business plan writing timeline

How to Create a Business Plan Timeline

Below you will learn what a business plan timeline is and where it belongs in your business plan.  

What is a Business Plan Timeline?

A business plan timeline lays out the key milestones you hope to achieve in your business and when you plan to accomplish them.   

The Importance of a Timeline

In running a business, it is very easy to get caught up in day-to-day activities and putting out fires. When you do this, unfortunately, it’s hard to grow your business. Having a timeline that lists your key goals forces you to spend time each day, week, and month to work on key growth initiatives.

Also, if you are seeking funding, investors and lenders need to understand these milestones and your projected dates for accomplishing them. This helps give them confidence that you will successfully execute your plan. 

Also, having a timeline helps you better prioritize your time and hire the right people at the right time.

    Finish Your Business Plan Today!

Where does the timeline go in the business plan.

The timeline belongs primarily in the Operations Plan of your business plan, however, you may include some highlights within the Executive Summary as well. 

Using the established key milestones you have created, you will now assign a timeframe to those milestones to show when you expect to reach each milestone. Remember, use historical data and be realistic in your timeline so that you can meet these goals.  

What Should Be Included in the Timeline?

Your business is currently at point A. Where you want to go is to point B. Now getting from point A to point B requires you to complete milestones.

And the most important ones are what I call “risk-mitigating milestones.” These are the milestones that help eliminate the risk of your company failing.

Some examples of “risk mitigating milestones” may include:

• Finding a location for your business, store, warehouse, etc.
• Getting the permits and licenses
• Building the facility/store
• Hiring and training staff
• New products and services introductions
• Store opening date
• Key employee hires
• Revenue milestones (date when sales exceed $X, when sales exceed $Y, etc.)
• Key partnerships executed
• Key customer contracts secured
• Key financial events (future funding rounds, IPO, etc.)

As an entrepreneur or small business owner, it is your job to identify your risk-mitigating milestones and prioritize them so that you can take steps each day toward the larger business goals.  

How to Create & Prioritize Your Milestone List

Create your detailed risk-mitigating milestone list first. The goal should be to list approximately six major milestones in the next year, five milestones in the following year, and so on for up to five years (so include two in year 5). 

You can use this as a “To Do” list and ensure you achieve your goals each day, week, and month, further developing your business strategy.

Next to each milestone, include the expected timeframe, due date, and the budget you will need to attain them. For example, you may want to launch a billboard marketing campaign over a 6-month period (Expected Due Date: 6/30/2022), and the expected cost is $18,000.

After you create your milestone list, you need to prioritize them. Decide on which milestones you should achieve with the initial funding if needed. Ideally, these will get you to the point where you are generating revenues or profits. This is because the ability to generate revenues significantly reduces the risk of your venture; as it proves to lenders and investors that customers want the products and/or services you are offering.

By setting up your milestones, you will figure out what you can accomplish for less money. And the fact is, the less money you need to raise, the easier it generally is to raise it (mainly because the easiest to raise money sources offer lower dollar amounts).  

How to Develop a Timeline For Your Business Plan

You’ve already completed the hard part. 

Now, it’s time to schedule your milestone list and convert it into a timeline format to give you a quick visual reference. Be sure that your timeline includes all the milestones that you’ve deemed a priority.

There are many businesses that prefer to develop Gantt charts, while others may prefer a calendar, Excel sheet, or another preferred format. Choose the format that works best for you.

There are several format options and platforms to choose from if you do a quick search for “ create a timeline online .” However, keep in mind that it’s not how pretty the timeline is, it’s about functionality and the ease of use to track the progress of all the tasks completed. 

Here are a couple of options:

Source: SlideTeam

This one-page timeline is a downloadable template that is clean and easy to read and follow. While it doesn’t have all the details on this one page, it has enough information to help business leaders understand if the team is on track.

Source: Office Timeline

This is a PowerPoint Presentation add-in that allows you to create a custom Gantt chart with your Microsoft Office account. While the chart above says a 5-year plan, note that they did not include the parts of the milestones beyond Year 1. This may be to reduce clutter and keep focused on the near-future goals. 

Source: GanttPro

This Gantt chart online platform offers another alternative allowing you to assign tasks to others on your team and monitor their progress all in one place. It also tracks the time to complete each task so that you can better schedule in the future for similar projects.

These are only a few of the platforms available online to create an amazing timeline for your business plan. In the beginning, it may be a lot of work to set up, but once you obtain the funding you are seeking, it’ll be well worth the time and effort.

By creating a timeline as early as possible in the business planning process, you can begin to establish realistic goals that can help improve day-to-day decision-making and boost confidence among current and potential stakeholders.

Other Helpful Business Plan Articles & Templates

Researched by Consultants from Top-Tier Management Companies

Powerpoint Templates

Icon Bundle

Kpi Dashboard

Professional

Business Plans

Swot Analysis

Gantt Chart

Business Proposal

Marketing Plan

Project Management

Business Case

Business Model

Cyber Security

Business PPT

Digital Marketing

Digital Transformation

Human Resources

Product Management

Artificial Intelligence

Company Profile

Acknowledgement PPT

PPT Presentation

Reports Brochures

One Page Pitch

Interview PPT

All Categories

Top 5 Business Plan Timeline Template with Samples and Examples

Vaishali Rai

US statesman Benjamin Franklin has given the world this timeless piece of wisdom, “If you fail to plan, you are planning to fail.” 

Yet, many entrepreneurs leap into initiating their business plans without having a solid business timeline. 

Writing a business plan timeline can sound boring, complex, and a waste of time when you're a busy entrepreneur with so much on your plate. However, for many businesses, the timelining phase is a make-or-break step that could save you time, money, resources, and energy in the long run.

