business planning tools examples

The Best 10 Business Planning Tools for Startups

Business planning is one of the significant strategic approaches that startup companies use to showcase their core objectives and programs to achieve organizations goals. Young businesses also prefer to make solid business plans to attract investors.

Therefore, the use of authoritative business planning tools is crucial for startups. That is why this article shares one of the top business planning tools with all necessary features and pricing models.

• 1 Top 10 Business Planning Tools for Startups
• 2.1 Features
• 2.2 Pricing
• 3.1 Features
• 3.2 Pricing
• 4.1 Features
• 4.2 Pricing
• 5.1 Features
• 5.2 Pricing
• 6.1 Features
• 6.2 Pricing
• 7.1 Features
• 7.2 Pricing
• 8.1 Features
• 8.2 Pricing
• 9.1 Features
• 9.2 Pricing
• 10.1 Features
• 10.2 Pricing
• 11.1 Features
• 11.2 Pricing
• 12 Conclusion
• 14 What is Business Planning?
• 15 Why business planning is important?
• 16 What are ten of the best business planning tools?

Top 10 Business Planning Tools for Startups

Here are ten of the best tools that will help you writing a business plan.

Enloop is a cloud-based business planning tool that 323,180 entrepreneurs, students and businesses have used. It can create around 16 financial ratios and real-time performance reports.

Financial Forecast —  Businesses can automatically anticipate their financial reports with this tool.

Currency Support —  It supports around 100 currencies, so people from different countries can smoothly use this app for business planning.

Real-Time Score —  Enloop permits the startups to watch their real-time score to improve performance.

Its Free plan enables the businesses to get a 7-day free trial. But the monthly cost of its Detailed plan is $19.95.

2. LivePlan

LivePlan could be a reliable option for startups to nail down a solid business plan. Moreover, it also claims to build business plans 30% faster than the rivals. Luckily, 1 million small businesses, enterprises and entrepreneurs have shown trust in this tool.

Sample Plans —  It is the perfect business tool for new teams because they can get guidance from 500+ already available sample plans.

Professional Documents —  LivePlan also enables the startups to design an engaging business plan and other documents to convince investors.

LivePlan comes with two plans Standard and Premium, and its monthly charges start from $20.

3. IdeaBuddy

If you are finding an ingenious business planning tool, then you shouldn’t ignore IdeaBuddy. With planning, development and real-time evaluation, its financial projection properties are also appealing.

One-Page Plan —  Startups can build a business plan within 30 minutes, and yes, it could consist of a single page for ease of understanding.

Financial Properties —  Financial calculators, profit and loss statements, and forecasts benefit from using IdeaBuddy.

The yearly cost of its Dreamer plan is $65, but only 1 collaborator is eligible for it. However, for 3 and 30 collaborators, you can also consider its Founder and Team plans. The yearly charges of these plans commence from $115.

Cuttles is one of the most straightforward business planning tools that 20,000+ startups are using. It could surely be a great option when it comes to building startup plans.

Canvas —  This property aids the young companies to smoothly architect and corroborate their business idea.

Suitable for Teams —  It also allows the startups to easily include the teams’ ideas while making a business plan.

Its Free plan is applicable for 1 member and offers restricted features. On the other hand, you can consider its Seed, Grow and Series plans with more advanced characteristics. Its Seed plan bills €8/month to users.

5. Vizologi

Vizologi is an AI-backed business planning tool that is the foremost choice of students, strategists, managers, entrepreneurs and consultants. The availability of free business models also differentiates it from rivals.

Business Intelligence —  Companies can make wise decisions using premium analytics and data reports.

Business Plan —  Its business plan includes a mash-up method, canvas, SWOT & PEST analysis.

Although Vizologi confers a free trial, but its monthly charges commence from $9.

6. TheBizPlanner

TheBizPlanner is also a unique business planning tool. This end-to-end business planning software comes with four significant properties: profile, connect, plan and collaborate.

Dashboard —  The single screen dashboard provides all reports to businesses.

Campus Edition —  It has also released an exclusive edition for educators.

Fortunately, TheBizPlanner Pro is free for startups now. Howbeit, you can talk with the sales team to get the pricing of its Competition plan.

7. AchieveIt

AchieveIt is a purpose-built Georgia-based strategic business planning solution that was founded in 2010. This is an ideal business planning platform for all sectors, including credit unions, commercial, healthcare, federal and local governments.

Integrated Tool —  It provides data uniformity and great accountability for execution.

PowerPoint Digestibility —  This tool could be easily connected with PowerPoint.

This platform bills $70 per user and month under its Core plan.

8. PlanGuru

PlanGuru is also a considerable business planning, forecasting and budgeting software that startups should use. Furthermore, it is more suitable for accountants, small businesses and nonprofit organizations than big enterprises.

Forecasting —  PlanGuru provides 20 powerful forecasting tools to businesses.

Analysis in Minutes —  Users can get all historical data analysis within minutes.

The monthly cost of its cloud and desktop version starts from $99.

Jedox is a unified business planning and forecasting solution that 2500+ companies use worldwide. The major brands that are practicing Jedox are ManpowerGroup, McDonald’s and Bosch.

Timely Insights —  Time-intensive planning has become essential for startups, and it is only possible with timely insights.

Predictive Forecasting —  It is packed with artificial intelligence-based predictive forecasting and planning features.

Jedox comes with four major plans Essential, Business, Professional and Performance. However, you will have to click the ‘Get A Quote’ tab to explore the pricing.

If you want business planning software for VC funded companies, growth and accounting firms, then Jirav is the best option for you. This is a smart and all-in-one budgeting, planning and forecasting tool.

Automatic Imports —  Jirav could automatically integrate all of your business data. Companies can also connect it with accounting and workforce software like Gusto, Xero and QuickBooks.

Reports & Dashboards —  It provides both commercial and non-financial information.

Starter and Pro are core plans of Jirav that monthly cost $250 and $850, respectively.

Business planning is critical for startups and founders to execute a business idea successfully. The use of smart and interactive business planning software and solutions definitely help the new businesses in convincing VCs to fund them. In this regard, entrepreneurs can utilize the above best performing business planning tools.

To discover more startups tools, please refer to the article Top Startup Tools .

What is Business Planning?

Business planning typically applies to organizing ideas in a formal business plan that summarizes the business’s current state.

Why business planning is important?

– Steer the business – Define milestones – Help with funding

What are ten of the best business planning tools?

– Enloop – Live Plan – IdeasBuddy – Cuttles – Vizologi – TheBizPlanner – AchieveIt – PlanGuru – Jedox – Jirav

Jessica Clark

I'm a professional software engineer freelancer. I'm passionate about coding and tech startups.

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5 Best Business Plan Software in 2022

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When you’re starting a business, developing a strong business plan will be one of the first steps you take. Your business plan will cover everything from a detailed explanation of your products or services and pricing model to at least three years of financial projections—plus much more. Therefore, whether you’re not sure how to get started or you’re just looking to make the process easier, you may want to turn to business plan software for help.

In this guide, we'll break down five of the best business plan software options—discussing their pros, cons, features, pricing, and more—so you have all the information you need to decide which solution is right for your small business.

Looking for tools to help grow your business?

Tell us where you're at in your business journey, and we'll direct you to the experience that fits.

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The 5 best business plan software options

The right business plan software will make the process of writing your business plan much simpler. Like many business software solutions, however, there are a number of different business plan software options out there—each of which has a unique set of features, user experience, and price.

This being said, if you're looking for a place to start your search for the best business plan software, you can explore the five top options below:

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

1. LivePlan

Best overall business plan software.

If you want template-rich, modern-feeling business plan software, then LivePlan may be the right pick for you. LivePlan excels with their user interface, which feels updated and slick, and also offers intuitive, easy-to-use features and options.

Their step-by-step instruction will help you kick things off from the beginning, and you can take advantage of their online learning center to continue to gain business skills.

Affordable plans, including pay-as-you-go option

No long-term contracts or cancellation fee; 60-day money-back guarantee

Modern, intuitive interface; cloud-based, can be used on Mac, PC, as well as tablets

Ability to create unlimited plans in one account; over 500 customizable templates

Variety of business resources including video tutorials, step-by-step instruction, and general customer support

Limited integration options

Challenging to enter your own financial modeling projections

Can be difficult to learn

Ability to create an unlimited number of business plans on one account

More than 500 business plan templates spanning various industries

Integration with Xero and QuickBooks Online

Real-time tracking of financial data with accounting integrations

Ability to export your business plan to Word or PDF

Expert advice and step-by-step instruction included

Performance dashboards for tracking against budgets and sales goals

Ability to create and export a one-page pitch executive summary

Annual plan: $15 per month, billed every 12 months

Six-month plan: $18 per month, billed every six months

Pay-as-you-go plan: $20 per month, billed once every month

2. GoSmallBiz

Best for multiple business management tools in one platform.

Next on our list of the best business plan software options is GoSmallBiz, which is much more than just a business plan software. With GoSmallBiz, you have access to business continuity planning software with features that cover creating a roadmap, working through business and legal forms, building a website, and more.

In this way, GoSmallBiz is great for startups or newer businesses looking to access multiple business management tools through one platform.

Unlimited business consultation and extensive library of online resources

Multiple business tools in one software

Website consultation analysis and business assessment

Industry-specific business plan templates with emphasis on financial projections and statements

Expensive monthly cost compared to alternatives

Limited business plan features

Entire business plan can only be exported to Microsoft Word

Outdated interface

Industry-specific business plan templates with step-by-step building wizard

Ability to create financial statements and projections

Free website hosting and website builder

Customer relationship manager with integration with MailChimp

Digital marketing dashboard with social media and Google Analytics integrations

HR document builder

Corporate minutes writer

Business documents library

Business courses library

Unlimited business consultation

$39 per month, no contracts, free cancellation

Best for simple, fast business plan creation.

If you're looking for free business plan software, Enloop will be one of your closest options—they offer an all-inclusive seven-day free trial, no credit card required. Additionally, unlike some of the other options on our list, Enloop is strictly dedicated to business plan creation, including automated text writing, financial forecast comparisons, and a real-time performance score that tracks your progress.

This being said, if you'd prefer the most straightforward, fast, and simple way to write your business plan, Enloop will be a platform worth considering.

Simple and straightforward software, solely dedicated to business plan creation

Seven-day free trial

Automatic text generation available to streamline the writing process

Affordable plans with annual discount option

Limited additional educational resources

Only one template option

No integration options

Ability to create three business plans with customizable text, images, tables, charts, and over 100 currency symbols and formats

Includes automatic text generation for each plan section that you can then customize

Automatically generated financial statements

Includes financial performance comparison analysis (using three ratios with Detailed plan and 16 with Performance plan)

Real-time performance score to track your progress

Ability to invite users to edit (two with Detailed plan, five with Performance plan)

Pass/fail report and certificate to help you identify issues with your plan

Free plan: Seven-day free trial with no credit card required

Detailed plan: $19.95 per month or $11 per month, paid annually

Performance plan: $39.95 per month, or $24 per month, paid annually

Best for startups looking to acquire funding or find investors.

Part of the Startups.com suite, Bizplan gets top marks for their user interface—it’s intuitive, easy to use, and modern. You’ll work with a step-by-step business plan builder to get exactly what you’d like from your business plan. It may remind you of a modern website builder, since it has drag-and-drop tools to build templates.

Moreover, for one subscription fee, you have access to all of the tools in the Startups.com network, including self-guided courses, how-to guides, masterclass videos, and more. All in all, with a direct connection to Fundable, Bizplan is a top business plan software option for startups looking to acquire funding and find investors.

Subscription gives you access to all Startups.com tools

Lifetime access subscription option

User-friendly drag-and-drop business plan builder

Excellent educational resources

Connection to Fundable great for businesses looking for capital

No free trial

No templates based on industry

No mobile access

Drag-and-drop templates for business plan building

Financial command center to track all business financials in one place

Unlimited account collaborators

Ability to share business plan online with investors

Online resources including self-guided courses, masterclass videos, how-to guides, mentorship access

Unlimited software use for Fundable, Launchrock, and Startups.com

Monthly plan: $29 per month

Annual plan: $20.75 per month, billed at $249 per year

Lifetime access: $349 one-time fee

5. PlanGuru

Best for financial planning and budgeting.

Finally, for some of the strongest financial features among business plan software options, including budgeting and forecasting, you might check out PlanGuru. Whereas the other solutions we've reviewed were first and foremost focused on writing a business plan, PlanGuru is dedicated to business financial planning —providing the tools you need to create budgets, financial forecasts, reports, and more.

Therefore, if you need a software solution that can streamline the financial piece of your business planning processes, PlanGuru will certainly have the most to offer.

Extensive financial tools and detailed forecasting, budgeting, and reporting capabilities

Substantial library of resources

Cloud-based and desktop options

14-day free trial and 30-day money-back guarantee

Expensive, especially for additional users

Only focuses on the financial aspect of business planning; no templates or tools for basic business plan writing

Difficult to use without prior financial knowledge

Cloud-based version of software, as well as locally installed Windows version (desktop version has a few more features)

Works with QuickBooks Online, Xero, and Excel

Budgeting and forecasting for up to 10 years

Over 20 standard forecasting methods

Formula builder to create custom methods

Ratios and KPIs

Dashboard and reporting tools

Help guides, video tutorials, knowledgebase, and live U.S.-based customer support

14-day free trial

$99 per month (additional users $29 per month)

$899 per year (additional users $299 per year)

What to look for in business plan software

Ultimately, it's up to you to decide, which, if any, of the best business plan software solutions on our list is right for your business.

So, if you're trying to figure out how to choose between the various options out there, it might be helpful to compare your top choices based on the following criteria:

Features: As we've seen different business plan software solutions offer different features. You'll want to look carefully at the feature list of any software and determine what features are most important for your business needs. Do you need an extensive library of templates with detailed customization? Would you prefer software that includes an online learning center for business skills? Are you looking for a solution that combines business plan writing with other tasks? It may be useful to list out your ideal feature set, so you can compare individual software plans to that list.

Price: Although you might be able to find some free business plan software options (or at the very least, free trials), in most cases, you'll need to pay a subscription fee to access the platform you choose. Therefore, you'll want to think about what your budget is for this business tool and what type of software is most cost-effective for your needs.

User experience: User experience can vary widely among different business plan software options. You’ll find some programs that are newer or have been recently updated. Others might have the kind of interfaces that felt new years ago but are now pretty out of date—and, subsequently, make them a little harder to use. The right user experience for your needs is genuinely a matter of opinion and comfort—nevertheless, it's worth testing thoroughly testing out a platform to ensure that it can truly work for you before investing in a monthly or annual subscription.

The bottom line

There's no doubt that properly crafting your business plan is important for the future growth and success of your small business. Luckily, the right business plan software should make the process much simpler.

This being said, whether you opt for one of the best business plan software options listed here, or another platform entirely, you'll want to take the time to compare multiple solutions and ensure you choose the one that's right for your business.

As we mentioned, it can be helpful to think about the features you're looking for, your budget, and your user-experience preferences ahead of time—that way, you'll have a set of criteria in mind as you explore different solutions.

Ultimately, perhaps the best thing you can do to find the right software is to actually test out the platforms themselves—either by using a free trial or a money-back guarantee.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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LivePlan has helped over 1 million business owners build better businesses

It’s proven, companies that plan and track against their plan grow 30% faster than those that don’t. No matter your industry, location, or size — LivePlan helps you get your business off the ground and grow

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“It wasn’t my intention to be an entrepreneur or a business person. My intention was to work with dogs. I kind of had to learn the rest of it in order to do what I wanted to do.”

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“That’s what it does for your business; [using LivePlan] has got us all talking and much more engaged about what we are and what we’re trying to do.”

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“Before LivePlan, I was making decisions that were poorly informed. Now I test everything through my business first, before I take it to my clients.”

