what is resources in business plan

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• Project management |
• What is resource management? A guide to ...

What is resource management? A guide to getting started

Resource management is the process of planning and scheduling your team’s resources and activities—essentially anything that helps you complete a project. Developing a resource management plan can give you visibility into team member workloads. Learn how to manage resources and improve team performance.

Making sure your team doesn’t feel overworked or underutilized is a challenge you’ll often face as a leader. It's easy to lose sight of your team's workload and bandwidth. That’s where resource management comes in. 

Developing a resource management plan can give you consistent visibility into your team’s workload. It allows you to balance all your resources effectively and to see the full picture of how your team will achieve its goals.

What is resource management?

Resource management is the process of planning out and scheduling your team’s resources to optimize utilization and ensure project success. A resource can include everything from equipment and financial funds to tech tools and employee bandwidth—basically, anything that helps you complete a project.

When you’re deciding how to manage or assign your team’s resources, consider a few questions:

What is the availability of each resource?

What are the timelines for each activity?

How many resources will be required to accomplish each activity?

Who is the best person to accomplish the activity effectively?

Effectively managing your resources ensures every project is well-equipped and every team member is appropriately allocated, paving the way for successful project completion.

How to effectively manage your team’s workload

Learn how to leverage work management to distribute work more effectively.

Why is resource management important?

Resource management allows you to make sure your team members are confident with the amount of work on their plate and equipped with the tools they need to accomplish each task. When resource management is done right, you’re empowering your team to produce high-quality work at a sustainable rate. 

Benefits of resource management

Let’s dig a little deeper into why resource management is critical to your team’s success. With effective resource management, you can:

Distribute work appropriately , ensuring all your team members are appropriately staffed—not overworked or underutilized.  

Spot potential resourcing problems in real-time and adjust accordingly, preventing staffing issues from impacting progress on projects.

Give your team clarity around their responsibilities and the responsibilities of their team members, limiting misunderstandings and promoting accountability. 

Set realistic project goals , reducing the likelihood of missing important milestones and increasing the chances of on-time project completion.

Enhance your team's profitability by optimizing resource utilization and ensuring projects are completed efficiently and within budget.

Improve future resource planning by drawing on the knowledge gained to better estimate and forecast bandwidth for upcoming projects.

Resource management techniques

Leveraging resource management techniques is all about finding the smartest ways to use your team's skills and resources. Let’s explore a few common types of resource management methods.

Resource allocation

Resource allocation is more than just allocating resources to tasks and projects; it's the process of choosing the best resource based on the project team’s skills and capacity. After all, good resource management isn’t just about making sure you have enough resources; it’s about making sure you have the right resources for the right projects. Resource allocation can help you achieve this by strategically matching your team's strengths, capabilities, and resource capacity to the specific demands of each project.

Resource utilization

Resource utilization involves using tools like utilization reports and time tracking software to identify your team’s capacity over a specific period of time. It’s a capacity planning technique that allows you to identify whether project resources are being underutilized or overallocated, so you can better manage workloads.

Resource forecasting

Resource forecasting is a resource management process that involves proactively predicting the resource requirements for future projects and initiatives. You can identify these needs by relying on past trends and project metrics, as well as your team’s current capacity and the needs of upcoming projects. Resource forecasting is typically done during the project planning stage and can help with risk management by identifying potential resource bottlenecks or gaps in your team's availability in advance.

Resource leveling

Resource leveling is a resource management solution designed to combat shortages or overallocation by leveraging underutilized resources. For example, this might mean shifting work from one team member’s plate to another who has similar skills and additional capacity. Or, it could mean taking advantage of skill sets that typically aren’t utilized, like having a website content writer create social copy.

Types of resource management

Effective resource management is pivotal in steering any organization toward its goals. This process involves a strategic approach to managing various essential resources. 

Here, we focus on three fundamental types: human, financial, and material resources. Each category plays a unique role in the broader spectrum of resource planning and is a crucial component of any resource management plan.

Human resource management (work resources)

Human resource management is the strategic approach to managing a company's most valuable assets—its employees. This involves not just recruiting and hiring but also integrating workflow and automation tools to streamline training, performance assessments, and career development planning.

Example: A software company might enhance its human resource management by using workflow automation to efficiently align its workforce with emerging technology trends. This ensures that developers are systematically trained in the latest programming languages and Agile methodologies. By automating parts of the training and development process, the company can quickly adapt to changes in the fast-paced tech industry.

Financial resource management (cost resources)

Financial resource management is the process of planning, organizing, directing, and controlling financial activities such as procurement and utilization of funds. It involves making smart decisions about allocating financial resources to various projects or departments. 

Example: Consider a multinational corporation that allocates budgets across different regions, taking into account local market conditions, operational costs, pricing strategies, and revenue projections. This strategic financial management helps to ensure high-priority initiatives receive the necessary funding and resources to thrive. These resources, such as consulting or other professional services, are instances of tactical spending that are helpful but not the main purpose of budgetary allocation.

Material resource management (material assets) 

Material resource management involves the efficient planning, sourcing, and utilization of physical resources required for business operations. It encompasses inventory management, purchasing, and supply chain optimization to support the entire project lifecycle, from initial planning to final delivery. 

Example: A manufacturing firm may use material resource management to ensure a steady supply of raw materials like metals and plastics. By doing so, the firm can avoid production delays and cost overruns, thereby maintaining product quality and meeting customer delivery timelines.

5 step resource management plan

A comprehensive resource management plan is essential for any organization looking to optimize its resources effectively. This plan involves a series of steps that ensure resources are deployed efficiently and comply with both the project lifecycle and overarching business goals. 

Below are the five key steps in developing a solid resource management plan.

Step 1: Resource planning and budgeting

The first step in effective resource management involves detailed resource planning and budgeting. This process includes forecasting resource requirements and matching them to the available budget. 

Example: A tech startup, XYZ Software, begins its journey by planning resources for its innovative project management software. They forecast the demand for qualified software engineers and marketers, set aside money for cloud infrastructure, and make sure their financial resources are distributed effectively between development and marketing.

Step 2: Identify resources (capacity planning)

Identifying the right resources is make-or-break for any project's success. This step, often referred to as capacity planning , involves understanding the availability and skills of your workforce, as well as the physical and financial resources at your disposal. It’s about decision-makers being able to match the right resources with the right tasks, ensuring that your human, financial, and material resources are aligned with your project's needs.

Example: XYZ Software conducts a thorough analysis of its team's skills and identifies the need for additional software engineers with expertise in cloud computing. The company also assesses its current financial resources to ensure sufficient funding is available for these new hires.

Step 3: Allocate resources

Once resources are identified, the next step is their effective allocation. This involves assigning resources to various tasks and projects based on their availability and suitability. Resource allocation ensures that every project gets the necessary resources without overburdening any single aspect of the business.

Example: XYZ Software allocates its existing team to initial development phases, while the newly hired cloud experts are tasked with building the cloud infrastructure. Financial resources are allocated to ensure both teams have the necessary tools and software licenses.

Step 4: Resource tracking

Tracking resources throughout the project lifecycle is essential for ensuring that everything is proceeding as planned. This involves monitoring the usage of resources, assessing if they are meeting the project's requirements, and making adjustments as needed. Effective resource tracking helps in identifying potential shortages or surpluses early, allowing for timely corrective actions.

Example: As XYZ Software's project progresses, they use project management software to track the time and resources spent on each aspect of the project. By doing so, they are able to make adjustments in real time by identifying areas where resources might be overutilized or underutilized.

Step 5: Resource optimization

The final step in the resource management plan is optimization. This involves analyzing the performance and usage of resources and making necessary adjustments to improve efficiency. 

Resource optimization might include implementing automation tools to streamline processes or revising strategies based on performance data. Using resources as efficiently as possible is the aim, which will help the organization succeed as a whole.

Example: After launching the first version of their software, XYZ Software reviews their resource usage data. They realize that automating certain testing processes can free up developer time. This enables the team to focus more on critical tasks, thereby optimizing their use of human resources for future updates.

10 resource management best practices

Follow these ten best practices to boost your team’s productivity, hit project goals, and achieve a balanced team workload. 

Use a work management platform to streamline the planning process and ensure consistent, efficient allocation of resources across projects. While traditional resource management tools, like Gantt charts or spreadsheets, are useful ways to track capacity, their limited scope can’t match the extensive capabilities offered by a comprehensive work management platform. 

Measure available resources by gauging team capacity and necessary tools. This will help you ensure realistic resource allocation and avoid rescheduling issues.

Set start and end dates so you get a realistic timeframe for how long each task will take and set realistic expectations for your team. 

Know your employees’ skill sets so you can determine the best resourcing for each task. 

Set clear, accessible project goals to help you prioritize your team's work and drive high-impact work forward.

Help your team increase their utilization rate by automating routine, low-impact tasks so your team can focus on actionable, strategic, and billable work. 

Adjust resources as necessary because tasks, project timelines, and priorities change.

Keep some team bandwidth open for new work or priorities that might come up. 

Check in on your team to ensure each team member feels their work volume is fair and achievable. 

Connect your resource management plan to your operational plan in order to effectively manage your team's time and align daily tasks with strategic objectives. 

Manage your resources more effectively with a work management platform

To ensure you’re allocating resources effectively and aligning them to your wider organizational goals, use a work management platform. By centralizing project details and team capabilities in one platform, you can ensure efficiency, clarity, and alignment at every project stage.

Resource management FAQs

Have more resource management questions? We’ve got answers.

What is a resource management plan?

A resource management plan can help you manage and assign every type of resource you need for your project. An effective plan outlines the specific resources (including human resources, financial resources, technical resources, and physical resources) and activities necessary during the course of a project or initiative. 

Why is creating and implementing a resource management plan important? 

A resource management plan will guide you by giving a holistic view of all of a project’s moving pieces: budget, staffing and workload requirements, and tech stack limitations—allowing you to easily manage, schedule, and assign every resource while maximizing resource availability. Learning how to manage resources will empower you (and your team) to run projects effectively.

Should I create a resource management plan for my project?

The short answer is yes. Resource management in project management isn’t just a nice-to-have. It’s a must-have to support your team and prevent burnout. The benefits of resource scheduling far outweigh the time it takes. 

The number of projects your team can handle, along with the quality of each, depends on it. As a project leader, resource management is your opportunity to optimize efficiency, prevent overwork, and effectively manage your team’s workload.

What is a resource management plan template?

A resource management template is a reusable guide that helps you manage team bandwidth over the course of a project. It shows you everything your team is working on—so you can see how full everyone’s plate is, if they can take on additional work, or if they need help to get project tasks done by the deadline. Thanks to your template, you don’t have to waste time setting up a resource management plan for every new project. Instead, you can just copy the template, fill it in, and start working.

What are the steps to creating a resource management plan? 

To create an effective resource management plan, leverage a tool like a work management platform, which will give you easy insight into what everyone on your team is working on, what resources are available, and how to prevent team burnout. Then, follow these steps:

Define the project’s goals to gain clarity on what each project entails and make it easier to know what resources you need and how to assign them. 

Align on the project scope by meeting with project stakeholders to define how much time and resources you should dedicate to the initiative. That will give you the best sense of the project plan and help you decide what resources are best suited for the job.

Identify the types of resources you’ll need —such as bandwidth, equipment, software, and project budget—so you can then identify what resources you have available.

Identify available resources by checking each resource you previously needed against what you have already available. Depending on the project scope, you might have to adjust your resource level and deprioritize other work to avoid putting too much on your team’s plate.

Kick off your project by clearly communicating the resource plan to your team, ensuring everyone understands their roles and the resources at their disposal.