Let's talk about what a Business Plan timeline is.

A business plan timeline is a flexible roadmap to the business's accomplished and pending goals. Any startup or new business must use a business plan timeline to track its achievements, milestones, and failures. In simple terms, a business plan timeline is a guide that outlines and tracks the progress of your business to date. It features the effectiveness of business strategies to track productivity, such as digital marketing tasks, market research projects, and organizational operations activities.

You’ve created a strategic business plan — now what? You need some additional planning documents to help map out your long-term strategy by outlining your daily actions. Stay on track with our carefully structured Top 10 Business Operational Plan Templates with Samples and Examples!

Why do you need a business plan timeline template?

The thought of starting a business plan can be an exciting time. No matter how excited you are to start with your great idea, it pays to slow down and create a timeline that will help determine loopholes in your plan and identify structural weaknesses of your business at an early stage. A good timeline template presents a road map to structure, operate, and grow your business. Competitors are waiting to outshine, even ambush, you. Thus, a business plan timeline template helps identify your company's core strengths using a balanced combination of logic and strategy.

From business analysis to financial projections, our thoughtfully-designed business plan timeline templates will set benchmarks, proactively align your team around a shared objective, and help avoid getting off track.

The 100% customizable nature of the our business plan ppt templates provides you with the desired flexibility to edit your presentations. The content ready slides give you the much-needed structure.

Check these out now!

Template 1: 10-Day Timeline Information Technology Marketing Activities Business Planning

Initiating marketing activities with a clear plan leads to consistent achievements. Use this 100% customized 10-Day Timeline Information Technology Marketing Activities template to present your data in a clear, easy-to-understand format. The template includes 11 slides, including a 10-day timeline, information, technology, marketing, and activities.

Download Now!

Template 2: 3-year Planning Timeline Business Plan Achievement Innovation Development

Keep your audience glued to seats with this professionally designed 3-year planning timeline Template. The template revolves around a new product innovation timeline, including innovation, transformation, strengths, weaknesses, efficiency, and effectiveness of a product. This deck comprises ten slides with creative visuals and well-researched content with appropriate layouts, diagrams, graphs, icons, charts, etc.

Template 3: Three-month Business Planning Timeline

A business plan is a set of actions or processes that describe how an organization plans and runs. This three-month Business Planning Timeline helps you demonstrate business plans essential for an organization to grow and accomplish its goals. The template helps in discussing approaches, techniques, tips, strategies, tools, and processes available with your team to achieve a target.

Template 4: Monthly Business Plan Animation Timeline

Guide your team about theories and methods of the sales planning and selling with this impressive Monthly Business Plan Animation Timeline Template. Clearly share your organization's vision, mission, and milestones timeline with your team. Get an overview of the specific market segments which your organization is targeting. It also helps identify the areas for improvement, failures, and weaknesses.

Template 5: Business Plan Executive Summary Company Timeline

A company's executive summary is like the back cover of your book. Capture and hold interest with this well-crafted and engaging business plan executive summary company timeline template that can effectively display the organization's policy, description, financial information, project fund investment, and market analysis. The template helps decision-makers get the gist of the entire project with just a flip through the executive summary.

THE TEST OF TIME

Multiple business plans come and go, but a business timeline has always stood the test of time. A business timeline is more than a bunch of numbers, scribbles, and buzzwords. It is a visual walkthrough of your business's journey and a roadmap to achieve key milestones while remaining useful and valued among competitors. Creating certainty, clarity, and consistency are the three foundations of a winning business plan template.

Don't wait! Grab your favorite business plan timeline template from the above set, prioritize your time better, and hire the right people at the right time for the right role.

FAQs on Business Plan Timeline

What is a timeline in a business plan.

The timeline is primarily a part of the Operations Plan of your business. However, you can also incorporate some key highlights from the timeline in the executive summary. 

A business plan timeline refers to a timeframe assigned against the established key milestones to show the expected duration to reach each of them. Your business plan timeline depends on historical and real-time data for it to be as practical and realistic as possible. An ideal business plan timeline includes the following elements:

• Where do you want to reach?
• When do you want to reach?
• How do you want to reach?

How do you write a timeline for a business plan?

First, to create a timeline, schedule your milestone list and put it into a timeline format for a quick visual reference. Make sure milestones are sorted by priority. There are many ways to create a business plan timeline. Some of these are:

• Gantt charts
• Excel sheets

Choose the format that works best for you, depending upon the functionality and the ease of use to track progress of completed tasks. However, you can always use our well-designed and researched business timeline templates to curate yours.

What are the seven steps of a business plan?

A good business plan provides direction to the company, attracts investors, and converts visitors into buyers. 

Now, how do you write a business plan?

• Research : To write the perfect plan, you must intimately know your company, product, competition, and market.
• Determine the purpose of your plan : Your plan is a road map that provides directions, steers the business towards gradual success, and helps avoid any bumps.
• Create a company profile : It displays the history of an organization, the products and services offered, the target market and audience, financial resources, and how you're going to solve a problem.
• Document business aspects : Investors want to ensure your business is profitable. Thus, they do in-detail research about your company. Document everything to help with this process, so you don't miss anything.
• Build a strategic marketing plan : A great business plan must include a strategic marketing plan that demonstrates your marketing activities and efforts.
• Make your plan adaptable based on your target audience : Each reader does have different interests. If you're successfully capturing these interests and data early, you can incorporate them while preparing a business plan for a particular audience.
• Explain why you care : Whether you're sharing your plan with an investor, team member, or a customer. Your plan must confidently present that you're passionate, dedicated, and care about your audience, business, and the plan.

What is a project timeline in a business proposal?

A business plan is just a wish list without a clear picture of what will happen. The best way to ensure the business plan stays aligned with the project requirements is by maintaining a project timeline.