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Entrepreneurs & business owners love LivePlan

“I learned more about running my small business from a week of focused work in [LivePlan] than I have from any other single source. It has fundamentally changed the way I view my business ventures”

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“Using LivePlan is easy and there is so much assistance available. There are examples, templates, and videos explaining what to write. [...]. It does the math for you. It creates graphs and charts. It is amazing.”

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“LivePlan was a great help to design, work out, plan and strategically organize and think about all the ideas that go into developing a new project and business plan [...] Think about it like a coach guiding you through the process.”

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“Before LivePlan, my team and I had no idea where or how to start [...] It helped us focus on and build every single area of our business strategy and recognize that some aspects of the company needed to be adjusted before we could launch.”

“LivePlan has eased my business planning processes and have provided me with easy access to credit from both banks and investors alike.”

“All businesses require solutions and tools [...] for control of expenses, spreadsheets were always the first option, but since the arrival of LivePlan, all work is easier and more automated.”

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“I didn’t have a business plan and using LivePlan helped give me an easy tool to build a strong business plan for myself and clients. My clients have gone on to enhance their plans and grow their businesses.”

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“LivePlan made us feel confident and secure in our numbers and gave us a clear view of our past, present and future!”

“LivePlan provides the balance between stating your vision, the framework to support it, and the numbers.”

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7 Best Business Plan Software for Startups in 2024

• Resources for Planning a Business
• Best Business Plan Software

Last Updated: January 23, 2024 By TRUiC Team

Launching a new startup is an exciting yet challenging endeavor. Crafting a comprehensive business plan is a critical first step for any founder to outline their vision, objectives, and strategy. It acts as a roadmap to help guide important decisions and next steps as a company grows.

With so many options available, finding the right business planning tool can be daunting. The best software should be affordable, user-friendly, and offer a robust set of features to aid in financial modeling, strategic planning, and more.

In this review, we'll explore some of the top business plan software solutions designed specifically for entrepreneurs. We'll compare capabilities, ease of use, templates and resources, integrations, pricing, and more. Whether you’re looking to create an investor-ready plan or simply organize your strategy, choosing the right tool can help you get started on the right foot.

Best Business Plan Software for Startups: LivePlan

Top Business Plan Software Solutions

In this review, we'll look at seven of the best business plan software platforms — discussing their pros, cons, features, pricing, and more — so you can decide which one is right for your startup.

Best Business Plan Software for Startups 2024:

• LivePlan - Best Overall
• Bizplan - Easiest to Use
• Enloop - Best Automation Features
• PlanGuru - Best Financial Forecasting
• IdeaBuddy - Best for Idea Validation
• iPlanner - Best for Nonprofits
• Wise Business Plans - Best Professional Services

The following tools all have their own great features. Based on its affordable pricing and usability, LivePlan is our top business plan software choice for startups.

Try LivePlan today or continue reading to explore your options!

Best Business Plan Software: LivePlan

LivePlan is the overall best business plan tool, offering a large number of features at an affordable price.

Visit LivePlan

1. LivePlan - $15/month to $30/month

We love LivePlan overall because it offers great value at an affordable cost. The software lets you quickly create a business plan from anywhere in the world using what is arguably the best business plan software available on the market. It does everything better than its competition and costs way less.

What’s more, the online “cloud-based” platform is easy to use and you are under no contract or obligation to keep paying for the service. Even better, if you decide to stop service for whatever reason, Palo Alto Software, the makers of LivePlan, will keep your account active and data preserved for at least a year should you decide to reactivate your account later.

• Create an unlimited number of business plans
• A forecast feature for those less mathematically inclined. Plug in data, and it will generate charts, graphs, figures, and even the profit and loss, balance sheet, and cash flow statements
• 500+ business plan templates spanning all major industries
• Real-time financial data tracking
• Performance dashboards track sales and budgeting
• Create one-page pitch plans for potential investors
• Milestone scheduling feature — Some people will use it when working with others on their plan; it will let you assign milestones to people.
• Low-cost annual plans
• Affordable pay-as-you-go plans
• No cancellation fees
• Data saved for 12-months, even after cancellation
• Clean, modern platform
• Cloud-based; works on any business machine (Linus, Windows, Mac)
• Integrates with Quickbooks and Xero to import your data easily
• Knowledgeable customer support to get help with your plan
• No valuation capabilities
• Templates built on Palo Alto Software’s earlier software Business Plan Pro require some modifications to be used on LivePlan

Insider Information

Talking to the nice people at LivePlan we learned some inside information that we wanted to share with our readers.

Here's what we learned:

• LivePlan has been used by contestants on ABC's hit show "Shark Tank" to win over angel investors to help them get their ideas and businesses funded.
• Accountants use LivePlan as an added-value service to sell to their clients.
• Businesses continue using LivePlan because of a feature called “Dashboard” which lets you manually enter your actuals or pull actuals from Quickbooks online to do comparative forecasting and analysis.
• LivePlan helps with business continuity planning (BCP).
• LivePlan executives use LivePlan to make important business decisions.
• "Dashboard" does profit and loss, cash flow, and balance sheet reports and lets you compare and contrast your actuals from your forecasts to be able to show to investors.
• LivePlan lets you create business plans in 1/5th the time it takes using templates.

Customer Reviews

LivePlan receives great feedback from customers. LivePlan reviews average 4.5 stars out of 5 on GetApp. LivePlan is an easy company for us to recommend for the best business plan software.

2. Bizplan - $29/month, $249/year, $349 lifetime

Bizplan rates high on our list because they offer a lifetime plan that gets you "forever access" to their business plan software. As an added bonus, you also receive free access to Startup Courses and LaunchRock, a landing page builder.

• Easy, "fill-in-the-blanks" plan builder
• Publish your business plan online
• Unlimited business plans
• Bizplan takes care of the financials
• Cloud-based (use any browser on any computer)
• Options to add more graphics and photos
• Low-cost yearly plans
• Create unlimited business plans
• Xero to import your data easily
• Excellent and responsive customer support (email/chat/phone)
• Free access to Startup.com and LaunchRock.com
• Discount at Fundable.com (connect with lenders and investors)
• Can't export in Word
• Doesn't currently integrate with QuickBooks
• No free trial
• No third-party app integrations

Talking with BizPlan insiders, we learned that the premise behind BizPlan is to help startups easily create professional business plans to give them a leg-up with lenders and investors.

Here's what else we learned:

• BizPlan's does all your financial calculations for you.
• BizPlan strives to be an all-in-one solution for Startups needing funding.
• BizPlan is constantly making improvements to its software.

BizPlan receives great feedback from customers. BizPlan reviews average 4.4 stars out of 5 on GetApp. Still a relatively new option, BizPlan already has over 30,000 satisfied customers. As their platform grows, we wouldn’t be surprised to see them integrate even more valuable features. Keep a close eye on this one.

3. Enloop - Free to $39.95/month

If you’re looking to try before you buy, Enloop is a strong choice as one of the only business planning software tools with a free trial.

• User-friendly platform
• Compare your financials against your industry's performance
• Bank ready financial statements (Profit and Loss, Balance Sheet, Cash flow)
• Lets multiple team members work on a business plan
• 36-Month detailed financial reports
• Sync date and text into your business plan
• Real-time performance rating
• Generated business plan Pass/Fail report
• Multiple currency formatting
• Seven-day free trial (no credit card required)
• Advanced financial ratios
• Financial projections
• Video tutorials to help you with the writing process
• No phone or chat support, just a "contact us" form.
• Three business plan limit per account
• Doesn't integrate with QuickBooks or Xero
• No financial forecasts beyond 36-months
• No 30-day money-back guarantee

We learned that the premise behind Enloop is to make business planning easier for entrepreneurs. Enloop achieves this by making software simple to navigate through and takes risks off the table with their no credit card needed seven-day free trial. Their business plan creation software offers financial forecasting features for up to 36 months.

• Enloop utilizes 16 financial ratios to get your business ready for investors.
• Enloop offers some sample business plans that are easy to modify.
• Enloop's performance score increases as you create your detailed plan.
• A new business or small businesses benefit the most from Enloop's solutions.

Enloop receives fair feedback from customers. Enloop's reviews average 3 stars out of 5 on PCMag. Enloop's main complaint is its lack of instructional text for writing mission statements and other key sections. What they rank high on is their efficiency and the speed at which the software lets you write a business plan.

Even beyond the free version, Enloop Basic is just $9.95/month ($6/month when paid annually), so they’re one of the least expensive tools for writing a business plan.

4. PlanGuru - $99/month to $299/month

PlanGuru is a good option if you’re looking for considerably more robust software that offers quite a bit more. The most notable feature we like is the valuation tool, only present on the desktop version of the software. PlanGuru lets you calculate the valuation of your business using three different methods. No other business plan software offers this that we know of.

PlanGuru also offers budgeting, forecasting, and performance tools to help you put together a business plan. In the main, PlanGuru allows you to get a custom-tailored three financial statement budget model up and running out of QuickBooks or Xero in a matter of minutes. PlanGuru's business plan writing software takes you through a setup process where it asks you questions such as:

• What's the first month of your fiscal year?
• How many historical years do you want to import?

And, once you answer these questions, PlanGuru then generates a model for you that you can then populate with your historical data if you have it. Then you can go through PlanGuru's 20+ projection methods.

Some financial data projection methods include:

• Expenses, like payroll, etc.
• Balance sheet items, like accounts receivable, accounts payable, crude expenses, prepaid expenses, loans, etc.

These are only a few of the features the business plan software offers. Here are some more.

• Budgeting/Forecasting Software
• Analytics Service for Financial Performance & KPIs
• Valuation calculations (desktop software only)
• Desktop and cloud-based options
• Free 14-day trial and 30-day money-back guarantee
• Great customer support and knowledgeable sales staff
• Lower-cost yearly plans offered
• Advanced financial calculations
• Business valuation calculations
• No contracts
• Integrates with QuickBooks and Xero
• Costlier than LivePlan and most other business plan software options
• Additional cost per user can add up quickly

The great thing about PlanGuru is that the only thing you have to worry about is the income statement and balance sheet projections because the cash flow statement is automatically generated.

Then once you have the cash flow statement, income statement, and balance sheet in place, you can then lock down the budget.

• PlanGuru's desktop version has three different types of valuation methods that calculate the worth of your business.
• PlanGuru has some really nice reporting tools that pull together your financial statements into table formats, say, for the bank, line-by-line.
• PlanGuru also has some nice charts, graphs, scorecards, and some easily digestible reports that can help you visualize how your company is performing.
• Exports to Excel, PDF, and Word documents --and, there's even a tool that lets you create customized reports.
• You can print your plan off too to show partners, lenders, and investors.
• PlanGuru now offers a cloud-based version of its software, though it will take some time to catch up to the rich features offered by the current desktop software version.
• With PlanGuru you also get free updates, bug fixes, and new releases as they become available.

Important Note: These tools are important because investors may want to see not only historical performance but also projections.

5. IdeaBuddy - Free to $35/month

IdeaBuddy makes our list because of what's behind their approach. IdeaBuddy focuses on helping entrepreneurs develop their idea first, then share it, and then refine it into a plan. If you have a business idea and don't know what to do next, IdeaBuddy could be what you're looking for in a business plan software.

• Single-page business plan pitch (Idea plan)
• Clean modern design platform combined with great financial tools
• Marketing plan for selling and promoting your products
• Market overview plan where you create targeted customer profiles, identify your competition and calculate the market potential
• Business plan creation that includes forecasting performance and cash flow projections
• A proprietary algorithm calculates a final score for your idea providing recommendations for improvement after you complete "Story Mode"
• Idea Journal, that is an internal business plan for you to show potential investors
• A lifetime plan costs only $178
• Great for developing ideas
• Great for doing market research
• Pay-as-you-go plans offered
• Email-only customer service
• Software lag time issues
• Fewer software options than most other small business options

IdeaBuddy has some great features that are fantastic from idea conceptualization down to cost projections and the laying out of steps to take to start a business. We would have liked, however, to been given more KPIs that would notify us of tasks, help with idea validation, and help us measure other objectives to better monitor the health of our business. Another thing lacking was the design of the finished plan--it contained some noticeable structural issues.

IdeaBuddy has received some outstanding customer reviews on GetApp. IdeaBuddy has earned a 4.6-star rating out of 5 possible stars.

6. iPlanner - Starts at $55/year

iPlanner is a comprehensive business plan software that has been aiding entrepreneurs since 2007, providing a robust framework for developing business plans, models, and financial forecasts online.

• Unlimited Team Members & Collaboration
• A La Carte Pricing Model vs Packages
• Discounts for Serial Entrepreneurs & Business Coaches
• Solid amount of industry knowledge and experience.
• They've got two trademarked business planning services, Startup Framework™ and Strategy Designer™
• All of their business planning packages allow you to have unlimited collaborators and assign people three different roles: Project Owners, Advisors, and Viewers.
•  Their Startup Framework software has a business modeling section where you can design a business model canvas and strategize as much as you need before diving into your plan.
• Doesn't have a month-to-month option for either of their services. Their Strategy Designer is payable only annually, while their Startup Framework is available for 3-month, 6-month, or 12-month payments.
• They don't offer refunds
•  Their website is pretty old school and tough to navigate.
•  Unlike other business planning software, iPlanner doesn't offer a free version or trial. However, you can take a tour of their Startup Framework software or view a demo of the Strategy Designer to get a feel for them.

iPlanner's Business Planning Software

If a simple framework is all you're looking for, iPlanner can help you out. They don't have many bells and whistles, but at these price points, they offer a good value for nonprofits and corporations.

7. Wise Business Plans - Pricing by Request

Wise business plans website is a little confusing to navigate, and pricing is by request only, which can get frustrating. They do have a lot of options for different kinds of business plans for various types of business types, which makes them versatile. They also have business building and funding options as well. And, if you wish to establish business credit, they offer net-30 accounts that get reported to Equifax business.

• Claim to be the only business plan company to write for Fortune 100 and 500 companies
• Business formation services
• Business license searches
• EIN services
• Digital marketing services
• Business website design and branding
• Has a lot of helpful information
• Helpful options for forming your business
• Options to help after you start your business
• Helps small businesses establish business credit
• Not an actual business plan software
• Expensive by comparison
• Website is difficult to navigate
• Pricing is by request only
• Limited products and features
• Turnaround is one month
• Requires some work on your end

Business Plan Software Pros and Cons

• By using business plan software providers, you’ll be able to create a solid outline for your business. Although some of the options above are better than others, each will walk you through from start to finish.
• No matter how you look at it, business plan software is cost-effective. As long as you actually use the tool, you’ll generate significantly more value than you’re spending on monthly subscription fees.
• If you spend the time to create a solid plan, you’re much more likely to hold yourself accountable. Think of planning software like an accountability buddy for entrepreneurship.
• Your business plan tool will help set realistic financial goals, and most can also keep your bottom line in check by integrating your accounting software.
• Business planning software enables you to collaborate with partners, mentors and investors.
• Some of the business plan tools don’t offer support and can have slightly buggy features. That said, if you’re serious about writing a solid plan, go with a tool that’s constantly updated and well made.
• Although some business plan tools have a collaboration feature, none of them can review it when you’re done. All business planning tools lack a human touch.

How to Choose the Right Business Plan Software

With the array of business planning tools available, it can be daunting to select the right one for your needs. Here are some tips for choosing a business plan software solution:

• Consider your skill level – Opt for software like a wizard-guided template if you are less experienced in writing plans. Choose more advanced software with greater flexibility once you know what you are doing. Look for drag-and-drop tools to easily organize sections.
• Determine your budget – Prices range from free to several hundred dollars. Know how much you can spend before shopping.
• Compare features – Look for software with the specific tools you need, like financial projections, sample text, customizable templates, and more.
• Evaluate the financial tool capabilities – The software should provide extensive financial tools like forecasting, modeling, projections, and dashboards to streamline financial planning.
• Check reviews and ratings – Get feedback from other users about their experience with the software. High reviews indicate easier, more user-friendly software.

Which Is the Best Business Plan Software?

