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What Is an Assignment of Contract?

Assignment of Contract Explained

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Assignment of contract allows one person to assign, or transfer, their rights, obligations, or property to another. An assignment of contract clause is often included in contracts to give either party the opportunity to transfer their part of the contract to someone else in the future. Many assignment clauses require that both parties agree to the assignment.

Learn more about assignment of contract and how it works.

What Is Assignment of Contract?

Assignment of contract means the contract and the property, rights, or obligations within it can be assigned to another party. An assignment of contract clause can typically be found in a business contract. This type of clause is common in contracts with suppliers or vendors and in intellectual property (patent, trademark , and copyright) agreements.

How Does Assignment of Contract Work?

An assignment may be made to anyone, but it is typically made to a subsidiary or a successor. A subsidiary is a business owned by another business, while a successor is the business that follows a sale, acquisition, or merger.

Let’s suppose Ken owns a lawn mowing service and he has a contract with a real estate firm to mow at each of their offices every week in the summer. The contract includes an assignment clause, so when Ken goes out of business, he assigns the contract to his sister-in-law Karrie, who also owns a lawn mowing service.

Before you try to assign something in a contract, check the contract to make sure it's allowed, and notify the other party in the contract.

Assignment usually is included in a specific clause in a contract. It typically includes transfer of both accountability and responsibility to another party, but liability usually remains with the assignor (the person doing the assigning) unless there is language to the contrary.

What Does Assignment of Contract Cover?

Generally, just about anything of value in a contract can be assigned, unless there is a specific law or public policy disallowing the assignment.

Rights and obligations of specific people can’t be assigned because special skills and abilities can’t be transferred. This is called specific performance.   For example, Billy Joel wouldn't be able to transfer or assign a contract to perform at Madison Square Garden to someone else—they wouldn't have his special abilities.

Assignments won’t stand up in court if the assignment significantly changes the terms of the contract. For example, if Karrie’s business is tree trimming, not lawn mowing, the contract can’t be assigned to her.

Assigning Intellectual Property

Intellectual property (such as copyrights, patents, and trademarks) has value, and these assets are often assigned. The U.S. Patent and Trademark Office (USPTO) says patents are personal property and that patent rights can be assigned. Trademarks, too, can be assigned. The assignment must be registered with the USPTO's Electronic Trademark Assignment System (ETAS) .  

The U.S. Copyright Office doesn't keep a database of copyright assignments, but they will record the document if you follow their procedure.

Alternatives to Assignment of Contract

There are other types of transfers that may be functional alternatives to assignment.

Licensing is an agreement whereby one party leases the rights to use a piece of property (for example, intellectual property) from another. For instance, a business that owns a patent may license another company to make products using that patent.  

Delegation permits someone else to act on your behalf. For example, Ken’s lawn service might delegate Karrie to do mowing for him without assigning the entire contract to her. Ken would still receive the payment and control the work.

Do I Need an Assignment of Contract?

Assignment of contract can be a useful clause to include in a business agreement. The most common cases of assignment of contract in a business situation are:

• Assignment of a trademark, copyright, or patent
• Assignments to a successor company in the case of the sale of the business
• Assignment in a contract with a supplier or customer
• Assignment in an employment contract or work for hire agreement

Before you sign a contract, look to see if there is an assignment clause, and get the advice of an attorney if you want to assign something in a contract.

Key Takeaways

• Assignment of contract is the ability to transfer rights, property, or obligations to another.
• Assignment of contract is a clause often found in business contracts.
• A party may assign a contract to another party if the contract permits it and no law forbids it.

Legal Information Institute. " Assignment ." Accessed Jan. 2, 2021.

Legal Information Institute. " Specific Performance ." Accessed Jan. 2, 2021.

U.S. Patent and Trademark Office. " 301 Ownership/Assignability of Patents and Applications [R-10.2019] ." Accessed Jan. 2, 2021.

Licensing International. " What is Licensing ." Accessed Jan. 2, 2021.

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Assignment of Membership Interest: The Ultimate Guide for Your LLC

LegalGPS : November 30, 2023 at 8:16 AM

As a business owner, there may come a time when you need to transfer ownership of your company or acquire additional members. In these situations, an assignment of membership interest is a critical step in the process. This blog post aims to provide you with a comprehensive guide on everything you need to know about the assignment of membership interest and how to navigate the procedure efficiently. So, let's dive into the world of LLC membership interest transfers and learn how to secure your business!

What is an Assignment of Membership Interest?

An assignment of membership interest is a document that allows a member of an LLC to transfer their ownership share in the company to another person or entity. This can be done in the form of a sale or gift, which are two different scenarios that generally require different types of paperwork. An assignment is typically signed by the parties involved and delivered to the Secretary of State's office for filing. However, this process can vary depending on where you live and whether your LLC has members other than yourself as well as additional documents required by state law.

Necessary Approvals and Consent

Before initiating the assignment process, it's essential to review the operating agreement of your LLC, as it may contain specific guidelines on how to assign membership interests.