A project timeline lays out the milestones of your business plan, employees' details, organization policy, locations, project fund investment, sales targets, net revenue expected and other targets, and the estimated time it will take to meet these.

A project timeline is a chronological list of plans, tasks, and activities that gives project managers a comprehensive view of the project plan. It is usually created in a template or bar chart, where each activity or task is allocated a name along with its start and end date.

Mainly, a project timeline provides an in-depth overview of the project, including its start date, due date, and task dependencies, if any.

Related posts:

• Top 10 Business Development Strategy Templates with Samples and Examples
• Top 7 Corporate Strategy Templates with Samples and Examples
• [Updated 2023] Top 10 Product Management Google Slides Templates to Align Business Goals
• [Updated 2023] An All-Encompassing Guide to Project Planning (With 30+ PowerPoint Templates to Help You Get Started)

Liked this blog? Please recommend us

Top 10 Timeline Chart Template With Examples and Samples

Top 5 Strategic Roadmap Timeline Template with Examples and Samples

This form is protected by reCAPTCHA - the Google Privacy Policy and Terms of Service apply.

Digital revolution powerpoint presentation slides

Sales funnel results presentation layouts

3d men joinning circular jigsaw puzzles ppt graphics icons

Business Strategic Planning Template For Organizations Powerpoint Presentation Slides

Future plan powerpoint template slide

Project Management Team Powerpoint Presentation Slides

Brand marketing powerpoint presentation slides

Launching a new service powerpoint presentation with slides go to market

Agenda powerpoint slide show

Four key metrics donut chart with percentage

Engineering and technology ppt inspiration example introduction continuous process improvement

Meet our team representing in circular format

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

By Joe Weller | October 11, 2021

• Share on Facebook
• Share on LinkedIn

Link copied

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

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

What Is a Business Plan?

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

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

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

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

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

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

Business Plan Steps

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

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

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

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

Do I Need a Simple or Detailed Plan?

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

How to Choose the Right Plan for Your Business

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

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

Is the Order of Your Business Plan Important?

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

The Difference Between Traditional and Lean Business Plans

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

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

How to Write a Business Plan Step by Step

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

Step 1: Executive Summary

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

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

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

Step 2: Description of Business

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

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

Step 3: Market Analysis

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

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

Step 4: Competitive Analysis

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

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

Step 5: Description of Organizational Management

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

Step 6: Description of Products or Services

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

Questions to answer in this section are as follows:

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

Step 7: Marketing Plan

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

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

Step 8: Sales Plan

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

Start by answering the following questions:

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

Step 9: Funding Details (or Request for Funding)

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

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

Step 10: Financial Projections

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

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

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

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

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

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

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

How to Write a Simple Business Plan

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

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

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

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

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

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

How to Write a Business Plan for a Lean Startup

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

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

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

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

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

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

How to Write a Business Plan for a Loan

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

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

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

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

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

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

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

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

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

Resources for Writing a Business Plan

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

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

How a Business Plan Helps to Grow Your Business

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

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

Streamline Your Business Planning Activities with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

500+ business plans and financial models

How to Write the Strategy Plan Timeline (+ Examples)

• March 21, 2024
• Business Plan , How to Write

Creating a strategic plan timeline is crucial, especially if you are preparing a business plan for your business. This comprehensive guide simplifies the process, offering a step-by-step guide to crafting a clear, actionable strategy plan timeline tailored for business owners.

Whether you’re launching a new startup or scaling an existing business, you’ll find essential tips to best map out your business’s milestones and objectives. Let’s dive in!

What is a strategy plan timeline?

A strategy plan timeline in a business plan is a comprehensive schedule that outlines the sequence of actions, key milestones, and deadlines required to achieve the business’s strategic objectives.

It serves as a roadmap, detailing how the business will transition from its current state to its desired future state over a specified period.

This timeline is crucial for ensuring that strategic goals are met within realistic timeframes, allowing for efficient resource allocation and enabling stakeholders to monitor progress.

The strategy plan timeline can include some or all of the elements below:

• Objectives: The specific, measurable goals the business aims to achieve, aligned with its overall vision and mission.
• Milestones: Significant achievements or checkpoints that indicate progress toward the objectives. These are often quantifiable and serve as interim targets.
• Actions: The steps or initiatives that need to be undertaken to reach each milestone and, ultimately, achieve the objectives. These are typically assigned to specific teams or individuals.
• Deadlines: The timeframes by which milestones and objectives should be met to keep the plan on track. Deadlines help prioritize tasks and ensure timely progress.
• Resources: An outline of the financial, human, and material resources allocated to each action or milestone, ensuring that the plan is realistic and feasible.
• Review Points: Scheduled assessments of the plan’s progress, allowing for adjustments based on performance, external changes, or unforeseen challenges.

Incorporating a strategy plan timeline into a business plan provides a clear path for growth, operational improvements, or other strategic shifts.

It is essential for aligning team efforts, managing stakeholder expectations, and securing investment, as it demonstrates a thoughtful, actionable approach to achieving business success.

How to create a strategy plan timeline: 6 steps

When crafting a strategy plan timeline for a business plan, the goal is to map out a clear, structured path that will guide the business from its current state to achieving its long-term objectives.

This involves setting specific, measurable goals, identifying key milestones, and allocating resources effectively. Here’s a simplified approach to creating a strategy plan timeline that can be tailored to fit the unique needs of different businesses:

1. Define Your Objectives

Start by clearly defining the long-term goals and objectives of your business. What do you want to achieve in the next three to five years? Objectives should be specific, measurable, attainable, relevant, and time-bound (SMART).