Periodically check in on project progress to see how the project is progressing and whether you need to make adjustments to your resourcing strategy.

Related resources

15 project management interview questions, answers, and tips

Critical path method: How to use CPM for project management

Unmanaged business goals don’t work. Here’s what does.

How Asana uses work management to drive product development

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• Business Plans

How To Write the Management Section of a Business Plan

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Ownership Structure

Internal management team, external management resources, human resources, frequently asked questions (faqs).

When developing a business plan , the 'management section' describes your management team, staff, resources, and how your business ownership is structured. This section should not only describe who's on your management team but how each person's skill set will contribute to your bottom line. In this article, we will detail exactly how to compose and best highlight your management team.

Key Takeaways

• The management section of a business plan helps show how your management team and company are structured.
• The first section shows the ownership structure, which might be a sole proprietorship, partnership, or corporation.
• The internal management section shows the department heads, including sales, marketing, administration, and production.
• The external management resources help back up your internal management and include an advisory board and consultants.
• The human resources section contains staffing requirements—part-time or full-time—skills needed for employees and the costs.

This section outlines the legal structure of your business. It may only be a single sentence if your business is a sole proprietorship. If your business is a partnership or a corporation, it can be longer. You want to be sure you explain who holds what percentage of ownership in the company.

The internal management section should describe the business management categories relevant to your business, identify who will have responsibility for each category, and then include a short profile highlighting each person's skills.

The primary business categories of sales, marketing , administration, and production usually work for many small businesses. If your business has employees, you will also need a human resources section. You may also find that your company needs additional management categories to fit your unique circumstances.

It's not necessary to have a different person in charge of each category; some key management people often fill more than one role. Identify the key managers in your business and explain what functions and experience each team member will serve. You may wish to present this as an organizational chart in your business plan, although the list format is also appropriate.

Along with this section, you should include the complete resumés of each management team member (including your own). Follow this with an explanation of how each member will be compensated and their benefits package, and describe any profit-sharing plans that may apply.

If there are any contracts that relate directly to your management team members, such as work contracts or non-competition agreements, you should include them in an Appendix to your business plan.

While external management resources are often overlooked when writing a business plan , using these resources effectively can make the difference between the success or failure of your managers. Think of these external resources as your internal management team's backup. They give your business credibility and an additional pool of expertise.

Advisory Board

An Advisory Board can increase consumer and investor confidence, attract talented employees by showing a commitment to company growth and bring a diversity of contributions. If you choose to have an Advisory Board , list all the board members in this section, and include a bio and all relevant specializations. If you choose your board members carefully, the group can compensate for the niche forms of expertise that your internal managers lack.

When selecting your board members, look for people who are genuinely interested in seeing your business do well and have the patience and time to provide sound advice.

Recently retired executives or managers, other successful entrepreneurs, and/or vendors would be good choices for an Advisory Board.

Professional Services

Professional Services should also be highlighted in the external management resources section. Describe all the external professional advisors that your business will use, such as accountants, bankers, lawyers, IT consultants, business consultants, and/or business coaches. These professionals provide a web of advice and support outside your internal management team that can be invaluable in making management decisions and your new business a success .

The last point you should address in the management section of your business plan is your human resources needs. The trick to writing about human resources is to be specific. To simply write, "We'll need more people once we get up and running," isn't sufficient. Follow this list:

• Detail how many employees your business will need at each stage and what they will cost.
• Describe exactly how your business's human resources needs can be met. Will it be best to have employees, or should you operate with contract workers or freelancers ? Do you need full-time or part-time staff or a mix of both?
• Outline your staffing requirements, including a description of the specific skills that the people working for you will need to possess.
• Calculate your labor costs. Decide the number of employees you will need and how many customers each employee can serve. For example, if it takes one employee to serve 150 customers, and you forecast 1,500 customers in your first year, your business will need 10 employees.
• Determine how much each employee will receive and total the salary cost for all your employees.
• Add to this the cost of  Workers' Compensation Insurance  (mandatory for most businesses) and the cost of any other employee benefits, such as company-sponsored medical and dental plans.

After you've listed the points above, describe how you will find the staff your business needs and how you will train them. Your description of staff recruitment should explain whether or not sufficient local labor is available and how you will recruit staff.

When you're writing about staff training, you'll want to include as many specifics as possible. What specific training will your staff undergo? What ongoing training opportunities will you provide your employees?

Even if the plan for your business is to start as a sole proprietorship, you should include a section on potential human resources demands as a way to demonstrate that you've thought about the staffing your business may require as it grows.

Business plans are about the future and the hypothetical challenges and successes that await. It's worth visualizing and documenting the details of your business so that the materials and network around your dream can begin to take shape.

What is the management section of a business plan?

The 'management section' describes your management team, staff, resources, and how your business ownership is structured.

What are the 5 sections of a business plan?

A business plan provides a road map showing your company's goals and how you'll achieve them. The five sections of a business plan are as follows:

• The  market analysis  outlines the demand for your product or service.
• The  competitive analysis  section shows your competition's strengths and weaknesses and your strategy for gaining market share.
• The management plan outlines your ownership structure, the management team, and staffing requirements.
• The  operating plan  details your business location and the facilities, equipment, and supplies needed to operate.
• The  financial plan  shows the map to financial success and the sources of funding, such as bank loans or investors.

SCORE. " Why Small Businesses Should Consider Workers’ Comp Insurance ."

What is a Business Plan? Definition and Resources

9 min. read

Updated March 4, 2024

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

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

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

• What is a business plan?

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

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

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

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

Reasons for writing a business plan

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

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

Creating a business plan is crucial for businesses of any size or stage. 

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

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

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

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

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What research shows about business plans

Numerous studies have established that planning improves business performance:

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

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

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

When should you write a business plan?

No two business plans are alike. 

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

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

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

Ideal times to write a business plan include:

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

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

How often should you update your business plan?

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

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

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

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

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

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

The planning process is what uncovers those insights.

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

• How long should your business plan be?

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

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

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

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

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

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

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

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

Read More: How long should your business plan be?  

What information is included in a business plan?

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

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

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

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

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

• Different types of business plans

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

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

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

Business plan vs. operational plan vs. strategic plan

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

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

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

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

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

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

• Business plan vs. business model

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

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

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

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

• Moving from idea to business plan

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

If you’re stuck, start with a one-page business plan and check out our collection of over 550 business plan examples for inspiration. They’re broken out over dozens of industries—you can even copy and paste sections into your plan and rewrite them with information specific to your business.

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

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

Table of Contents

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

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Business Plan: What It Is + How to Write One

Discover what a business plan includes and how writing one can foster your business’s development.

What is a business plan? 

A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines financial planning.  

In your research into business plans, you may come across different formats, and you might be wondering which kind will work best for your purposes. 

Let’s define two main types of business plans , the traditional business pla n and the lean start-up business plan . Both types can serve as the basis for developing a thriving business, as well as exploring a competitive market analysis, brand strategy , and content strategy in more depth. There are some significant differences to keep in mind [ 1 ]: 

The traditional business plan is a long document that explores each component in depth. You can build a traditional business plan to secure funding from lenders or investors. 

The lean start-up business plan focuses on the key elements of a business’s development and is shorter than the traditional format. If you don’t plan to seek funding, the lean start-up plan can serve mainly as a document for making business decisions and carrying out tasks. 

Now that you have a clear business plan definition , continue reading to begin writing a detailed plan that will guide your journey as an entrepreneur.  

How to write a business plan 

In the sections below, you’ll build the following components of your business plan:

Executive summary

Business description 

Products and services 

Competitor analysis 

Marketing plan and sales strategies 

Brand strategy

Financial planning

Explore each section to bring fresh inspiration to the surface and reveal new possibilities for developing your business. You may choose to adapt the sections, skip over some, or go deeper into others, depending on which format you’re using. Consider your first draft a foundation for your efforts and one that you can revise, as needed, to account for changes in any area of your business.  

Read more: What Is a Marketing Plan? And How to Create One

1. Executive summary 

This is a short section that introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, your goals for developing it, and why it will be successful. If you are seeking funding, summarize the basics of the financial plan. 

2. Business description 

Use this section to provide detailed information about your company and how it will operate in the marketplace. 

Mission statement: What drives your desire to start a business? What purpose are you serving? What do you hope to achieve for your business, the team, your customers? 

Revenue streams: From what sources will your business generate revenue? Examples include product sales, service fees, subscriptions, rental fees, license fees, and more. 

Leadership: Describe the leaders in your business, their roles and responsibilities, and your vision for building teams to perform various functions, such as graphic design, product development, or sales.  

Legal structure: If you’ve incorporated your business or registered it with your state as a legal entity such as an S-corp or LLC, include the legal structure here and the rationale behind this choice. 

3. Competitor analysis 

This section will include an assessment of potential competitors, their offers, and marketing and sales efforts. For each competitor, explore the following: 

Value proposition: What outcome or experience does this brand promise?

Products and services: How does each one solve customer pain points and fulfill desires? What are the price points? 

Marketing: Which channels do competitors use to promote? What kind of content does this brand publish on these channels? What messaging does this brand use to communicate value to customers?  

Sales: What sales process or buyer’s journey does this brand lead customers through?

Read more: What Is Competitor Analysis? And How to Conduct One

4. Products and services

Use this section to describe everything your business offers to its target market . For every product and service, list the following: 

The value proposition or promise to customers, in terms of how they will experience it

How the product serves customers, addresses their pain points, satisfies their desires, and improves their lives

The features or outcomes that make the product better than those of competitors

Your price points and how these compare to competitors

5. Marketing plan and sales strategies 

In this section, you’ll draw from thorough market research to describe your target market and how you will reach them. 

Who are your ideal customers?   

How can you describe this segment according to their demographics (age, ethnicity, income, location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)? 

What are their daily lives like? 

What problems and challenges do they experience? 

What words, phrases, ideas, and concepts do consumers in your target market use to describe these problems when posting on social media or engaging with your competitors?  

What messaging will present your products as the best on the market? How will you differentiate messaging from competitors? 

On what marketing channels will you position your products and services?

How will you design a customer journey that delivers a positive experience at every touchpoint and leads customers to a purchase decision?

Read more: Market Analysis: What It Is and How to Conduct One   

6. Brand strategy 

In this section, you will describe your business’s design, personality, values, voice, and other details that go into delivering a consistent brand experience. 

What are the values that define your brand?

What visual elements give your brand a distinctive look and feel?

How will your marketing messaging reflect a distinctive brand voice, including the tone, diction, and sentence-level stylistic choices? 

How will your brand look and sound throughout the customer journey? 

Define your brand positioning statement. What will inspire your audience to choose your brand over others? What experiences and outcomes will your audience associate with your brand? 

Read more: What Is a Brand Strategy? And How to Create One

7. Financial planning  

In this section, you will explore your business’s financial future. If you are writing a traditional business plan to seek funding, this section is critical for demonstrating to lenders or investors that you have a strategy for turning your business ideas into profit. For a lean start-up business plan, this section can provide a useful exercise for planning how you will invest resources and generate revenue [ 2 ].  

Use any past financials and other sections of this business plan, such as your price points or sales strategies, to begin your financial planning. 

How many individual products or service packages do you plan to sell over a specific time period?

List your business expenses, such as subscribing to software or other services, hiring contractors or employees, purchasing physical supplies or equipment, etc.

What is your break-even point, or the amount you have to sell to cover all expenses?

Create a sales forecast for the next three to five years: (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales forecast

Quantify how much capital you have on hand.

When writing a traditional business plan to secure funding, you may choose to append supporting documents, such as licenses, permits, patents, letters of reference, resumes, product blueprints, brand guidelines, the industry awards you’ve received, and media mentions and appearances.

