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One question which many entrepreneurs don’t get right is ‘ what is a business plan?’ . While it is fairly easy to answer it theoretically, a business plan is a lot more than just a write-up that tells about the business’s goals when you get into the practical aspect of running a startup . It isn’t just stating your goals and the means to achieve them but stating how your business is going to work as a whole.
A business plan is an important aspect of the startup process and should be crafted carefully before preparing your pitch deck and putting yourself in front of the investors.
A business plan is a written document that outlines the goals of the business and a roadmap of how to achieve them. It is the written description of your business’s future.
While many first-time entrepreneurs consider a business plan to be similar to what a preamble is to a constitution, but there’s a big difference. A business plan isn’t just an introduction to what the business is about. It is a written document explaining what the business will be after a certain period of time.
Simply stated, a business plan is a guide that conveys your business goals (both long-term and short-term), the business strategies you’ll use to achieve them, the problems and competition that you’ll face and the ways to solve and overcome them, the people you’ll involve in your business, the organisational structure, the marketing and the positioning strategies, and the amount of funds you’ll require for the same.
You need a business plan if you run a business. There are no exceptions to the type or age of the business and unlike what many people say, business plans are not limited to startups. Even if you’re running a 20-year-old business, it’s not late to write a business plan and dedicate your resources to your ultimate business goal.
That being said, a business plan is almost a necessity for startups as it helps entrepreneurs break the uncertainty into meaningful pieces and projections. It helps them to present their vision in a language investors and the world understand – which includes sales forecasts, marketing strategies , competitive strategies , milestones, expense budget, partners and employees, and the short-term and long-term goals.
The business plan is an important guide that forces you into disciplined thinking. It gives you a direction to move to and explains to the world what you are here for. Here are the four reasons why a business plan is important for your startup:
A business plan defines what the business intends to be over time. It includes a detailed description of the customer, the market, and the competition, and gives direction to all the current and future strategies and steps.
Almost all prospective investors and banks require entrepreneurs to prepare a business plan for their startups . The stats, facts, and figures in the business plan make it easy for them to decide whether the team and their business have the potential to earn a profit in the long run or not.
With a vision set for the future, it becomes easy to manage ideas and people to achieve what’s desired.
A business plan helps in the smooth execution of the planned business model as it helps to get in the desired partners by explaining their clear roles and the future vision to them.
The business plan should be clear and concise. A person outside of your industry should be able to understand it. It should contain all the key information about your startup from what your product is about to how much money you require to build it. Here are the 11 key elements that should be included in every business plan:
We know how important your dream business is to you. Therefore, we’ve come up with an all in one guide: The Startup Process to help you turn your vision into reality.
A startup consultant, digital marketer, traveller, and philomath. Aashish has worked with over 20 startups and successfully helped them ideate, raise money, and succeed. When not working, he can be found hiking, camping, and stargazing.
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Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.
Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.
A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.
Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success.
A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.
Business plans typically include detailed information that can help improve your business’s chances of success, like:
A business plan is like a map for small business owners, showing them where to go and how to get there. Its main purposes are to help you avoid risks, keep everyone on the same page, plan finances, check if your business idea is good, make operations smoother, and adapt to changes. It's a way for small business owners to plan, communicate, and stay on track toward their goals.
I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.
The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.
To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.
The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.
Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.
Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.
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Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.
Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.
According to data from CB Insights , some of the most common reasons businesses fail include:
The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!
Get a jumpstart on your business plan by creating your own cash flow projection .
Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.
Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.
A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.
Want to prove there’s a market gap? Here’s how you can get started with market research.
Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.
Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.
Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.
Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.
Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.
Learn what you need to get a small business loan.
No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.
Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.
How does having a business plan help small business owners make better decisions.
Having a business plan supports small business owners in making smarter decisions by providing a structured framework to assess all parts of their businesses. It helps you foresee potential challenges, identify opportunities, and set clear objectives. Business plans help you make decisions across the board, including market strategies, financial management, resource allocation, and growth planning.
Business plans can address industry-specific challenges like regulatory compliance, technological advancements, market trends, and competitive landscape. For instance, in highly regulated industries like healthcare or finance, a comprehensive business plan can outline compliance measures and risk management strategies.
In addition to attracting investors and securing financing, small business owners can leverage their business plans during pitches or loan applications by focusing on key elements that resonate with potential stakeholders. This includes highlighting market analysis, competitive advantages, revenue projections, and scalability plans. Presenting a well-researched and data-driven business plan demonstrates credibility and makes investors or lenders feel confident about your business’s potential health and growth.
Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.
Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.
Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.
The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.
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Preparing a growth plan for the future is essential for small businesses. One of the biggest reasons small businesses fail is a lack of planning. A surprising number of business leaders haven’t prioritised tangible growth strategies and haven’t expanded the size, revenue, and scope of their small businesses.
Below, we outline five easy steps businesses can take to create a growth plan for the future.
A future growth plan is simply a blueprint for how companies plan to hit their targets over a certain period of time. Most growth plans cover a relatively short time — usually one or two years — but some businesses create plans that extend well beyond that.