2. Conduct a SWOT Analysis

Perform a SWOT analysis to identify your business’s Strengths, Weaknesses, Opportunities, and Threats. This will help you understand the internal and external factors that could impact your ability to achieve your objectives.

3. Set Short-term Goals

Break down your long-term objectives into smaller, actionable short-term goals. These should act as stepping stones toward your larger objectives and be achievable within a year.

4. Identify Key Actions and Milestones

For each short-term goal, list out the key actions or steps needed to achieve it. Then, identify significant milestones within these actions, which will serve as markers of progress.

5. Allocate Resources

Determine what resources (financial, human, technological) are needed to accomplish each action and milestone. Allocate these resources accordingly, ensuring that constraints are considered and managed.

6. Establish a Timeline

Assign realistic timeframes to each action and milestone. Your timeline should reflect the urgency and priority of each goal, balancing ambition with feasibility.

Strategy plan timeline: 2 examples

Here are 2 examples you can use as an inspiration to create yours. These are taken from our coffee shop business plan and hair salon business plan templates.

Coffee Shop Example

Hair Salon Example

Privacy Overview

• Sources of Business Finance
• Small Business Loans
• Small Business Grants
• Crowdfunding Sites
• How to Get a Business Loan
• Small Business Insurance Providers
• Best Factoring Companies
• Types of Bank Accounts
• Best Banks for Small Business
• Best Business Bank Accounts
• Open a Business Bank Account
• Bank Accounts for Small Businesses
• Free Business Checking Accounts
• Best Business Credit Cards
• Get a Business Credit Card
• Business Credit Cards for Bad Credit
• Build Business Credit Fast
• Business Loan Eligibility Criteria
• Small-Business Bookkeeping Basics
• How to Set Financial Goals
• Business Loan Calculators
• How to Calculate ROI
• Calculate Net Income
• Calculate Working Capital
• Calculate Operating Income
• Calculate Net Present Value (NPV)
• Calculate Payroll Tax

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

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

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

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

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

Let’s get started.

What Do You Need A Business Plan For?

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

1. Secure Funds

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

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

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

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

2. Monitor Business Growth

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

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

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

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

3. Measure Business Success

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

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

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

4. Document Your Marketing Strategies

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

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

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

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

How to Write a Business Plan Step-by-Step

1. create your executive summary.

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

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

A good executive summary should do the following:

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

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

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

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

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

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

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

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

2. Add Your Company Overview

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

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

Your company overview should contain the following:

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

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

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

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

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

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

• Mission Statement

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

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

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

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

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

Business Objectives

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

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

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

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

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

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

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

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

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

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

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

Market Analysis

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

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

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

• Market Research

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

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

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

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

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

How to Quantify Your Target Market

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

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

What Does a Good Market Analysis Entail?

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

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

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

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

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

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

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

Competitive Analysis

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

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

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

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

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

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

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

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

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

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

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

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

Direct vs Indirect Competition

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

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

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

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

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

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

Factors that Differentiate Your Business from the Competition

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

1. Cost Leadership

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

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

2. Product Differentiation

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

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

3. Market Segmentation

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

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

4. Define Your Business and Management Structure

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

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

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

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

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

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

Management Team

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

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

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

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

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

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

Key Questions to Answer When Structuring Your Management Team

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

Additional Tips for Writing the Management Structure Section

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

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

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

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

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

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

Organizational Chart

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

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

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

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

5. Describe Your Product and Service Offering

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1. Avoid Technical Descriptions and Industry Buzzwords

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

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

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

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

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

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

3. Long or Short Products or Services Section

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

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

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

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

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

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

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

4. Describe Your Relationships with Vendors or Suppliers

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

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

5. Your Primary Goal Is to Convince Your Readers

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

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

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

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

Key Questions to Answer When Writing your Products and Services Section

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

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

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

6. Show and Explain Your Marketing and Sales Plan

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

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

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

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

Outline Your Business’ Unique Selling Proposition (USP)

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

Target Market and Target Audience

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

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

Creating a Smart Marketing and Sales Plan

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

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

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

Your Positioning Statement

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Basic Rules to Follow When Pricing Your Offering

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

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

Pricing Strategy

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

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

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

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

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

Advertising

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

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

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

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

Public Relations

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

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

Content Marketing

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

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

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

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

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

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

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

Social Media

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

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

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

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

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

Strategic Alliances

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

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

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

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

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

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

2. Evaluate Your Competition

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

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

These questions can help you know your competition.

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

3. Consider Your Brand

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

4. Focus on Benefits

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

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

5. Focus on Differentiation

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

Key Questions to Answer When Writing Your Marketing and Sales Plan

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

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

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

7. Clearly Show Your Funding Request

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

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

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

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

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

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

Funding Request: Debt or Equity?

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

Case for Equity

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

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

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

Case for Debt

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

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

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

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

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

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

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

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

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

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

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

8. Detail Your Financial Plan, Metrics, and Projections

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

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

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

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

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

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

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

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

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

Use Graphs and Charts

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

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

Address the Risk Factors and Show Realistic Financial Projections

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

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

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

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

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

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

1. Sales Forecast

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

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

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

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

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

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

2. Personnel Plan

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

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

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

3. Income Statement

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

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

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

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

4. Cash Flow Statement

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

5. Balance Sheet

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

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

6. Exit Strategy

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

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

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

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

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

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

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

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

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

9. Add an Appendix to Your Business Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

Tips and Strategies for Writing a Convincing Business Plan

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

1. Know Your Audience

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

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

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

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

2. Get Inspiration from People

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

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

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

3. Avoid Being Over Optimistic

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

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

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

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

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

4. Keep it Simple and Short

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

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

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

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

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

5. Make an Outline and Follow Through

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

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

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

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

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

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

6. Ask a Professional to Proofread

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

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

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

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

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

1. hubspot's one-page business plan.