Often, these agreements require the express consent of the other LLC members before any assignment can take place. To avoid any potential disputes down the line, always seek the required approvals before moving forward with the assignment process.

Impact on Ownership, Voting, and Profit Rights

It's essential to understand that assigning membership interests can affect various aspects of the LLC, including ownership, voting rights, and profit distribution. A complete assignment transfers all ownership rights and obligations to the new member, effectively removing the original member from the LLC. For example, if a member assigns his or her interest, the new member inherits all ownership rights and obligations associated with that interest. This includes any contractual obligations that may be attached to the membership interest (e.g., a mortgage). If there is no assignment of interests clause in your operating agreement, then you will need to get approval from all other members for an assignment to take place.

On the other hand, a partial assignment permits the original member to retain some ownership rights while transferring a portion of their interest to another party. To avoid unintended consequences, it's crucial to clearly define the rights and responsibilities of each party during the assignment process.

Types of Membership Interest Transfers

Membership interest transfers can be either complete or partial, depending on the desired outcome. Understanding the differences between these two types of transfers is crucial in making informed decisions about your LLC.

Complete Assignment

A complete assignment occurs when a member transfers their entire interest in the LLC to another party, effectively relinquishing all ownership rights and obligations. This type of transfer is often used when a member exits the business or when a new individual or entity acquires the LLC.

For example, a member may sell their interest to another party that is interested in purchasing their share of the business. Complete assignment is also used when an individual or entity wants to purchase all of the interests in an LLC. In this case, the seller must receive unanimous approval from the other members before they can transfer their entire interest.

Partial Assignment

Unlike a complete assignment, a partial assignment involves transferring only a portion of a member's interest to another party. This type of assignment enables the member to retain some ownership in the business, sharing rights, and responsibilities proportionately with the new assignee. Partial assignments are often used when adding new members to an LLC or when existing members need to redistribute their interests.

A common real-world example is when a member receives an offer from another company to purchase their interest in the LLC. They might want to keep some ownership so that they can continue to receive profits from the business, but they also may want out of some of the responsibilities. By transferring only a partial interest in their membership share, both parties can benefit: The seller receives a lump sum payment for their share of the LLC and is no longer liable for certain financial obligations or other tasks.

How to Draft an Assignment of Membership Interest Agreement

A well-drafted assignment of membership interest agreement can help ensure a smooth and legally compliant transfer process. Here is a breakdown of the key elements to include in your agreement, followed by a step-by-step guide on drafting the document.

Key elements to include:

The names of the assignor (the person transferring their interest) and assignee (the person receiving the interest)

The name of your LLC and the state where it was formed

A description of the membership interest being transferred (percentage, rights, and obligations)

Any required approvals or consents from other LLC members

Effective date of the assignment

Signatures of all parties involved, including any relevant witnesses or notary public

Step 1: Gather Relevant Information

Before you begin drafting the agreement, gather all pertinent data about the parties involved and the membership interest being transferred. You'll need information such as:

The names and contact information of the assignor (the person transferring their interest) and assignee (the person receiving the interest)

The name and formation details of your LLC, including the state where it was registered

The percentage and value of the membership interest being transferred

Any specific rights and obligations associated with the membership interest

Step 2: Review the LLC's Operating Agreement

Examine your LLC's operating agreement to ensure you adhere to any predetermined guidelines on assigning membership interests. The operating agreement may outline specific procedures, required approvals, or additional documentation necessary to complete the assignment process.

If your LLC doesn't have an operating agreement or if it's silent on this matter, follow your state's default LLC rules and regulations.

Step 3: Obtain Necessary Approvals and Consents

Before drafting the assignment agreement, obtain any necessary approvals or consents from other LLC members as required by the operating agreement or state law. You may need to hold a members' meeting to discuss the proposed assignment and document members' consent in the form of a written resolution.

Step 4: Outline the Membership Interest Being Transferred

Detail the membership interest being transferred in the Assignment of Membership Interest Agreement. Specify whether the transfer is complete or partial, and include:

The percentage of ownership interest being assigned

Allocated profits and losses, if applicable

Voting rights associated with the transferred interest

The assignor's rights and obligations that are being transferred and retained

Any capital contribution requirements

Step 5: Determine the Effective Date of the Assignment

Set an effective date for the assignment, which is when the rights and obligations associated with the membership interest will transfer from the assignor to the assignee.

This date is crucial for legal and tax purposes and helps both parties plan for the transition. If you don’t specify an effective date in the assignment agreement, your state's law may determine when the transfer takes effect.

Step 6: Specify Conditions and Representations

In the agreement, outline any conditions that must be met before the assignment becomes effective. These could include obtaining certain regulatory approvals, fulfilling specific obligations, or making required capital contributions.

Additionally, you may include representations from the assignor attesting that they have the legal authority to execute the assignment. Doing this is important because it can prevent a third party from challenging the assignment on grounds of lack of authority. If the assignor is an LLC or corporation, be sure to specify that it must be in good standing with all necessary state and federal regulatory agencies.