Business plan key takeaways and best practices

Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors. 

Keep these best practices in mind:

Your business plan should evolve as your business grows. Return to it periodically, such as every quarter or year, to update individual sections or explore new directions your business can take.

Make sure everyone on your team has a copy of the business plan and welcome their input as they perform their roles. 

Ask fellow entrepreneurs for feedback on your business plan and look for opportunities to strengthen it, from conducting more market and competitor research to implementing new strategies for success. 

Start your business with Coursera 

Ready to start your business? Watch this video on the lean approach from the Entrepreneurship Specialization : 

Article sources

1. US Small Business Administration. “ Write Your Business Plan , https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan." Accessed April 19, 2022.

2. Inc. " How to Write the Financial Section of a Business Plan ,   https://www.inc.com/guides/business-plan-financial-section.html." Accessed April 14, 2022.

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What Is a Business Plan?

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

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

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

Key Takeaways

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

Investopedia / Ryan Oakley

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

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

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

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

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

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

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

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

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

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

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

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

2 Types of Business Plans

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

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

Why Do Business Plans Fail?

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

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

What Does a Lean Startup Business Plan Include?

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

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

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

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

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

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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Resource Planning

This guide to resource plans is brought to you by projectmanager, the project management software trusted by 35,000+ users. build a resource plan in minutes.

What Is Resource Planning?

Resource plan key terms, stages of a resource plan, what is resource management software, desktop vs. online resource management software, benefits of online resource management software, must-have features of resource management software.

• Execute a Resource Plan in ProjectManager
• Creating a Resource Management Plan

Resource Management Best Practices

Resource planning organizes, identifies and lists the resources required to complete a project successfully. Resources are assets that are required to execute a project; a resource is a broad category and includes equipment, tools, supplies, materials, time and people.

A proper resource plan will map out the exact quantities of the necessary storable resources (such as cash) and non-storable resources (like machinery or labor). Considerations made during resource planning factor greatly into the scheduling and budgeting of projects.

Related: 25 Free Project Management Templates for Excel

Because it’s so important to align your resources with your budget and your project schedule, it’s best to use a project planning software to get everything organized in one tool. ProjectManager makes it easy to manage resources, budgets and project schedules in one online platform.

What Are The Components of a Resource Plan?

A resource plan aims to use resources in the most efficient manner possible, thus contributing to the overall productivity of the project. This is furthered by properly allocating your project team where their skill set will take the project the farthest. The best bet is to have a constant flow of resources and make sure you’re using them wisely and productively.

When resource planning, you should ask yourself the following questions about the most key components:

• What are the roles of the project team?
• What are the procurement needs of the project?
• What types of contracts are required?
• Are there any pre-qualification methods needed?
• What criteria will be used to select contractors or vendors?
• How much of the budget is allocated to resources?
• How will performance be measured in the project?
• What policies and procedures will be used?

To better understand how to manage your resources in projects, we should first break down different key terms that are often associated with resource management .

Remember, resources are more than just your team—they’re also your equipment, assets and office space. They’re everything, in fact, that has a cost required to complete the project.

• Resource Plan: A detailed list of resources and the ways you will manage them throughout the project. The more detailed, the better.
• Resources Breakdown Structure (RBS): A resources breakdown structure creates hierarchies of resources, according to the hiring organization (like a reporting structure or team hierarchy) or by geography (such as all the teams or equipment required in Asia or Africa). Include all resources on which the project funds will be spent, but it’s up to you to define which type of hierarchies are relevant to your project. Its execution is similar to a WBS.
• Responsibility Assignment Matrix: A responsibility assignment matrix defines resources according to various levels of responsibility for completing project tasks or for the overall project. Clarify the roles and responsibilities of the entire project.
• Resource Overallocation: Overallocation simply means when a person is given too much work, which can impact the budget and even derail a project. It’s crucial that resources are balanced, so you’re going to need a way to stay on top of your team’s workload throughout the life cycle of the project.
• Resources Histogram: This provides a visual of the resources for anyone in the project who needs to stay in the loop. It’s a quick and easy way to view the allocation of your resources and note whether any are over- or under-allocated.
• Resource Dependency: This refers to a theory that an organization should guard against having all their eggs in one team basket. That is, over-reliance on one team to accomplish core work (especially if it’s an external team) can lead to workload blocks and resource shortages.
• Resource Leveling: Leveling resources is a juggling act, whereby you manage resource availability across a project or across multiple projects. It can be accomplished by extending the duration you had planned for certain tasks to be accomplished by adjusting the start and end dates, depending on whether you have the resources to complete them now or not.

Related: Free Resource Plan Template

There are four main stages to resource planning one should follow to ensure your bottom line stays firm and you are able to get the available resources when you need them. This is also called the resource management life cycle .

Before the project starts, begin to figure out the resources you’ll need to execute it. This includes the budget for those resources to make sure your project is profitable, and getting sign off from stakeholders. To start this process, the project resource requirements must first be decided upon. Then, you can think of filling the types and amount of roles that will be required.

1. Ascertain Resources

After you’ve evaluated the situation and determined what the objectives of the project are, you have to select the right strategy and estimate the resources that you’ll need to reach that goal. Resource forecasting must be thought through as efficiently and cost-effectively as possible. These resources include labor, materials, equipment, facilities and others, such as admin, subcontractors, etc.

2. Procure Resources

You need to start to assemble your team according to the skills and experience the project requires. Equipment must be sourced, and contractors secured. Some of the aspects of this stage of resource planning include developing team roles, procurement needs, contracts, budgets, measurements to judge performance and any policies and resource optimization procedures.

3. Manage Resources

At this point, you need to define the roles and responsibilities of your team, who is doing what. Subcontractors’ roles also need to be defined. If you’re using tools and equipment that is being rented for the project, then you must make sure they’re returned in a condition that meets the requirements of the contract. Any facilities must be maintained, too.

There will be issues, of course, and when they occur you have to identify, define, investigate and analyze, solve and then review.

4. Control Resources

Somewhat different from managing resources is controlling your resources, which means monitoring the resources during execution to make sure they’re delivering the results that are expected of them. What this boils down to is something called the resource utilization rate, which measures how efficiently you use the resources.

If the utilization rate is too low, action must be taken, such as a cost-benefit analysis . You should always be evaluating outcomes to make sure you stay on track.

Resource management software is a tool that assists in the planning and scheduling of projects. It’s used to manage your team, tools, equipment, materials and so forth—all of which are crucial to your success.

Your resources all have costs associated with them, and are often used for a limited period. These expenses and timeframes must be managed to align with the schedule. Resource management software lets you plan with these resources in mind, then allows you to allocate them and track who’s working on what and when.

A resource management tool will help you track costs and time related to your resources in order to make sure you use them as planned and are sticking to the project budget. Microsoft Project is one of the most commonly used project management software, but it has major drawbacks that make ProjectManager better for resource management.

Desktop and online resource management software share many features. This can make it difficult to choose which is the right solution for your project. They both allow managers a high-level view of the project resources. This makes it easier to quickly view the resources needed and provide just the right amount.

You can also generate reports with both a desktop and online application. For example, project status reports are critical to make sure you’re not overspending. They’re also a communication vehicle to present to project stakeholders and keep them updated on progress.

Pros of Desktop Resource Management Software

There are big differences between the two, however, and if you’re looking for security and speed, the desktop model might be best. Desktop applications can be more secure if they don’t require an internet connection. Of course, neither desktop or online software are guaranteed to offer impenetrable security, but the desktop probably does have an edge there.

Speed is also a factor. Desktops are not at the mercy of the strength of your online connection. Of course, if your internet connection is severed, then your online tool will not function at all.

Pros of Online Resource Management Software

While desktop software might have advantages in security and speed, those gaps are rapidly closing. Advancements in two-factor authentication and Single Sign On can provide an incredibly secure experience.

Online has other advantages that desktops can never achieve. The major difference is that an online resource management tool is going to have real-time data, which is crucial when managing resources to keep the project running smoothly.

Real-time data means better decision making, but it also creates a platform on which your team can collaborate. This leads to greater productivity, meaning your resources will go further. Having features that connect teams to work through their tasks together helps with efficiency and building better teams.

Finally, an online resource management software can be accessed anywhere and at any time, if there’s online connectivity. That means teams that are distributed across the globe have access to the tool and can even work together. It also means that all your project documentation is centrally located and also available when and where you need it.

Managing resources requires real-time data to keep track of your costs and the time spent in order to maintain your budget and stay on schedule.

Online resource management software gives relevant and timely information because you don’t have the luxury of waiting when the success of your project hangs in the balance. But that’s not all you get, the following are more advantages related to using an online resource management tool:

• Track resource costs
• View availability of team
• Balance team’s workload
• Integrate resources into project plan
• Automatic calculation of actual vs. planned costs
• Keep updated on team’s hours with automatic timesheets

There are lots of resource management software options on the market. To choose the one that is best for your project, make sure it has these features:

Assign Teams & Track Resources

When building your project plan, schedules must include team assignments and the related resources they’ll need to execute their tasks. Interactive Gantt charts do all this online, giving you a tool to assign and track project resources that stay on budget and deliver on time.

Track Your Team’s Work

Timesheets have become more than a tool for payroll. Resource management tools can have timesheets that automatically reflect your team’s status updates. This not only streamlines the process, but gives managers an invaluable view into their team’s progress.

Know Who’s Working on What

To keep teams working productively, you need to know how many tasks they’ve been assigned. Having a view into their workload can help you re-allocate as needed to make sure they’re not overburdened. Balancing workload also makes sure your resources are being used efficiently.

Keep Updated With Live Information

An online resource management tool collects live data to help managers make better decisions. But you also need a system in place to keep managers and their teams aware of any updates. A tool that triggers email alerts is a must, one that has in-app notifications is essential.

Get Easy, Flexible & Detailed Data

Reporting features collect data on the progress and performance of your project and give you insights into how to best manage your resources. Having a report that can be easily shared with stakeholders and filtered to focus in on specifics is ideal.

See Resources Across Many Projects

Managers are often responsible for more than one project, such as a program or portfolio, and want a tool that can assign, track and report on all their projects. This allows you to find synergy between projects and have them all work together for greater efficiency.

How to Execute a Resource Plan in ProjectManager

Resource management software assists project managers with planning and scheduling their project resources. It’s usually included as part of a suite of project management features that are designed to manage every aspect of your project.

ProjectManager is an award-winning software that’s designed to identify, organize and monitor your resources with robust online Gantt charts, real-time dashboards and one-click reporting that let you stay on top of everything. Here’s how it works:

1. List All Your Tasks

Gathering all the necessary tasks and determining the level of effort for a project is the first step needed to define your resources. You need to know what you’re doing before you can determine what you’ll need to do it!

Collect all your tasks on the task list view or Gantt chart view in our software. Add estimated start and end dates to populate the project timeline on the right side of the Gantt chart.

2. Add Your Resources to the Tool

Resources are your teams and the things they’ll need to execute their tasks. All of those resources must input into the software in order to manage and track their progress .

Onboard your team by inviting them to the project with the global add button in the top right corner. They will receive an email with a link. Once they follow that, they’re in and ready to start tracking their work.

3. Define Resource Costs

Calculating the cost of your resources is how you manage your budget. Keeping track of those costs is how you maintain your budget.

Add the labor rate for your resources, and set the cost by hours assigned. Our software automatically does the cost calculations for you as your team logs their hours and progresses through their tasks.

4. Schedule Resources on the Gantt

Resources (that aren’t people) need to be attached to tasks and added to your schedule to keep track of their costs throughout their life cycle in the project.

