid and established foundation rather than from scratch.

A simple business plan template typically includes:

• table of contents
• executive summary
• company description
• analysis of the target market
• description of the management team
• details of the product or service
• financial forecasts
• funding requirements
• appendices such as legal documents, permits, patents, and licenses

Business plans can quickly become huge, cumbersome documents, requiring a significant time investment from the creator. The U.S. Small Business Administration recommends business plans be between 30 and 50 pages long.

While there is some benefit to spending this time developing a comprehensive business plan, agility is often more critical in the startup business world. That’s the main reason why simple business plan templates exist.

Simple business plan templates typically follow a structure outlining goals, teams, and financials.

• Company description : What does the business do? What problems does it solve?
• Team : Who is involved? What key hires have been made? What expertise do they bring to the table? Why are they the right team to get the job done?
• Industry and competitive analysis: Who are the company’s competitors? What are they doing well and not so well? What opportunities exist to differentiate and be successful in this industry?
• Target market: Who are the customers being targeted? What are their interests? What are their everyday challenges and goals?
• Timeline : What are the critical dates for tasks/goals?
• Marketing plan : How will the plan attract new customers?
• Financial plan : What do current revenue streams, cash on hand, revenue structure, required funding or funding already received, etc., look like.

Why use a simple business plan template?

We highly recommend founders use a simple business plan template, mainly for the speed and agility they offer.

Creating a business plan takes time and effort, no matter how many times it’s been done. Even a simple, one-page business plan designed for small businesses requires a fair bit of research.

Each section of the business needs to be analyzed. First, it’s essential to understand the market conditions and have a step-by-step plan. Then finally, it’s necessary to determine the plan’s structure.

Templates are even more crucial for first-time startup founders. 

It’s understandable not to be super-confident in the first (or 2nd or 3rd) business plan writing process. A proven framework will help all — even seasoned veterans, ensure they:

• Don’t miss any critical elements.
• Structure ideas neatly and concisely.
• Foster a sense of professionalism, improving the confidence of potential investors

What are some examples of simple business plan templates?

These sample business plan templates serve as a great jumping-off point. Use them as inspiration. Take note of the similarities across the different examples.

1. One-page business plan template

A one-page business plan template is perfect for creating a plan to bring to the next startup pitch. But of course, supplementing the template with appendices for financial reports like balance sheets or income statements is important.

Summarizing the entire business into a single page is a great exercise. It ensures a robust and concise knowledge of each area of operation, creating more confidence to discuss each point with potential investors.

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2. Simple business plan template in Excel

While Excel does not have all the bells and whistles, it’s still a popular and widely-used platform — one that many founders choose to use to create simple business plans. This template can be used for any type of business, though it’s built for early-stage startups to plan out the first few months in business.

Notice how the template breaks overall costs down into smaller, more detailed items. This is useful to understand better the costs associated with starting a new business. Noting when those costs are owed also helps business owners monitor cash flow.

3. Startup business plan template

Here’s another excellent example of a business plan template built for startups.

What’s great about this template is rather than providing simple headers for each section, it includes questions and prompts to help guide the necessary information.

4. Lean business plan template

Lean business is a style of startup operation that focuses on minimizing waste, moving fast, and keeping costs low. It’s a popular methodology for companies wanting to get off the ground quickly and build revenue without raising significant funding.

This business plan template supports startups based on the lean concept, allowing for a simple, single-page business plan with minimal time investment.

monday.com’s simple business plan template

Most free business plan templates come in PDF, Google Docs, or Microsoft Word formats. Unfortunately, while these are popular formats and tools, they don’t tend to be particularly collaborative.

Have a distributed team? The monday.com simple business plan template will be your best friend.

Customize it to include all the fields necessary for a stellar business plan plus any additional ones unique to your business. But the most significant benefit of the template is the platform it’s built on .

The monday.com Work OS means building apps and workflows is simple. Customizing fields and columns to fit what the company is already doing, not the other way around. For example, once a business plan has been created using the monday.com simple template, it’s super-easy to set up a collaborative board to manage the marketing plan , assign tasks and due dates to employees and freelancers, and turn that business plan into reality.

Simple business plan template tips & tricks

Here are a few tips to make the most of this template and create a business plan that works.

1. Use simple, approachable language.

The goal is for people to read the business plan, right? Using everyday language over complex jargon and corporate terminology is an excellent place to start. Then, ensuring anyone who comes across the plan will have no issue understanding its meaning.

2. Write the executive summary last.

The executive summary is a short section that summarizes every aspect of the business plan. So, first, write the entire plan. THEN write the executive summary.

3. Supplement the business plan with supporting documents

While simple business plans are fast and effective, they leave out a lot of information by nature. Consider supplementing the plan with appendices such as financial statements , data sets, and market analyses.

4. Be conservative with financial estimates.

Where possible, financial projections should be based on real-life data. But even with the most accurate and up-to-date information out there, there’s always room for interpretation. So it’s best to give a range where possible, and if not, stay conservative with financial estimates.

5. Include thorough research and analysis

Invest the time early on and capture accurate, comprehensive data to support all claims. Interview customers and prospects to get a realistic picture of the target audience. Consider hiring a professional firm to provide a market research report.

FAQs about simple business plan templates

How do i write a simple business plan.

Simple business plans can be as little as one page with concise writing. Include information for each of these sections:

• Company description : What does the company do and sell? What problems does it solve?
• Team : Who works for the company, and what value do they provide?
• Industry : What competitors or other options exist?
• Target market : What does the ideal customer look like?
• Marketing strategy and plan : What is the plan to bring in new customers?
• Financial plan : What do the revenue streams look like?