Step 7: Address Tax and Liability Issues

Clearly state that the assignee will assume responsibility for any taxes, liabilities, and obligations attributable to the membership interest being transferred from the effective date of the assignment. You may also include indemnification provisions that protect each party from any potential claims arising from the other party's actions.

For example, you can include a provision that provides the assignor with protection against any claims arising from the transfer of membership interests. This is especially important if your LLC has been sued by a member, visitor, or third party while it was operating under its current management structure.

Step 8: Draft the Entire Agreement and Governing Law Clauses

In the closing sections of the assignment agreement, include clauses stating that the agreement represents the entire understanding between the parties concerning the assignment and supersedes any previous agreements or negotiations. Specify that any modifications to the agreement must be made in writing and signed by both parties. Finally, identify the governing law that will apply to the agreement, which is generally the state law where your LLC is registered.

This would look like this:

Step 9: Review and Sign the Assignment Agreement

Once you've drafted the Assignment of Membership Interest Agreement, ensure that all parties carefully review the document to verify its accuracy and completeness. Request a legal review by an attorney, if necessary. Gather the assignor, assignee, and any necessary witnesses or notary public to sign the agreement, making it legally binding.

Sometimes the assignor and assignee will sign the document at different times. If this is the case, then you should specify when each party must sign in your Assignment Agreement.

Importance of a Professionally-drafted Contract Template

To ensure a smooth and error-free assignment process, it's highly recommended to use a professionally-drafted contract template. While DIY options might seem tempting, utilizing an expertly-crafted template provides several distinct advantages.

Advantages of using a professionally-created template:

Accuracy and Compliance: Professionally-drafted templates are designed with state-specific regulations in mind, ensuring that your agreement complies with all necessary legal requirements.

Time and Cost Savings: With a pre-written template, you save valuable time and resources that can be better spent growing your business.

Reduced Legal Risk: Legal templates created by experienced professionals significantly reduce the likelihood of errors and omissions that could lead to disputes or litigations down the road.

How our contract templates stand out from the rest:

We understand the unique needs of entrepreneurs and business owners. Our contract templates are designed to provide a straightforward, user-friendly experience that empowers you with the knowledge and tools you need to navigate complex legal processes with ease. By choosing our Assignment of Membership Interest Agreement template, you can rest assured that your business is in safe hands. Click here to get started!

Frequently Asked Questions (FAQs) about Assignment of Membership Interest

As you embark on the journey of assigning membership interest in your LLC, here are some frequently asked questions to help address any concerns you may have:

Is an assignment of membership interest the same as a sale of an LLC? No. While both processes involve transferring interests or assets, a sale of an LLC typically entails the sale of the entire business, whereas an assignment of membership interest relates to the transfer of some or all membership interests between parties.

Do I need an attorney to help draft my assignment of membership interest agreement? While not mandatory, seeking legal advice ensures that your agreement complies with all relevant regulations, minimizing potential legal risks. If you prefer a more cost-effective solution, consider using a professionally-drafted contract template like the ones we offer at [Your Company Name].

Can I assign my membership interest without the approval of other LLC members? This depends on your LLC's operating agreement and state laws. It's essential to review these regulations and obtain any necessary approvals or consents before proceeding with the assignment process.

Do you need a lawyer for this?

The biggest question now is, "Do you need to hire a lawyer for help?" Sometimes, yes ( especially if you have multiple owners ). But often for single-owner businesses, you don't   need a lawyer to start your business .

Many business owners instead use tools like  Legal GPS for Business , which includes a step-by-step, interactive platform and 100+ contract templates to help you start and grow your company.

We hope this guide provides valuable insight into the process of assigning membership interest in your LLC. By understanding the legal requirements, implications, and steps involved, you can navigate this essential task with confidence. Ready to secure your business with a professionally-drafted contract template? Visit our website to purchase the reliable and user-friendly Assignment of Membership Interest Agreement template that enables your business success.

Faculty Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

Salty Pawz Assignments and Discussions

Half of the written assignments and discussions (32 in total) are based on a case study, whose focus is a fictional dog-treats business called “Salty Pawz.” Many of these assignments take the form of asking students to give Wanda, the company’s inexperienced owner, advice about how she can run her business more effectively. Lighthearted in tone, the Salty Pawz case study and associated assignments create a common framework for applying knowledge and skills developed through the course, encouraging students to demonstrate mastery of the content through real-world tasks and work products.

Alternate Assignments and Discussions

The other half of the written assignments and discussions (32 in total) use a variety of approaches, depending on the subject and learning outcome being assessed; many ask students to go beyond course content to form connections between research topics and what they’ve learned in class.

Using Assignments

We recommend assigning  one discussion OR one assignment per chapter , rather than all of them.   Some instructors prefer to stick with the Salty Pawz theme throughout the course; others like to use some of the alternates along the way. You can view any assignments or discussions below or throughout the course.