With ProjectManager’s Gantt chart you can create a resource calendar . Add your nonhuman resources the same way you onboarded your team. You can set their costs, then track them later in the project to keep on budget.

5. Track Time

Monitoring the hours logged by your resources is how you make sure they’re adhering to the project plan, schedule and budget.

Use timesheets to track the hours your team logs as they work. Their time updates are automatically reflected throughout the software.

6. Balance Resources

Once the project is executed, it’s crucial to keep your resources matched with your production capacity , making sure you have just what you need, when you need it.

Keep your resources level by checking the workload page. Here, you’ll see a color-coded chart that shows if team members have too many or too few tasks. You can then reallocate their tasks from this page.

7. Report to Stakeholders

Stakeholders are the people who are invested in the project. They will want to stay up-to-date on progress and performance.

Generate reports on workload with a single click. Filter to show the data you want, then easily print or save as a PDF to share with your stakeholders.

Ready to start managing your projects, tasks and resources in one tool? Take a free trial of ProjectManager.

Creating a Resource Management Plan: An In-Depth Look

So, those are the basic terms and processes. But how can you use them to create a process, schedule your resources throughout the project cycle , and monitor those resources within the boundaries of your budget, without overburdening them and risking team burnout? Lucky for you, we’ve covered the basics of resource planning before, and it can be distilled into a super basic three-step process.

First, note all your resources, including people, equipment and materials. Next, figure out how many of those resources are needed to get the project done. Finally, make a schedule for the resources. Drilling down, however, it’s important to make sure you have all the components of a good resource plan. It should include the following.

• All the Resources Necessary to Complete the Project: That’s everything from people to machines and even any office space you’ll need. Spend a good amount of time with this list, the more complete it is, the more accurate your schedule will be.
• Timeframes For the Planned Effort of Each Resource: By noting the duration of time needed for each resource, you have a clearer picture of how it will fit into your overall schedule.
• The Number of Each Resource You’ll Need Per Day/Week/Month: Again, you want to break your resource needs out on a daily, weekly and monthly rotation to better grasp what you’ll need and when.You can use a resource histogram to help you with this process.
• Quantity of Resource Hours Required Per Day/Week/Month: You’ve figured out what you need, but how many hours for each of those resources are you going to allocate over time?
• Assumptions and Constraints: An assumption is what you think might be true, while the constraints are the schedule, cost and scope of your project. So, you want to know what they are and how they’ll potentially impact your plan.
• Resource Constraints: In addition to the traditional project management constraints that affect how you manage resources, there are specific resource constraints that you’ll need to be aware of.

Think strategically. Are you assuming a team will be available in three months? Do you know for a fact they won’t get assigned by another group leader for a separate project? Have you taken into account holidays and scheduling shifts?

Identifying all your assumptions is a critical component of planning your resources wisely.

That’s the makings of a solid resource management plan. Now you need to know how to actively manage your resources as your project progresses.

You can do this when you have visibility into resource availability and workload. Because work shifts from person to person, as people collaborate back and forth, work can easily end up on the shoulders of only a few key team members. This can mean others are sitting idle waiting for them to reply or toss the work back. You need to be able to monitor those workflow trends and be able to quickly reallocate idle resources.

So how do you do this? There are four ways you can keep on top of the resources workload.

1. Manage Work Schedule Calendars Actively

You need to be able to track the hourly and daily availability of individual resources, as well as track their planned holidays and vacations. Be sure to take into account global or regional time differences, as well as different global holidays that might differ from your home office holiday calendar.

2. Monitor Progress on Gantt and Dashboard

You can also consult the planned versus actual progress of your overall project to get a head’s up if there’s a problem with resources. A Gantt progress bar should tell you how much progress is being made on a specific task according to the planned effort. You should also be able to see whether progress is made on individual tasks with shading on the larger task bars.

You should also be able to get a view of the whole project’s progress both by looking at a rolled-up view of the Gantt tasks or on a dashboard report. If you’re falling behind, usually moving around resources is a way to get back on track.

3. Review Workload Allocation

The team’s workload is another metric you’re going to need to keep close. If all the work is being laid on the shoulders of only a few team members, while the others are idle, then you’re going to need to reallocate your resources.

Another way of looking at this is leveling your resources by ensuring that they are equally distributed across your team. Checking on workload is a daily part of keeping your resources well-allocated.

4. Get Resource Reports to Monitor Productivity

When you’re watching your resources in real-time, and the project’s success is on the line, then you’re going to need to make decisions swiftly. Use the reporting feature of your project management tool to produce reports on resource allocation, as well as task progress by an individual. It’s important to monitor resources regularly with deep dives into data to measure productivity KPIs like output and actual effort.

Remember, resource management is heavily linked to your scheduling and management of your project management schedule . These are different but complementary disciplines, and the more holistically you approach managing your resources, the more you’ll be able to act in a timely manner to keep your project moving towards success, on time and within budget.

Therefore, you want to have the right resource management tools to keep you informed of your resources while the project is in progress, whether that’s collecting data in an Excel spreadsheet or a more robust online PM tool. Using an online Gantt chart gives you a visual view of the project’s tasks, their durations, and whatever dependencies are linking one task to another, so you’re able to note bottlenecks and easily reallocated resources to get the project back on track. Try ProjectManager today to take advantage of the best resource management tools on the market.

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Resource Plan Resources

• Resource Management Software
• Best Resource Management Software Rankings
• Scheduling Software
• Gantt Chart Software
• Timesheet Software
• Resource Plan Template
• Gantt Chart Template
• Capacity Planning Template
• Project Management Dashboard Template
• Project Budget Template
• Timesheet/Time Tracking Template
• How to Make a Resource Breakdown Structure (RBS)
• 12 Resource Allocation Tips for Managers
• How to Calculate Resource Utilization for a Project
• What Is Resource Loading and Why Does It Matter in Project Management?
• 5 Tips for Better Resource Scheduling
• Resource Leveling 101: Master this PM Technique
• Organizational Resources Basics: Managing Company Resources
• Resource Smoothing Steps, Templates and Tools

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A straightforward guide to resource planning (according to resource planners)

Learn how to build a resource plan with practical methods and tools so your team knows what work to do (and when to do it).

Stella Inabo,   Content Writer

• resource management

The process of planning resources helps you answer two of the most important questions a project or resource manager can ask:

• How do I ensure the project gets finished without overworking my team?
• How can we deliver this on time and within budget?

In this introductory guide, you’ll learn what resource planning is, its importance, what you should look for in a resource planner, and where you should get started creating your resource plan.

We wrote and updated it on the back of several conversations with Float customers who work as resource managers, project planners, and operations managers at companies ranging from 2-3 people to over 10,000 and included a quick overview of creating your resource plan based on our findings.

What is resource planning?

Resource planning is the process of determining what resources are required to deliver projects and then allocating and scheduling the work based on team capacity.

Planning your resources involves: 

• Understanding who needs to work on what project and when 
• Figuring out who is available to do the work 
• Deciding what’s the best use of your team’s time 
• Finding compromises between competing priorities (and project managers 😅)

For example, one of our customers runs weekly resource planning meetings, which involves all the project managers in the agency.

They meet to ensure the following week's schedule is clear for everyone, address any potential schedule conflicts or resource demands as a group, and make adjustments. They also ensure that team members with availability are assigned tasks and review allocations for the next week.

Once the decisions are solidified, they update Float with all the allocations so that all the team members know what they are doing and when.

Why is resource planning important?

Resource planning provides a reliable basis to start projects and improves the chance of delivering them on time and within budget . Creating a comprehensive resourcing plan before the start of a project helps you:

• Increase efficiency, as you know what resources you need and how they’re allocated to project tasks .
• Improve project success rates by matching the right skill sets to the right tasks.
• Track capacity and availability so if unforeseen resource needs arise, you’ll be ready to address them.
• Monitor progress to keep projects on budget and work on track. You can see what each person should be working on and for how long.
• Plan and predict your resource availability for future projects, which helps your team become more organized in the long term.
• Improve job satisfaction and retention in your team—less burnout or overwhelmed team members.

Michael Luchen

Director of Product at Float

Resource planning promotes focus by avoiding over-allocating projects to team members. It allows organizations to see if their current staffing is a surplus (they can take on additional projects) or if there is a shortage for the projects they want to take on—so it helps prevent over-hiring or under-staffing, optimizing the spend of a company.

Not only does it inform the re-prioritization of projects (“what’s best next?”), but it also quantifies the work so that organizations can prevent burnout.

Start resource planning with the #1 rated platform on G2

Plan your team's best work with Float's resource management software. Get an accurate view of your team's capacity to schedule tasks with confidence.

What happens when you don’t plan your resources?

Not planning your resources leads to overhiring and underutilization. Remember the former recruiter at a major tech company who shared that she and many of her colleagues had little to no work to do despite being at the company for several months—and then a few months later; there were mass layoffs and a hiring freeze? That’s a more common scenario than you’d think.  You might be wondering, “Why do these companies keep hiring and then not utilizing so many people?” 

While there are many answers to this question, one major reason could be poor resource planning. Without a process for identifying required skills and forecasting people according to an organization’s needs, there will be over-hiring, misalignment of roles, and underutilization. 

On the other hand, efficient resource planning ensures that you only hire when you need to and that your people's tasks align with their roles. When done right, these tasks don’t just provide opportunities for growth for your team: your company also saves money and focuses on activities that can improve the bottom line. 

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More than 4,500+ of the world's top teams choose Float to plan their projects and schedule their team's time.

How to create a resource plan: 5 steps in the resource planning process

We’ve spoken to several of our customers to understand how they go about planning resources. Based on what we’ve learned and observed, we have outlined a process you can use to get started. 

Resource planning is hardly ever a one-person activity. It might require organizing a resource meeting with project or operations managers. Alternatively, you could run async planning meetings in Slack (with the help of Notion docs) as we do at Float. 

Whatever process you choose, your resource planning should look roughly like this 👇🏿

1. Lay out project tasks and the resources you have

Outline your project tasks and list your resources. Are some tasks of higher priority than others? Are there tasks that need to be frontloaded? Who is available to take on work? What resource is double booked?

For example, if you are using Float, you’d probably start by looking at your Schedule to determine availability like this:

A schedule view of a team's projects with details about team availability

2. Assign work based on availability, skills, and interests

Match tasks to team members who can take on work using your resource management tool.  When assigning tasks, consider the skills and interests of team members. Allocations in your resource management tool should be the single source of truth so everyone knows what they should be doing and when. 

You can learn more in this post about resource allocation . 

3. Consider the future demands on resources

An important (but difficult) step is predicting what work might come and having available people to do it. You need to plan for unexpected tasks that might arise in the future and allocate some extra time or resources to ensure you have people available to handle them. 

4. Get feedback from stakeholders on proposed allocations

Unless a team member is assigned to your project exclusively, you should stay in contact with other PMs or functional leaders to keep tabs on the demands on the resource. Ideally, you should ask for feedback from the team members to avoid schedule conflicts and overbooking.  It could be as easy as sending a message before delegating a task to a shared resource.

5. Make adjustments to your resource plan when needed

You'll need to update the resource plan regularly (we recommend once a week) as the project progresses because of unexpected changes, slow approvals, unforeseen scope adjustments, etc. 

Project plans can be updated easily in Float using the drag and drop function

Do you need resource planning tools? 

Yes, you do. 

We might be a bit biased on this point because Float is a resource management software—but our answer actually comes from thousands of our customers who told us that spreadsheets and DIY solutions (including keeping it all in your head!) can do the job, they become a nightmare as your team grows. 

For example, the capacity planning team at Scholz and Friends used to plan their resources in spreadsheets. As the agency expanded, they realized the tool was inadequate. 