What are the 7 parts of a business plan?

A 7-part business plan starts with the executive summary, moves on to describe the company, and finishes with financials.

• Executive summary
• Company description
• Organization and management team
• Products and services
• Market analysis
• Strategy and implementation timeline
• Financial plan and projections

What are common mistakes in a business plan?

Typical business plan mistakes include:

• not being research-driven
• unrealistic financial estimates
• providing too much information
• not using data to back up claims
• not offering an analysis of the competitive landscape
• only outlining vague goals and priorities

Project Management Templates | FREE Downloads Word, Excel, PDF, Visio

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• Master essential skills like work breakdowns and task sequencing
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• Includes glossary, support resources, and sample plans
• Start planning like a pro
• Get your copy today!

Project Management Plan Template | FREE Download

The Project Management Plan brings together all of the PMBOK management plans into a comprehensive whole that shows how the project team will carry out the work, monitor progress, control the outputs and close the project. stakeholdermap.com

The Project Management Plan is the project’s operating manual. It includes a description of the Project Life Cycle , the development approach to be used for the deliverables , the Project Tolerances or variance thresholds, and how the Baselines will be managed. While it does include its own information, the bulk of the plan will be made up of subsidiary plans for example the:

• Change Management Plan ,
• Cost Management Plan ,
• Scope Management Plan ,
• Requirements Management Plan , and
• Quality Management Plan .
• Contents of the Project Management Plan Template
• DOWNLOAD Project Management Plan Template
• Other Project templates to download

The contents of the Project Management Plan Template

Field description and tips to complete, project details and document control.

• Project Name and Reference
• Document information: ID, owner, issue date, last saved date, file name or path
• Document history: version, issue date, changes.
• Document approvals: role, name, signature, date

Project Lifecycle

Development Approaches

Subsidiary Management Plans

Variance Thresholds

Scope variance threshold.

• Performance criteria e.g. speed or availability.
• Features e.g. 4 color printing or 2 color.
• Quality of materials e.g. 400 gsm paper or 100 gsm paper or water proof to x PSI.

Scope Baseline Management

Schedule variance threshold.

• Use of x% of float for a given task versus use of all float delaying dependent tasks.
• Delay to a task that won’t impact the critical path vs delay that will impact critical path tasks.
• % of delay from the schedule baseline.
• Use of x proportion of a schedule reserve.

Schedule Baseline Threshold

Cost variance threshold.

• 0 – 5 % increase or decrease in Forecast Cost at Completion is acceptable.
• 6 – 10% indicates an issue and will trigger an investigation with action taken to document and mitigate any risks or issues that are found.
• Greater than 10% variance will trigger corrective action.

Cost Baseline Management

Project Management Plan Template

Word download - project management plan template (word .doc), pdf download - project management plan template (pdf), more project templates to download.

• Microsoft Project Plans – real world project plans in Microsoft Project.

PMBOK Management Plans

• Change Management Plan
• Communications Management Plan
• Cost Management Plan
• Project Management Plan
• Schedule Management Plan
• Scope Management Plan
• Risk Management Plan
• 20 Common Project Risks

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Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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The 8 best free project management and planner templates for Microsoft Excel

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Key Takeaways

• Templates in Excel are essential for efficient project planning, tracking milestones, and performance reporting.
• Using Gantt charts, project trackers, and performance reports can streamline collaboration and goal achievement.
• Excel templates like to-do lists, party planning, and school planners help organize tasks and budgets effectively.

While Microsoft Excel is an excellent tool for project managers and planners, unlocking its full potential can be daunting without the right templates. Make no mistake, you can always create a workbook from scratch and share it with team members, but a dedicated template speeds up the entire process and streamlines your planning.

Whether you need to oversee a client’s project, organize a celebration for a loved one, monitor milestones, or create efficient to-do lists for your tasks, explore the best templates available to track and execute your projects like a pro.

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8 Gantt project planner

As the name suggests, this project planner template follows the Gantt chart model to let you track and plan all activities in detail. It uses easy-to-understand visual charts to display how a project will be managed over time. You can set the plan start date, the intended duration, and track the actual duration. Plus, you can add relevant activities and monitor the progress in real-time using the Gantt chart.

While it may seem simple at first glance, this template can accommodate both large and small projects for professionals, providing transparency to the collaboration and achievement towards a goal.

Gantt project planner

7 project tracker.

Here is another simple project tracker template designed for Microsoft Excel users. This template is perfect for those wishing to divide large projects into smaller, more manageable stages. For example, if you are an interior designer, you can use this template to divide every stage of furniture planning and assign relevant category, employee name, estimated start and end date, number of hours, cost, duration in days, and more. The possibilities are endless here.

Project tracker

6 project performance report.

Project performance report template is suitable for advanced users. If you are responsible for handling multiple projects, you can use this to report high-level status on them. It uses a table and conditional formatting for easy customization.

You can enter item descriptions and track the overall budget, actual costs, schedule, performance index, forecast, and overall project status. It employs charts and graphs to display essential performance metrics such as schedule variance, cost variance, and earned value. This allows stakeholders to understand the project's status at a glance.

Project performance report

5 milestone and task project timeline.

Do you prefer to track your projects in a timeline view? Look no further and get this milestone and task project template from Microsoft. This template employs a scatter chart featuring data labels and error bars to craft a project timeline showcasing milestones and tasks with their durations.

Unlike a Gantt chart, where each task appears on a distinct row, this allows you to manage the vertical placement of tasks within the timeline. Additionally, you have the option to set the length of the vertical leader line to illustrate task dependencies. It is mostly useful for project overview rather than assigning and tracking specific tasks.