Rubrics for Written Assignments and Discussion Posts

For faculty using the assignments or discussions included here, there are also sample rubrics to assist you in grading. Instructors may download and modify these guidelines or use their own.

Grading Rubric for Discussion Posts

Written Assignment Rubric

• Guidelines for Written Assignments

For faculty using the assignments included here, there is also a set of guidelines regarding length, formatting, and other mechanical submission requirements. Instructors may download and modify these guidelines or use their own.

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Assignment of Interest In LLC: Everything You Need to Know

Assignment of interest in LLCs happens when a member communicates to other members his/her intention to transfer part or all of his ownership rights in the LLC to another entity. 3 min read updated on February 01, 2023

Updated October 28, 2020:

Assignment of interest in LLCs happens when a member communicates to other members his/her intention to transfer part or all of his ownership rights in the LLC to another entity. The assignment is usually done as a means for members to provide collateral for personal loans, settle debts, or leave the LLC. The member (assignor) and the person assigned (assignee) sign a document called the Membership Assignment of Interest.

Why a Member May Want to Assign Interest

A member may choose to assign interest for a number of reasons.

• The assignment of interest may happen as collateral to a loan to one of the members.
• Some members can assign interest to settle debts. The assignment will be effective until the debt is cleared.
• An assignment of interest can also' be done  to a member's legal heirs , going into effect upon the death of a member. 

The Rights and Limitations of the Assignee

The laws governing LLC membership interest assignments vary considerably from one state to another. 

• Most states prohibit the assignee from participating in the LLC's operations or decisions unless the Articles of Organization have this provision.
• An assignee is protected from liability from the assignor until the assignee becomes a member in most states. However, the law in a few states, including California and Florida, states that the assignee does get the assignor's liability.
• Should the assignee become a member after the assignment, he is only entitled to the rights and restrictions the assignor had.
• The assignment usually gives the assignee the right to receive the assignor's share of the profits — but not necessarily the other rights.

The Rights and Limitations of the Assignor

• In many states, all LLC members have the right to assign membership interest.
• In most states, assigning interest does not necessarily lead to forfeiting of voting and management rights and can be temporary. Texas law, on the other hand, states that the assignor ceases to be a member of the LLC after the assignment.

The Rights and Limitations of Other Members

• All members of the LLC have to be notified of any type of assignment.
• Some states require the assignment of interest to be approved by all members.
• The new person who has been assigned interest does not necessarily become a member even if the assigner has decided to leave the LLC. The other members can decide whether to admit the assignee as a member or not. Should a member assign interest without the input of other members, the interest is normally limited to financial benefits.
• In a two-member LLC, one member can easily transfer the interest to the other. 

The Membership Interest Assignment Document

The LLC's operating agreement should explain the rights of members on issues of transfer of interest, and the agreement should be followed during the assignment process. The Membership Interest Assignment acts as a record of the agreement, and the LLC normally keeps a copy of the document. The law in most states does not provide a formal template of the Membership Interest Assignment document but lists what should be included in the document. The document should have the following details:

• Percentage of interest that will go to the assignee 
• Whether the assignee will have voting rights
• The signatures of the assignor and the assignee

Assignment of Interest Versus Selling Ownership Stake

The assignment of interest is typically different from selling the ownership stake . Selling a member's ownership stake in the LLC requires unanimous approval by the other members. A departing member may also assign his membership to another member.

If a member is being paid to transfer interest, this is treated for tax purposes as a sale, and the selling member's gains might be liable to capital gains tax. Even if a departing member is not paid for his interest, if the departure results in the assignee getting the departing members' share of liability, the departure is seen as an exchange or sale.

Assignment of Interest Versus Abandoning an LLC

If a member wants to withdraw interest in an LLC, he/she can choose to simply legally abandon the LLC in most states. The abandoning member should give some kind of notice to the other members explaining that he is abandoning membership. Abandoning membership does not usually require the approval of other members.

Abandoning an LLC does not absolve the member of liability he/she may have incurred when still a member.

If you need help with the assignment of interest in LLCs, you can  post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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Content Approved by UpCounsel

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• What Is the Definition of Assigns
• Assignment of Interest
• Assignment Law
• Assignment of Interest Form
• Assignment of Rights Example
• Assignment of Rights and Obligations Under a Contract
• Assignment Agreement Definition
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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated April 17, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

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One-page plan template

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

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

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

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

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

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

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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Assignment on Business Management: Quick Guide

What is Business Management Assignment

College curriculums are loaded with unfamiliar subjects, and students often feel lost. The first assignments are usually the hardest to get done, and a little help would be nice. If you are a beginner facing this challenge and are asking all around 'what is business management' or how it differs from business administration, you have come to the right place. This quick guide will explain the basics of the management of business and will provide topics of business management essays.

To put it simply, business management is a process of planning, organizing, directing, and controlling the organizational resources to achieve the company's objectives. While business administration concentrates on the organization's day-to-day operations, business management focuses on the overall process.