“Excel is great, but it can only do as much,” says Comfort Agemo, Senior Capacity and Freelance Manager at Scholz and Friends.

Comfort Agemo is the Senior Capacity and Freelance Manager at Scholz and Friends. 

And even for smaller teams under 50 people, spreadsheets aren’t the easiest or most accurate tools to use( and often require one person who is an Excel pro to tame them). 

“I’ve planned in spreadsheets in the past and there’s a couple of big issues. Probably the biggest one is how difficult it is to move things around. Most of the time, things change and the plan needs updating. Also, in spreadsheets, you typically edit numbers in cells - you can’t edit the allocation in context. The other big piece is that in spreadsheets, the calculations are often exposed to the user and can be accidentally edited or deleted by someone else,” says Alice Winthrop, senior product manager at Float.

Once you know how to pick tools, take a look at this list of the best resource management software we curated for you, complete with comparisons of features. You can also quickly download one of our free resource planning templates and streamline the process even further. 

Still using spreadsheets for resource planning?

Try built-for-purpose software that's easy to use and get started.

Consider the variable resource inputs you need to track over time—things like billable hours, skill sets, and ongoing tasks for each team member. Plus national holidays, personal leave, and sick leave. There are so many moving parts—and with resource planning software , you can track all that and more to have a bird's eye view of capacity whenever you need it. 

➡️ Learn how to evaluate tools and choose the best resource management software .

Once you know how to pick tools, take a look at this list of the best resource management software we curated for you, complete with comparisons of features. 

5 key features to look for in a resource planning tool

If you are considering a resource planning tool, there are some must-haves and some nice-to-haves to take into account. 

1. Multi-project organization features

You should be able to plan different projects in one tool and have a central view of how the allocations look as a whole. Ideally, the tool should provide the option to color code projects so it is easier to distinguish between them.

An overview of a team's projects in Float

2. Real-time updates

Updates should happen in real-time so that as soon as something changes  (like a team member calling in sick) and timelines change, team members are notified of the new resource plan. For example, email or chat notifications will be sent to team members once you make changes to allocations in Float.

Team members are notified by email once project plans are updated in Float

3. High-level view of teamwork schedules and resource availability 

You should be able to visualize your entire team's availability on one screen and decide how to assign (and reassign, if necessary) each task to a resource based on skill sets and capacity. For example, your system should give you an at-a-glance sense of key information like their daily schedule, job titles, and work hours.

The Float schedule provides an overview of all ongoing projects

4. Forecasting and budget tracking 

The resource planning tool you choose should help you track any project's performance alongside its resources' billable hours. Once you allocate more than that, the tool should clearly show you that you are over budget within your project budget report so you can take quick remedial action.

Budgets in Float are automatically updated as the project progresses.

5. Project reporting tools for smarter decision-making 

Another essential feature is a reporting dashboard where you can see precise analysis of project vitals like project budgets, utilization rates, and scheduled hours.

The Report dashboard shows team utilization rates, capacity volumes and billable hours

How to plan your resources in Float 

We’ve been hinting (more like strongly suggesting 😉) that you use Float for your resource planning, and at this point, you’re probably wondering how it works. 

Let’s show you 👇🏿

1. Create a data repository of your people (resources)

Create a centralized repository of your people to see information about their skills, roles, capacity, and locations at a glance. This inventory will help you track resources , organize your planning, find staffing gaps , and quickly determine the best person to work with.  

Now if you are considering using a spreadsheet, we are going to have to stop you right there. Spreadsheets offer limited functionalities and are inflexible for the constant changes in projects.  

Instead, you can use a resource planning tool like Float. You can add roles, include billable rates, set custom work hours and locations, and add their skills. 

Here’s a detailed video on how to create your data repository👇🏿

2. Set up systems for managing capacity

Put systems in place that will keep you on top of your team’s capacity. Now these systems don’t require you to build something completely new or complex. For example, you can set leave policies in place to guide your team members when they need to take time off. 

This is important because capacity is often nebulous. Project managers tend to think that the team has more availability than they actually do. 

Take for example, the 40-hour work week. These hours are rarely spent on work alone. There are meetings, admin tasks, ad-hoc project tasks , and in some cases, sick leave. 

“It’s important to understand your organization’s baseline capacity when it comes to planning projects,” Michael Luchen, director of product says. “Think of admin and management tasks they might have to do. For example, if the design lead has to do admin work for an hour or two a day and then meet with team members for another hour, that should be allocated on their schedule.” 

There are various systems you can set up to manage your team’s capacity. 

• Create leave policies. Determine beforehand the specific conditions under which leave can be taken. This could be time off with pay for a limited number of days or a compulsory annual leave that must be taken every year, or sick leave when the team member falls ill. 

➡️ Learn how to schedule and manage your team’s time off .  

• Import public holidays to your resource planning tool. At Float, we have 40+ workers across different continents. It’s quite common for team members to have a public holiday during a project. To avoid missing deadlines, we plan around holidays and don’t assign them tasks on their days off. Each team member’s holiday is set in Float and helps managers know when they’d be out before time.  

➡️ Learn how to set public and team holidays  

• Manage PTO requests. Ensure that time off requests are reviewed before they are approved. This process should involve the manager of the team member as they would have a good idea of the person’s workload and can approve or decline the request. 

➡️ Learn about time off approvals  

• Encourage your team to sync their calendar to your resource planning tool. Meetings often take up chunks of the team’s time without project managers noticing. Stay on top of upcoming and recurring meetings so you have a realistic idea of your team’s capacity. 

➡️ Learn how to sync your Google Calendar with Float

3. Forecast resources required and their availability  

Determine the people you need for your project based on the project requirements. What job roles are needed? What skills are needed? This will be a good time to refer to your resource repository. 

Then find out if these people are available to work on your project. Are they already allocated to another project? Do they have some time off during your project? 

➡️ Learn how to create resource breakdown structures for projects

Forecasting your resources is important because it shows you who you need on your team to complete your project. It also reveals staffing gaps and potential schedule conflicts. 

Unconfirmed projects can be set as tentative in Float

However, this step is very speculative because humans can’t see into the future. Consider creating a tentative project plan. This approach has helped  Georgia McGillivray , the former operations manager at MetaLab plan resources better. 

“We're able to plug tentative projects into Float and see three months into the future. That gives our executives and partnerships team a line of sight into how we'll staff future projects and our ability to take on additional projects.”

➡️ Learn how to create tentative projects in Float . 

Emily Feliciano

Creative Resource Manager at Atlassian

After years in the industry (both in-house and agency) and using everything from Excel spreadsheets to automated resourcing software, Float is effectively the most nimble and aesthetically appealing tool on the market. I work with creatives, and we need to look at data in a digestible way. Float makes it easy and efficient to do so. I love the customization options, tools that it integrates with, and how you can get both granular and high-level information. It’s been my top tool for years, and I always try to get new places to adopt it.

4. Match resources to tasks  

Research shows that job satisfaction increases when individuals' job roles align closely with their assigned tasks. Matching resources to tasks is an important step in your resource plan as it influences the performance and engagement of your team. 

For example, Angela Faunce Leaf, executive producer at Tilt Creation + Production ensures that she assigns her people to work that complements their skills and helps them grow. 

“Everyone has a core set of skills that may range from the remarkable to the adequate. And there are also parts of everyone’s job that they love, like, or hate. I try to build on this and get to know each team member’s preferences and priorities.”

She finds out what her team is interested in from conversations, regular check-ins with team members, performance reviews, and project post-mortems. 

She also keeps track of interests using tags in Float . 

“I also use ‘tags’ for some people to note special skills or interests. I am often surprised at how many folks have skill sets that no one knows about. I once worked with a project manager who was a food stylist in a previous job - needless to say, that fact was good to know and came in handy in a pinch.”

Team members can be assigned multiple tags

5. Review available data on project time

Look at past project data to understand how time was spent on previous projects. This retrospective approach is especially helpful when planning resources for projects with similar tasks. It will help you know if your previous plans were accurate or if they were far off the mark. You can also spot areas of improvement. 

For example, you might notice that a bottleneck slows down the project just before the final product is delivered. When creating a new resource plan, you are better prepared to eliminate or avoid the bottleneck. 

If you’re already tracking your team’s time on Float, you can find helpful insights in your Project and People reports. 

If you have not started tracking time spent on projects, the best time to begin is now. Time tracking in Float is simple and collaborative.

➡️ Learn how Impression streamlines its resource planning and time tracking with Float

6. Review project reports regularly 

The best-laid plans might not work out as you expect, and that’s fine. 

For that reason, you should review project reports to monitor the health of your project. Are you over or under budget? Do you need to bring in a contractor to help complete specific tasks? Are any resources underutilized?

For Float users, Project and People reports will come in handy. 

To access these reports, click the Report tab. Then navigate to Projects to see the health of your project. 

The dashboard shows project information like scheduled hours, logged hours, estimated budget, and actual costs. 

Team member utilization levels are displayed in Float

We recommend that you try resource planning software like Float. We have several features designed to help you plan better: 

• Use tags to add skills, notes, and departments to each resource. 
• Gauge your team’s bandwidth using task hours and overtime indicators
• Drag and drop an allocation to move it to another person. 
• Budget expenses and compare actual costs with estimated costs. 
• Resize allocations to increase the daily hours or time range. 
• Split allocations and move one part to another team member

Resource planning made easy

If you’re still planning your projects with spreadsheets, chances are you’re not maximizing your team’s time or tracking budgets efficiently. This is exactly how project deadlines and budgets get thrown off track. 

With a tool like Float , planning your team’s time and scheduling your resources can save you up to four hours a week!

But the real win comes from keeping every team member on the same page. They will know what projects they’re working on, when they need to be finished, and what the overall project pipeline looks like. 

Try the #1 rated resource management software

Float is the #1 rated resource management software on G2 for planning projects and scheduling your team’s time.

Related reads

The ultimate guide to resource management for 2024, capacity planning guide: 3 practical strategies & expert tips, resource allocation: how to manage project resources in 2024.

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What Is a Business Plan? Definition and Planning Essentials Explained

Posted february 21, 2022 by kody wirth.

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

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

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

What is a business plan?

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

Why do you need a business plan?

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

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

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

What can you do with your plan?

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

Test an idea

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

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

Document your strategy and goals

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

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

Pursue funding

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

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

Better manage your business

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

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

What should your business plan include?

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

Executive summary

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

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

Products & Services

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

Market analysis

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

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

Marketing & sales

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

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

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

Organization & management

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

Financial projections

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

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

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

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

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

Types of business plans explained

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

Traditional business plan

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

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

Business model canvas

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

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

One-page business plan

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

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

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

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

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

Try the LivePlan Method for Lean Business Planning

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

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

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

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

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What is a Business Plan? Definition, Tips, and Templates

Published: June 07, 2023

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

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

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

What is a business plan?

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

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

What is a business plan used for?

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

Business Plan Template [ Download Now ]

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

Purposes of a Business Plan

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

1. Securing financing from investors.

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

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

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

2. Documenting a company's strategy and goals.

A business plan should leave no stone unturned.

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

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

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

Free Business Plan Template

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

• Outline your idea.
• Pitch to investors.
• Secure funding.
• Get to work!

You're all set!

Click this link to access this resource at any time.

Free Business Plan [Template]

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

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

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

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

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

4. Getting an A in your business class.

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

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

What does a business plan need to include?