Milestone and task project timeline

4 to-do lists for projects.

Are you planning a home remodel or other large project? You need an effective planner that helps you track every part of the entire process without breaking a sweat. This to-do list template is a simple Excel template to get the job done. You can enter phase names, due dates, notes, project deadlines, and project completion percentages in different columns. You can even get creative and add more relevant columns to the sheet.

To-do lists for projects

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3 Party planner and checklist

Organizing a party often comes with both exhilaration and stress. Using an Excel party planning template can serve as your essential tool, helping you remain organized and manage all the details effectively. It’s a must-have template for event managers.

You can enter party name, venue, date, time, client name, create a party planning checklist, guest list, and track their attendance. You can split your party budget into different categories, track spending, and more to transform party planning from a daunting task into a fun and enjoyable experience.

Party planner and checklist

2 simple gantt chart.

Yes, this is another Gantt chart template on the list. But unlike the previous one, this Excel template goes into greater detail and lets you evaluate, plan, design, and execute your projects like a pro. You can divide the entire project into different stages, enter tasks for every section, assignee, progress, start and end date, and more. The Gantt chart bars show task durations with conditional formatting. An 'About' sheet is even included to help you use the template to its fullest.

Simple Gantt chart

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1 Back to school planner

As the name suggests, this one is an ideal school planner template for students. Before the next term starts, you can keep everything ready and organized. You can enter budget details, create a shopping list, categories, costs, and more. There are also a few more sheets to track budget breakdowns and to-do lists. Once you fill in the data, the workbook shows the purchasing progress at the top.

Back-to-school planner

Apart from the templates above, you can also find more top project management templates from third-party sources like Etsy .

Streamline your project planning and tracking

Starting with the right template can set a positive tone and make a significant difference in your project. What are you waiting for? Download your preferred template into your Excel account and plan, track, and execute projects of all sizes.

Microsoft has done a splendid job with the Excel template library. Almost any requirement you might have is likely covered by one of their templates. For further exploration, refer to our detailed guide on the best free Excel templates available .

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6 Best Marketing Project Plan Templates for Successful Campaign Strategy

• Updated on August 19, 2024

Marketing is a multifaceted discipline that extends far beyond traditional advertising. It is a strategic function that integrates market research, customer behavior analysis, and communication techniques to create value for both businesses and customers. At its core, marketing is about identifying and meeting customer needs, but the process involves a deep technical understanding of data, segmentation, and engagement strategies.

What is a Marketing Project Plan?

A marketing project plan is a structured outline that guides the execution of specific marketing initiatives. It details the project’s objectives, scope, timeline, budget, and the tasks required to achieve the desired outcomes. The plan serves as a roadmap for coordinating resources, managing risks, and ensuring that all team members are aligned with the project goals. By clearly defining each step and setting measurable milestones, a marketing project plan helps to keep the project on track, optimize resource allocation, and achieve successful campaign results.

Technically speaking, marketing begins with market research, where data is gathered to understand market trends, customer preferences, and competitive landscapes. This data-driven approach allows marketers to segment their audience into specific groups based on various factors such as demographics, psychographics, and behavior. Once the audience is segmented, tailored messaging and campaigns are developed to target these segments effectively.

Marketing’s role in business outcomes is pivotal, especially when it comes to generating Marketing Qualified Leads (MQLs). MQLs are potential customers who have shown interest in a product or service, typically through engaging with marketing content or campaigns. The qualification of these leads is based on specific criteria, such as engagement level, fit with the target audience, and readiness to make a purchase.

The transition from MQL to Sales Qualified Lead (SQL) involves a critical handoff between marketing and sales teams. This handoff requires careful coordination, as it ensures that the leads nurtured by marketing are ready to engage with the sales team. SQLs are further evaluated by the sales team to determine their potential to convert into paying customers. This process is essential for optimizing the sales pipeline and maximizing conversion rates.

Effective marketing not only generates leads but also facilitates smooth collaboration between marketing and sales, ensuring that each lead is managed efficiently through the sales funnel. This collaboration is key to converting leads into clients, which in turn drives revenue growth for the business.

Nimble offers a suite of marketing templates designed to support these processes. These templates provide structured frameworks for tasks such as lead generation, qualification, and sales handoff, enabling teams to work efficiently and effectively. Along with the strategy and execution in Marketing, there are many workflows around Digital Marketing, managing events, performing A/B Testing and launching products, for which we have designed templates with which businesses can ensure that their marketing efforts are aligned with their overall business objectives, ultimately leading to better outcomes in terms of lead conversion and revenue generation.

6 Best Marketing Plan Templates

1. digital marketing template.

The Marketing Strategy and Deliverables template offers a comprehensive tool for structured planning, execution, and tracking of marketing activities within a centralized framework. Designed to streamline operations, this template aids in organizing all aspects of your marketing strategy, ensuring that each initiative is efficiently managed and aligned with overall business objectives. Below are the features, discussed in a detailed manner. 

☑ Streamlined Marketing Roadmap: Eliminate disjointed strategies and missed deadlines with a clear, visual representation of your marketing plan. This template facilitates the definition of target audiences, the setting of strategic objectives, and the management of key deadlines. It provides a structured approach to transforming marketing concepts into actionable plans.

☑ Prioritization with Precision: Convert your marketing objectives into a series of prioritized tasks. The template enables a clear mapping of the journey from strategic planning to successful execution, allowing for the prioritization of activities based on their significance and urgency. This ensures that your team remains focused on the most impactful initiatives, thereby enhancing the efficiency of your marketing efforts.