Business management is vital for a successful business. A business manager's job is to make strategic decisions, allocate resources, hire the best employees, and ensure the company meets its business objectives.

A business management assignment helps students demonstrate their ability to apply theoretical knowledge to real scenarios and prepare them for future challenges. While the structure of the assignment is not foreign to experienced students, it covers a wide range of topics. It could involve operations management, financial and human resources management, organizational behavior, etc.

In the following chapters, you will find useful tips, a formal structure, and a general outline of a business management essay. Down below, there is a list of essay topics you could write a magnificent essay about. To clarify things, here is a business assignment sample essay. Our college essay writing services will provide a business essay crafted to meet the highest standards of your university.

How to Write a Business Assignment: Helpful Tips

Even though every essay structure and general outline resembles one another for each type, there are still many intricate details that you should consider when writing a business management assignment.

Let's move on to discuss constructing an impressive business paper without wasting time making mistakes. The following guide will save you the trouble of extensive research on how to polish an academic paper and help you reach the academic success you deserve.

If you don't have much free time on your hands, our exceptional custom essay writing service is also a great option. Let us know what is due, and we will deliver unforgettable reports on business management.

Choose Relevant Business Management Topics

Start by implementing a general to a specific approach. Think about the areas of your expertise and how it links with the business assignment. A topic you feel comfortable writing will help you construct a high-quality and meaningful research paper.

Writing about the topics of business you feel passionate about will make the process more engaging and enjoyable. Consider your audience, and make the topic meet their needs. This will help you write an informative and engaging paper. Be relevant. Stay up to date with trending topics of business management. Choose a topic about an important issue and provide new perspectives or even a solution. Filling in the existing gaps will help your essay stand out.

Narrowing down the scope is always a good idea. The specific topic will make your work more manageable and keep you focused. A broad topic is always difficult to cover, but narrowing it down too much can limit your research options. Thus, balance is the key!

Maintain Your Management Assignment Structure

Maintaining the structure of the assignment is crucial. Make sure to keep your ideas coherent and your essay easy to follow. Whether you are writing about international business management or organizational structure, the most important thing is simply communicating your ideas to the readers.

Start by following the course guideline. Make sure you understand every component. Usually, professors give out this kind of map to determine the structure, format, and length of the management of business assignments.

Before you start writing, create an outline. Organize your thoughts and ideas and stay on track. Use headings and subheadings to break up your assignment into sections. Start with a strong introduction and an easy-to-digest thesis statement. Follow it with comprehensive body paragraphs. Here you can provide your arguments, show other people's work, and communicate with the audience about the problems you've discovered. Use transitional sentences to connect your ideas and eventually to the bigger picture. Finally, write a powerful conclusion that ties everything up. Showcase your ability to link various arguments to one another.

Following our guidelines will bring clarity and coherence to your writing. Well-structured and easy-to-follow essays always get positive feedback from their readers.

Analyze Topics of Business, Don't Repeat

Analyzing business paper topics can get tricky, especially for beginners who have to develop their writing style. Chances are you will repeat the same argument several times to make it look more convincing. But answering the question 'what is business management' several times with different words will only make your paper look unprofessional.

It's tricky, but there are ways to avoid repeating the arguments. Do the prior research. Acquiring knowledge will expand your horizon, and you won't feel the need to repeat the same sentence couple of times. Create the general outline. Knowing the order of your essay elements will help you avoid restating the same information twice.

Besides the general outline, it's a good idea to list all the key points and prioritize them. This way, you will cover every important detail in your essay. Last but not least, consider alternative perspectives. If you incorporate opposing viewpoints, you will enrich the paper and show off your writing skill level.

Provide Rationale for Your Business Assignment

It is trivial, but for safety reasons, let's point out: an argument without supporting evidence is not valid. The same goes for the topics of business management essay. You must provide a rationale for every stage of the essay.

Being able to provide supporting evidence demonstrates strong research abilities. Writing a well-reasoned essay requires thorough research. Providing rationale and citing sources in the assignment shows that the writer has done their best. Besides looking professional, it will be easier to convince the reader about the credibility of your argument if they can see the reasoning behind it. If you can explain why you think what you think, it shows that you have considered opposing viewpoints. Critical thinking is one of the most important aspects of the writing process.

Writing essays about the management of business takes extensive research. If the deadline is too close and there is not enough time to master the art of writing, you can go to the website and check out our custom research papers writing service . Our team of professional writers is always here to help you.

Use Formal Language in Your Business Assignment

In business, academia, or any other professional setting, we use formal language. It strictly adheres to the rules of grammar, tone, and vocabulary.

Formal language helps to establish a professional tone in A management assignment which supports creating a positive impression on the reader. Using formal language also increases the clarity of the arguments. Formal language is more precise, which can help avoid ambiguity and confusion.

No matter which business management topic assignment you write, having a respectful relationship with your audience is crucial. Formal language and correctly chosen vocabulary can take you a long way. It shows respect to the reader and the topic also.