You know the unique requirements of your startup better than we do. These are all quality services that offer business planning software tools for entrepreneurs like you. Feel free to read over our full reviews if you’d like to know more about any of them or even visit the websites directly.

In general, we do prefer LivePlan because they have a huge library of business plan templates, and we love their convenient dashboard. They're the planning software that is most likely to help you via customer support, continue updating their tool, and figure out ways to make your business experience better. Enjoy!

What is the purpose of a business plan?

The purpose of a business plan is to provide a structured outline and roadmap for a business's goals, strategies, and operations. It serves as a guide for decision-making, resource allocation, and management. 

Furthermore, it can be a crucial tool for attracting investors, securing loans, and ensuring that all stakeholders have a clear understanding of the business's direction and objectives.

What does business plan software do?

Business plan software assists entrepreneurs and businesses in creating, organizing, and refining their business plans. It provides tools, templates, and guidance to streamline the planning process. 

Features often include financial forecasting, market analysis, visual aids like charts and graphs, collaboration capabilities, and even integration with other business tools. This software aims to simplify the task of creating a thorough and professional business plan.

How do you write a business plan?

To write a business plan, start by writing an executive summary that provides an overview of your business idea, products/services, market opportunity, and projected growth. Outline your company description, industry analysis, target customers, competitive advantage, marketing and sales plans, operations, management team, and financial projections.

How long should a business plan be?

The length can vary based on the complexity of the business, its stage, and its intended audience. In general, it might range from 15-50 pages. However, the key is to ensure that the plan is comprehensive yet concise. 

For many situations, especially when seeking investment, a more detailed one is preferable. Yet, for internal purposes or for businesses at very early stages, a shorter, more concise plan might suffice.

Are there business plan templates on Word?

Yes, Microsoft Word has business plan templates you can download and customize. The templates provide section headings, instructions, sample text, and tables to input your specific business information.

What is Palo Alto Software?

Palo Alto Software is a company that's been around since the late 1980s. They created business management software for startups and existing businesses. The software has since been updated and rebranded as LivePlan and today happens to be one of the most sought-after business plan software available in the marketplace.

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9 effective strategic planning models for your business

Strategic planning models can make a big difference to your organization. That remains true whether you’re a startup developing an overall strategy or an established business fine-tuning internal processes.

But there are many strategic planning models, and it’s vital to pick one that suits your purpose and needs. The right framework will help you streamline processes, drive alignment, and propel your business.

To help your research process, we’ve compiled a list of the most effective strategic planning models and their top use cases. Let’s take a look.

🧐 Looking for a flexible framework to help you reach your business objectives? Leapsome’s goal management tools fit any strategic planning process. 👉 Learn more

What is a strategic planning model?

A strategic planning model is a framework that allows organizations to map out their short- and long-term business plans. They can help:

• Identify and overcome obstacles 
• Improve and streamline operations
• Reach overarching business goals
• Create alignment between different departments
• Track progress over time

And you don’t have to limit your organization to one strategic planning model. Businesses can benefit from using multiple approaches, even simultaneously. But different strategic planning models are best suited for different situations, so make your choice based on your business type, growth stage, priorities, and goals. 

9 models for strategic planning

These are some of the most popular strategic planning models. Our list covers a definition of each model, an example of it in action, and which use cases it works best for.

1. Objectives & key results (OKRs)

OKRs are a popular goal-setting framework that organizations, teams, and individuals use to define long-term objectives and track progress. To better understand the meaning of OKRs , let’s unpack the acronym:

• Objectives — ambitious but achievable long-term goals
• Key results — milestones used to measure progress toward each objective

When establishing your OKRs, create quarterly objectives for all company levels — Leapsome has a free OKR template to help you get started. Then, revisit your OKRs regularly to monitor your progress and make adjustments if necessary. You can also introduce regular OKR meetings to your organization’s internal processes.

OKR example

Here’s an example of an OKR for a B2B SaaS company:

Objective | Significantly scale our customer base and deliver our great product to more people

• Key results: 
• Increase sales conversion rate from 25% to 30%
• Reduce user churn from 5% to 3%
• Publish a successful case study on our website every quarter
• Achieve a minimum of 4.7 out of 5 rating across all major review sites

OKRs work best for organizations that want to create more alignment behind their goals. By breaking down company-wide objectives into smaller, more manageable tasks, OKRs ensure everyone works toward a common purpose.

‍ OKRs also show employees how their work contributes to the big picture, giving them a sense of purpose and boosting employee engagement . Research by Gallup links engaged employees to lower turnover rates, better work performance, and a thriving work culture. Consequently, OKRs help companies build successful workplaces.

💡 Wondering how to introduce OKRs to your organization? Use Leapsome’s flexible framework to set company-wide objectives and track them in one intuitive place. 👉 Learn more

2. SWOT analysis

SWOT stands for strengths , weaknesses , opportunities , and threats . Use the SWOT model to define internal and external factors affecting your business. Then, compare the different factors to assess the risk of a potential strategy. 

For example, if your organization’s strengths match opportunities in the market — say, you have a lot of capital, and your competitors don’t — you know you have a competitive advantage. In that scenario, you can take an offensive business strategy with relatively low risk.

SWOT example

Here’s a SWOT example for a sales-based organization:

• Strengths — We have an excellent rapport with our customers and a loyal customer base.
• Weaknesses — Our current supply chain is inadequate.
• Opportunities — There’s high customer demand for one of our products.
• Threat — Our main competitor is developing a similar product.

Based on this SWOT analysis, our example organization isn’t in a strong strategic position. There’s a risk they won’t produce or distribute enough of their product to meet demand, and their competitor has the potential to outperform them. They should prioritize optimizing their product offering and solving supply chain issues over generating leads or working on an aggressive marketing campaign.

Any business can benefit from SWOT analysis. However, it’s best to use it at the beginning stages of a new strategy and with a specific goal in mind. You could try a SWOT approach when deciding priorities, like implementing new technology or restructuring your organization.

3. PEST or PESTLE analysis

PEST analysis focuses on external factors that can affect your organization. The letters stand for:

• Socio-cultural
• Technological

And depending on your industry, you might add legal and environmental factors to make PESTLE. 

PEST or PESTLE example

Here’s an example of a PESTLE analysis for a multinational confectionery company:

• Political factors — The government of a country where we sell many products is planning to raise import tariffs.
• Economic factors — Our target demographic (13 to 21-year-olds) has more disposable income now that Covid-19 restrictions have been lifted.
• Socio-cultural factors — Surveys report that customers consider our products healthy.
• Technological factors — Engineers devised a more efficient way to farm the main ingredient in half our products.
• Legal factors — The FDA approved our latest chocolate bar.
• Environmental factors — NGOs are pressuring us to use more environmentally friendly processes.

PEST analysis lets you assess the business environment for a product or service, so it’s best used during the beginning stages of a project.

4. The Balanced Scorecard framework

The Balanced Scorecard framework lets you take a holistic approach to business planning that doesn’t just focus on economic performance. Instead, you look at four perspectives: 

• Financial perspective — how well your organization is performing economically
• Customer perspective — your customer satisfaction and retention levels
• Internal business perspective — the quality and efficiency of your internal operations
• Innovation and learning perspective — your ability to improve, pivot, and grow your business

Then, create objectives and define measures to track your progress for each perspective. Those measures will support you in planning and executing initiatives to achieve your goals. And as you carry out this strategy, you can update your scorecard to show your progress.

Balanced Scorecard example

The management at ECI (Electronic Circuits Inc.) wanted to improve their delivery times. But when they talked to customers about the issue, the organization received unreliable feedback — different people had different definitions of being ‘on time.’

Using the Balanced Scorecard framework, managers shifted focus to their operations and checked the efficiency of their manufacturing process. They discovered ways to optimize the business’s cycle time, yield, and costs. 

Despite not having a reliable customer perspective, the Balanced Scorecard’s comprehensive overview of the ECI organization provided a versatile solution for reducing delivery times and streamlining the business’s overall operations.

The Balanced Scorecard framework is best for understanding your business health and creating alignment across your company.

5. Porter’s Five Forces

Porter’s Five Forces is an approach that lets you assess your product or service’s competitive advantage in the market. Identifying potential threats can guide your organization in developing a more dynamic strategic plan.

The ‘Five Forces’ that may affect your product are:

• The threat of new competitors — Are many new businesses popping up in your industry? How easy is it for new companies to develop a product or service similar to yours?
• The number of existing competitors — How many direct competitors are you contending with? What about adjacent competitors? Are any of them growing quickly?
• The bargaining power of suppliers — Could suppliers put pressure on you to lower costs or change your business model?
• The bargaining power of customers — Are your products or services available elsewhere? Is there a demand for them? Do people have issues with your pricing or quality?
• The threat of a substitute — How likely is a similar product or service to enter the market?

Porter’s Five Forces example

Let’s take the example of a cosmetics company planning to release a shampoo with SPF 50:

• The threat of new competitors — The shampoo requires expertise to develop, which is an obstacle for competitors entering the market.
• The number of existing competitors — Two companies with similar products are poised to grow. They could create an almost identical product and pressure them to lower costs.
• The bargaining power of suppliers — There’s a large number of suppliers, so they have little bargaining power.
• The bargaining power of customers — Depending on where customers live, they’ll consider the shampoo a seasonal product. As it’s almost winter in the countries with the largest customer base, demand is lower.
• The threat of a substitute — Research suggests that no products currently in development could fill the same need (protecting the scalp from sunburn).

Porter’s Five Forces are best for evaluating your product or service after development but before entering the market. It’s also helpful for assessing an organization’s overall competitive position. 

6. The VRIO framework

The VRIO framework helps organizations determine whether they can turn a resource into a competitive advantage. These can be physical resources like inventory, tools, and technology, or nonphysical ones like patents, skills, and work culture.

Let’s break down the VRIO acronym to understand how to evaluate each resource:

• Valuable — The resource increases revenue or decreases operational costs.
• Rare — The resource is limited or you control the supply.
• Inimitable — The resource is unique or complex, meaning it’s difficult for competitors to copy.
• Organizational — Your organization can exploit the full potential of the resource.

VRIO example

Here’s an example of a delivery company determining whether they can exploit their resource — distribution centers — to gain a competitive advantage:

• Valuable — All the distribution centers are in strategic positions, which makes them a valuable resource as the company can use their location to create more efficient delivery routes.
• Rare — The distribution network is a scarce resource because there are only a few ports for international delivery.
• Inimitable — Competitors could build distribution centers in nearby locations.
• Organizational — Delivery drivers aren’t using the most efficient routes between distribution centers.

The delivery company could have a temporary competitive advantage, but they’re not exploiting this resource. Management needs to address whatever stops delivery drivers from using the fastest route before rival delivery companies copy and control the same resource. ‍

The VRIO framework works best for businesses deciding how to launch a new product or service or determining how to improve their existing business model. 

Specifically, the organizational metric shows how efficiently your organization uses its resources. If you have a high score for the first three metrics but consistently fail to capture the value of your resources, it’s a sign you need to improve your internal processes.

Combine the VRIO framework with Porter’s Five Forces for a clear strategic direction when launching a new product.

7. The Hoshin Planning framework

The Hoshin Planning framework is mainly a top-down approach. This method outlines seven strategic planning stages, which are:

• Define your vision to clarify your organization’s primary purpose.
• Develop your main objectives to give your organization a competitive advantage.
• Break down objectives into smaller annual goals.
• Set goals across your entire organization — at C-level, managerial, departmental, and individual levels.
• Implement your plans.
• Perform monthly reviews to reflect and monitor progress.
• Do an annual review to determine if you’ve achieved your goals and what to work on next.

It’s worth noting that the Hoshin Planning framework doesn’t have to be strictly top-down. Another core idea behind this method is that managers should ‘play catch ball’ — that is, bounce ideas between management, department heads, and team members during the first four stages.

Hoshin Planning example

Here’s how a car manufacturer might implement the Hoshin Planning framework:

• Management shares their vision of developing the most innovative technology on the market.
• They decide their main goal is to develop the first self-driving car by the end of 2025. But when leadership talks to the head of engineering, they say this breakthrough won’t be possible by 2025. They collectively adjust the deadline to 2027.
• Management breaks this goal down into smaller targets. One of them is mapping out what the self-driving car should be able to do in every scenario. The engineering department agrees with this plan.
• ​​Those targets inform detailed initiatives, like observing real-life driving incidents and collecting data on traffic and accidents.
• All parties carry out the agreed-upon initiatives. After a month, management conducts a meeting to check everyone’s progress.
• A year later, the engineering department has data on most scenarios the self-driving car would encounter on the road.

Companies with complex processes — like manufacturing and tech businesses — are more likely to use the Hoshin Planning framework. Their operations benefit from the ‘catch ball’ idea because it’s easier to spot problems when you filter them through diverse teams.

The Hoshin Planning Framework is also ideal for creating alignment within your company. Consider it for a larger organization that’s experienced project issues and bottlenecks.

8. The Theory of Change model

The Theory of Change model involves establishing long-term goals and working backward. Start with your desired outcome and go through all preconditions necessary for it to become a reality. During this process, you determine what needs to change to reach your objectives.

Theory of Change example

Nonprofit organizations with specific missions often use the Theory of Change model. Take adult literacy, for example. The project team would start with an ideal situation — like their country having a 100% literacy rate — and work backward to find out what’s preventing them from achieving that aim. The issues might range from a lack of funding to a need to increase awareness about resources that are already available. Then, the nonprofit team could start addressing the issues they identified.

Any organization can benefit from the Theory of Change framework. Still, it works best for specific projects, like expanding your company abroad or opening a new department, as it involves scenario planning. 

9. The Blue Ocean strategy

The Blue Ocean strategy is a strategic planning model that’s become popular recently. Developed in 2004, this method assesses whether your organization operates in a saturated market. If so, the underlying assumption of the Blue Ocean strategy is that it’s better to create new demand.

In the strategy, the ‘ocean’ is a metaphor for the market. The ‘red ocean’ is full of predators (large companies) competing for food (customers) and turning the water red, whereas the ‘blue ocean’ is deep, unexplored water that’s full of potential (uncontested market space). Here’s a list of indicators that you’re in a ‘blue ocean’:

• You’ve found uncontested market space
• You’ve made the competition irrelevant
• You’re creating and capturing new demand
• You’re breaking the value-cost trade-off

Blue Ocean example

Apple is a famous example of a business that operates in a ‘blue ocean.’ Although it’s one of the leading technology companies in the world, the Apple team still prefers to innovate new products rather than beat the competition.

The Blue Ocean strategy is ideal for small businesses and start-ups trying to establish themselves among larger organizations. Established companies in dynamic industries like tech can also use it to stay ahead of their competition.

How to implement a strategic planning model

Once you’ve set up your strategic plan, you’ll want to utilize it to its full potential. Here are some tips to make sure your strategy goes into action.

Align your approach to strategic planning with your values

There are many strategic planning models to choose from, and your organization can only implement so many. Although all of them have pros and cons, none are necessarily better than the others. So, choose the strategic planning models that reflect your organization’s values. That way, it’ll be easier to introduce your strategy and get all team members on board.

If you’re a people-first organization, OKRs are an ideal choice. OKRs involve your employees in company initiatives, make internal decisions more transparent, and give everyone a sense of purpose. 

Allocate resources to the strategic planning process

Strategic planning is like any other task: It requires resources like funding, time, and research. You should have a budget and schedule for every part of the process.

The employees helping you with strategic planning and implementation are also vital assets — offer them training and consistent support. Free up their schedule for strategic planning and create a timeline for the entire process to set your team up for success. ‍

Review your progress

Aside from planning and implementing your strategy, you’ll need to check on your progress regularly. That means monthly and annual reviews at all levels.

Many strategic planning models already have reviews built into their stages. But even if they don’t, you should reevaluate at regular intervals. You can define some key performance indicators (KPIs) to measure the success of your initiatives and your overall business health. Popular KPIs include revenue growth, client retention rate, and employee satisfaction.