☑ Real-Time Progress Monitoring: Maintain oversight of all marketing projects with real-time progress tracking. The template offers immediate visibility into ongoing initiatives, facilitating the identification of potential obstacles and ensuring that all elements of the project adhere to the established timelines. This systematic approach reduces the likelihood of unexpected issues, promoting consistent progress towards achieving your goals.

☑ Enhanced Collaboration and Communication: Promote effective teamwork and eliminate communication barriers with a centralized platform that serves as a command center for all marketing projects. The template consolidates all relevant project information and updates, supporting improved communication among team members and ensuring alignment throughout the execution of each campaign.

☑ Data-Driven Decision Making: Leverage analytics to refine your marketing strategies. The template provides tools for real-time tracking and analysis of campaign results, offering insights that can be used to enhance future marketing initiatives. This data-driven approach enables the continuous optimization of marketing tactics, contributing to sustained improvements in performance.

This template is designed to provide a technical and systematic approach to managing marketing strategies, ensuring that every aspect of your marketing plan is executed with precision and effectiveness.

2. Marketing Product Launch Template 

Launching a new product or service is a critical process aimed at introducing it to the market with the goal of generating interest and driving revenue growth. The Product Launch Planning template is a comprehensive solution designed to guide you through each phase of the launch process, ensuring a methodical and well-coordinated approach. Below are the features, discussed in detailed manner. 

☑ Research-Driven Strategy: Initiate your product launch with a foundation of robust market insights. This template assists in identifying target audiences, understanding their needs, and analyzing competitors. By leveraging these insights, you can develop messaging that resonates with your audience and positions your product effectively in the market.

☑ Product Development and Team Readiness:  Transition seamlessly from research to product development. The template provides guidance on aligning your product features with market demands, ensuring that the final offering meets customer expectations. Additionally, it includes tools for planning sales team training and developing sales materials, equipping your team to effectively communicate the product’s value.

☑ Pre-Launch Buzz Generation:  Create anticipation for your product through carefully planned pre-launch activities. The template offers sections for organizing teaser campaigns, planning sneak peeks, and strategizing social media engagement. These steps are designed to build interest and excitement, setting the stage for a successful product launch.

☑ Launch Event Planning:  Plan a product launch event that aligns with your brand identity. The template provides a structured approach to event planning, covering aspects such as venue selection, audience engagement, and event execution. This ensures that your product introduction makes a strong and lasting impression on your target market.

☑ Post-Launch Tracking and Improvement:  Monitor and evaluate the success of your product launch with tools for tracking performance, gathering customer feedback, and analyzing market trends. These insights enable you to make data-driven decisions that keep your product competitive and responsive to market changes.

The Product Launch Planning template offers a structured framework for managing the complexities of a product launch. By improving coordination and ensuring thorough preparation, this template helps maximize the impact of your product introduction, turning your launch into a strategic and successful campaign.

3. Event Management Template

Managing events requires meticulous planning, organization, and execution. The Event Management Template is designed as a comprehensive tool to centralize and simplify these processes, offering a unified approach to handling all aspects of event management. Below are the features, discussed in detailed manner. 

☑ Unify Your Event Ecosystem:  This template allows you to manage all event-related components, including budgets, timelines, guest lists, and vendor coordination, within a single, intuitive platform. By centralizing these elements, it provides a holistic view of your event, reducing the complexity of managing multiple tools and sources of information.

☑ Enhance Collaboration:  Facilitate effective teamwork between event planners, vendors, and clients. The template ensures that all stakeholders are aligned, with real-time access to critical information. This promotes seamless communication and collaboration, reducing the risk of misalignment or information gaps.

☑ Maintain Control Over Deadlines:  The template provides a clear overview of all tasks and their associated deadlines, helping you to stay on schedule and avoid any last-minute surprises. By tracking progress and deadlines, it ensures a smooth and stress-free event execution.

☑ Optimize Budget Management:  Track your expenses in real time and compare them against your budget. The template offers detailed tracking tools that allow for informed decision-making, helping you to manage costs effectively and avoid budget overruns.

☑ Ideal For Event Planning:  The Event Management Template is particularly suited for event planners seeking enhanced efficiency and organization, teams requiring seamless collaboration and communication, and businesses aiming to optimize their event budgets while delivering exceptional experiences.

Overall, the Event Management Template  offers a structured and technical approach to event management, helping you to orchestrate events with precision and efficiency.

4. Social Media Marketing Template 

The Social Media Marketing Template provides a structured framework designed to enhance your brand’s presence across all platforms and achieve your marketing goals. This template goes beyond a simple pre-designed structure, offering a strategic approach to maximize your social media impact.  Below are the features, discussed in detailed manner. 

☑ Cohesive Brand Voice and Vision:  Maintain consistent messaging and visuals across all social media channels. This template helps reinforce your brand identity with every post, leading to stronger recognition and trust among your audience.

☑ Streamlined Workflow and Content Planning:  Plan and schedule content more efficiently with the template’s organized structure. By simplifying these processes, it allows you to save time and resources, enabling a greater focus on strategic initiatives.

☑ Enhanced Social Media Performance:  Improve your social media engagement by monitoring comments and responding promptly to inquiries. This proactive management approach helps build brand loyalty and nurtures a vibrant online community.

☑ Ideal for Social Media Optimization:  The Social Media Marketing Template is designed for Product Marketers aiming to amplify brand awareness, Social Media Managers looking to streamline workflows, and Marketing Teams focused on building a strong brand reputation and fostering loyal customer relationships.