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

1. Business Plan Subtitle

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

2. Executive Summary

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

3. Company Description

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

4. The Business Opportunity

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

5. Competitive Analysis

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

6. Target Market

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

7. Marketing Plan

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

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

8. Financial Summary

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

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

10. Funding Requirements

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

Types of Business Plans

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

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

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

1. Startup Business Plan

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

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

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

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

2. Feasibility Business Plan

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

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

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

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

3. Internal Business Plan

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

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

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

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

4. Strategic Business Plan

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

These types of business plans may include:

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

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

5. Business Acquisition Plan

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

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

A business plan for an existing company will explain:

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

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

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

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

6. Business Repositioning Plan

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

This plan will:

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

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

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

7. Expansion or Growth Business Plan

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

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

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

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

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

Getting Started With Your Business Plan

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

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

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

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The ultimate guide to business resource management (plus tips and tools)

When have you packed your bag for a trip last time? It’s probably been a long time due to the current pandemic. But still recalling those sweet moments won’t be so difficult.

Before going on a trip we always try to get the most necessary things with us. In simple words, this is called resource management- use as few resources as possible and arrange them accordingly to accomplish the goal.

Well, for business, things are not this simple always. Business Resource Management requires a complete understanding of the company’s goals and available assets. That ensures the supply of essential elements including people, time, space, money, knowledge, and other appliances when and where they’re needed. So that all the projects get delivered on time and budget. It lets you do more with less.

Let’s explore more and shed some light on how to manage and distribute the resources inside your business effectively. Then we’ll close up by introducing a reliable project management tool . It’ll minimize your hassle in terms of team management.

Table of Content:

• What is Business Resource Management

Types of Resource Management

• Why is Resource Planning Important
• Embrace the 80/20 Rule with Employee Talent
• Establish a Centralized Resources Pool
• Apply a Common Project Management Methodology
• Resource Management is a Continuous Process
• Plan Around the Availability of Constrained Resources
• Account for Non-Project Time
• Avoid or Limit multi-tasking
• Make Your Resources More Productive
• WP Project Manager- An Interactive Team Management Tool

Let’s start with the basics –

What is Business Resource Management?

Resource management is the efficient and effective deployment and allocation of an organization’s resources. Those resources can be intangible – human and time or it can be tangible – properties, equipment, objects, budget, etc.

Resource management is essential for long- or short-term projects of any kind because the final deliverable is only as good as the team and assets you’ve assembled. The right team working on the project is fundamental to its success Fiona Remley – business operations and program management expert

The goal of resource planning is to utilize 100% of the resources of an organization. It includes all the processes of running projects smoothly that lead to achieving your company goals.

Fundamentally, people who are assigned to your project should be capable to work together and skilled to complete it successfully. Resource management, however, not only covers the process of allocation. It also includes managing and monitoring all resources throughout the project and reacting positively to the changes.

Resources are people, places , money, equipment, or anything else that you need in order to do all of the activities that you planned .

Every organization has a set of assets that can be used when planning or managing a project. Resource management aids to plan, organize, and control these facilities accordingly. It’s a broad category of management as opposed to discipline in itself.

The following list describes different types of resource management with examples-

• Human Resources: Employee is the main resource for any company. Managing team members is concerned with recruiting, onboarding, training and development, payroll, benefits, compliance with labor regulations, and others. It also includes performance management, safety and welfare, and staff motivation as well.
• Project Resource Management: Align all the tasks and team members collaboratively to achieve the predefined goal in a strategic way. Adjust the deadlines and balance between demand for resources and available supply. So that you can finish the project in a limited time frame.
• Natural Resource Management: Take care of natural assets like soil, land, water, plants, and animals to ensure that they’ll be available for future generations.
• Infrastructure Management: Managing foundational structures like roads, bridges, electrical grids, and sewers including deployment and maintenance.
• Financial Resource Management: It deals with all the events related to money including assets (cash, stock, bonds, etc.) and liabilities (loans, installments, tax, etc.).
• Facility Management: Managing a facility like an office building, data center, warehouse, hospital, and so forth.
• Inventory Management: Control and optimization of inventory to maximize business profit and create satisfied clients.
• IT Service Management: Operating information technology assets and services of a company, often by a third party via an SLA-based contract. 
• Enterprise Asset Management: Handling the capital assets of an organization.
• Public Asset Management: Overseeing the capital assets of a nation, region, city, state, or country.
• Digital Asset Management: Directing digital assets like corporate documents, media, and others.
• Facility Management : Managing a facility like an office building, data center, warehouse, hospital, and so forth. To automate facility asset and space management, companies often implement facility management software .

Why is Resource Planning Important in Project Management?

A business is said to be technically efficient if it can produce the maximum output with the minimum inputs- such as labor, capital, and technology. That essentially means, using the right resources at the right time on the right tasks.

Resource management helps us to do exactly the same!

It lets the project managers know what and where the resources are working. So that they can make more realistic decisions to attain business goals within a limited budget and standard time frame.

Advantages of Business Resource Management

• Avoid Unforeseen Hiccups : By identifying your resources’ availability and how to use them, you can troubleshoot the gap and bottlenecks before they happen.
• Prevent Burnout: Effective resource management allows you to resolve conflicts caused by the over-allocation of resources.
• Create a Safety Net: Proper resource planning can do wonders for your business if implemented in the right manner. It can minimize the project failure rate by ensuring adequate use of resources.
• Builds Transparency: Everyone will get a clear overview of your team members’ activities. That makes it easy to decide whether your team is fully occupied or able to take on a new project soon.
• Measures Efficiency: By analyzing your requirements to run an upcoming project successfully, you can practically set the strategies to maximize ROI .

8 Best Practices for Business Resource Management

Let’s know the best ways for optimal resource optimization-

1. Embrace the 80/20 Rule with Employee Talent

You can employ “Pareto’s Principle” to encourage growth and engagement inside your business. Never forget that a team of potential employees can fuel your business growth remarkably. Thus employee management is the key element to ensure your company’s success by using all available resources efficiently.

Implement the 80/20 rule in your business plan, which means 80% of the responsibility and work of your company/a specific project are shouldered by only 20% of your associated team members. These are the most knowledgeable employees in your company. You can use this rule in other sections of your organization to produce 80% of the effects from 20% of the causes.

2. Establish a Centralized Resources Pool

Operate and assign the resources from a base point to ensure the fair distribution of resources among all projects. It lets you respond to a problem quickly and construct a solution by allocating resources first to high-priority tasks.

Apart from this, project managers should follow an effective evaluation process to figure out the problem areas.

• Identify those events that are not managed appropriately but they could be if they had their required resources.
• Prioritize your tasks and projects, and then deliberately assign the resources to support KPIs and align with business goals.

Also, don’t over-allocate your resources, otherwise, it may create issues in your final output.

3. Apply a Common Project Management Methodology Throughout the Company

There are different types of work in an organization. A number of small or large groups perform these tasks under the project supervisor.

Although project managers can use some constructive methods that are designed to fit a specific type of management style or project. It’s however, important to choose an option that offers the greatest benefit to your system over the other available solutions.

A specific methodology consists of several processes and you need some tools to perform these actions properly. It’s better to choose a technique you already have the tools. This will minimize your investment cost. Just make sure that all the processes and tools are capable to work together in terms of retaining the business goal .

4. Don’t Forget Resource Management is a Continuous Process

Resource management is not a short-term event. Rather it’s an ongoing process of managing and allocating resources in the best possible way.

Over time, your company must go through a lot of changes in response to evolving business context and other factors as well. Though responding to changes in a business environment can be quite daunting. But you and your team should work together to adopt these changes positively.

Firstly, you have to understand the causes and effects of the current situation. Then set your priority and resolve all the issues according to the business needs. Remember, all processes involved in resource management should run continuously.

5. Plan Around the Availability of Constrained Resources

Find out which resources are in short supply and then focus on them. Set your strategy around their availability throughout the life of each project. So you can maximize resource usage and prevent delays. Moreover, plan to increase those limited resources you may need in the future.

Project managers should have a strong grip over all the activities that could affect the project deadline. In fact, it’s his duty to ensure that there are sufficient resources to run the project within the specified time frame.

6. Account for Non-project Time

Track non-project time to prevent over-allocation of resources and avoid delays in the deadline. When planning for a project must account for administrative time, paid time off, etc. Also, set some strategies to deal with the uncertainty in business during resource planning – otherwise, you can’t calculate a realistic time span for your projects.

Evidently, there will be a natural time loss for some daily activities or emergency cases such as administrative tasks (e.g. email, report, general meetings, etc.)

7. Avoid or Limit Multi-tasking

Though multitasking sounds efficient sometimes it lowers the overall productivity of a project. So, limit the number of parallel activities to let the resources perform well. In addition, you can allow different work styles throughout the business to increase efficiency.

8. Upgrade Your Employee’s Skills to Make Them More Productive

You must ensure employee security and offer them fair compensation based on their performance. Also, you can arrange training and session for their further advancement. It’ll upgrade them to work with new technologies. So you need not hire new resources every time for a new project. This will surely save both your money and time. And you’ll see a positive impact on your yearly turnover and productivity due to this interactive approach.

Let’s move to the next part and figure out how to-

Improve Your Employee Management System With the Right Project Management Tool

WP Project Manager is a simple yet effective solution to operate all project management activities like a pro. With this WordPress solution, you can plan, organize, and track your projects right from your WordPress dashboard.

WP Project Manager is an all-in-one project management solution for WordPress users. That comes with powerful features like Team Discussion, Milestone, Gantt Chart, Email Notification, Calendar, and much more.

This project organizing tool supports more than 10,000 projects worldwide to manage their project-related task accordingly. The User-friendly interface and web-based task management features make it popular among WordPress users. In short, it gives you a strong grip over your business.

During this global pandemic, you can manage your remote team seamlessly from home using WP Project Manager!

WP Project Manager can be the glue to hold all the resources, opportunities, and company goals aligned in a disciplined and strategic way. Without further ado, extend your team collaboration and create a better workplace for them with this task management tool. It can be a secret strategy to multiply your profits minimizing your workload!

To fulfill your growing business’s advanced needs and to govern a large team effortlessly you can unlock the premium features of WP Project Manager . Though the core version of this management tool is capable to manage work and deliver projects timely.

You may also like: How We Are Managing Remote Teams With WP ERP .

Final Thoughts

More often than not, projects fail because we don’t have the right skills or resources available at the right time. So it won’t be possible sometimes to deliver the projects on time. Resource management, however, involves planning and organizing all things appropriately. That means using the right resources at the right time on the right tasks.

Using an effective business resource management system, you can-

• Ensure resource visibility & understanding
• Improve business value
• Spot problems earlier in the process
• Increase the project success rate

Also, it makes you able to identify true resource availability. So you can ensure maximum utilization of resources at the project in the most efficient way possible. Therefore, it raises your chance to deliver all the tasks within the defined time frame.

Use the comment section below if you have any feedback about business resource management or its implementation.

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How To Create A Resource Plan In 7 Steps

As an agency project manager, you’ve probably experienced the agony of a project going over budget or missing deadlines because of poor project resource planning.

But let’s face it—creating a resource management plan while balancing a project’s requirements, budget, and schedule can be a real pain. Even the thought of identifying all the required resources, assigning them, and creating a detailed schedule is enough to give you a headache.

It doesn’t have to be this way.

This article will show you how to create a resource plan that addresses these pain points and sets your project team up for success. You’ll learn about the steps involved, the tools needed, and the best practices to document a resource management plan.

Ready to get started?

Let’s start by understanding what a resource plan is.

What is a resource plan?

A resource plan is a document that outlines the resources (people, tools, and materials) needed to complete a project. For an agency project, this document focuses primarily on human resources and their capacity, availability, and workload.

This plan helps a project manager manage resources and adjust the schedule.

Project managers create it in the early planning stages of project management. It’s a deliverable of an effective resource planning process.