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

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

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

2. Bplan’s Free Business Plan Template

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

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

3. HubSpot's Downloadable Business Plan Template

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

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

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

4. Business Plan by My Own Business Institute

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

The comprehensive template consists of a whopping 15 sections.

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

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

5. Score's Business Plan Template for Startups

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

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

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

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

6. Minimalist Architecture Business Plan Template by Venngage

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

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

7. Small Business Administration Free Business Plan Template

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

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

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

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

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

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

9. PandaDoc’s Free Business Plan Template

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

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

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

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

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

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

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

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

Alternatives to the Traditional Business Plan

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

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

Business Model Canvas (BMC)

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

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

Segments of the Business Model Canvas

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

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

Lean Canvas

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

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

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

Startup Pitch Deck

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

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

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

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

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

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

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

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

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

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

Business Plan FAQ

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

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

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

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

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

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

Exlore Further

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

Was This Article Helpful?

Martin luenendonk.

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

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

How to Write a Business Plan in 10 Steps (With FREE Template)

Discover how to write a business plan in just 10 steps! Access our comprehensive PowerPoint and PDF templates to streamline your process. Ready to write your business plan? Start here.

StrategyPunk

Have you ever wondered how the likes of SpaceX or Beyond Meat charted their course to industry dominance?

Spoiler alert: A meticulously crafted business plan was at the heart of their strategy.

If you're gearing up to launch your venture or scale it to new heights, a business plan isn't just a good-to-have; it's your roadmap to success.

I'd like you to take a look at this guide, peppered with real-world examples and actionable insights, as we break down the art of creating a business plan into nine digestible steps.

Ready to set the stage for your business triumph? Let's dive in!

1. The Elevator Pitch - Draft an Executive Summary

Imagine stepping into an elevator with a potential investor, and you have moments to encapsulate your business's essence. This is the challenge of the elevator pitch, and at the heart of it lies the Executive Summary. Often considered the gateway to your business plan, the Executive Summary is a snapshot, providing a tantalizing glimpse into the world you're building.

First Impressions Matter . The Executive Summary is not just an introduction; it's an invitation. It should succinctly convey your business's core concept, unique selling proposition, and growth potential. While it's positioned at the beginning of your business plan, it's often recommended to pen it last, ensuring it distills the essence of the detailed sections that follow.

The Essence of Brevity . An impactful Executive Summary is both concise and compelling. It should encapsulate the business's mission, vision, product or service offerings, target market, and a brief overview of financial projections. Think of it as a trailer for a blockbuster movie; it should entice the reader to delve deeper into the subsequent sections of the business plan.

In the grand tapestry of your business plan, the Executive Summary is the golden thread that weaves everything together. It's the first impression and, often, the lasting one. So, as you stand poised at the threshold of your entrepreneurial journey, please make sure that your Executive Summary is an overview and an overture, setting the stage for the following symphony of success.

Think of this as the trailer to your business's blockbuster movie. It's a snapshot, offering a glimpse into what your business is all about. Highlight your business's essence, vision, and what sets you apart. Remember, this is your first impression if you're pitching to investors. Make it count!

2. The Heartbeat - Write a Company Description

At the core of every thriving enterprise lies its essence, its heartbeat - the Company Description. This section is not just a narrative; it's the soulful story of your business, painting a vivid picture of who you are, what you stand for, and the journey you envision. It's the foundation upon which the rest of your business plan is built, offering readers a clear lens into your company's ethos and aspirations.

Diving Deep into Identity . A compelling Company Description goes beyond the surface. It delves into the very DNA of your business, encapsulating its mission, vision, and core values. It should articulate the problems you aim to solve, the solutions you offer, and the unique value proposition that sets you apart in the marketplace. This section is your opportunity to showcase the passion, purpose, and potential that drive your venture.

Crafting a Compelling Canvas . Think of your Company Description as a canvas, where each brushstroke adds depth and dimension. It should encompass the structure of your business, its history, and its future aspirations. Whether you're a budding startup or an established enterprise, this section should resonate with authenticity, reflecting the heart and soul of your brand.

In the intricate tapestry of your business plan, the Company Description is the vibrant thread that brings your vision to life. The narrative informs and inspires, drawing readers into the world you're creating. As you embark on this entrepreneurial odyssey, please ensure that your Company Description is not just an account but an anthem, echoing the passion and promise of your venture.

Who are you, and what's your mission? This section is your chance to introduce your business to the world. Dive into your business's ethos, unique selling points, and objectives. Think of brands like Patagonia and their commitment to sustainability; that's the passion and clarity you want to convey.

3. The Landscape - Perform a Market Analysis

Understanding your terrain is paramount in the vast expanse of the business world. The Market Analysis serves as your compass, guiding you through the intricate landscape of your industry, illuminating opportunities, and highlighting potential pitfalls. It's not merely a section in your business plan; it's the lens through which you view the world, ensuring that your venture is viable and valuable in the marketplace.

Deciphering the Dynamics . A robust Market Analysis dives deep into the currents of your industry. It assesses your target market's size and growth potential, identifies key players and competitors, and decodes consumer behaviors and preferences. This section is your chance to showcase your understanding, showing that you know the market trends and are adept at leveraging them to your advantage.

Crafting a Strategic Stance . With the insights gained from your Market Analysis, you can carve out a distinct position in the industry. Whether identifying an underserved niche, understanding the pricing strategies that resonate with your audience, or pinpointing the channels that offer maximum visibility, Market Analysis provides the intelligence to make informed decisions. It's the foundation upon which your strategies are built, ensuring that your business moves purposefully and precisely.