The Social Media Marketing Template  provides a systematic and technical approach to social media management, helping you transition from basic posting to strategic planning and execution, ensuring that your social media presence is both impactful and effective.

5. A/B Testing Template

Managing multiple tests and ensuring their flawless execution can be challenging. This innovative A/B testing template is designed to transform your testing process, providing you with actionable insights and greater control over your efforts. Below are the features, discussed in detailed manner.

☑ Efficient Test Management:  Effectively manage a wide range of tests simultaneously. This template streamlines the planning, execution, and analysis of each test, ensuring that the process is both meticulous and efficient.

☑ Comparative Insights:  Easily compare results across different tests to gain valuable perspectives. The template allows for the identification of trends, isolation of variables, and analysis of performance, helping you uncover insights that drive optimal outcomes.

☑ Automated Processes:  Harness the power of automation to enhance efficiency. Automate the creation, execution, and analysis of tests, reducing the potential for human error and freeing up valuable time for your team to focus on higher-level tasks.

☑ Data-Driven Optimization:  Turn testing data into actionable strategies. The template provides the tools necessary to leverage rich data insights, enabling continuous refinement of marketing campaigns and optimization of overall effectiveness.

Ideal for Professionals

This template is a valuable resource for:

☑ Product Managers: Facilitating data-driven decisions to optimize product features and enhance user experiences.

☑ Marketing Teams: Crafting high-performing marketing campaigns through insights gained from A/B testing.

☑ Data Analysts: Analyzing testing data in depth to uncover hidden trends and opportunities.

This template offers a systematic and technical approach to mastering the testing process, enabling you to move beyond test management to data-driven optimization.

6. Marketing Strategy Template

Managing a diverse array of marketing deliverables and strategies can be challenging. The Marketing Strategy Template offers a comprehensive solution for effective project management, data-driven decision-making, and seamless team collaboration. Below are the features, discussed in detailed manner. 

☑ Precision Targeting:  Define your target audience with precision. This template allows you to build detailed audience personas, ensuring that your marketing campaigns are tailored to engage the right segments of your market.

☑ Goal Setting and Deadline Tracking:  Establish clear marketing goals and monitor progress with ease. The template serves as a centralized hub for managing deadlines, helping keep your team accountable and ensuring that milestones are met.

☑ Strategic Roadmapping:  Create a structured roadmap to achieve your marketing objectives. The template helps you prioritize tasks based on their importance, enabling your team to focus on high-impact activities and streamline efforts towards success.

☑ Project Management Oversight:  Track the progress of ongoing marketing initiatives effectively. The template facilitates the identification of potential roadblocks and ensures that all project components remain aligned and on schedule.

☑ Unified Team Communication:  Enhance team collaboration with a central platform for sharing information and updates. This approach minimizes silos and promotes cohesive teamwork, ensuring that all members are aligned with the overall strategy.

☑ Data-Driven Optimization:  Utilize real-time data to inform decision-making. The template includes tools for tracking and analyzing marketing results, providing valuable insights that can be used to optimize future initiatives and improve overall impact.

Suitable For:

☑ Marketing Directors: Oversee strategy, execution, and analysis with a centralized system.

☑ Marketing Managers: Optimize workflows, project management, and team alignment.

☑ Marketing Teams: Foster collaboration, gain insights, and achieve collective success.

The Marketing Strategy Template provides a systematic approach to managing marketing efforts, supporting both strategic planning and operational execution.

Holistically, The Nimble Templates for Marketing offer a comprehensive set of solutions designed to streamline and optimize various marketing functions. Each template is crafted to enhance efficiency and support data-driven decision-making.

The Marketing Strategy Template centralizes efforts for precise audience targeting, goal setting, and deadline management, while also facilitating strategic roadmapping and fostering cohesive team communication.

The Product Launch Planning Template guides the entire process from market research and product development to launch execution, helping to generate pre-launch buzz and monitor post-launch performance effectively.

In the realm of event planning, the Event Management Template consolidates budget management, timeline coordination, and vendor interactions into a single platform, ensuring smooth and successful events.

The Social Media Marketing Template supports consistent messaging, efficient content planning, and performance tracking, thereby optimizing social media engagement.

Lastly, the A/B Testing Template enhances control over testing processes and provides valuable data-driven insights for performance improvement.

Together, these templates offer a systematic approach to managing marketing activities, leading to increased organization and effectiveness across all marketing initiatives. Sign up for a  Free trial  and experience these read-to-use templates firsthand.

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Creating an Effective Project Budget Plan: A Comprehensive Guide

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What Is Prince2 Certification?

PRINCE2 (Projects IN Controlled Environments) is a project management methodology widely used in the UK and internationally. The PRINCE2 certification demonstrates proficiency in this structured approach, which emphasizes dividing projects into manageable and controllable stages. The certification is available at different levels, including Foundation and Practitioner, catering to both beginners and experienced project managers. It is highly valued in industries that require rigorous project management standards. Earning a PRINCE2 certification can enhance a professional's ability to manage projects effectively and improve career prospects.

PRINCE2 And Its Significance In Project Management

1. Defined Processes: One of the key features of PRINCE2 is its emphasis on a defined framework of processes, providing a clear roadmap for project managers to follow. This structured approach helps in ensuring that all aspects of the project are well-defined and accounted for, leading to more successful outcomes.

2. Flexibility: Despite its structured nature, PRINCE2 also offers flexibility, allowing project managers to tailor the methodology to suit the specific needs of their projects. This adaptability ensures that PRINCE2 can be applied to a wide range of project types and sizes.

3. Focus On Business Justification: PRINCE2 places a strong emphasis on the business justification for the project, ensuring that all decisions and actions are aligned with the overall goals of the organization. This focus helps prioritize tasks and resources to deliver maximum value.