Elements of a project resource plan

A comprehensive resource plan includes:

• Resource requirements: A list of all the resources needed to complete the project, including their number, roles, and responsibilities
• Project schedule: A detailed schedule including task start and end dates as well as critical milestones
• Resource gaps and risks: An analysis of the resource needs that cannot be met internally and a plan to deal with resource risks
• Resource management: A plan about how to monitor resource utilization and workload
• Monitoring and control plan: A plan to share resource planning and management updates with stakeholders, team members, and management.

How to create a resource plan?

Project managers plan resource management during the project’s planning phase. This upfront project management work ensures that you have the right resources available at the right time in your project.

Let’s look at the steps involved in creating one.

Grab a copy of our free project resource plan template to follow along.

#1. Document project scope

The first step in project management is to define the project’s scope.

The scope document not only helps you plan a project’s schedule, but it’s also critical for understanding the resource requirements of a project.

You don’t need to redo the entire scope document. However, it helps to include the following:

• Key project deliverables
• Major activities needed to deliver them
• And things that are out of scope

Creating a Work Breakdown Structure (WBS) based on project requirements helps you identify the deliverables and tasks.

Include a brief project scope outlining the deliverables and activities needed to complete the project.

#2. Identify resource requirements

At this stage, you know the activities needed to deliver a project. Next, you can quickly identify the resources required to complete each activity.

For example, here’s how you can document the resource requirements for a content marketing project.

For every resource type, note down the following:

• Responsibilities (you’ll need these later to identify resource gaps)
• And the number of resources required

#3. Include the project timeline

At the end of step #2, you’ve identified the “who,” i.e., the project resources.

Next, you need the “when.”

You only need some of the resources at all times in your project’s lifecycle. It makes sense to allocate and release a valuable resource as required so they can work on multiple projects.

That’s where a project timeline helps.

At this stage, the timeline represents the baseline schedule of the project’s activities. This could change resource assignments depending on resource availability.

Toggl Plan’s drag-and-drop Project timelines make it easy to create project schedules and adjust them just as quickly when things change.

Include a link to your project timeline in this section.

#4. Allocate resources to project tasks

Resource allocation is the process of assigning and managing the available resources.

It is an essential step of the resource management process as it helps balance a project’s resource needs with an organization’s total resource capacity.

Managers need to compete for resources when an agency works on multiple projects. As a result, a manager often needs to work with other project managers to book resources for a project.

Toggl Plan’s Team timelines make it easy to see your entire team’s schedule. See who’s on vacation and who’s busy with other projects in one place. Thus making it simple to schedule resources based on their availability and capacity.

Once you’re happy with the allocation plan, add the project resource schedule to the plan document. This involves adding the name of the person, their role, allocation start and end dates, and their estimated workload in hours.

Once you’ve allocated resources, you may find some project activities without any assignees. These are called resource gaps.

You may find other project activities without room to add a buffer resulting in the risk of a project lag. This risk can occur within a project or across projects in your agency.

Once you’ve identified the gaps and risks, include them in the plan.

#5. Make a risk management plan

Agency project managers mostly need to manage human resources. As a result, the project resource planning process is full of uncertainties. All an agency manager can do is prepare for roadblocks to complete projects on time and within budget.

You’ve already identified the resource gaps and risks in the last step.

Next, make a plan to manage these risks.

Here are some common project resource risks and their solutions:

The solutions you choose depend on the client and other project priorities.

Once you’ve identified the potential solutions, include them in your plan.

#6. Monitor and control project resources

There’s one final step before you can send the plan for approval.

You need a plan for when and how you’ll track resource availability and utilization.

A regular review meeting schedule helps you:

• Stay on top of your project’s resource requirements.
• Revisit specific resource assignment decisions.
• Manage resource risks better.

Include the resource review meeting date, topic, and attendee information in the resource management plan.

Tracking utilization

Utilization indicates how effectively resources are utilized in a project compared to their estimated allocation. It clearly shows you if your project is suffering from under or over-utilization of resources.

Allocation can be estimated from previous successful lookalike projects. Using a time-tracking tool to track time is the best way to measure your project team’s utilization accurately.

You can also use a simple spreadsheet or use Toggl Track’s reports to track your team utilization rate.

#7. Get the plan approved

You are now all set to send the plan for approval.

You must get the plan approved by all the stakeholders involved in the project. This way, they understand the plan and risks in managing resources.

Critical stakeholders in an agency project include:

• Client (or the project owner)
• Account manager
• People ops team (if you plan to hire additional resources or train existing resources)
• Finance/budget team

In large agencies, these are separate teams. On the other hand, in small agencies, the agency owner is often the only one you’ll need approval from.

Do you really need a documented plan?

Some of the steps outlined above seem apparent. In fact, so evident that agencies rarely make resource plans—less than 40% of project teams invest in resource planning and management ( Wellingtone , 2021).

Is it worth then investing in planning your project’s resources?

Absolutely. Here’s why:

• Reduce project failure rate : According to the same Wellingtone report, poor resource planning is the third-most common cause of project failure.
• Better manage resource constraints: With a clear picture of resource availability and allocation, you can make better decisions to utilize resources efficiently.
• Effective project portfolio management : Juggling multiple client projects is never easy. A documented plan gives you a clear picture of who’s doing what and when. Thus ensuring that all projects get a fair shot at available resources.
• Clear project communication: A documented plan means all stakeholders (including clients) know the resource needs, risks, review schedule, and mitigation plans.
• Resource commitments: Getting signed approvals to ensure everyone has budgeted for the resource requirements—including other PMs, HR, and finance teams.

Tools for effective resource planning

Creating and documenting a plan to manage resources may feel daunting. However, templates and resource management software make it easy.

Free resource planning templates

Make a copy of this free Google Docs (or MS Word) template to document your resource plan.

Also, grab our free resource planning and management templates (Google sheets and Excel versions)

Resource planning software

The free templates can help you get started quickly. But if you’re serious about resource management, it pays to invest in resource management tools.

Read our detailed comparison of the top resource planning tools . Or check out our top picks below.

Create an effective resource management plan with Toggl Plan

For agency projects, you need a simple tool to plan your projects and resources.

Project managers are hands-on and often have little time to learn and tinker with a complex project management tool.

That’s where Toggl Plan can help. It’s a simple, visual, drag-and-drop project planning tool.

Its colorful timelines make it easy to see who’s doing what and when. As a result, you can quickly make and adjust project and resource plans.

The time-off planning feature is handy for staying on top of your team’s vacation plans and avoiding scheduling conflicts with off time and other projects.

It also has a two-way integration with Toggl Track, a time-tracking tool. Using both tools, you and your team can stay on top of your team’s allocation, utilization, and workload.

Start your free Toggl Plan trial now .

Jitesh is an SEO and content specialist. He manages content projects at Toggl and loves sharing actionable tips to deliver projects profitably.

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Microsoft 365 Life Hacks > Organization > What is resource management and why is it important?

What is resource management and why is it important?

When it comes to managing a project or an organization, it’s vital to keep track of all the tools, objectives, and moving parts that are involved. Learn about the significance of resource management and why it is so important for achieving long-term goals.

How can resource management help your organization?

Resource management refers to the process of planning, allocating, and overseeing resources to achieve specific objectives. These resources can encompass a wide range of assets, including financial capital, human talent, time, technology, and physical infrastructure. The primary goal of resource management is to optimize the utilization of these assets to ensure that they are allocated efficiently to meet organizational goals and objectives.

Types of resource management

There are many types of resource management, and each type plays an important role in an organization. Here’s how each type works:

Financial resource management

Effective handling of financial resources is a key part of resource management. Organizations must carefully plan and allocate their budgets to cover operating expenses, investments, and unforeseen circumstances. By applying budgetary controls, organizations can prevent wasteful spending, enhance financial stability, and allocate funds strategically to areas that will yield the highest return on investment.

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Human resource management

The success of any organization is closely tied to the performance and well-being of its people. Human resource management involves recruiting, training, and retaining talented individuals while maintaining a positive work environment. Effective human resource management ensures that employees are well-equipped to perform their tasks, which in turn helps with reducing turnover rates and enhancing overall productivity.

Time management

Effective time management is important for organizational success. Planning and prioritizing tasks, setting realistic deadlines , and optimizing workflow processes are integral aspects of time management. When time is managed effectively, projects are completed in a timely manner to help reduce bottlenecks and increase efficiency. Time management can also help with preventing burnout among employees, as a well-balanced workload contributes to a healthier and more productive workforce.

Technological resource management

Efficient management of technological resources involves keeping up with the latest technological advancements, investing in the right tools, and ensuring that technology is aligned with organizational goals. This ensures that the organization remains competitive, adaptable to industry changes, and capable of leveraging technology for improved efficiency and innovation.

The benefits of implementing resource management

Proper resource management can lead to good results throughout your organization. Some potential benefits of resource management include the following:

• Optimized efficiency: Resource management allows organizations to identify inefficiencies in their operations and streamline processes for improved productivity. Using a digital project management tool can increase efficiency and make it easier to share information on resources.
• Cost reduction: Effective resource management leads to cost reduction by cutting down on wasteful spending and optimizing resource allocation. This, in turn, contributes to improved financial stability and sustainability.
• Strategic planning: By aligning resource allocation with organizational goals, businesses can ensure that their efforts are directed towards achieving long-term success.
• Risk mitigation: Careful resource management helps organizations anticipate and mitigate potential risks. Whether financial, human, or technological, having a good understanding of resource utilization enables risk management.
• Competitive advantage: In a highly competitive business environment, effective resource management can provide a significant competitive advantage. Organizations that allocate resources strategically are better positioned to adapt to market changes and capitalize on emerging opportunities.

Keep your organization in check with resource management

Knowing how to manage your resources is a big part of organizational success. Effective management ensures that all assets are properly utilized to achieve long-term goals. Prioritizing resource management and other project management techniques in your organization is essential for sustainable growth, competitiveness, and overall success.

Looking for more ways to efficiently manage your team? Browse our organization tips to find more ideas for making sure things are running smoothly.

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Maximize your business potential: Migrate your Windows Server to Azure with expert resources

By Omar Khan General Manager, Azure Product Marketing

Posted on March 21, 2024 5 min read

From harnessing the power of scalable infrastructure to increasing agility, cost-efficiency, and innovation, the advantages of migrating to the cloud are clear. So, while Windows Server has been the backbone of your operations, there’s never been a better time to modernize. The journey to migrate Windows Server workloads to run on Azure is not just a technical shift—it’s a strategic and organizational shift that comes with a host of benefits. These include: 

• Significant savings with outstanding offers, only available on Azure.
• Robust protection for Windows Server workloads with multilayered, built-in security.
• Cloud value on your terms with hybrid technologies and dedicated programs, guidance, and tools.

Windows Server Summit

Learn what’s coming next in Windows Server 2025, get best practices for security and identity, and tips for cloud migration and hybrid cloud management.

However, as businesses embrace modernization, a lack of cloud talent and experience is one of the greatest obstacles. In fact, according to a recent McKinsey survey , over 95% percent of respondents cited a lack of cloud talent and capabilities as one of the biggest roadblocks they face when moving to the cloud. The skilling content portfolio outlined below offers a one-stop-shop for all the resources anyone would need to inform their Azure migration journey.    

Begin your migration journey confidently using our comprehensive skilling portfolio 

Cloud skills challenges  .

Cloud Skills Challenge is a free and interactive skilling program that provides you with curated content for a specific solution area and helps you prepare for role-based certifications. On successful completion within a 30-day timeframe, learners become eligible for a 50% off voucher for a Microsoft certification exam.  