Be ready to adjust your strategic plan

As the saying goes, even the best-laid plans often go awry. You may find that conditions change as you implement your strategic plan or that you didn’t predict certain issues. The key isn’t necessarily to strategize better, but to have a dynamic strategy. This will allow you to adjust your plan and deal with problems as they arise.

For instance, you might opt for the PEST analysis, but be open to considering important legal and environmental factors when they come up. You can try to predict what new legislation or world events may affect your industry. Then, if any conditions arise that affect your business, you’ll be able to pivot your strategy without too much additional effort.

Boost your organization’s performance with strategic planning models

Strategic planning models help you assess the current state of your organization, decide which direction to take in the future, and communicate your plans to your employees. They can be the difference between your business merely sustaining itself and thriving.

If you’re wondering how to implement a new strategic planning model, Leapsome can offer professional support. Our Goals and OKR Management Software provides an adaptable framework for your chosen strategic model.

🚀 Kickstart your strategic plan with Leapsome Our goals and OKR management tools make it easy to implement your strategy of choice. 👉 Book a demo

Leapsome Team

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Choosing the Best Planning Tools for Your Business + 5 Examples

Learn how to choose the right planning tools with the best features for your business and five examples to consider.

To run a business effectively as a business owner, you need the right tools. Planning for short and  long-term goals  takes time and organization. That’s why you need a planning tool (or two).

But how do you know which planning tool or app is right for your business? Paying a year’s subscription for a tool that turns out to be something you don’t need is disappointing and, frankly, a waste of time and money.

In this article, we share five project planning tools to consider while you’re on the search. For best results, follow the tips outlined in this guide, and you’ll be planning effectively in no time.

What is a planning tool, and why is it important for business?

A planning tool is a specialized software,  app , or framework that helps businesses set, organize, and manage goals and objectives. It provides a structured approach to strategic, operational, tactical, and contingency planning. Planning tools cover many areas, in both professional and personal aspects.

Most importantly, a planning tool can and should support efforts to optimize resources and efficiently achieve desired outcomes. Here are some reasons planning tools are essential in business and even personal projects:

• They help plan and organize deliverables and break them down into tasks.
• They help assign resources to the tasks, including the people who’ll work on them.
• They help determine task duration and dependencies, as well as deadlines.
• They help establish a schedule and budget to track progress and performance.

Planning tools are integral to every project you undertake in your business, from digital marketing to financial projection and everything in between. That’s why it’s critical to know how to choose the right one for your needs.

Types of planning tools

There are many types of planning tools, from project planning tools to financial tools. There are also tools for  every kind of planning , strategic, operational, tactical, or contingency.

To choose a planning tool, you must first understand the options available for what you need. Here are some of the most common types of planning tools in business:

• Project management tools : These are tools designed to plan, execute, and track progress on projects.
• CRM software : Customer Relationship Management tools help plan and manage communication with customers in marketing and sales efforts.
• Scheduling apps:  Applications for organizing and optimizing schedules, ensuring tasks and appointments are well-structured.
• Accounting software:  Tools for financial planning and management, including budgeting, invoicing, and expense tracking.
• Content planning tools:  Resources to streamline content creation and distribution, aiding content strategy and editorial planning.
• Roadmap apps : Applications for visualizing and communicating a strategic plan or product development roadmap.
• Kanban boards:  Visual project planning tools that facilitate task tracking and workflow optimization.
• SWOT analysis aids:  Tools for assessing strengths, weaknesses, opportunities, and threats in business planning.
• Objectives and key results (OKR) tools : Instruments for setting, tracking, and achieving measurable objectives and results.
• Risk planning and management apps:  Software to identify, assess, and mitigate risks in various business operations and projects.
• Time-based planners:  Apps that help you plan day-to-day or month-to-month. Most tools fit into these categories, but others concentrate on  daily planning , for example.

Planning tools are also targeted to specific types of teams. In some cases, the tool will be unique for a particular kind of work, and in others, they’ll offer solutions for many team types. Make sure to look at what type of work they offer solutions for before digging too deep into the features.

How to choose the right planning tool for your business

Choosing the ideal planning tool requires discernment and an analytical approach. Here are some tips to help you decide about the planning tool you seek.

Use a notebook or a sheet to help you track the research and your options. Add labels for the tools that seem to have the best solution for your needs as research progresses. To help you distinguish among them perhaps rank them from best to worst.

Begin by clearly outlining your specific planning needs. What are your objectives and project goals? Are you planning strategically, operationally, tactically, or for contingency?

Let’s say your goal is to plan a project. What exactly do you plan to achieve with your project and your planning? Technically, you have a second goal, which is to choose a planning tool that fulfills your requirements.

Define your requirements for the planning tool.

Create a list of features and functionalities that are essential to your planning process. Consider all the possible things you’d like to achieve with a planning tool and use a priority matrix to know what features are must-haves and which others can be optional.

For planning a project, consider factors such as:

• Task and activity management
• Timelines and Kanban boards
• Resource allocation
• Collaboration and communication
• Document management
• User-friendly interface
• Feedback and evaluation
• Integration with other tools you already use
• Easy to create and track to-do lists
• Wide range of planning views
• Variety of features for undone work and time tracking

Here’s an example to get you started:

Our project needs a tool to strategically and operationally plan what needs doing, how, and when. We need to plan for key objectives and scope. We also need to organize our team and who’ll be in charge of what, with deadlines and a tracking system. We need project timelines, an intuitive interface, and a Google Calendar integration.

‎Research the tools and use free trials

Research and identify potential planning tools that align with your requirements. Seek recommendations, read reviews, and compare options to create a long list of promising candidates.

Narrow your choices down to a shortlist by evaluating each tool’s suitability for your needs and requirements. Select the ones that check the most boxes and then make a shortlist.

Before making a final decision, take advantage of trial versions or demos offered by the planning tools in your shortlist. Ask for or search online for tours and demos of the tool. If you can, ask plenty of questions, especially about advanced features.

Assess how the tools performed against each other and make a decision. Then, learn everything about the tool you chose so you can get the most out of it.

5 of the best project planning tools to try

Part of choosing the right planning tool is knowing what's available. These are five of the best planning tools available for planning. There are many more, but these are the most used by project managers.

Motion is an all-in-one productivity app where you can manage projects and tasks in an efficient interface with AI-backed features that optimize scheduling and tracking work and meetings for your team.

‎Key features

• Integrated AI-assisted calendar and task manager.
• Project planner and manager with Kanban boards and other views.
• Detailed task manager with dependencies and assigned resources.
• Coordinated meeting assistant that considers everyone’s schedules.
• Helps users focus on what matters most – the work.
• Easy set-up with drag-and-drop interface.

Unique selling point

Using AI, Motion automatically builds all your schedules, not just projects, according to your preferred working hours, priorities, and work-in-progress. It makes sure you meet deadlines, tracks your priorities, limits meetings, and guards time for uninterrupted work.

Motion pricing is as follows:

• Individual - $19/month
• Team - $12/month

Asana is a cross-functional productivity platform that helps teams work together faster. This tool helps organize complex projects across teams using different planning solutions and features. When you finish tasks and tick them off, a flying unicorn across your screen celebrates with you.

• Shared project boards with assigned tasks and subtasks
• Custom fields
• Approval sequences
• Plenty of view options

Asana focuses on efficiency and making complex work simple. There are several views to work on: lists, timelines, and boards. Additionally, different teams with different boards can work together thanks to tasks that can be applied simultaneously to different projects.

Asana pricing is as follows:

• Basic - Free
• Premium - $10.99/user per month
• Business - $13.49/user per month
• Enterprise - $24.99/user per month

ClickUp combines all planning tools to cut costs and eliminate chaos. This tool offers solutions for marketing, product, engineering, and agency teams. It also offers 15 different work views to help organize any type of work.

• Hierarchy in workspaces
• Command Center
• Bulk actions
• Resource Center
• Customization

ClickUp offers high-quality customization options for teams of any style and work type. Choose between time tracking, sprints, and custom fields. ClickUp also boasts AI-powered productivity with an AI assistant tailored to your role.

The pricing for ClickUp is as follows:

• Free Forever - Free, with limited functionality
• Unlimited - $7/user per month
• Business - $12/user per month
• Enterprise - Upon request

Jira is part of the Atlassian product family, including Confluence and Trello. As a productivity tool, Jira helps you plan, track, release, report, and automate according to how you and your team work.

• Scrum and Kanban boards
• Bug and issue tracking
• Custom workflows
• Agile reporting
• Solutions for DevOps teams

Jira boasts to be the #1 software development tool used by Agile teams. Break down complex ideas with user stories, issues, and tasks. Take advantage of the ready-to-use templates for Scrum, Kanban, bug tracking, and DevOps.

Pricing for Jira cloud-based software is as follows:

• Standard - $8.15/user per month
• Premium - $16/user per month
• Enterprise - Contact sales

Notion lets you write documents, organize knowledge, and manage projects in the same workspace using building blocks. Teams that can benefit from Notion include engineering, design, product, marketing, operations, and HR.

• Customizable blocks for tasks and projects
• Text editor
• Public pages
• AI assistance

With Notion, you can visualize, filter, and sort any way you want. The customizable views are board, table, timeline, calendar, gallery, and list. Also, Notion has a unique UI in black and white, so you can concentrate on your work and creativity.

Notion pricing is as follows:

• Free - Free
• Plus - $8/user per month
• Business - $15/user per month

Plan better with the right planning tools

Choosing the right planning tool(s) for your business is essential and isn’t a decision to take lightly. Use the tips in this guide to make an informed decision that will positively impact your business. Be it a project planning tool or a contingency planning framework, try it out first to see how it fits your needs.

Choosing Motion as your project management app will help you save time and increase productivity because:

• The calendar always delivers you the most important task as the next thing to be done.
• You and your team never have to waste time trying to figure out what’s next or what’s the most urgent.

You can organize projects by tasks, dependencies, resources, and time, which all work together to help the Motion AI plan your days effectively, no matter how much you need to do.

Motion’s AI-based scheduling and time-blocking capabilities will assist you in planning effectively, no matter what your workload looks like. When you set up a team account with Motion, the scheduler will know when everyone’s free to meet for a planning meeting or subsequent monitoring meetings.  Try out Motion today , the tool that plans all your work for you and helps you work better.

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26 Best Strategy Tools For Your Organization in 2024

Developing a sound strategy is something every organization strives to achieve. A highly effective strategy helps organizations establish their competitive position, grow market share, and thrive in a ruthless business environment. Or they become irrelevant and slowly die.

However, choosing the right tools to execute that strategy and bring their strategic processes to life is something few are concerned with. 

In this article, we’ll cover a collection of strategy tools and free templates that every growth-oriented strategist should have in their strategy toolkit:

• Strategic planning tools
• Strategic management tools
• Strategic tracking tools
• Strategy execution tool that companies prefer to keep secret 💜

Strategic Planning Tools

The first significant part of the strategic management process or business planning involves analysis and planning. The strategy tools we've listed in this section are all about helping you understand where you are today and where you should be tomorrow.

Strategy analysis tools to kickstart the strategic planning process

The first step of the strategic planning process is to study your organization’s strengths and internal and external factors to inform your strategic decisions. 

💡Analysis is key to identifying weak spots and opportunities. But don’t get trapped in that rabbit hole of endless evaluation. Focus on core business metrics , prioritize initiatives that move the needle, and take action. 

Here’s a list of free tools and templates:

1. GAP Analysis Toolkit

This toolkit will help you understand the gap between where you’re today and what you need to do to get where you want to be as a company. Free template included.  

2. SWOT Analysis

Use this guide with free template to help you identify strengths, weaknesses, opportunities, and threats you should consider when evaluating your strategic options.

3. PEST Analysis

PEST Analysis helps you to analyze Political, Economic, Social, and Technological factors that could impact your strategy.

4. PESTLE Analysis

PESTLE Analysis is an expanded version of a PEST Analysis. It adds two more external factors to your analysis: Legal and Environmental. Grab a simple PESTLE Analysis Template here . 

5. VRIO Analysis Tool

VRIO framework will help you identify your business's competitive advantages.

6. Porter's Five Forces model

This framework (introduced by Michael Porter ) helps you identify five forces that place competitive pressure on a company in any given industry. It focuses on these five dimensions: Threat of New Entrants, Supplier Power, Buyer Power, Threat of Substitutes, and Competitive Rivalry.

7. McKinsey 7S Framework

Mckinsey 7S framework is an oldie but goldie. This tool will help you identify strategic alignment between departments and processes. Grab your template in this free collection of templates for internal analysis.

8. Ansoff Matrix

This matrix can help you figure out which of four strategic directions you should take to grow your business successfully. Its four quadrants include market penetration, product development, market development , and diversification.

9. BCG matrix

Boston Consulting Group developed a valuable strategic planning tool to help companies prioritize their different businesses by their degree of profitability. You can find a free BCG matrix template here . 

10. GE Matrix

McKinsey’s GE Matrix is a visual tool designed to help portfolio managers determine resource allocation for multi-business portfolios. 

Along with providing an overview of business units' performance, the GE Matrix also prescribes three strategic paths (grow, hold, and harvest) to inform strategic decisions.

11. Value Chain Analysis

Want to review your new product’s journey? This template will help you identify and analyze all related activities and processes to increase efficiency.

12. The Business Model Canvas

Use this strategic management tool to assess new business models, whether you are an existing business or a fast-growing start-up. 

👉You can also download our internal analysis toolkit with a collection of templates to help you with analysis.

📚 Recommended readings: 

• Develop An Iterative Strategic Planning Process (+Template)
• How To Conduct Internal Analysis (+ Free Templates)
• How To Perform Gap Analysis In 5 Easy Steps 

Strategic planning tools for strategy formulation

Strategy formulation is where the rubber hits the road. By now, you should have a good idea of your internal capabilities and the situation of your external business environment. So, it's time to set goals and create an action plan to achieve them. 

1. Vision Statement Toolkit

This Excel-based strategy tool will help you create a vision statement for your organization from scratch. 

2. Values Toolkit

Another pillar of your strategy is setting your strategic values. This Excel-based strategy toolkit will help with that process.

💡 When is the right time for a makeover of your company’s vision and values? It’s a good move when dealing with significant organizational changes, growth slowdowns, or cultural issues because it can boost stakeholders’ motivation. On the flip side, skip this exercise if you’re dealing with crisis management or focusing on short-term business goals like meeting quarterly financial targets.

3. Strategic planning models

We’ve put together an overview of the five most widely used strategic planning models , including: 

• Cascade Model
• Hoshin Kanri Model
• Balanced Scorecard
• V2MOM Model

💡Strategic planning models and frameworks are a great starting point to start brainstorming and formulating your strategy. But they don’t solve your alignment and execution problems. That’s why you need the right strategy tools that combine iterative strategic planning , centralized observability , and execution in one place.

4. Strategic Planning Template

Ready to turn your strategy into an execution-ready plan? Use this free strategic planning template to set clear goals, build a strategic roadmap, and assign responsibilities to ensure stakeholder engagement with your strategy.

4. KPI Cheatsheets

Here you can explore an online library of free KPI examples for various industries to inspire you. 

💡Craft a custom strategy that suits your organization's unique goals and priorities. Start with our pre-built templates as jumping-off points for a highly effective strategic plan. Check out some examples from our template library : 

• Corporate Strategy Template  
• Marketing Strategy Template
• Customer Service Strategy Template 
• Change Management Strategy Template

Strategic Management Tools

The second phase of the strategic management process is executing the strategic plan you created earlier—the most crucial part of every strategy. 

PowerPoint is a terrible tool for strategy execution, but a good presentation is a fine starting point to introduce your people to the new strategy. Up your game with an interactive Miro presentation rather than a stuffy old PowerPoint!

2. Strategic Engagement and Communication Toolkit

It all comes down to communicating your strategy and the why behind it. To drive strategy execution successfully, you need to get buy-in from involved stakeholders. This toolkit will help you plan out your strategic engagement plan to ensure you cover all the bases of effective strategy communication.