Thus, you must avoid using slang, vocabulary unsuitable for the audience, contractions, and other unprofessional language or tone forms. And if you are reading all these, you are thinking, 'why can't somebody else write an essay for me ,' visit our website, and your wish will become a reality in no time. Get top-notch essays tailored to your specific requirements.

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Business Management Topics

Mastering the art of constructing an impressive essay is only one-half of the job. First of all, you need an engaging topic. Our team has prepared a comprehensive list of business management topics to write about. From operations to business process management, explore a list of topics covering a wide range of fields, choose the one that excites you the most, and start implementing the freshly acquired knowledge.

International Business Management Topics

Our experienced writers have gathered the 20 most engaging topics about international business management. Explore the list and find the most attractive one:

• Exploring management concepts in international business
• Cross-cultural challenges in achieving Organizational goals
• The challenges of the first line managers in international organizations
• Key strategies for managing international business operations in an efficient and effective manner
• Maximizing international business success through effective human resource management strategies
• Navigating global business challenges through effective management of cultural intelligence
• Effective leadership strategies for international business management
• Cross-cultural communication as an essential part of international business management
• The link between happy employees and successful international business management
• Maximizing global business performance through effective staff managers
• Leveraging various resources for competitive advantage
• Understanding the universal phenomenon of cross-cultural communication challenges
• Foreign direct investment and risks for international businesses
• Sustainability in international business
• Challenges of corporate governance in international businesses
• The role of ethical leadership as an essential part of international business management
• Developing a high degree of cross-cultural competence
• Managing global value chains: integrating all the activities in international business management
• The importance of cultural awareness in international business management
• The role of self-confidence in international business management

Operations Management Assignment Topics

Below you will find the most relevant and moderns operations management assignment topics:

• Enhancing Organizational Performance through Effective Operations Management and Managerial Skills
• The role of organizational chart in effective operations management
• The impact of executive functions on operations management
• The role of operations management in achieving success at a shareholder meeting
• The importance of understanding human behavior in operations management
• Leveraging consumer insights based on market research
• Optimizing group dynamics in operations management
• Leadership and strategies of general managers in operations management
• Planning effectively: best practices for operations management
• Tools, techniques, and approaches for a good knowledge base in operations management
• How to manage an organization effectively: operations management strategies
• The role of operations management in organizational development
• Achieving efficiency and productivity through simple form and process
• The role of independent decision-making in operations management
• Management theories: How to plan effectively toward organizational success
• Optimizing human activities for the entire organization's success
• Streamlining operations management for a particular job: important strategies for effectiveness
• From plans decided to action implemented: the importance of effective operations management
• Provide guidance for upper management: strategies for leadership and direction
• Balancing technology and human beings for global success

Business Process Management Topics

Explore 20 more topics about business process management:

• Strategies for implementing effective business process management principles across the entire organization
• The role of human effort and organizational structure in achieving operational excellence
• How successful managers utilize basic principles for achieving operational excellence
• Interplay between management principles and executive function in driving business process
• Achieving synergy between top management and other employees for improved operational efficiency
• The crucial role of company leadership in aligning objectives and strengthening decision making
• A critical analysis of management theories: exploring the role of functional managers in achieving goals
• Optimizing the management process to achieve organizational goals
• Effective business process management consists of strategic allocation for company growth
• How to manage challenges created by leadership and top management
• Optimizing business process management through collaborative efforts between top managers and the best employees
• Crucial managerial skills: Optimizing processes through nurturing talent and celebrating human efforts
• The role of the functional manager in talent acquisition and optimizing human resource management
• Why business process management involves determining the journey, not just the destination
• Aligning employee decision-making with business objectives
• How process-centered leadership empowers organizations to manage change
• Process improvement through agile methodologies
• The evolution of process management thought
• The role of information technology in business process management
• The impact of business process management on customer satisfaction and retention

Additional Interesting Topics of Business

If you can choose from a wide range of topics, this list is for you. Impress your professor with an intriguing topic assignment:

• Measuring the ROI: Key metrics and techniques for demonstrating value to stakeholders
• Effective change management: how to implement and adapt
• Digital transformation in business management
• Strategies for handling and overcoming business crises
• Strategies for reducing environmental impact and promoting social responsibility
• Best practices and emerging trends for effective online branding
• Strategies for driving innovation and creating a culture of creativity
• Managing human resources in small business
• Strategies for managing cash flow, budgets, and investments
• The importance of market research and analysis for effective business management
• Using game mechanics to improve employee performance and engagement
• Strategies for effective time management and priorities in a busy workplace
• Strategies and tactics for successful business deals
• Emerging trends in remote work, automation, and AI
• Benefits and best practices for reducing stress and improving productivity
• Creating a workplace culture that fosters happy employees
• How understanding human behavior can inform business decision making
• Is servant leadership a new paradigm for effective business management?
• Techniques for handling uncertainty and complexity in an organization
• The role of entrepreneurial mindset and creativity in business success

Business Assignment Sample Essay

In the next section of the article, you will find a sample business management essay to help you understand how to structure and write a successful business assignment. Read through it carefully and take notes on the techniques used.