In the grand scheme of your business journey, Market Analysis is your roadmap. It offers clarity amidst complexity, ensuring that every step you take is grounded in research and resonates with relevance. As you chart your course in the business world, let your Market Analysis be the beacon that guides you, illuminating the path to success and sustainability.

Would you set sail without a compass? You'll need to understand your market. I'd appreciate it if you could delve into current market trends, identify competitors, and understand potential customers. This section is about showing that you've done your homework and are ready to navigate the business waters precisely.

4. The Dream Team - Outline the Management and Organization

In the intricate dance of business, while strategy and vision set the rhythm, the people truly make the magic happen. The Management and Organization section of your business plan is where you introduce the maestros behind the curtain, the individuals steering the ship through both calm and stormy seas. This isn't just about listing names and titles; it's about showcasing the collective expertise and passion that propels your venture forward.

The Pillars of Leadership . Every successful venture stands tall on the shoulders of its leaders. In this section, delve into your key team members' backgrounds, experiences, and unique strengths. Highlight their past achievements, industry expertise, and the specific roles they'll play in driving your business's growth. Whether it's the visionary CEO with a track record of successful startups or the tech genius who's revolutionized processes in their previous roles, this is your chance to spotlight the human capital that sets your business apart.

Structuring for Success . In addition to the individuals, it's essential to outline the organizational structure to help your operations. Will you lean towards a flat hierarchy, promoting open communication and collaboration? Or may a more traditional, tiered system better suit your industry and goals? Accompanied by an organizational chart, this section should clarify roles, responsibilities, and reporting lines, ensuring that current and potential stakeholders understand how decisions are made and tasks are executed.

In the grand tapestry of your business narrative, the Management and Organization section is where you weave in the threads of leadership and structure. It assures stakeholders that not only do you have a compelling vision, but you also have the right team and organizational framework in place to turn that vision into a vibrant reality. Remember, businesses thrive not just on strategies but on the people who bring them to life.

Behind every significant venture is a team of dedicated individuals. Highlight your business's key players, roles, and expertise. Whether you're a solo entrepreneur or have a diverse team, showcase the brains behind the operation.

5. The Offer - List Your Products and Services

In the bustling marketplace of ideas and innovations, what truly sets a business apart is its unique offering to the world. The Products and Services section of your business plan is your stage, where you unveil the stars of your show. It's not just about listing items or services; it's about painting a vivid picture of the solutions you provide, the needs you address, and the value you deliver.

The Spotlight on Solutions . You can start by diving deep into the core of your offerings. What problems are they designed to solve? How do they enhance your customers' lives or fill a market gap? Whether it's groundbreaking software that streamlines workflows or a handcrafted product that adds a touch of luxury to everyday life, this is your chance to showcase the benefits and features that make your offerings stand out.

Diversity in Delivery . In today's dynamic business landscape, versatility is vital. Highlight the range and variety of your products and services. Provide a clear breakdown if you offer multiple product lines or varied service tiers. This demonstrates the breadth of your offerings and caters to a diverse clientele with various needs and budgets.

Crafting the Products and Services section is akin to curating a gallery. Each product or service is a masterpiece, reflecting your business's ethos, passion, and commitment to excellence. It invites potential stakeholders and customers to experience the value you bring. In this section, you're not just listing items; you're telling a story of innovation, dedication, and the relentless pursuit of delivering unparalleled value.

What's on your offering menu? Detail the products or services you're bringing to the table. Whether you're launching a groundbreaking tech product or a new line of vegan snacks, ensure your audience understands your value.

6. The Audience - Perform Customer Segmentation

In the vast arena of business, knowing your audience is the compass that guides every decision. Customer segmentation is not just a section in a business plan; it's the lens through which you view your market, allowing you to tailor your offerings and strategies to resonate with the right crowd. It's about understanding the myriad faces in public and crafting a message that speaks directly to each one.

The Mosaic of Markets . Imagine a tapestry, each thread representing a different segment of your audience. Some lines represent age groups, others geographical locations, and yet others, specific behaviors or interests. By weaving these threads together, you get a vivid picture of your customers, their desires, and how they interact with the world. Whether it's the tech-savvy millennials, the eco-conscious urbanites, or the luxury-seeking retirees, each segment has unique characteristics and needs.

Strategies Tailored to Tastes . With a clear understanding of your customer segments, you can craft strategies that resonate. It's like curating a playlist for different moods and occasions. Your marketing campaigns, product features, and customer service protocols can be fine-tuned to appeal to each segment. This personalized approach enhances customer experience and optimizes resource allocation, ensuring your efforts and investments are channeled where they matter most.

Diving into customer segmentation is akin to being a maestro, understanding each instrument's unique notes and rhythms, and orchestrating a symphony that captivates the audience. It's a dance of data and intuition, where insights drive innovation, ensuring that your business reaches its audience and resonates, engages, and builds lasting relationships.

Only some people are your customers, and that's okay. Could you define who you're targeting? Are you catering to the tech-savvy millennials or the eco-conscious Gen Z? Pinpointing your audience ensures your marketing efforts hit the bullseye.

7. The Megaphone - Define a Marketing Plan

In the bustling marketplace of ideas and products, standing out is both an art and a science. A marketing plan isn't just about shouting the loudest; it's about ensuring your voice carries the right message to the right ears at the right time. It's the megaphone that amplifies your brand's story, values, and offerings, ensuring they echo in the hearts and minds of your audience.

The Symphony of Strategy . Think of a marketing plan as a musical score, where every note, every pause, and every crescendo is meticulously crafted. It begins with understanding your audience, their desires, and their pain points. Then, it's about choosing the suitable instruments - social media campaigns, influencer partnerships, or traditional advertising - and playing them harmoniously to create a resonant melody. Each strategy, whether a catchy jingle or a viral video, is a note in this grand composition, aiming to captivate and convert.