3. Alignment map

This Cascade feature helps organizations map out how their goals are connected and impact one another. 

This is our version of a strategy map that helps you visualize the alignment of objectives across multiple plans, giving you complete visibility into the execution web that's spinning inside your organization. 

As a result, you can quickly identify any risks or roadblocks, prioritize critical initiatives, and eliminate misaligned projects.

📚 Recommended reading:  

• Strategy Execution in 6 Steps
• 6 Ways To Master The Art Of Strategy Execution

Strategy Tracking Tools

The final phase of the strategic management process involves tracking the effectiveness of your strategy and then iterating where needed. These tools are all about tracking, analytics, and iteration!

Strategic analysis monitors whether or not you've delivered on your strategy and made progress toward your short- and long-term goals. It also helps you understand where you are succeeding or failing.

1. KPI Reporting Template (Excel version)

Manually track important metrics and KPIs with this Excel template.

2. KPI Reporting Template

Connect this template to your existing business strategy tools, automatically track your KPIs, and have real-time data at your fingertips. 

3. OKR Excel Template (Excel version)

Use this free and straightforward template to set and track OKRs (Objectives and Key Results). You can track company, team, or individual OKRs. 

4. Balanced scorecard

You can use this Balanced Scorecard Template to centralize the most important metrics in one place and measure your critical KPIs. Since it’s based on a traditional balanced scorecard framework , you can organize your KPIs and key initiatives into four standard categories: Financial, Customer, Internal Processes, and Learning & Growth.

5. Real-time dashboards and strategy reports

Strategy tools with real-time dashboards and reports are the missing piece that help you bridge the gap between you, your teams, and your upper leadership to ensure successful strategy execution. 

By leveraging these tools, you’ll be able to stay on top of performance, adjust your strategies on the go, and keep everyone focused on strategic goals.  

📚 Recommended reading: Best Reporting Tools To Drive Strategy (Pros, Cons, Pricing & Reviews)

Strategy Execution Tool

Despite the extensive list of strategy tools, templates, and models above—what if we told you that it’s possible to plan, manage, and track your strategic and growth initiatives from one central hub ?

A tool that top companies see as a competitive advantage and prefer to keep confidential? 

From the beginning, our goal was to make a tool that consolidates different strategy tools into a single platform—taking care of all the phases of the strategic management process:

1. Planning phase: You can use customizable strategic planning models that best fit your strategy approach. Drive strategic alignment across the organization by building a high-level company strategy plan and connecting it with strategic plans at the departmental or team level.

2. Executing phase: With its powerful integrations , strategic portfolio and project management , and goal management capabilities , Cascade helps you and your team to bridge the gap between planning and execution.

3. Tracking phase: KPI tracking , real-time dashboards, or drill-down reports - you name it, we have it. You will be able to provide data-driven insights to your C-suite team or get a real-time view of what's getting done or not. That’s the only way to faster and more confident decision-making.

Today, Cascade is the leading strategy execution platform with a laser focus on progress and speed and a commitment to top-notch customer service. 

Whereas many companies fail to turn strategy into tangible outcomes, Cascade helps leaders deliver business profitability by giving them a centralized observability of what’s happening across the organization. 

Boost Your Strategy Execution With The Right Strategy Tools 🚀

Strategy planning models, tools, and templates are great for fleshing out your strategy, but to successfully execute strategy and adapt as needed, you also need the right software. 

A great strategy execution platform will help you to create a single source of truth for your strategy, eliminating wasted time in disconnected tools, confusion and potentially preventing a failed strategy execution. 

A single home for your strategy will help you to keep everyone on the same page, allowing leaders to focus on the most critical parts of strategy execution : clear goals, context, and strategic prioritization. 

And when you are not wasting your time in meetings to keep everyone aligned, you can focus on the greater purpose of actually helping your team members learn, grow, and deliver results .

Cascade makes it easy to build strategic roadmaps and assign KPIs and owners to drive accountability. It lets your employees collaborate on shared goals to drive strategy execution across the organization. 

‍ Interested in seeing Cascade in action? Get started for free or book a demo with Cascade’s experts.

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10 Best Business Plan Software and Tools in 2024

Do you know what’s common between a global IT firm and a small food truck business?

Like any other business on the planet Earth, they both require a  solid business plan  to make their business a runaway success.

Business plan. No entrepreneur is a stranger to this term, but do they all consider it seriously? Not sure.

Results? Spending a lot of time, money, and resources on the wrong marketing strategies, missing several growth opportunities, and of course, facing tough times raising funds. 

No one wants to be in this situation! 

That’s where a perfect business plan software can help you out. These tools make drafting an investment-ready business a breeze.

So how exactly can these business planning tools help?

Simply put,  business plan software  can help you create a winning business plan, develop marketing strategies, and predict your financial future—ultimately helping your business grow.

Now, how to choose a tool that will suit your business’s requirements and your budget too? The answer is right here.

In this article, we’ve narrowed down our search for the best business plan software to the 10 best paid and free software considering factors like—pricing, features, performance, and credibility. 

So you can easily pick the one that best suits your requirements.

All sorted? Shall we begin? Let’s roll.

Best Paid and Free Business Plan Software and Tools

Jump to section, 1. upmetrics.

Upmetrics  is a top business and financial planning software helping entrepreneurs and small business owners start and grow their businesses.

Its 200+ fully customizable sample business plans, video tutorials, well-written documentation, and go-to guides make writing a business plan a lot easier for someone new to business plan writing.

The best part about Upmetrics is—it’s affordable, reliable, and best for beginners. 

In fact, the creators of Upmetrics believe that creating a business plan requires no special qualifications, nor a degree in finance to draw financial projections.  

And the tool they’ve created speaks volumes of their words—making it a go-to solution for budding entrepreneurs. 

Let’s have a look at the features you get with Upmetrics—the #1 business plan software: 

• 400+ fully customizable business plan templates to get started.
• Easy-to-use business plan builder with drag and drop tools.
• Financial forecasting tool to plan and manage your cash flow with ease.
• Easy to share or collaborate with the team in real time.
• Pitch deck creator to create perfect pitches and impress investors.
• Create actionable business strategies using various business model canvases.
• Easily customize and edit cover pages.
• Real-time updates and cloud storage, eliminating the risk of data loss.
• Business resources, video tutorials, and guides to help get started.
• Intuitive, seamless, and responsive user interface.

The Upmetrics subscription starts at $7/month (billed annually) with one workspace; it also provides a free demo and a 15-day money-back guarantee —so no risk at all!

Create winning Business Plans with ultimate

Plans starting from $7/month

What People Say About Us

2. Liveplan

LivePlan  is one of the best and most renowned business planning, budgeting, and performance-tracking software for startups and small business owners.

Whether you are a startup looking to attract potential investors or an established organization that needs help creating a forecast of your business’s financial future—LivePlan can help.

LivePlan simplifies the process of creating a professional business plan with its instruction manuals, tutorials, and expert guidance, whereas its automated financials built-in with formulas ensure precise financial forecasting.

LivePlan provides a wide range of features which may include:

• Business plan templates
• Budgeting and expense tracking
• Online learning tools & resources
• Collaborative planning
• Pitch deck creator
• Dashboard and reporting
• Integrated document storage

Though LivePlan has been in the market for a long time now, it isn’t suitable for short-term business planning. That’s why we recommend exploring some LivePlan alternatives.

LivePlan’s subscription model consists of two plans: standard and premium. The standard plan costs $20/month, whereas the premium plan costs $40/month. However, they do not have any free trial or demo as a part of their pricing plan.

What I didn't like about LivePlan?

Here are the average user ratings, comparing the experiences on Liveplan and Upmetrics.

Compare Liveplan with Others

Liveplan vs. Enloop: Which is Best for Your Business?

IdeaBuddy vs. Liveplan: Which is Best for Your Business?

Bizplan vs. Liveplan: Which is Best for Your Business?

Enloop  is an advanced business planning and financial forecasting tool helping business owners maximize the potential of their business venture.

Unlike Upmetrics and LivePlan—Enloop is designed for individuals with prior financial knowledge and business planning experience.

Understanding all of its functionalities is tough, but it has a lot to offer once you figure out its basic functionalities. Still, it’s not the most intuitive and user-friendly application in this space, so it may take a while to get used to it.

If you’re not a beginner and are willing to invest some time understanding and learning its functionalities—it’s well worth it. But, if you’re not, you may consider looking for a few other business plan software.

Enloop provides a wide range of advanced financial tools and business planning features, which may include:

• Business plan creation
• Automated financial forecasts
• Collaboration and sharing
• Funding and investor tools
• Exporting and integrations
• Auto-generated financial reports
• Automated text writing

Enloop’s monthly subscription plans range between $19.95 and $39.95, depending on your plan and functionalities. It also has a 7-day free trial with no credit card details required.

What I didn't like about Enloop?

Here are the average user ratings, comparing the experiences on Enloop and Upmetrics.

4. IdeaBuddy

Ideabuddy  is an innovative business plan software helping new-age entrepreneurs turn their ideas into successful business plans.

Customizable templates, industry-based guides, and streamlined idea and business plan creation make it one of the most user-friendly applications on the list.

It is designed on a principle where users can develop, test, and launch their business idea—all in one place. While it’s great for idea creation, it may lack several comprehensive business planning features.

Financial forecasting is vital to a business plan, but IdeaBuddy may not provide all the necessary financial tools for accurate projections.

So if your business is in the idea stage—choosing IdeaBuddy could be a fair call, but if you plan to build a comprehensive business plan, you need another tool.

IdeaBuddy provides a wide range of features, which may include:

• Modern business plan with a click
• Export your plan and financials
• Mobile-friendly platform
• Customizable templates and industry-based guides
• Test to score your idea
• Step-by-step business guide
• Brainstorm ideas with your team

IdeaBuddy’s subscription model consists of four plans: free, dreamer, founder, and team pro.

Depending on the plan specifications and features, these plans may cost between $15 to $40 a month. You can also save up to 60% on annual memberships.

What I didn't like about IdeaBuddy?

Here are the average user ratings, comparing the experiences on IdeaBuddy and Upmetrics.

Planful  is a business planning and financial performance management cloud software. It provides a structured framework for industry-wide businesses to develop, track, and execute their plans.

The tool specializes in financial performance management with advanced features like—financial close management, reporting, and consolidation.

While the tool has numerous advanced features and functionalities—they all come with a high price tag as it’s mainly designed for medium and large-scale enterprises.

Let’s have a look at the extensive financial tools and features you may get with a planful subscription:

• Budgeting and forecasting
• Financial consolidation
• Scenario modeling
• Reporting and analytics
• Financial close management
• Data integration and connectivity
• Responsive web and mobile apps

Planful has no structured pricing model on their website; users may contact their sales team for a custom quotation.

What I didn't like about Planful?

6. iPlanner

iPlanner  is an enterprise business plan software that has been helping entrepreneurs develop their business plans since 2007. It is suitable for businesses looking to secure funding, better understand and manage risks, or communicate the company’s business model and strategy to the team.

Though the business plan software has been around for over a decade now, it didn’t seem to cope with the technological advancements, so it may not provide the most intuitive and visually appealing user interface.

But if you are searching for an affordable business planning and performance tracking tool with KPIs, analytics, and reporting features, iPlanner can be a good investment.

Here’s an overview of the key features of iPlanner—business plan software:

• Financial forecasting
• Secure and accessible
• Data security and backup
• How to articles and guides

iPlanner’s subscription model consists of two plans: professional and corporate. Professional subscriptions start at $24 for a 3-month subscription with one project, while corporate subscriptions start at $59 for a 6-month subscription with 12 projects

What I didn't like about iPlanner?

7. PlanGuru

PlanGuru  is a business planning software that helps entrepreneurs make better decisions, increase profits, and accomplish their business goals through strategic business planning and accurate forecasting.

Budgeting & financial analytics, rolling forecast, and strategic planning are three critical components of PlanGuru’s feature list.

PlanGuru specializes in forecasting financial statements, scenario analysis, budgeting, and gaining insights through reporting tools.

It offers many advanced financial forecasting features but is quite expensive— making it unsuitable for startups with limited investment capital.

PlanGuru provides a wide range of financial tools and business planning features to create business plans, which may include:

• Business valuation tool
• 20+ standard forecast methods
• Budget/forecast for up to 10 years
• Archive budget feature
• Standard report export to PDF, Excel, and Word
• Custom report builder for Excel
• Online dashboard, scorecard, and reporting tools

PlanGuru has two different pricing plans; one for businesses and nonprofits and another for business advisors. Depending on the plan specifications and features, these plans may cost between $99 and $299/month.

What I didn't like about PlanGuru?

8. The Business Plan Shop

The Business Plan Shop  is a business & financial planning and analysis platform for small and medium-sized business owners and financial advisors.

Its business plan templates make writing a business plan relatively easier for beginners. Despite its many features, the business plan software specializes in financial analysis, forecasting, and KPI tracking.

It surely has a few advanced features but can be expensive for startups and small businesses.

This business plan software provides a wide range of features, which may include:

• Financial forecasting software
• Sync accounting data
• Drag and drop templates and editor
• Integration with financial data
• Faster than Microsoft Word

The Business Plan Shop has two different pricing plans; one for businesses and CFOs and another for advisors. The business & CFO plan costs $25.50 per month, and the Advisor plan costs $94.20 per month.

What I didn't like about The Business Plan Shop?

Bizplan  is a comprehensive business plan software helping startups, entrepreneurs, and small business owners create business plans with direct access to planning experts. 

Financial tools help create detailed financial projections and financial and cash flow statements in no time, so entrepreneurs can spend more time growing and scaling their businesses.

The platform also has a fundraising tool to help startups connect with potential investors—which has already helped raise over $500 million for startups.

It has all the features to create a basic business plan but may lack industry-specific guidance or assistance.

Let’s have a look at the wide range of features that come with a Bizplan subscription:

• Financial modeling
• Integration and export
• Reporting and presentation
• Progress tracking
• Step-by-step guidance

Bizplan’s pricing plans start at $29/month, whereas the lifetime access costs $349. You may check their pricing page for more information.

What I didn't like about Bizplan?

Here are the average user ratings, comparing the experiences on Bizplan and Upmetrics.

Brixx  is a financial forecast software for cash flow, budgeting, and financial planning. Apart from helping users create a basic business plan, the platform also helps them with financial modeling, scenario planning, and goal tracking.

Its interactive charts and graphs can help you clearly present your financial data and cash flow statements for enhanced reader understanding.

Integrating Brixx and other accounting software automates the syncing of your actuals and forecasts, giving you a head start using Brixx.

The tool primarily focuses on financial projections and forecasting, so there are only a few features for other parts of the business plan.

Let’s have a look at the wide range of features that come with a Brixx subscription:

• 1-10 year financial forecasts
• Professional charts and reports
• Automated tax forecasts
• Quick-start templates
• Share plans in real-time
• Business Resources
• 3-way forecasting

Brixx has four packages in its subscription model: Foundation, Essentials, Professional, and Enterprise. The pricing for these packages may range from $0 to $66 per month.

What I didn't like about Brixx?

How to Choose the Right Business Plan Software?

All the business plan tools on our list are credible and can help you create a winning business plan. However, it’s critical to understand each tool specializes in certain aspects of business planning.

Let’s understand which factors to consider while choosing the right tool to help you create a professional business plan:

The most obvious factor. Ask yourself how much you can afford to spend on a business plan maker.

A free or low-cost tool may provide only some necessary functionalities to create a detailed plan. So, figure out your budget and shortlist the tools that you can afford to invest in.

2. Your specific requirements

The next step. Learn your specific requirement. For instance, if your business is in the idea stage, you may not require a tool with advanced financial features like—PlanGuru; Ideabuddy may work.

Both tools cater to specific audiences; if you are not sure, you may go with Upmetrics. It has pricing plans suitable for all business sizes.