Future growth plans help companies lock down their objectives and focus on ways to meet those objectives. This gives investors a clearer vision of their future.
Here are five ways that companies can create a successful future growth plan:
Your value proposition will go a long way towards determining the success of your business. Do you offer better prices than your competitors? Are you a knowledge leader in a particular space? Perhaps your service, or the customer experience you offer, is what sets you apart. Whatever your value proposition is, make sure that it’s crystal-clear to your audience.
If you look at your organisation and can’t figure out what exactly sets you apart from the competition, then chances are your customers can’t either.
Once you know what your value proposition is, you’ll know who might benefit the most from it; that’s your ideal customer. Once this target audience is identified, you can figure out the best ways to reach them. Spend time discovering:
Once you have as much information as possible about your ideal customer, you can begin to craft an omnichannel strategy and leverage digital solutions like Marketing Cloud and Social Studio to reach them where they spend most of their time.
The biggest reason businesses fail is that they’re simply not generating enough revenue. It’s critical that businesses evaluate their revenue streams and try to optimise them. Which pipelines are working; which aren’t? Why are some revenue streams not producing as expected; why are others booming? Are there any new revenue streams that can be added?
This shouldn’t be a one-off evaluation; it needs to be a regular occurrence. New technologies and changing customer behaviour can drastically affect the viability of existing revenue streams. So it’s important to monitor them regularly and make the needed adjustments.
Unless they’re creating a category, no one begins at the top. You’ve most likely started a business because you’ve identified a gap in the market or a problem that needs to be solved, so you know how you’ll fit into the marketplace.
The next step is to look around the market and see who’s succeeding. Try to figure out where they’re falling short, what they’re doing well, and what you can do better. We’re in an age of sky-high expectations for customer service, digital experiences and personalised communications, so the bar for keeping up with the competition has never been higher.
Ideally, your future growth plan should help you maximise your value proposition, and to do that, you need to maximise your talent. Once you know your differentiator and your target audience, you can put together a workforce with skills that are aligned with your goals. Finding highly motivated, inspired employees is a great place to start – skilling them up to be agile and work across functions is even better.
Creating a future growth plan helps businesses become what they want to be, whether that’s one, two, five or ten years down the line. It helps establish a shared vision and a set of common goals, making it easier to align teams and pitch to investors. Most of all, helps businesses stay on the course to success.
To get started on creating your future growth plan, discover how to engage your ideal customer with personalised communication with AI and build your ideal app with zero coding knowledge .
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A business plan is a document that details a company's goals and how it plans to achieve them. Business plans are valuable to both startup and established companies.
Read our simple guide to learn how to write a business plan quickly and easily. A solid business plan is essential for any new business.
How to Write a Business Plan, Step by Step A well-written business plan should include details about your business's goals, products or services, and finances.
A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies.
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Need a business plan? Our step-by-step guide has everything you need to know about how to write a business plan to achieve your goals in 2024.
A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth. In short, a business plan is a lot of different things. It's more than just a stack of paper and can be one of your most effective tools as a business owner.
Learn exactly what a business plan is, why you need one, when to write it, and the fundamental elements that make it a unique tool for business success.
A simple, step-by-step guide to write a business plan for small businesses with real-world examples and a free downloadable business plan template.
What is a business plan? A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines financial planning.
Business Plan Definition: A written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss ...
Learn how to write a business plan to help you communicate your business plan and vision to investors and business partners.
A business plan is a written description of your small business's future.It shows what you intend to do and the way you intend to do it.
Business Plan Definition A business plan is a written document that outlines a company's goals, strategies, financial projections, and operational details, serving as a roadmap for its future growth and success.
A business growth plan outlines where a company sees itself in one to two years. Learn what to include in a business growth plan and why a plan matters.
Here are some of the components of an effective business plan. 1. Executive Summary. One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
A business plan definition is a written document that outlines the goals, strategies, and detailed operational and financial plans of a business. It serves as a roadmap for the business, providing a clear direction for its growth and development.
A business plan is a written document that outlines the goals of the business and a roadmap of how to achieve them. It is the written description of your business's future. While many first-time entrepreneurs consider a business plan to be similar to what a preamble is to a constitution, but there's a big difference.
Small businesses often use business plans to help guide them when starting or revamping a venture. That's because they help business owners see the bigger picture, plan ahead, make important decisions and improve the overall likelihood of success.
Forward-thinking business leaders are capitalizing on the disruption that characterizes today's global marketplace to build pathways to future success.
v. t. e. A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to ...
Preparing a growth plan for the future is essential for small businesses. One of the biggest reasons small businesses fail is a lack of planning. A surprising number of business leaders haven't prioritised tangible growth strategies and haven't expanded the size, revenue, and scope of their small businesses.
BUSINESS PLAN definition: 1. a detailed plan describing the future plans of a business 2. a detailed plan describing the…. Learn more.