Further Academic Help

Are you struggling to come up with an assignment on management topic? Let us help you! Our online assignment writing service provides a comprehensive list of essay titles across various subjects to choose from, whether it's topics of business management or history assignment.

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• Project planning |
• The beginner’s guide to writing an effe ...

The beginner’s guide to writing an effective business case

Nearly every project needs to be approved—whether that means getting the simple go-ahead from your team or gaining the support of an executive stakeholder. You may be familiar with using a project plan or project charter to propose a new initiative and get the green light for a project. But if your proposed project represents a significant business investment, you may need to build a business case.

If you’ve never written a business case, we’re here to help. With a few resources and a little planning, you can write a business case that will help you get the resources and support you need to manage a successful project.

What is a business case?

A business case is a document that explains the value or benefits your company will gain if you pursue a significant business investment or initiative. This initiative can be anything from the messaging for a new product or feature launch, a proposal to increase spend on a current initiative, or a significant investment with a new agency or contractor—to name a few. A compelling business case will outline the expected benefits of this significant investment decision. Key stakeholders will use the business case you provide to determine whether or not to move forward with an initiative.

If you’ve never created a business case, it may sound similar to other early project planning documentation. Here’s how it stacks up:

The difference between a business case and business plan

A  business case  is a proposal for a new strategy or large initiative. It should outline the business needs and benefits your company will receive from pursuing this opportunity.

A  business plan , on the other hand, is an outline for a totally new business. Typically, you’d draft a business plan to map out your business strategy, your mission and vision statements, and how you’re planning on getting there. There may be a case where you create a business plan for an already-existing business, but you’d only do so if you’re trying to take your business in a significantly new direction.

Business case vs. executive summary

Business case vs. project charter.

If you need to create an elevator pitch for your project but you don’t quite need the full business case treatment, you might need a project charter. Much like a business case, a project charter outlines key details of an initiative. Specifically, a project charter will cover three main elements of your project: project objectives, project scope, and key project stakeholders. Your management team will then use the project charter to approve further project development.

Do you need a business case?

Not every project needs a business case—or even a project charter. Plan to build a business case only for initiatives or investments that will require significant business resources. If you’re working on a smaller initiative, consider creating a project charter to pitch your project idea to relevant stakeholders.

Even if you don’t need to pitch your project to any stakeholders, you should be ready to answer basic questions about your proposed project, like:

What is this project’s purpose?

Why are we working on this project?

How does this project connect to organizational goals and objectives?

Which metrics will we use to measure the success of the project ?

Who is working on this project?

When is this project going to be completed?

5 steps for creating and pitching a business case

Your business case shouldn’t just include key facts and figures—it should also tell a story of why pursuing a particular investment or initiative is a good idea for your business. When in doubt, avoid jargon and be brief—but always focus on communicating the value of the project. If this is your first time creating a business case, don’t worry. Follow these five steps to create a solid one.

1. Gather input

You don’t have to write a business case on your own. Instead, make sure appropriate team members and stakeholders are contributing to the relevant sections. For example, the IT team should be involved in any tooling and timeline decisions, while the finance team should review any budget and risk management sections. If you’re creating a business case to propose a new initiative, product line, or customer persona, make sure you also consult subject matter experts.

2. Plan to write your business case out of order

Some of the first things that appear in your business case—like your executive summary—should actually be drafted last, when you have all of the resources and information to make an informed suggestion. Your executive summary will present all of your findings and make a recommendation for the business based on a variety of factors. By gathering all of those details first—like project purpose, financial information, and project risk—you can ensure your executive summary has all of the relevant information.

3. Build your business case incrementally

A business case describes a significant investment for your company. Similarly, simply writing a business case is a significant investment of your time. Not every initiative is right for your business—so make sure you’re checking your work with stakeholders as you go. You don’t want to sink hours and weeks into this document only for it to be rejected by executive stakeholders right off the bat.

Consider doing a “soft launch” with an outline of your business case to your project sponsor or an executive stakeholder you have a good relationship with to confirm this initiative is something you should pursue. Then, as you build the different sections of your business case, check back in with your key stakeholders to confirm there are no deal-breakers.

4. Refine the document

As you create sections of your business case, you may need to go back and refine other sections. For example, once you’ve finished doing a cost-benefit analysis with your financial team, make sure you update any budget-related project risks.

Before presenting your business case, do a final read through with key stakeholders to look for any sections that can be further refined. At this stage, you’ll also want to write the executive summary that goes at the top of the document. Depending on the length of your business case, your executive summary should be one to two pages long.

5. Present the business case

The final step is to actually present your business case. Start with a quick elevator pitch that answers the what, why, and how of your proposal. Think of this presentation as your chance to explain the current business need, how your proposal addresses the need, and what the business benefits are. Make sure to address any risks or concerns you think your audience would have.