3. Business plan templates

Custom designing a business plan can be tedious, so make sure the business plan software you choose has industry-specific templates to help you get started.

4. AI assistance

Artificial Intelligence has revolutionalized the way people get their things done. Make sure you select a platform that also provides AI assistance while creating a business plan.

With tools like  ChatGPT  and  AI business plan generators,  you can draft a business plan in a breeze.

5. Charts and graphs

Let’s face it, no one likes to read long paragraphs. The tool you choose must be able to turn your financial data and balance sheets into appealing and easy-to-understand charts and graphics.

6. Financial projections

Most critical section of a business plan. Understand your requirement regarding financial projections and the level of features the tool provides.

For instance, a large-scale organization may require a tool that can easily do  business financials  for ten or more years.

7. Contribution and sharing features

Make sure the tool you choose must provide the contribution and sharing features so that you can work with multiple team members.

8. Convenience and user-friendliness

A no-brainer. Ensure the software you choose has a user-friendly user interface and a manageable learning curve to understand all the working features.

9. Integrations

Some of the best business plan software integrates with accounting software. This feature can be handy while transferring financial details into your business plan.

10. Step-by-step guides

These user guides and tutorials can help you easily outline and prepare the first draft of your business plan, so make sure you consider this as one of the factors while selecting a tool.

11. Support

You are new to business planning software and may need help using some of its features. A responsive support team can help you get back on the right track.

Think of these factors as a checklist while researching the right business plan software. Once you have checked off all the boxes, you will have the right business plan software by your side.

Pros and Cons of Using Business Plan Software

Undoubtedly, business plan software can be a worth-it investment for your business, but it surely has a few disadvantages too. Let’s get to that:

• Time Saving: business plan software can be a big time-saving investment.
• Step-by-step guidance: These guides make it easier to get started for beginners.
• Accurate reporting: Good business plan software guarantee the accountability and accuracy of the reports generated.
• Customizations: Business plan tools also offer options to personalize your reports.
• Generic templates: These planning tools often provide generic templates that may not suit your requirements.
• Limited flexibility: In terms of formatting, content, design, and layout.
• Learning curve: Using these tools requires a learning curve to navigate the software.

There have to be a few disadvantages, but they are negligible when you look at the positive side of having a business plan software onboard.

And this section leads us to our conclusion!

That was the article for today with some of the best business plan software. Now over to you. Revisit the top business planning software on the list, do your research, and select the one that best suits your requirements.

Got any more burning questions in mind? The FAQ section starts right after we wrap this article up, feel free to explore. Happy business planning! 

Other Business Plan Software Alternatives

• Best 8 Liveplan alternatives
• Top Bizplan alternatives & competitors
• 8 Growthink alternatives
• Best Ideabuddy Alternatives
• Best Enloop Alternatives

Say No to Expensive Business Planning Software!

Get Affordable and Feature-Packed Business Planning with Upmetrics

Frequently Asked Questions

What is the best business plan software for startups.

We’ve already mentioned the best business plan software in the blog post earlier; you may choose one amongst those depending on your specific needs.

However, Upmetrics can be a go-to business planning software for startups as it only costs $9 per month to get started—which is worth it against the value you get.

Which tool is used as a one-page business plan?

There are many business plan software providing features to create one-page business plans like—Upmetrics and Ideabuddy. You can use Upmetrics’ canvas modeling feature to develop actionable and entrepreneur-focused one-page business plans.

Can I write a business plan myself?

Of course, you can. It’s easier than ever to write a business plan with the emerging use of tools like ChatGPT. Though you can write a business plan, you need assistance making it presentable for your investors.

And business plan software providers like Upmetrics can help you do that. With 200+ sample business plans, you can easily write the first draft of your business plan.

What is the best way to write a business plan?

There cannot be a standard answer to this question. There are various business planning processes, and all of them might not work for you. Still, considering the time-saving approach, using an industry-specific template and editing it as per your requirements can be an easy way to write a business plan.

Using ChatGPT for business plan writing can also be one of the best ways to write a business plan. As mentioned, there can’t be a specific answer to this question; find a way that best suits your needs.

Is there any free business plan software available?

It’s really challenging to find the perfect business plan software, that too, for free. IdeaBuddy from our list has a free plan, but it comes with very limited features, not so helpful for creating a business plan.

Business plan software like Upmetrics, Bizplan, and LivePlan also have free trials, so you may try their features before purchasing. Furthermore, you can get a 30% off on an Upmetrics subscription if you are a nonprofit or student.

How much does business plan software typically cost?

The cost of a business plan software can widely depend on the level of features and functionalities they provide. Still, the monthly subscription of a business plan tool can range anywhere between $5 to $300.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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25 Best Strategic Planning Tools for 2024

With so many strategic planning tools out there, it can seem confusing. We list 25 key tools, and break them down to help you make sense of them.

How it all fits together

[1] swot analysis, [2] pestel analysis.

• [3] Porter's 5 Forces

[4] McKinsey 7S

• [5] Porter's Value Chain

[7] Business Model Canvas

[8] boston consulting grid (bcg)/matrix, [9] pareto analysis, [10] strategy canvas, [11] scenario analysis, [12] mission statement, [13] vision statement, [14] the balance scorecard/strategy map, [15] shared values, [16] the strategy house, [17] the 3 horizons model, [18] the ansoff matrix, [20] kanban or ideas funnel, [21] gantt chart, [22] raid log, [23] status report, [24] strategy scorecard, [25] kpi correlation matrix, linking them all together.

But strategic planning can be confusing. There are so many tools, models, frameworks and theories around it can be difficult to know when to start.

In this post, we outline the most essential tools for strategic planning and how they fit together.

Strategic planning is a combination of four different activities, which can further be subdivided into two sub-categories:

• Analysis : Before developing a strategy it is important to develop a shared understanding of the industry in which a business operates and its relative strengths and weaknesses. The industry in which it operates includes its customers, distributors, partners and suppliers, competitors, regulators, governments/politicians, etc. Its strengths and weaknesses are relative to its customers' needs and its competitors' capabilities.
• Decision-making and direction-setting : Armed with that understanding the next step is to choose what the organisation will focus on and priorities. This is often called choosing where to play and how to win. Where to play can be defined in terms of which markets to compete in, which customers to target, and where to play within the industry value chain. How to win can be defined in terms of what the organisation needs to have or be able to do uniquely well (or at least better than the competition) to succeed in those markets.
• Planning : Planning entails working out exactly how you will execute the decisions you made above. Crucially, it entails mapping out who will do what and when , as well as how much it will cost .
• Tracking results : Often overlooked, it is vital to track progress both of your plans (are you doing what you said you would do within the costs and timeframes you'd planned?) and outcomes (is your strategy having the intended effect)? If the answer to either of those questions is 'no' you may need to go back to the drawing board and adjust your strategy.

As we outline the key tools you need for strategic planning, we will place them within the context of these four activities.

Strategic Planning Tools for Analysis

SWOT analysis is one of the oldest and most widely used strategic planning tools. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Its elegant simplicity is both its greatest strength and weakness, as a result it often best used in conjunction with some of the other models mentioned below. It is particularly useful as a starting point, in order to work out where to focus your analytical efforts, as well as a summary of the analysis before moving on to decision-making and direction-setting. (See What is a SWOT analysis? )

PESTEL analysis is a macro-scanning tool - that is, it helps you to scan the environment for relevant trends. These trends can then inform the Threats and Opportunities on your SWOT analysis. PESTEL stands for Political, Economic, Social (or socio-economic), Technological, Environmental, and Legal (and regulatory). These are the six domains to scan for relevant trends. (See How to do PESTEL Analysis )

[3] Porter's 5 Forces

Porter's 5 forces is a framework for understanding the factors which might make an industry more or less attractive. The 5 Forces are the bargaining power of suppliers, the bargaining power of customers, the threat of substitutes, the threat of new entrants to the industry, and the intensity of rivalry between players in the industry. Industries in which those forces are strong are likely to be less attractive, because profit margins are likely to be narrower and growth harder to achieve. Like the PESTEL analysis, Porter's 5 Forces is also useful for highlighting Threats and Opportunities on your SWOT analysis. (See How to do a Porter 5-Forces analysis )

The McKinsey 7S framework looks at the degree of alignment between the 7 organisational factors within an organisation (which all happen to begin with an S). These are further divided into hard factors like Strategy, Systems and Structure, and soft factors like Style, Staff, Skills and Shared values. It is important to understand not only how the organisation addresses each of the 7 categories, but, possibly more importantly, the extent to which their is alignment between them. As these factors are more internal, McKinsey 7S is useful for identifying Strengths and Weaknesses on your SWOT analysis. (See Using the McKinsey 7S Framework to assess strategic alignment, strengths and weaknesses )

[5] Porter's Value Chain

Porter's Value Chain is a simple way of describing how value is added. When applied to an organisation, it simply describes the key organisation capabilities, dividing them between the primary functions which turn acquire inputs, turn them into outputs and deliver them to customers, and supporting functions like finance, HR and infrastructure management. When applied to an industry, it can also be used to describe the broader supply chain, and the role different organisations play within that supply chain. (See Value Chain Analysis )

The Business Model Canvas is a more recent way of describing how a business works which has become very popular. It's a great tool for summarising how a business works across all functions. As such it can be a helpful starting point when getting people together from across different silos to take a more holistic view of an organisation and its strategy. There are a number of alternative canvases that have since sprung up: the most popular of these is probably the Lean Canvas, which targets early-stage startups.  (See The Business Model Canvas )

If your business consists of more than one product or service, the Boston Consulting Grid help you understand the nature of each and the different strategic options which might be suitable for each. (See The BCG Matrix )

The Pareto principle states that 80% of effects arise from 20% of causes. You can apply this in many situations. Especially to understand which of your products or services drive your profits and which may be loss leaders. (See Pareto Analysis )

Blue Ocean Strategy's Strategy Canvas shows how an organisation compares against its competitors or alternatives according to the factors which its customers use when choosing to buy or not to buy from it. It can be used in for Analysis (showing how an organisation does compare) or Direction-setting (showing how an organisation aspires to compare). The objective, in both cases, is for the organisation to differentiate itself from the competition, rather than to compete head-on. (See The Strategy Canvas )

We can't predict what the future will bring. But we can anticipate different things the future could bring, and plan around that understanding. Scenario planning is a structured approach for doing this which draws on other analysis, especially from the PESTEL analysis. As it deals with the future, it also creates a bridge between analysis and Direction setting. (See Working with scenarios )

Strategic Planning Tools for Decision-making and Direction-setting

A mission statement describes why an organisation exists. What is its purpose? What would the world miss if it ceased to exist? (See Mission and Vision Statements )

A vision statement describes what the organisation and the world in which it operates would look like if it were completely successful in its mission and strategy. It should paint a clear and vivid picture of an ideal future. With the mission statement, it should inspire those who work there, and encourage others to want to do business with the organisation. (See Mission and Vision Statements )

The balanced scorecard is a technique for mapping out an organisation's strategy goals, objectives and KPIs in 4 different perspectives: financial, customer, internal business process, and learning and innovation. The strategy map implies a causal relationship between these perspectives: the learning an innovation perspective creates the capability required to improve internal business processes; internal business processes are what delivers value to customers; and delivering value to customers drives financial results. The 'balance' in a balanced scorecard ensures, amongst other things, against too much emphasis on one aspect of a business at the expense of others leading to unintended consequences. (See The Balanced Scorecard )

Values describe what is important to an organisation regardless of its strategy. They represent the lines you can't paint outside of. They can be negatives - things you wouldn't do no matter how profitable they are - or positives - things you believe to have intrinsic, self-evident value. (See Corporate shared values )

The strategy house is a visual representation of a strategy in which the shared values are shown as the foundations, the vision or mission is shown as the roof, and the strategy is shown as (usually) 3 to 4 pillars which rest on the foundations and hold the roof up. The pillars represent themes and typically include a combination of goals and strategic initiatives . The inclusion of strategic initiatives means the strategy house acts as a bridge from direction setting to planning. (See The Strategy House )

Strategic Planning Tools for Planning

The 3 Horizons model classifies activities as relating to maintenance and improvement of the current, expansion and growth into new areas, and transformation into something new and different. It helps organisations to avoid becoming too focused on immediate threats and opportunities at the expense of the future, whilst also avoiding becoming too focused on a future it might not survive to see.

The Ansof Matrix focuses specifically on growth, distinguishing between growth within existing products and markets, growth into new markets, growth by adding new products or services, and growth by doing both (the riskiest of all!) helping you to understand the different requirements and balance the risks of each. (See Planning for growth with Ansoff's Matrix )

RASCI is a framework for assigning responsibility to individuals as being Responsible for getting it done, Accountable for the outcomes, Supportive, Consulted, or merely kept Informed. It provides a way of ensuring full participation without allowing "too many cooks to spoil the broth". (See The RASCI framework )

Kanban or an Ideas Funnel is a visual representation of how individual ideas get moved from inception through to different to completion and all stages in between. It provides insight into the different processes and governance required for ideas at each stage on that journey

The Gantt Chart is borrowed directly from the project management discipline. It shows when you will do what you plan to do, with time shown across the top (x-axis) and each activity shows as a bar from its start to end date, making it easy to represent sequence, concurrency and dependency between activities. (See Using the Gantt chart view )

Another model borrowed from project management, the RAID log lists out, and categorises the Risks, Actions, Issues and Decisions inherent in your strategy execution plan. (See The RAID Log )

A status report tracks whether people are doing what they are supposed to do. It lists all the key strategic initiatives with projected completion dates, Red/Amber/Green traffic lights indicating status, and supporting notes, allowing an organisation to decide what is on track and where some form of intervention or change is required. (See The Initiative Status Report )

Strategic Planning Tools for Tracking Results

A strategy scorecard tracks whether your strategy is delivering the intended outcomes or whether an adjustment is required. It typically shows the performance of each strategic KPI as a line chart with a common horizontal time axis. Variances on the scorecard are typically fed back into the Analysis phase so that the cycle can be repeated. (See Creating a Strategy Scorecard on StratNavApp.com )

A KPI correlation matrix calculates the correlations between pairs of KPIs. This is used to test for and confirm hypothesised cause and effect relationships inferred from the strategy map (see Balanced Scorecard above). The correlation calculations may need to allow for delays between causes and effects. (See Correlations between your Performance Indicator Results )

You probably wouldn't use all of these tools in every strategy. But you will at least need to use several.

And to develop and execute a coherent strategy you will need to integrate and link them together so that information flows through them in a logical way and your strategy remains internally consistent.

You can do this manually, of course. But it quickly becomes quite onerous and errors creep in. That's where a tool like StratNavApp.com comes into its own. It will ensure that logical flow of information and internal consistency for you. Leaving you to focus on the higher value-add activity of generating strategic insights and translating those into focused action that delivers tangible results.

• The disadvantages of using simple templates for business strategy

If any part of this text is not clear to you, please contact our support team for assistance .

© StratNavApp.com 2024

Updated: 2024-02-02

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• Business Plans

14 Exceptionally Useful Tools for Writing a Business Plan

Alyssa Gregory is an entrepreneur, writer, and marketer with 20 years of experience in the business world. She is the founder of the Small Business Bonfire, a community for entrepreneurs, and has authored more than 2,500 articles for The Balance and other popular small business websites.

Writing a business plan is a necessary part of starting a business, yet many small business owners struggle with the process. Not only can it be time-consuming and stressful to conduct the necessary research and gather the required materials, but it can also be difficult to know exactly what format your business plan should be in and what information it should include.

To help you streamline the process, here are 14 tools you can use to get started with your business plan.

Online Tools

This set of online tools walks you through each section of a traditional business plan in a step-by-step format.