4. Clear Roles And Responsibilities: PRINCE2 defines clear roles and responsibilities for everyone involved in the project, from the project manager to team members and stakeholders. This clarity helps in promoting accountability and effective communication throughout the project lifecycle.

5. Risk Management: Risk management is a critical aspect of project management, and PRINCE2 provides a robust framework for identifying, assessing, and mitigating risks. By incorporating risk management into every stage of the project, PRINCE2 helps in reducing uncertainties and improving the chances of project success.

6. Quality Management: Ensuring quality deliverables is essential for the success of any project. PRINCE2 includes processes for quality management, such as defining quality criteria, conducting quality reviews, and continuous monitoring. This focus on quality helps in delivering projects that meet or exceed stakeholder expectations.

7. Incremental And Iterative Approach: PRINCE2 promotes an incremental and iterative approach to project management, allowing for the gradual development and refinement of project deliverables. This approach is particularly beneficial for complex projects with evolving requirements.

8. Scalability: Whether a project is small or large, PRINCE2 is scalable to accommodate varying levels of complexity. This scalability makes PRINCE2 a versatile methodology that can be applied to projects of different sizes and scopes.

Benefits Of Obtaining A PRINCE2 Certification

1. Enhanced Project Management Skills: PRINCE2 provides a structured approach to project management, equipping individuals with the essential skills and knowledge needed to effectively initiate, plan, execute, monitor, and close projects. By obtaining a PRINCE2 certification, professionals gain a comprehensive understanding of best practices in project management, enabling them to deliver projects more efficiently and successfully.

2. Globally Recognized Credential: PRINCE2 is recognized and respected worldwide as a leading project management methodology. Holding a PRINCE2 certification demonstrates to employers and peers that you have the proficiency to manage projects using internationally recognized standards. This global recognition can open up new career opportunities both locally and internationally.

3. Increased Employability: Companies across various industries seek qualified project managers with expertise in PRINCE2 methodology. Having a PRINCE2 certification on your resume can significantly boost your employability and make you a more attractive candidate for project management roles.

4. Higher Earning Potential:  Employers value individuals who have invested in their professional development and demonstrated proficiency in project management through certifications like PRINCE2. As such, earning a PRINCE2 certification can lead to increased earning potential and better career prospects.

5. Improved Project Success Rates: One of the key benefits of implementing the PRINCE2 methodology is its focus on delivering projects on time, within budget, and meeting stakeholder expectations. By applying the principles of PRINCE2, project managers can effectively control project risks, manage resources efficiently, and ensure clear communication throughout the project lifecycle. This results in improved project success rates and higher client satisfaction.

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Estate Planning Guide and Checklist for 2024

Key takeaways.

• Common estate planning documents are wills, trusts, powers of attorney, and living wills.
• Everyone can benefit from having a will, no matter how small their estate or simple their wishes.
• Online estate planning services offer basic packages for less than $200.
• Estate planning attorneys can cost several hundred dollars per hour.
• Estate plans must be updated after significant life events.

Why you can trust us

Our Reviews Team consists of trained lawyers who have spent hundreds of hours researching estate planning and using the services we recommend. We only recommend services we find to be helpful and accurate. To develop our reviews and guidance, we:

• Spent 300 hours researching and using online estate planning services
• Consulted with legal experts, probate attorneys, and financial planners to learn the best practices in estate planning
• Went behind the paywall to gain firsthand experience with five of the top online will creation services to review and compare them with each other
• Read hundreds of customer reviews on trusted third-party websites, such as Better Business Bureau (BBB) and Trustpilot

What is estate planning?

Organizing your affairs in preparation for the end of your life is an important task, and estate planning is an ongoing process that includes much more than writing a will. This type of planning helps determine who can make decisions on your behalf, who takes care of your dependents, and how to avoid unnecessary taxes and waiting periods.

Estate planning covers any decisions regarding money, property, medical care, dependent care, and other matters that can arise when a person dies.

The biggest benefit of estate planning is peace of mind—you’ll know your wishes will be fulfilled for the benefit of your loved ones. At the very least, everyone should have a simple estate plan in place.

Elements of estate planning

Most of this process consists of creating and finalizing estate planning documents, such as wills, trusts, powers of attorney, and living wills. You can be as detailed as you want. Some people even include a letter of instruction with their estate to walk their family members through the documents.

A will, formally called a “ last will and testament ,” is a legal document stating how you want your executor (the person legally obligated to administer your estate) to distribute your assets when you die.

Dying without a will is known as dying “intestate,” which means state law will dictate what happens with your estate.

Probate refers to the process of distributing your estate after you’ve died. Your estate will go through the probate process whether you die with or without a will, but having a will ensures your executor honors your wishes. Going through probate court without a will is more time consuming and expensive, with the money coming out of your estate first.

If you already know where you want your assets to go, it’s easy to make a will without a lawyer . Online will services offer interactive questionnaires to help you create a legally binding will specific to your state.

A trust is a legal contract that allows another person (the “trustee”) to hold property for you (the “grantor”). This is typically so the beneficiaries (individuals or institutions who stand to inherit something) can use the property at some point in the future. You can place money, physical assets, or anything else of value in a trust.

Trusts are also helpful to hold property when beneficiaries are minor children who are not yet fit to handle their full inheritance. In that situation, the property will stay in the trust until the beneficiaries reach a certain age.

Property is also distributed faster in a trust because you avoid a lengthy probate court process, so it’s sometimes preferred for that reason.