Adapting to the Audience's Rhythm . The beauty of a well-crafted marketing plan lies in its adaptability. Just as a maestro might tweak a performance based on the audience's reaction, a business must be ready to pivot its strategies based on market feedback. This means constantly monitoring performance metrics, staying attuned to industry trends, and being agile enough to capitalize on new opportunities or address challenges head-on.

Ultimately, a marketing plan is more than just a blueprint; it's a living, breathing entity that evolves with your business and audience. It's about striking the right chords, creating a symphony of strategies that reach the masses and touch individual souls, turning casual listeners into loyal fans.

How do you plan to shout your brand's name from the rooftops? Whether leveraging the power of social media or diving into grassroots marketing, chalk out your strategy. Remember, it's not just about reaching your audience; it's about resonating with them.

8. The Engine Room - Provide a Logistics and Operations Plan

Behind every successful venture lies the intricate machinery of logistics and operations, often unseen but undeniably vital. It's the engine room of a business, where ideas are transformed into tangible products, and strategies are executed with precision. While the spotlight often shines on the end product or service, the logistics and operations plan ensures the show runs smoothly, efficiently, and sustainably.

The Choreography of Coordination . Imagine a ballet performance where every leap, twirl, and step is perfectly synchronized. Similarly, a logistics and operations plan is about orchestrating a dance of various elements - from sourcing raw materials to ensuring timely deliveries. It's about mapping out the journey of a product, from conception to the consumer's hands, ensuring that every stage, be it manufacturing, storage, or distribution, is optimized for efficiency and cost-effectiveness. This choreography is crucial not just for meeting business objectives but also for delivering consistent value to customers.

Adapting to the Ebb and Flow . Just as a ship's captain must be prepared to navigate through calm seas and stormy waters alike, businesses must be equipped to handle the dynamic challenges of the market. A robust logistics and operations plan is not set in stone; it's flexible, allowing businesses to adapt to changing circumstances, be it a sudden surge in demand, supply chain disruptions, or technological advancements. It's about having contingency plans, alternative routes, and the agility to pivot when needed.

In essence, while the external facade of a business might be its products, marketing, or brand image, the logistics and operations plan forms its backbone. The silent force keeps the wheels turning, ensuring businesses survive and thrive in the competitive marketplace.

The behind-the-scenes magic. Detail how you'll source materials, manage production, handle shipping, and everything else. This section showcases that you have a robust system to deliver consistently.

9. The Treasure Chest - Make a Financial Plan

In the grand tapestry of business, if strategy and vision are the threads, then the financial plan is the loom of everything. The treasure chest safeguards a company's future, ensuring every decision is grounded in fiscal responsibility and foresight. While the allure of innovation and marketing might capture the imagination, the financial plan translates dreams into actionable, sustainable realities.

It is mapping the Business Odyssey . Every entrepreneurial journey is filled with aspirations, but the financial roadmap dictates these aspirations' pace, direction, and viability. A comprehensive financial plan delves deep into the numbers, projecting revenues, analyzing costs, and forecasting profits. It's not just about crunching numbers; it's about understanding the story they tell - where the business stands today, where it aims to be tomorrow, and the financial milestones along the way. This roadmap serves as both a guide and a barometer, helping businesses navigate challenges and capitalize on opportunities.

The Pillars of Stability . Within the financial plan lie the pillars that uphold a business's stability: the income statement reflecting profitability, the balance sheet showcasing assets and liabilities, and the cash flow statement, the lifeline that ensures operations run smoothly. Together, these documents offer a panoramic view of a company's financial health, enabling stakeholders, from investors to employees, to gauge the company's potential and resilience.

Ultimately, a financial plan is more than just spreadsheets and projections. It's the treasure chest that contains the essence of a business's potential, its challenges, and its path to success. It's the tool that turns entrepreneurial dreams into tangible, sustainable enterprises, ensuring that the ship sets sail and reaches its destined shores.

Show me the money! Outline your financial projections, potential expenses, and revenue streams. Whether you're bootstrapping or seeking investment, a clear financial plan showcases that you're in this for the long haul and have a clear path to profitability.

10. The Captain's Log: Charting Your Course with a Timeline

In the vast ocean of entrepreneurship, where unpredictable currents can sway even the most robust vessels, the Captain's Log serves as the compass, guiding businesses through both calm and stormy waters. Much like the seasoned captains of old, who meticulously recorded their journeys, today's business leaders need a timeline—a Captain's Log—to chart their course, ensuring they remain on the right path towards their destined harbor.

Anchoring Vision to Reality . The Captain's Log, or the business timeline, is not just a record of where you've been but a beacon illuminating where you're headed. It captures the milestones, the challenges overcome, and the victories celebrated. Each entry is a testament to the company's journey, offering insights into past decisions and their outcomes. But more crucially, it provides a structured framework for the future, setting clear objectives, deadlines, and benchmarks. This timeline becomes the rhythm to which the business marches, ensuring that every crew member, from the deckhand to the first mate, is synchronized in purpose and pace.

The Legacy of Lessons Learned . As with any journey, the business path is filled with lessons—some hard-earned, others serendipitous. The Captain's Log preserves these lessons, ensuring they become part of the company's legacy. Future endeavors can draw from past experiences, avoiding pitfalls and capitalizing on proven strategies. It's a living document, evolving with each entry, reflecting the company's growth, adaptability, and resilience.

The Captain's Log is more than just a timeline; it's the soul of the business journey. The narrative tells the tale of a venture's past, present, and future, ensuring that no matter how tumultuous the seas are, the ship remains steadfast, with its eyes firmly set on the horizon.