• SBA's Build Your Business Plan Tool - The SBA's Business Plan Tool is a step-by-step guide that allows you to save your progress and come back to it for up to six months.
• Enloop - With this tool, you add in your information, and Enloop automatically writes your plan based on your details.
• LivePlan - LivePlan is an online service that simplifies the business planning process while providing assistance with budgeting, forecasting, and performance tracking.
• RocketLawyer - Business owners can create a customized, printable business plan with RocketLawyer by following an online step-by-step interview process.
• StratPad - StratPad's step-by-step approach and cloud-based business planning software help small business owners create a plan in less than a day.

Business Plan Tutorials

These five business planning how-to documents will help you get your business plan started.

• How to Write a Simple Business Plan - An easy 8-step business plan tutorial that results in a streamlined and brief business plan that you can use as-is or as a starting point for a more traditional business plan.
• SBA's Video Business Planning Tutorial - This series of video tutorials includes nine videos that are about 2-10 minutes each. You can pick and choose where to start or run through them in the original order.
• Entrepreneur's Elements of a Business Plan - An in-depth review of the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help.
• Comprehensive Business Plan Outline - A business plan outline that walks you through each section of a basic business plan, including an overview of what should be included, examples and tips for writing each section of your business plan effectively.
• Shopify's Ultimate Guide to Business Plans - This comprehensive 9-chapter business plan guide covers every important aspect of writing a business plan.

Business Plan Templates

If you prefer more of a "fill-in-the-blank" format to get your business plan started, one of these templates may be exactly what you need.

• SCORE Business Planning Templates - A collection of business planning templates that are for both new and established businesses.
• BPlans' Business Plan Template - A downloadable template that gives you a clear idea of what a traditional business plan should look like. (Free sign-up is required to download.)
• The $100 Startup One-Page Business Plan - Download and fill in the blanks with this one-page business plan template.
• Office Depot's Business Plan Templates - These templates include the most important elements of a business plan that demonstrate how the nature of a business and the target audience for the plan impact the content.

Keep in mind that the best business plans are those that are updated and regularly used as a way to keep your business on track. Whichever tool you use, make it a goal to create a plan that you can use as an action document and can grow with your business over time.

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• What is strategic planning? A 5-step gu ...

What is strategic planning? A 5-step guide

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

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What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include: 

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process. 

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process). 

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength? 

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement? 

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service? 

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company? 

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination. 

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals . 

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success. 

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. We recommend sharing your plan in the same tool you use to manage and track work, so you can more easily connect high-level objectives to daily work. If you don’t already, consider using a work management platform .  

A few tips to make sure your plan will be executed without a hitch: 

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively. 

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed. 

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done. 

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success. 

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively. 

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. It helps map out strategic objectives and growth metrics that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets. 

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a strategic plan vs. business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

You should create a business plan when you’re: 

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. Even if you’re working at a relatively young company, your strategic plan can build on your business plan to help you move in the right direction. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a strategic plan vs. mission and vision statements?

Your strategic plan, mission statement, and vision statements are all closely connected. In fact, during the strategic planning process, you will take inspiration from your mission and vision statements in order to build out your strategic plan.

Simply put: 

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction. 

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.” 

Vision statement: “To create pet safety and tracking products that are effortless to use.” 

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners. 

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization moves quickly). These objectives give your team a clear sense of what you intend to accomplish for a set period of time. 

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a business case?

A business case is a document to help you pitch a significant investment or initiative for your company. When you create a business case, you’re outlining why this investment is a good idea, and how this large-scale project will positively impact the business. 

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a project plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project. This project could be one of many initiatives that contribute to a specific company objective which, in turn, is one of many objectives that contribute to your strategic plan. 

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success. 

Related resources

How Asana uses work management for organizational planning

How Asana uses work management to optimize resource planning

Solve your tech overload with an intelligent transformation

9 steps to craft a successful go-to-market (GTM) strategy

Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Module 3: Planning and Mission

Types of plans and common planning tools, learning outcomes.

• Differentiate between the uses of long-term plans, short-term plans, and operational plans.
• Differentiate between standing plans and single-use plans.
• Explain how policies, procedures, and regulations impact operational plans.
• Explain the role of budgets in the planning process.
• Differentiate between forecasting, scenario planning, and contingency planning.
• Explain the use of “management by objectives” (MBO), SMART goals, and benchmarking in planning.

You can view the transcript for “Long term and short term planning animated” here (opens in new window) .

Watch the short animated video for a brief overview of the importance of long-term and short-term planning.

Long-term and Short-term Plans

When you decided to attend college, you had a long-term plan in mind. You would spend the next four or five years preparing to become a teacher, a businessperson, or perhaps an ecologist. Or, you may have committed two or three years to become a nurse, a medical technician, or an electrician. Your long-term goal was necessary to make sure that your daily activities would help you achieve your desired outcome. You could have just enrolled in a school and taken classes that looked interesting, but then where would you be in four years? You most likely would not have taken the courses required to qualify you for the job you want. An organization, especially a business, is not so different. It also needs a long-term plan to make sure that the daily activities of its employees are contributing to the mission and value statements of the organization.

A long-term plan is crucial to the ultimate success of the organization. A long-term plan for many businesses, such as construction, hospitality, or manufacturing, generally extends four to five years into the future. For other faster-changing industries, especially technology companies, a long-term plan may only look two or three years into the future. After that, it becomes too difficult to predict the future with any degree of certainty.

Top management is responsible for the development of the long-term plan. It is up to the CEO to make sure that changing conditions (both external and internal) are reflected in the organization’s long-term plan. The larger and more complex the organization, the larger and more complex the long-term plan will be to include all of the individual departments and functions.

Short-term plans generally allocate resources for a year or less. They may also be referred to as operational plans because they are concerned with daily activities and standard business operations. Like long-term plans, short-term plans must be monitored and updated, and this is the role of middle- and first-level management. Different managerial levels have responsibility for implementing different types of short-term plans. For example, a department manager may be comfortable implementing an operational plan for the entire year for her department. A marketing manager may direct a three- to four-month plan that involves the introduction of a new product line. A team leader may only be comfortable planning and implementing very specific activities over the period of a month.

Figure 1. Organizational Plan Hierarchy: The figure above summarizes the relationship between these types of management planning

Practice Question

Operational plans: standing plans and single-use plans.

An operational plan describes the specific goals and objectives and milestones set by an organization during a specific period. ( Objectives are specific tasks undertaken to meet broader goals. A goal may be to increase product sales by 3 percent; an objective may be to hire two additional sales agents.) It will allocate the tangible resources (labor, equipment, space) and authorize the financing necessary to meet the objectives of the plan. There are two types of operational plans: standing plans and single-use plans.

• Standing plans are plans designed to be used again and again. Examples include policies, procedures, and regulations. The advantage of standing plans is that they foster unity and fairness within an organization and help to support stated organizational values. Managers don’t have to make unique decisions already addressed by various organizational policies. Standing plans also save time because managers know in advance how to address common situations. Finally, standing plans aid in the delegation of work, because employees are already familiar with the procedures and regulations followed by the organization.
• Single-use plans refer to plans that address a one-time project or event. The length of the plans varies, but the most common types are budgets and project schedules. The obvious advantage of a single-use plan is that it can be very specific in how it addresses the needs of a particular situation.

PRactice Question

Policies, procedures, and regulations.

As stated above, the most common examples of standing use plans are policies, procedures, and regulations. These plans are usually published and handed out to new hires or posted on the organization’s employee website for easy reference.

• Policies provide broad guidelines for the smooth operation of the organization. They cover things like hiring and firing, performance appraisals, promotions, and discipline. For example, a company may have a policy to encourage recycling in the workplace or a policy that prohibits personal cell phone use in manufacturing areas.
• Procedures are steps to be followed in established and repeated operations. Procedures should reflect the policies of the company and support the organization’s long-term goals. Procedures may also detail steps that should be followed to ensure employees are disciplined in a fair and unbiased manner. For example, if employees feel that other employees interacted with them in an inappropriate manner, then they should follow the procedure for bringing this to management’s attention. Or, the organization may establish procedures for what to do in cases of emergencies, such as a fire or toxic spill.
• Regulations refer to what is allowable and what is strictly prohibited in an organization. In other words, a regulation is a kind of rule that addresses general situations. In many hospitals and laboratories, for example, there are safety regulations against wearing open-toed shoes or shoes with slippery soles. State and federal governments frequently issue regulations for industries that impact public safety.

The Role of Budgets in the Planning Process

Refer back to Figure 1 and locate the box labeled “Budgets.” Notice that budgets are examples of single-use, short-term plans. An organization’s budget is a document that details the financial and physical resources allocated to a project or department. They are single-use plans because they are specific to a particular period or event. For example, departments may have a hiring budget that allocates a certain number of positions and a total salary value for a calendar year. Next year, that budget may be the same or it may change, depending upon conditions in the organization. But it cannot be assumed that the budget will stay the same. Zero-based budgets look at each budget as if it were brand new and require managers to justify each of the budgeted items. This process ensures that budgets are closely tied to the latest organizational goals.

Managers deal with a variety of budget types:

• Financial budgets include balance sheets, income/expense statements, and statements of cash flow.
• Operating budgets project revenue against expenditures.
• Nonmonetary budgets allocate resources such as labor, workspace, and equipment use.
• Fixed budgets are budgets that do not change with increased or decreased activities, such as sales revenue. They are also called static budgets.
• Flexible budgets will vary with the level of activity (grow or be reduced according to changing conditions).

Budgets are a very important planning tool, and organizations take their budgeting process very seriously. Some managers spend most of their time making sure that the expenses and projects they control do not exceed authorized spending limits. To routinely “go over budget” is a sign of a poor planning—and planning is one of the basic management functions. In some cases, to routinely come in under budget is also viewed negatively, because with more accurate budgeting those committed resources could have been allocated to other projects. Often, projects compete for limited resources so the best budget is the one that most closely projects actual expenses and revenue.

Forecasting, Scenario Planning, and Contingency Planning

Forecasting is simply making a prediction about the future. Anyone can make a forecast—the trick is to be right or close enough so that important planning decisions can be based on the forecast. Some “botched” forecasts by business leaders follow:

“This telephone has too many shortcomings to be seriously considered as a means of communication.” – President of Western Union, 1876

“There is a world market for maybe five computers.” – Chairman of IBM, 1943

“Television won’t be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night.” – Darryl Zanuck, president of 20th Century Fox, 1946

“There is no chance that the iPhone is going to get any significant market share.” – Microsoft CEO Steve Ballmer, 2012

There are actually much better ways to predict the future than resorting to fortunetellers.

Scientific forecasting is using mathematical models, historical data, and statistical analysis to make predictions about what will happen in the future. Businesses use short-term forecasting all the time when creating budgets and anticipating expenses. Mostly, these forecasts are based on what they sold and what they paid providers in the recent past. Long-range forecasting requires both quantitative numerical data and qualitative data based on expert opinions and insights. Often, organizations will create a number of long-range forecasts based on “best-case” and “worst-case” scenarios. They will then make plans on how they would respond to each situation and, as time goes on, they will update and adapt the long-term plan.

Scenario planning takes into account alternative futures. Managers consider using different strategies under varying economic conditions. This type of planning typically involves gradual change. For example, a non-profit organization that relies upon donations will have different plans for times when the economy is booming and donors have more discretionary income versus times of recession when people tend to cut back on spending.

In contrast,  contingency planning addresses sudden market change or business disruptions. Usually, contingency plans are designed to handle emergency situations. For example, airports have contingency plans for plane crashes on takeoffs or landings, and popular tourist attractions have begun developing contingency plans in case of terrorist threats.

An example of the critical importance of contingency planning involves the Deepwater Horizon oil spill in the Gulf of Mexico in 2010. Eleven people lost their lives and seventeen were badly injured when an explosion on an oil rig released almost five million barrels of oil into the Gulf of Mexico. It was the worst marine oil spill in history, and its effects were even more devastating because BP Oil did not have contingency plans in place for that kind of disaster. The spill went on for months while BP and its partners tried to figure out how to shut off the oil’s source. Even though BP spent $62 billion on the response and cleanup activities, there was extensive damage to marine and wildlife habitats and fishing and tourism industries. Getting employees involved in planning may help prevent tragedies similar to this one.

Practice QUestion

Management by objectives (mbo) and smart goals.

Management by objectives , or MBO for short, is a tool that can be used to improve the performance of an organization by creating clearly defined objectives agreed upon by management and by the employees. Peter Drucker, a prolific author and a leader in management theory, coined the phrase “management by objectives” in 1954. The intent of MBO is to improve employee motivation and organizational communication by focusing on aligning individual goals to corporate objectives. In MBO, a manager and an employee do the following:

• jointly set goals and objectives for a period.
• together plan tasks that the employee performs with the support of management.
• agree on the standards for evaluating performance of the task.
• regularly meet to review progress.

MBO must be a top-down management tool, because organizational goals are cascaded down to create the various operational levels. Drucker showed that as long as employee goals support short-term and long-term organizational objectives, MBO will help move the company forward. Critics, however, charge that managers using the approach focus more on creating goals than on helping the employee achieve them.

SMART goals are a technique often paired with MBO. SMART stands for specific, measurable, achievable, realistic, and time-bound. The SMART goal paired well with MBO theory by

• Providing incentives to employees by rewarding them when they meet key goals.
• Empowering employees by allowing them to set their own objectives for achieving their individual goal.
• Communicating honestly about what went well and what did not, and focusing on developing the missing skills.

The chart that follows summarizes the most important characteristics of each part of a SMART goal.

For example, let’s say you set a goal to become a recognized department expert in a subject relevant to advancement within the organization. How could you turn this into a SMART goal?

• Specific: I will learn about the liabilities of six major nonprofit organizations.
• Measurable: I will make presentations to the advertising, grant writing, and donor/client committees.
• Achievable: I will interview one nonprofit organization every week for six weeks.
• Relevant: This expertise will fill a current knowledge gap in the new client department.
• Time-bound: I will fulfill this goal before my next scheduled annual performance evaluation.

Benchmarking

The last planning tool we’ll discuss in this section is benchmarking. You may think that your organization has an excellent long-term plan and effective short-term plans, but how do you really know? Even if your company is showing growth, is it growing as fast as your competitor? A benchmark is a standard used for comparison purposes. Benchmarking is looking at performance levels outside of your organization, or sometimes across departments or divisions inside your organization, to evaluate your own performance. You can benchmark using several different criteria:

• Industry: Let’s say you produce technology widgets. Benchmarking can answer questions about how your company is doing in comparison to other tech widget makers. This approach is a type of competitive benchmarking.
• Geography: Your state is showing a lot of economic growth. You can use benchmarking to determine if your company is sharing in that wealth or underperforming compared to the regional economy.
• Organization: You are a small business owner. Benchmarking can help answer questions about whether the economic climate is friendlier to big business than it is to small business, or whether nonprofits are failing whereas for-profits are succeeding.
• Processes: You can use benchmarking to determine what processes other firms are using that are helping or hurting them. Are there lessons to be learned from them? This is also called strategic benchmarking or process benchmarking.
• Innovation: Benchmarking can help you discover what partners or techniques your competitors are using that are missing in your organization. Are there functions in your products or programs that should be eliminated and others that could be added? Functional benchmarking is key in technology-related organizations.

Internal benchmarking means comparing a department’s performance with another department in your company or branch within the same larger organization. The important thing about benchmarking is that it gives you a standard against which to compare your progress.

Planning tools are designed to help you determine goals, guide behaviors within the organization, and help you evaluate your performance against external benchmarks. Plans are essential, but good managers know to be flexible when conditions demand.