• Azure Network Engineer​: Gain expertise in planning, implementing, and maintaining Azure networking solutions, including hybrid networking, connectivity, routing, security, and private access to Azure services.
• Azure Virtual Desktop Fundamentals​: Master Azure Virtual Desktop deployment planning, access and security management, user environment and app. management, and environment monitoring and maintenance. Learn to efficiently deliver remote desktop and app experiences in Microsoft Azure through Azure Virtual Desktop.
• Designing Azure Infrastructure Solutions​: Design cloud and hybrid solutions that run on Microsoft Azure, including compute, network, storage, monitoring, and security. You’ll learn about advising stakeholders and translating business requirements into designs for secure, scalable, and reliable Azure solutions.
• Windows Server Hybrid Administrator: Acquire skills in configuring and managing diverse Windows Server workloads across on-premises, hybrid, and cloud environments. Learn to implement and manage on-premises and hybrid solutions, and execute tasks related to security, migration, and more.

Microsoft Azure Virtual Training Day  

Virtual Training days are instructor-led classes designed to equip individuals and teams with in-demand skills related to cloud migration, AI, and other cutting-edge technologies. Think of them as training bootcamps delivered directly to your computer screen, packed with practical knowledge, hands-on exercises and a live Q&A with product experts. 

• Sign up for the Microsoft Azure Virtual Training Day Fundamentals to develop an understanding of foundational cloud concepts and expand your knowledge of cloud models and service types. 
• Sign up for the Migrate and Secure Windows Server and SQL Server Workloads Virtual Training Day to enhance your skills in Microsoft Cloud technologies and explore Azure’s comprehensive and flexible environment for secure workload migration, covering on-premises Windows Server and SQL Server transitions to the cloud. Learn to identify and address security vulnerabilities and manage server workloads in hybrid environments. 
• Sign up for the Azure Optimization Virtual Training Day to learn to optimize your cloud migration environments effectively for cost, security and resiliency. 

Applied Skills  

Applied Skills is a new training that helps individuals develop very specific skills critical to solving a business problem or challenge that their organization is facing. Learners go over Microsoft Learn content and then get hands on training through online-delivered labs to validate what they’ve learnt. 

• Secure storage for Azure Files & Blob Storage​: Show off your skills in securely stashing business data using Azure Blob Storage and Azure Files and dive into all things Azure—services, storage, networking, and virtual machines. By the end, you’ll be the go-to pro for keeping data safe and sound in the cloud. 
• Configure secure access to your workloads using Networking: Learn to secure resources using Azure virtual networking solutions and master the ins and outs of digital security. 
• Deploy & configure Azure Monitor: Score this Microsoft Skills credential by demonstrating your ability to deploy and configure monitoring for Azure infrastructure.  

Courses   

Microsoft Learn courses are your go-to digital classroom for mastering all things Microsoft. Courses are tailored to different job roles, helping you learn hands-on skills for products like Azure and Microsoft 365. The best part? It’s self-paced, has loads of practical exercises, and can prep you for official certifications whether you’re a beginner or a seasoned expert. 

• Designing and Implementing Microsoft Azure Networking Solutions: Explore the nitty-gritty of core infrastructure, hybrid connections, traffic balancing, routing, private access to Azure services, and network security. Get ready to build secure, rock-solid networks with a deep dive into hybrid connectivity, routing, private access, and savvy monitoring in Azure. 
• Designing Microsoft Azure Infrastructure Solutions​: Join this course to ace infrastructure solution design. We’re talking governance, compute, app architecture, storage, data integration, authentication, networks, business continuity, and migrations. Expect a mix of lectures and real-life case studies to nail those design principles.
• Configuring and Operating Microsoft Azure Virtual Desktop​: Dive into this course to master planning, delivering, and managing virtual desktop experiences and remote apps on Azure. We’ll cover networking, host pools, session hosts, FSLogix, monitoring, and automation. Expect a mix of demos and hands-on labs to ace deploying and optimizing virtual desktop experiences on Azure Virtual Desktop. 
• Configuring Azure Virtual Desktop for the Enterprise​: Choose this course to become a pro at planning, delivering, and managing virtual desktop experiences and remote apps on Azure. We’ll dig into networking, host pools, session hosts, FSLogix, monitoring, and automation. Leverage quick demos to ace deploying virtual desktop experiences on Azure Virtual Desktop in multi-session setups. 

Certifications  

Microsoft Certifications are the official badges that prove you’ve got the skills, whether it’s Azure, Microsoft 365, or other technologies. Getting certified isn’t just a pat on the back; it’s a ticket to career opportunities and industry recognition. Plus, it keeps you on top of the latest tech trends. So, if you want your IT game strong, Microsoft Certifications are the way to go. 

• Microsoft Azure Fundamentals : This exam is a common starting point in a journey towards a career in Azure. It well support and then measure your abilities with the following concepts: cloud concepts; Azure architecture and services; and Azure management and governance. 
• Administering Windows Server Hybrid Core Infrastructure​: This exam checks your skills in setting up and handling Windows Server workloads everywhere—from on-premises to hybrid to Azure. As a Windows Server hybrid ace, you’ll be the go-to person for linking up with Azure services, keeping on-premises networks in check, and working seamlessly with different roles. Your mission? Deploy, secure, update, and configure Windows Server workloads using a mix of cool tech and admin tools. 
• Configuring Windows Server Hybrid Advanced Services: Test your skills in setting up and handling Windows Server workloads from on-premises to hybrid to Azure. You’ll be tasked with integrating Azure services, managing on-premises networks, and teaming up with roles like Azure administrators and network engineers. Your mission: deploy, secure, update, and configure Windows Server workloads using a variety of tech and admin tools. 

Discover more at our upcoming Digital events  

Windows server summit  .

Join your peers and Microsoft experts for sessions on the latest Windows Server 2025 and Azure capabilities at the Windows Server Summit , March 26-28, 2024.

RSVP here to learn what’s coming next in Windows Server 2025, get best practices for security and identity, and hear tips for cloud migration and hybrid cloud management. 

Migrate to Innovate—Be Secure and AI ready  

Join us at Migrate to Innovate—Be AI Ready, Be Secure where you’ll discover how migrating Windows Server and SQL Server to Azure helps fuel innovation and addresses your business challenges—including supporting AI readiness, code-to-cloud security, and maximizing ROI and performance.  

RSVP here to learn how to get the most from your technology investments and drive innovation with access to AI-infused, cloud-first services from Azure.

Let us know what you think of Azure and what you would like to see in the future.

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Beilue: Adding to WT’s appeal: Two new business degrees bolster university’s offerings

Adapting and innovating.

Easy to say, but often hard to accomplish. The Paul and Virginia Engler College of Business at West Texas A&M University will launch two new degree offerings in fall 2024—a bachelor of science degree in hospitality and tourism management, and a master of science degree in strategic human resources management.

“As a university, you have to maintain a niche—unique reasons for enrolling at WT—and these two new degrees are examples of that,” said WT President Walter V. Wendler.

Both degree programs were approved in February by The Texas A&M University System Board of Regents. Classes are expected to begin in fall 2024, following final approval by the Texas Higher Education Coordinating Board.

For the master’s degree in the rapidly changing field of human resources, the niche is the strategic component.

Those on the ground floor of curriculum believe WT will be one of only a handful to offer this component.

“We’ve done our research and as far as we can tell, there are only three other universities in the entire nation that have a master’s degree in human resources like this,” said Dr. Rahul Chauhan, associate professor of management and McCray Professor of Business. “Of those programs, our curriculum objectively and in my opinion is the most robust. It’s pretty unique. There’s really not that many programs like this nationwide, and none in Texas.”

The hospitality and tourism management offering will stay true to the University’s long-range plan, WT 125: From the Panhandle to the World, which focuses on regional needs that can also be applied beyond the Texas Panhandle.

“There’s a large amount of tourism that passes through Amarillo because of its location on Route 66, in addition to a lot of tourist events in the Amarillo area,” said Dr. Jonathan Shaffer, associate dean of undergraduate programs and Pickens Professor of Management. “Although Amarillo is not a tourist destination in the sense as maybe a beach resort or Disney World, there is still quite a bit of tourism. “So for the students interested in those things, we will be able to give them the training and education to get involved in that field.”

The HR master’s degree is aligned with the cooperation of the Society of Human Resources Management and a local chapter, Panhandle Human Resources Association. The national HR organization is the recognized governing authority in the field with more than 325,000 members in nearly 200 countries.

“To have a direct relationship and taking their insight and modeling our curriculum based on their pillars, that’s something that is quite appealing,” Chauhan said. “But it’s also extremely rare to have a strategic focus within an HR master’s.

“That strategic component is unique in a sense that it takes it beyond technical expertise within the field of HR and starts to incorporate how HR assists other departments within business,” Chauhan continued. “How does HR help accounting? How does HR integrate with finance? How does that contribute to the betterment of the organization as a whole? The strategic element is more macro. It looks beyond the technical expertise of HR. So that’s the primary draw, the rarity and focus of this graduate degree.”

Randy Cazarez is the human resources director at Panhandle Community Services. He was the first student to receive a bachelor’s degree in management with an emphasis on human resources from WT in 2012.

“The field is ever-changing,” Cazarez said. “It’s changed dramatically in the four years I’ve been with Panhandle Community Services. You have to be adaptable. COVID showed us that. It’s something new every day. There’s a lot more in compliance, legal changes, many new things in benefits.”

Dr. Jillian Yarbrough, clinical assistant and professor of business management, began her study of human resources in 1997 after graduating from TCU. She earned both her master’s and doctorate in educational human resource development from Texas A&M University.

“The HR of 1997 and the HR of today are almost a completely different field,” Yarbrough said, “in the sense that we are thinking globally, thinking technology-based, thinking business partners. That is the HR of today, this leadership and ongoing understanding and alignment of people.”

Yarbrough said current HR leaders must identify, hire and retain employees as well as develop, sustain and innovate their business workforce.

“It now requires an advanced understanding of HR. How we prepare this strategic HR is critical in terms of preparing that high level of understanding that can create the competitive advantage within HR,” she said. “This next tool, this strategic HR management degree, will be preparing people to operate at that higher level as a business partner.” Like with both new degree offerings, WT professors are on the ground floor in creating an approved curriculum, and not merely inheriting one. That strikes a chord.

“I feel a lot of pride. It’s inspiring,” Yarbrough said. “Working with Dr. (Andrew) Li and Dr. Chauhan has been a lot of hours and a lot of research. But it’s also been fun to work with those who are putting in a lot of effort and innovative thinking because they care about the students.

“The opportunity to teach in a focused program directly aligned with a discipline I love is very meaningful. But the most meaningful part is to create something with my colleagues that is of value to West Texas A&M and for the students.”

The undergraduate degree in hospitality and tourism management is a pathway into an industry that Shaffer said the numbers in Texas and the region support a new major in the field.

“The demand is there,” he said.

While the degree will be specific to tourism and hospitality, its foundation will be on fundamental business principles.

“The way the program is designed is to give the students a little bit of everything,” Shaffer said. “In the hospitality industry, you still need a core business background in accounting and finance. You have to be able to read the numbers in a medium to high-level position.

“It’s about understanding the ebb and flow of markets, basic supply and demand pricing, basic management and HR courses. How do we hire people? How do we find the best people for our organization? How do we provide those things and give a well-rounded background in business plus the additional course work in the tourism industry?

“There will be options for students – the required courses and also a number of courses to tailor the work needed to fit in the Panhandle and other places as well.”

Editor's note: This column originally appeared on the WT website.

Do you know of a student, faculty member, project, an alumnus or any other story idea for “WT: The Heart and Soul of the Texas Panhandle?” If so, email Jon Mark Beilue at [email protected].

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