Don’t go through your business case page by page. Instead, share the document with stakeholders before the presentation so they have a chance to read through it ahead of time. Then, after your presentation, share the document again so stakeholders can dig into details.

A business case checklist

Start with the why.

The first section of the business case is your chance to make a compelling argument about the new project. Make sure you draft an argument that appeals to your audience’s interests and needs. Despite being the first section in your business case, this should be the last section you write. In addition to including the  traditional elements of an executive summary , make sure you answer:

What business problem is your project solving?  This is your chance to explain why your project is important and why executive stakeholders should consider pursuing this opportunity.

What is your business objective ?  What happens at the end of a successful project? How will you measure success—and what does a successful project mean for your business?

How does this business case fit into your overall company business strategy plan?  Make sure your proposed business case is connected to important  company goals . The initiative proposed in your business case should move the needle towards your company's  vision statement .

Outline financials and the return on investment

At this point in your business case, you should outline the project finance fundamentals. Don’t expect to create this section on your own—you should draft this in partnership with your company’s finance team. In particular, this section should answer:

How much will this project cost?  Even if the initiative is completely new to your company, do some research to estimate the project costs.

What does each individual component of the project cost?  In addition to estimating the total overall cost, break down the different project costs. For example, you might have project costs for new tools and resources, competitive intelligence resourcing, agency costs, etc.

What is the expected return on investment (ROI)?  You’ve talked about the costs—now talk about how your company will benefit from this initiative. Make sure to explain how you calculated the ROI, too.

How will this project impact cash flow?  Cash flow is the amount of money being transferred into and out of your business. Significant investments are going to cost a lot of money, so they’ll negatively impact cash flow—but you should also expect a high ROI, which will positively impact cash flow.

What is the sensitivity analysis?  Sensitivity analysis is a summary of how uncertain your numbers are. There will be a variety of variables that impact your business case. Make sure to explain what those variables are, and how that could impact your projections.

Preview project details

Your business case is proposing a new initiative. In addition to the financial risks, take some time to preview project details. For example, your business case should include:

Your  project objectives  and  key project deliverables .  What will happen at the end of the project? What are you expecting to create or deliver once the project is over?

Your  project plan .  A project plan is a blueprint of the key elements your team needs to accomplish in order to successfully achieve your project goals.

The  project scope .  What are the boundaries of your project? What exact goals, deliverables, and deadlines will you be working towards?

A list of relevant  project stakeholders .  Who are the important project stakeholders and key decision makers for this work? This can include the members of the project team that would be working on this initiative, executive stakeholders who would sponsor the project, and any external stakeholders who might be involved.

A general  project roadmap  in a Gantt-chart like view.  At this stage in the process, you don’t need to provide a detailed project timeline, but you should outline a general sense of when each project stage will happen in relation to the others. To do this, create a project roadmap in  Gantt-chart like software . Make sure to include any important  project milestones  in your roadmap as well.

Any important project dependencies.  Is there anything that would get in the way of this project getting started? Does this work rely on any other work that’s currently in flight?

Discuss project risks

Once you’ve outlined the financial impact and important project details, make sure you include any potential project risks. If you haven’t already, create a  project risk management plan  for your business case. Project risk management isn’t the process of eliminating risk—instead, it’s about identifying, analyzing, and proactively responding to any potential project risks. Clearly defining each project risk and how that risk might impact your project can best equip you and the project team to manage and avoid those risks.

In the risk section of your business case, include:

A risk analysis of any potential project risks.  What is the risk? How likely is it to happen? What is the priority level of this risk?

What, if any, assumptions you are making.  In project risk management, assumptions are anything you think will be true about the project, without those details being guaranteed facts. Basing project decisions around an assumption can open your project up to risk. Make sure you ratify every project assumption to avoid jeopardizing project success.

Any comparable alternatives in the market.  If you’re writing a business case to pitch a new product or angle in the market, evaluate anything that already exists. Could the alternative impact your financial assessment or project success?

Develop an action plan

In the final section of your business case, outline how you will turn this business case into an actionable project. This section should answer questions like:

How will decisions be made?  Who is responsible for the project? Who is the project sponsor? If you haven’t already, consider creating a  RACI chart  to outline project responsibilities.

How will progress be measured and reported?  Not every project stakeholder needs to be notified of every project change. Outline key parts of your project communication plan , as well as how you’ll communicate  project status updates .

What is the next course of action?  If the management team ratifies this business case, what next steps will you take to put this into action?

Bring your business case to life

You’ve built a solid business case and it’s been ratified—congratulations! The next step is to bring your business case to life. It can be intimidating to  initiate large-scale change , and implementing your business case is no exception.

If you haven’t already, make sure you have a  project management tool  in place to manage and organize your new initiative. With a central source of truth to track who’s doing what by when, share status updates, and keep project stakeholders in the loop, you can turn a great business case into a successful project.

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