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• Types of Plans and Planning Tools. Authored by : John/Lynn Bruton and Lumen Learning. License : CC BY: Attribution
• Image: Organizational Plan Hierarchy. Authored by : Lumen Learning. License : CC BY: Attribution
• Image: PsychicBoston. Authored by : John Stephen Dwyer. Located at : https://commons.wikimedia.org/wiki/File:PsychicBoston.jpg . License : CC BY-SA: Attribution-ShareAlike
• description of scenario planning. Authored by : Pro CFO Partners. Located at : https://procfopartners.com/goals-strategies/scenario-planning-vs-contingency-planning-for-not-for-profit-organizations/ . License : All Rights Reserved
• Long term and short term planning animated. Authored by : Artem Nedoshepa. Located at : https://www.youtube.com/watch?v=De0HyiqRXIU . License : All Rights Reserved

5 effective strategic planning models for your business

Strategic planning models are a catalyst for successful teams. Companies use these models to achieve their goals, steer through transitions, or make impactful changes. Imagine a roadmap guiding every decision, action, and initiative — a strategic blueprint illuminating your path to success. 

That’s what a strategic planning model is for your team.

This article delves into the five most common strategic planning models. By using one of these models in your own strategic planning, you’ll align objectives, foster collaboration, and drive tangible results.

1. Basic strategic planning model

The basic strategic planning model is a foundational model for strategic planning. It starts with establishing or refining fundamental elements — mission, vision, values, and objectives — that set the direction for the entire organization. 

Who uses this model?

This method is cost-effective and straightforward, making it most helpful for: 

• Teams with no strategic planning experience: Because of its simplicity, the basic model is best if you’ve never created a strategy from scratch before. 
• Companies with limited resources: It offers an efficient way to develop a strategic plan without requiring extensive investments or lengthy training sessions.

How to use the basic strategic planning model

Teams don’t need fancy tools or software to follow this model. Its simplicity helps you prioritize and focus on the most critical aspects of your strategy without being overwhelmed by complex frameworks. 

• Write (or refine) your vision, mission, and values: Hold a collaborative meeting with stakeholders to establish or refine these business components so they align with your current direction and aspirations.
• Set clear goals: Use the SMART goal framework , which involves setting specific, measurable, attainable, relevant, and time-bound goals.
• Identify a strategy to reach your goal(s): Along with your leadership team, develop an actionable and attainable strategy. For instance, if your goal is to increase customer satisfaction by 15% in the next year, an actionable strategy might be to implement a customer feedback system and launch a customer loyalty program.
• Create an action plan to implement the strategy: Break down your strategy into tasks and milestones. Create a clear roadmap for implementation by assigning responsibilities and deadlines to team members. 

Related: The 5 steps of the strategic planning process

2. Goal-based strategic planning model

The goal-based strategic planning model emphasizes setting clear and measurable objectives. Teams use this model because the data-driven approach leads to more informed strategic choices. 

While this model is similar to the basic strategic planning model, it’s slightly more comprehensive and requires more time and resources. It’s useful for: 

• Teams that need more nuance than the basic model: If you want to take a more detailed approach to your strategy, the goal-based model provides a slightly more structured framework than the basic model. 
• Teams with limited strategic planning experience: This model doesn’t require specialized tools or extensive resources, making it accessible for teams that are still new to strategic planning.

How to use the goal-based strategic planning model

This goal-based model uses a SWOT analysis (strengths, weaknesses, opportunities, and threats) as the foundation for creating an effective strategy. 

• Carry out a SWOT analysis: A SWOT analysis helps you identify key areas for improvement and growth. Pro-tip: Use the Mural template to save time and easily collaborate with other stakeholders. 
• Set goals based on SWOT: Define specific, measurable goals that address your challenges (weaknesses and threats) and leverage your strengths and opportunities.
• Establish the strategies to help you meet these goals: Brainstorm and prioritize actionable strategies aligned with your goals. For instance, if your goal is to expand market reach, your strategies could include launching targeted marketing campaigns or exploring new distribution channels.
• Create an action plan: Develop a detailed action plan outlining specific steps, responsibilities, and timelines for achieving the established goals over the next year. 
• Allocate resources: Allocate the necessary resources, including budget and personnel, to support the action plan’s implementation.  

3. Strategic alignment model

This model helps you closely align your strategies with overall business goals and values to create an integrated approach. It allows everyone in the company to work together better by making sure they all share the same goals and values. 

If your existing strategies aren’t helping you meet your goals, the strategic alignment model will help you reassess and adjust them. It’s most helpful for: 

• Teams undergoing a transition: If your company is going through a merger or acquisition, this model can foster a smoother transition and alignment with the new strategic direction. 
• Teams that need to refine existing strategies: This model offers a structured approach for reassessing and improving current strategies, which is especially important if you’re trying to adapt to evolving market conditions, shifting customer demands, or internal changes. 

How to use the strategic alignment model

This model emphasizes the alignment of your strategy with your company’s mission, vision, culture, structure, processes, and resources.

• Identify which existing elements are misaligned: Conduct a comprehensive review of your company, including its existing mission, vision, culture, processes, and resources. This process will help you identify exactly where the misalignment is so you can align these elements with your strategy. 
• Identify solutions for each misalignment: Collaborate with relevant stakeholders and teams to propose actionable solutions for each identified misalignment. For example, if there’s a discrepancy between the company’s stated culture and actual practices, your solution could involve revising policies or conducting more thorough employee training.
• Create a strategic plan that implements solutions: Develop a strategic plan that incorporates your proposed solutions. Clearly outline steps, responsibilities, and timelines for integrating these solutions into your existing strategy and company framework.

Related: Mural’s Strategy Map template helps you visualize your goals across each area of your business

4. Balanced scorecard model

The balanced scorecard model gives a holistic view of your company’s performance by considering four main components: financial, customer, internal processes, and learning and growth. This method makes sure that organizations consider a wide range of factors and goals rather than focusing on just one. 

The balanced scorecard model is particularly beneficial for companies that want to establish or refine strategies in more than one area. It works best for:

• Large companies that need to align objectives across several areas: Large companies with diverse operations and multiple strategic priorities benefit from the holistic view of the balanced scorecard. For instance, conglomerates or multinational corporations that operate across various industries can use this model to align objectives from different sectors.
• Cross-functional teams: This model helps diverse teams work together in sync, ensuring everyone is on the same page to achieve big-picture goals.

How to use the balanced scorecard model

To use the balanced scorecard model, you’ll outline the objectives, KPIs, and strategic initiatives for each component (financial, customer, internal processes, and learning and growth): 

• Write the objectives: Define specific goals for each component. For example, for the financial component, your objective could be to increase revenue by diversifying revenue streams, expanding market share in specific segments, and optimizing pricing strategies.
• Determine the KPIs and targets: Identify the KPIs corresponding to each objective. For instance, using the same financial example as above, your KPIs may include revenue growth rate and market share.
• Outline strategic initiatives to meet your objectives: Establish the strategic initiatives or actions you’ll use to achieve the defined goals and KPIs. 

Related: OKRs vs. KPIs: What’s the difference?

5. Theory of change model

The theory of change model focuses on defining the cause-and-effect relationships between an organization’s activities and its intended outcomes. It helps companies articulate how their actions will lead to their desired changes and improvements.

This model helps companies establish clear pathways for improvements, making it beneficial for specific teams, including: 

• Teams undergoing large transformations: This model is particularly beneficial for teams navigating significant changes, such as restructuring or organizational overhauls.
• Teams that need to implement large-scale changes: This model is ideal for teams aiming to make substantial changes across departments or within the organizational structure, giving teams a clear roadmap for achieving these broad changes.

How to use the theory of change model

Using the theory of change model starts with prioritizing your desired outcome or result. 

• Write your desired outcome: Clearly define the specific change or improvement you want to achieve. For instance, if the desired result is to enhance employee satisfaction, outline the specific areas or factors contributing to this improvement. Conduct a change impact assessment to help your team map out how and when the change will happen.
• Establish steps to reach the desired outcome: Break down the overarching outcome into manageable steps or milestones. Identify the necessary conditions or actions required at each stage.
• Identify your KPIs: Your KPIs should effectively measure your progress and success toward achieving your desired outcome.

Choose a model for your next strategic planning session

Whether it’s the simplicity of the basic strategic planning model or the transformative power of the theory of change model, each one offers a unique pathway to enhance the impact of your team’s strategic planning.

Choose a model that resonates with your team’s needs and goals. By adopting a deliberate model tailored to your organization’s mission and values, you’ll pave the way for a more direct pursuit of your objectives.

And if you need help running an effective strategic planning meeting , look no further. Our guide has all the answers and insights you need.

About the authors

Bryan Kitch

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9 best free project planning software for teams

Software for project planning accounts for, carefully plans, and meticulously times every piece of a complex project. These programs support various project planning needs so teams can spend more time on the project they’re working on. Understanding and aligning project requirements with software features will help in choosing the best option. This article will highlight the top options for project planning and help you determine which software is right for your team.

What is project planning software?

Project planning software is a digital tool crucial for managing complex projects. It breaks them down and provides a comprehensive project plan . It streamlines project planning and execution through task creation, assignments, and reporting capabilities. Project planning software also increases efficiency and ensures effective communication and accountability. Many companies offer free project planning software, allowing teams to improve their workflow at no extra cost.

Project planning software provides a centralized platform for simplifying tasks, resource planning , setting deadlines, facilitating team collaboration , and monitoring progress. It organizes, manages, and tracks various aspects throughout the project life cycle . It empowers project managers and teams to stay on track and make data-driven decisions that lead to successful project completion.

How is project planning software useful?

Project planning software offers several advantages that enhance project success, such as building a foundation for more effective team meetings . This is only one benefit businesses can receive from incorporating project planning software.

Other key benefits include:

• Improved collaboration: Dedicated software for project planning provides a central hub for communication and collaboration, eliminating silos and supporting teamwork.
• Increased efficiency: Software automation streamlines repetitive tasks, enabling teams to focus on more strategic activities. Task dependencies facilitate a logical flow with minimal delays.
• Better resource allocation: Project planning software allows managers to visualize resource allocation across tasks and projects. This enables efficient planning while identifying potential bottlenecks and triggering proactive adjustments.
• Improved project visibility: Through a centralized platform, stakeholders and team members gain real-time insights into project progress, deadlines, and potential roadblocks. This 360-degree view fosters transparency, facilitates informed decision-making, and enables course correction when necessary.

Implementing project planning software creates structure, enhances collaboration, and increases efficiency. This improves the likelihood that teams can complete their projects with the desired outcomes on time.

What to look for in project planning software

Choosing the right project planning software means identifying must-haves that align with the team’s goals, resources, and budget. 

Below are key features to look for in project planning software:

• Task management: Create, assign, prioritize, and track tasks with clear deadlines and dependencies.
• Communication tools: Facilitate smooth communication and collaboration through chat, document commenting, and real-time updates.
• Schedules and deadlines: A Gantt chart and automatic reminders or notifications help set timelines with visualized project progress.
• Reports and analytics: Gain project insights through data visualization and reports.
• Flexibility and customization: Ensure the software supports customized workflows, views, and dashboards.
• Integrations: Identify compatible integrations to enhance efficiency and streamline workflows.
• Security and access control: Select software with robust security features and user access controls. These are critical for data privacy and confidentiality.

Confluence is a connected workspace that offers valuable features for planning and collaborating on projects, especially when integrated with tools such as Jira . Confluence collects relevant context around the project scope , such as goals, rationale, decisions, and history, which helps align teammates and stakeholders.

Confluence features include:

• Flexible documentation: Confluence supports comprehensive project documentation using text, images, code, tables, and more. This promotes clear communication and knowledge sharing.
• Structured planning elements: These comprise project calendars that showcase timelines in table formats. They’re helpful for time-based actions and provide a visual project flow.
• Collaborative editing: Multi-user editing enables real-time collaboration by allowing team members to edit documents simultaneously.
• Version control: Page history reveals tracked changes and revisions within project documents. This is essential for full transparency and creating a simple way to revert to prior versions.
• Templates: Confluence templates simplify collaboration through product releases, marketing, and other strategic planning initiatives. 
• Integration potential: Confluence integrates seamlessly with Atlassian tools such as Jira, fostering a unified project management ecosystem. Third-party integrations can further connect project workflows and centralize data.

9 free project planning software programs

Here are some of the best project planning software tools that assist with every aspect of project management . 

1. Confluence: Best for project planning and collaboration

Confluence is a comprehensive project planning software solution featuring a centralized, connected workspace. This eliminates the challenges of scattered emails, disconnected documents, and misaligned goals. Teams can create, edit, and share project plans within the platform. 

Many companies suffer from a lack of organization, slowing down business operations and causing confusion between teams. With a project planning tool like Confluence, team leaders can have peace of mind knowing every team member is in lock-step, working toward the same goals.

This unified approach keeps everyone on the same page throughout the project life cycle, making it ideal for collaboration and knowledge sharing. It also empowers teams from across the business to work together. Teams can get started quickly with Confluence’s project plan template .

2. Confluence whiteboards: Best for collaborative brainstorming

Confluence whiteboards are free-form visual spaces for teams to generate ideas. Directly embedded within a Confluence workspace, they’re perfect for collaborative brainstorming . Team members can use sticky notes, drawings, images, and text to capture thoughts and concepts. 

Everyone involved can see the contributions in real-time. This sparks discussion and enables ideas to develop rapidly in a shared visual format.

3. Jira: Best for project management and task tracking

Jira is ideal for Agile project management , making it an excellent choice for Agile software development teams and business teams alike. It breaks projects into manageable tasks, creating detailed assignments and tracking. Visual tools like Kanban and Scrum boards offer real-time progress tracking. This enables teams to identify bottlenecks and adjust. 

This free project management software is also an excellent tool for measuring bandwidth across teams. By getting a clear picture of the workflow through visual tools like a Kanban board, team leaders can determine who on their team may be overworked, and whether or not to pull back. 

Bug tracking with Jira allows teams to track issues while boosting productivity through streamlined processes and reduced administrative overhead. It achieves this by providing customizable workflows, real-time reporting, and automation tools. 

4. Jira Product Discovery: Best for prioritization and road mapping

Jira Product Discovery provides a focused environment for strategic product management by streamlining ideation, assisting with prioritization, and creating roadmaps. It enables product managers to collect and organize insights from customers, stakeholders, and data analytics. It then consolidates those data points into one central location. The tool’s flexible prioritization frameworks empower teams to score and rank ideas based on objective criteria.

5. Hubstaff: Best for time tracking and team management

Hubstaff is a reliable tool for time tracking and team management. Employees can accurately and efficiently track time allocated to specific projects through desktop and mobile apps. The tool provides automated timesheets, detailed reports, and real-time project dashboard insights. This helps track project progress and evaluate resource allocation. 

6. MeisterTask: Best for automations

MeisterTask’s unlimited automation significantly streamlines project planning by automating repetitive tasks and workflows. Users can configure rules that trigger actions such as assigning tasks, updating due dates, sending notifications, and moving tasks between project sections based on conditions. Automating these actions saves time, reduces errors, and invites the team to focus on more strategic needs.

7. Zoom: Best for video conferencing

Zoom is a powerful platform with exceptional video and audio to support large-scale meetings. It’s a viable solution for connecting face-to-face virtually, fostering collaboration and communication across locations. Zoom has interactive features such as screen sharing, breakout rooms, real-time chat, and reactions, making meetings more engaging and productive.

8. Slack: Best for real-time communication

Slack is a real-time communication and messaging tool that offers private and public channels for focused discussions. Direct messages make it easy to communicate 1:1, while threaded conversations and file sharing keep everyone informed. Slack offers seamless integration with complementary tools and services, including Confluence.

9. Loom: Best for async communication

Loom is a leader in asynchronous videoconferencing for recording and sharing short videos with others. It is simple and has features such as screen sharing, annotations, and captions. These aspects make it ideal for explaining complex concepts, providing feedback, and fostering engagement without requiring real-time scheduling.

Elevate project planning with Confluence

Confluence is a robust project planning and collaboration platform for creating a unified workspace. Its ability to centralize documentation, foster real-time collaboration, and integrate seamlessly with other project management tools, such as Jira, makes Confluence a valuable project planning tool. 

With templates that can outline a project plan , provide a project poster , and launch a project kickoff , Confluence is a great free project planning software tool for launching new projects or organizing existing projects.  Try Confluence to experience this powerful project planning solution.

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