Living trust vs. testamentary trust

You can create a living trust , also called an inter vivos trust, to hold property both before and after your death.

A testamentary trust is a type of trust that a will creates, so it only becomes effective after the grantor’s death.

The difference between these two kinds of trusts is that a living trust is effective while the grantor is alive, and a testamentary trust only becomes effective after the grantor’s death.

Revocable vs. irrevocable living trusts

A revocable living trust is one where the grantor retains the right to modify, amend, revoke, or terminate the trust. In an irrevocable living trust, the grantor is not allowed to make changes to the trust, but some states may allow the trustee to transfer property in and out of an irrevocable trust with permission from the trust’s beneficiaries.

A revocable trust becomes irrevocable when the grantor dies, since they can no longer make changes to it. Some people choose to place their assets in a revocable trust rather than only using a will. Upon the grantor’s death, the executor distributes assets in a trust faster because they don’t have to go through probate.

Helpful hint: Trusts are not just for wealthy people. Anyone who wants their property to go to their relatives in a quick and easy manner can create a trust. For example, parents of young children may put property in a trust specifically designated to fund a child’s education.

Power of attorney

Power of attorney (POA) refers to the authority you give someone else to make legal, financial, or medical decisions on your behalf. These documents are commonly included in online estate planning service packages.

The person to whom you grant power of attorney is called your “agent.” You identify this person in a document that only takes effect when you are considered unable to act on your own behalf, or you can grant someone POA for a specific purpose, such as purchasing a vehicle for you.

If you become unable to manage your own legal or financial affairs and you have not designated an agent to act on your behalf, a court may appoint one for you. Each state has its own laws on POAs, but the general types to be aware of include (but are not limited to) durable, limited, and financial.

A durable power of attorney means your agent can continue to act on your behalf even when your situation changes, such as if you become ill and are unable to make decisions. It can grant broad authority or be restricted to a specific purpose.

Helpful hint: Some states allow “springing” durable POAs, which means the POA only takes effect when you are deemed incapacitated. This is useful if you don’t want to give someone else decision-making authority right away, but want protection if you ever need someone to advocate on your behalf.

A limited power of attorney gives the agent authority to make decisions for a specific purpose, or for a limited period of time. In contrast, a general POA gives the agent broad authority to act.

A financial power of attorney gives the agent authority to manage your financial affairs. You can make this effective immediately or at the time of an event, like a sudden incapacitating illness or death.

Health care decisions

Health care is one of the most common aspects of estate planning. You want someone you trust to help ensure your wishes are respected if you become unable to advocate for yourself. Living wills, health care proxies, and advance health care directives are tools you can use to protect yourself in the future.

Living wills

A living will states your preferences regarding health care planning, such as whether you want life-extending treatment, how you want to manage long-term care, what procedures you do or do not want, and other end-of-life matters.

Health care proxies

A health care proxy is a durable POA specifically for medical treatment—you appoint someone to make decisions on your behalf when you are deemed unable to do so by a medical professional.

Advance health care directives

Advance directives is an umbrella term that can refer to any document regarding future medical decision-making. It can refer to a living will, health care proxy, or other legal document.

One document to include with your advance directive is a HIPAA authorization. HIPAA stands for Health Insurance Portability and Accountability Act (1996). 1 This federal law protects your medical records by requiring a signed authorization form before you grant access to someone other than yourself. Having a signed authorization for your agent ensures they can access your medical records when the directive takes effect.

Tax planning documents

Taxes can take an alarming percentage of what you leave to your beneficiaries, but you can limit what taxes your estate pays in a few ways. Each state has its own tax laws, so your obligation will depend on where you live. While financial and tax planners are best equipped to advise you on these matters, you should consider a few types of taxes when organizing your affairs: estate, inheritance, and gift taxes.

According to the IRS, an estate tax applies to estates valued more than a certain threshold at the time of death. 2 You calculate the tax by:

• Adding the fair market value of everything a person owns
• Taking out deductions
• Adding the value of gifts made during the person’s lifetime
• Taking out any credits

If the estate value is above $13.61 million (as of 2024), the estate pays a tax to the federal government.

Inheritance tax

Only six states impose inheritance taxes:

• Pennsylvania

While estate taxes are owed to the federal government, inheritance taxes are owed to the state government. Additionally, while estate taxes are paid directly from the estate itself, inheritance taxes are paid by the heir or beneficiaries based on what they received in probate.

These taxes do not apply to surviving spouses or to payouts from life insurance policies. Instead, inheritance taxes usually only apply to more distant relatives and heirs. It’s unlikely this tax affects you, but it’s good to be aware of it if you live in one of the six states that apply it.

Many people choose to make gifts during their lifetime to reduce the value of their estate when they die. According to the IRS, gifting can take different forms : selling something for less than its full value, transferring the right to use income from property, or transferring money or property without expecting to receive the full value in return. 3 Usually, the person giving the gift owes the tax, but other arrangements are possible with the advice of a tax professional.

Estate planning checklist 2024

The best way to approach estate planning for the first time is to make a checklist for yourself. Everyone has unique needs, and an estate planning attorney may be helpful if your needs are complex. Before making the choice whether to hire an attorney or do it yourself, these are general steps you can take to get started.

☐ Take an inventory

Write down everything you own of value that you can think of. This may seem overwhelming, but keeping a running list of assets is worth the time to make sure nothing important is left out. Make sure to consider both tangible and intangible assets. Tangible assets are:

• Other physical items of value

Intangible assets are:

• Bank accounts
• Retirement accounts, like 401(k)s or IRAs
• Life insurance plans
• Financial elements, like bonds or annuities
• Other nonphysical items

Listing liabilities, like mortgages, lines of credit, and other debt, is a good idea as well. That’s because certain debts must be paid—even after death. In that case, it will come out of your estate.

☐ List your family members

The purpose of listing your family members is to account for the needs of immediate family and dependents. Your will and life insurance policies are the primary ways to plan for the needs of your surviving spouse and make guardianship designations for children and other dependents. Many people also make arrangements for pets.

☐ Choose which directives you want in place

The more you plan ahead, the fewer decisions you’ll have to make during an already stressful time. The tools discussed in this article (such as living wills, powers of attorney, and trusts) make navigating illness and other end-of-life matters easier because you’ll have a plan for most scenarios. Decide which tools you want in place and how to set them up.

Once you know which directives you want to include in your life plan, talk to anyone you are considering naming as an agent. You’ll want to be sure they are willing to act if needed. You should also consider naming secondary agents if the first person is unavailable when the directive takes effect.

☐ Designate your beneficiaries

A beneficiary is a person or institution inheriting a piece of your estate, such as money, physical property, or control of or interest in a business.

You should name your beneficiaries on your bank accounts, retirement accounts, and life insurance policies. If you name beneficiaries to those accounts in your will, make sure the names match to avoid any confusion.

Choose backup beneficiaries for your assets if a person is unavailable or dies before your estate distribution. You can also name a beneficiary in a “residuary” clause in your will. This person will inherit anything left over after your estate distribution.

Helpful hint: This is a good time to check the named beneficiaries on all of your accounts to make sure they are updated. For example, if you are married for the second time, and your first spouse is still named as a beneficiary of a bank account, you can change it to your current spouse to avoid conflict in the future.

☐ Look up your state’s laws

States have different laws regarding what happens when a person dies. To ensure you have optimal asset protection, check your state’s probate and estate or inheritance tax laws . If you believe an estate or inheritance tax may apply in your state, contact a professional to help you reduce your tax burden as much as possible.

☐ Choose a law firm or online service

Now that you have a clear picture of your estate and who should receive it, you can decide whether an online estate planning service is right for you.

If you aren’t leaving behind any dependents and you have a good idea of how you want to distribute your estate, you can easily find an online legal service to get you started with estate planning documents and help you create a will online. Many services include living wills and POAs, as well as the option for attorney advice.

If you have dependents who will need care after you’ve died, you want to disinherit a family member, or you’re generally having trouble deciding how to divide your estate, you have two options. The first is to use an online estate planning service and opt for the package that includes attorney assistance. Services will typically charge an annual fee to have access to an attorney. Still, this fee is likely to be less than paying for a private attorney.

Our top choices for estate planning services offer basic will packages starting at $39.99. But you can get a package that includes attorney assistance, as well as additional estate planning documents, for around $249. Estate planning attorneys will either offer services for a flat fee or charge several hundred dollars per hour to work with you.

If you have more complex needs, you may want to contact a law firm specializing in estate administration and planning. Many attorneys offer free consultations to help you find the best fit.

After estate planning

Once you’ve finalized all the necessary documents and the originals are in one safe space, remember to keep them updated.

We spoke with Tim Hurban , Esq., an estate planning attorney licensed in Georgia and Michigan with more than 12 years of experience, about how often and when you should update your estate planning documents. He advised “updating your will and other estate planning documents . . . based on individual circumstances and life events.” Specifically, Hurban told us you should review and update these documents in situations such as changes in:

• Family structure (marriage, divorce, children, grandchildren)
• Assets and liabilities (property, business, financial circumstances)
• Laws (tax, inheritance)
• Personal wishes
• Health care preferences

Typically you should revisit your estate plans every three to five years—even without major life changes. If you create your documents using an online will maker service, many services offer free, unlimited changes for at least the first 30 days after purchase. With services that offer a membership, you’ll generally be able to make unlimited updates to your estate documents, so long as you pay the monthly or annual subscription. The Reviews Team chose Trust & Will as the “Editor’s Pick” in our roundup of the best online will makers of 2024 because of their helpful guidance and ongoing updates, a service that costs $199.99.

You can supplement the benefits of estate planning by using other tools to plan for your future. NCOA’s Age Well Planner gives personalized guidance on financial, health, and other decisions.

Frequently asked questions

Estate planning is not only about your peace of mind—it gives your loved ones guidance on how to move forward after you’re gone. It also plans for the care of individuals or animals who depend on you. Effective estate planning can also minimize the tax burden and probate costs that would typically deplete your estate.

The biggest mistake you can make in estate planning is failing to have a plan at all. A simple will is better than no plan—even if your situation is complicated. Other common mistakes are not properly executing estate planning documents, not providing for future care of dependents, and not expressing wishes for end-of-life care.

Not necessarily. Many small or straightforward estates can be managed using a low-cost online service. These services sometimes provide the option of consulting with an attorney for an additional fee. For very large or complex estates, consulting a specialized attorney or tax professional is a good idea.

Absolutely not! Everyone benefits from estate planning. In fact, failing to plan can lead to lengthy court processes and high probate fees, which affect small estates to a greater degree than large ones. Planning ahead allows your loved ones to keep as much of your estate as possible by avoiding unnecessary costs or taxes.

Have questions about this review? Email us at [email protected] .

• Centers for Disease Control and Prevention. Health Insurance Portability and Accountability Act of 1996 (HIPAA). Found on the internet at https://www.cdc.gov/phlp/publications/topic/hipaa.html
• IRS.gov. Estate Tax. Found on the internet at https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
• IRS.gov. Frequently Asked Questions on Gift Taxes. Found on the internet at https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

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