Every epic voyage has milestones, ports of call, and moments of reflection. When do you envision reaching each landmark as you embark on this business journey? By setting a clear timeline for your goals, you're not just dreaming but committing. It's the rhythm to your business song, ensuring you dance to the beats of progress and pause to celebrate the milestones. Remember, it's not just about the destination but the journey, and a well-defined timeline ensures you savor every moment.

Wrapping Up

In the grand tapestry of business, a well-crafted plan is the thread that binds everything together.

Whether you're a budding entrepreneur or a seasoned business magnate looking to pivot, these steps will ensure your business plan is not just a document but a beacon guiding you to success. So, are you ready to chart your legacy?

How to Write a Business Plan in 10 Steps - PDF Template

How to Write a Business Plan in 10 Steps - PowerPoint Template

Frequently asked questions.

FAQ About How to Write a Business Plan

Understanding the Blueprint: What is a business plan?

A business plan is more than just a document; it's a roadmap for your entrepreneurial journey. Think of it as the GPS guiding your business from its nascent stages to its ultimate goals. At its core, a business plan outlines your business's vision, mission, and strategies to achieve success. It delves into the specifics, detailing your products or services, your target market, your financial projections, and the challenges you anticipate.

But why is it so pivotal? For starters, a business plan offers clarity. It forces you to crystallize your vision, understand your market, and strategize effectively. It's also a tool of persuasion – a well-crafted business plan can attract investors, partners, and top-tier talent. Moreover, it serves as a reference point, allowing you to measure your business's progress and adjust course when needed. A business plan isn't just a requirement for securing funding; it's the foundation upon which successful companies are built. Whether you're a budding entrepreneur or an established business owner, crafting a comprehensive business plan is the first step towards turning your business dreams into reality.

The Power of Preparation: Why write a business plan?

Embarking on a business journey without a plan is akin to setting sail on turbulent seas without a compass. A business plan is your guiding star, illuminating the path to success. It's not merely a document; it's a strategic blueprint that outlines your business's vision, objectives, and the steps needed to achieve them. But why is it so indispensable?

Firstly, a business plan provides clarity and direction. It forces you to introspect to truly understand your business's core values, target audience, and unique selling propositions. I want to let you know that this clarity is invaluable, ensuring every decision aligns with your overarching goals. Secondly, it's a powerful tool of persuasion. Whether seeking investment, forging partnerships, or recruiting top-tier talent, a well-articulated business plan showcases your commitment, foresight, and strategic insight; it's a testament to your business's viability and potential for growth. Lastly, a business plan acts as a yardstick, allowing you to measure your progress, identify potential roadblocks, and recalibrate your strategies when necessary. Writing a business plan isn't just a bureaucratic exercise; it's the cornerstone of business success, ensuring your entrepreneurial vision is grounded in reality and poised for growth.

Blueprint for Success: What needs to be in a business plan?

A business plan is more than just a document; it's a comprehensive roadmap that charts the course of your entrepreneurial journey. But what exactly should this roadmap contain? A business plan must provide a clear and concise overview of your business's foundation, direction, and potential.

To start, every business plan should have an Executive Summary . Please think of this as your elevator pitch, which is the essence of your business in a brief yet compelling manner. It should provide an overview of your business concept, key objectives, and a snapshot of your potential growth. Next, I'd like you to go into the Company Description . This section paints a vivid picture of your business, its mission, vision, and the unique value it brings to the market. Following this, a thorough Market Analysis is crucial. This segment should offer insights into your target audience, industry trends, and competitive landscape, showcasing your understanding of the market dynamics and your business's position.

Also, details about your Products or Services, Marketing and Sales Strategies, and Financial Projections are essential. These sections provide a deep dive into what you're offering, how you plan to reach your audience, and the financial trajectory you anticipate. Don't forget the Operational Plan – a behind-the-scenes look at the logistics, from supply chain management to daily operations—and the Timeline of when it gets done.

A business plan should be a holistic representation of your business's past, present, and future, serving as both a guide and a tool for persuasion.

Navigating the Pitfalls -Common mistakes when writing a business plan

It has its pitfalls in crafting a business plan. Many enthusiastic entrepreneurs, brimming with passion and vision, often need to pay more attention to some critical aspects, leading to potential missteps. Recognizing these common mistakes can differentiate between a plan that shines and one that falls flat.

First and foremost, many fall into the trap of Over-ambitious Projections . While optimism is valuable, unrealistic financial or growth forecasts can undermine your plan's credibility. It's essential to base your projections on solid research and realistic market expectations. Another frequent oversight is the Lack of Market Analysis . A business plan that doesn't thoroughly address the target market, industry trends, and competitive landscape can appear uninformed. This section is your opportunity to showcase your deep understanding of the market dynamics and how your business fits within that ecosystem.

Additionally, many entrepreneurs need to pay more attention to the importance of Clear and Concise Writing . A business plan riddled with jargon, complex language, or, worse, grammatical errors can detract from its professionalism. Remember, clarity and precision are critical. Anyone, from potential investors to new team members, should easily understand your plan. By being aware of these common mistakes and proactively addressing them, you can craft a business plan that stands out and the test of time.

Unraveling the Core - What are the three primary purposes of a business plan?

Diving into entrepreneurship often begins with a foundational document: the business plan.

But what drives the creation of this pivotal document? At its heart, a business plan serves three primary purposes, each interwoven and essential for guiding a business toward success.

To start, the business plan acts as a Strategic Blueprint . The roadmap outlines the company's direction, goals, and strategies to achieve those goals. This blueprint not only provides a clear path for the team but also helps in anticipating potential roadblocks. The compass ensures every decision aligns with the company's core objectives and vision.

Secondly, it serves as a Validation Tool . Before diving headfirst into the market, validating the business idea's feasibility is crucial. The business plan offers a reality check through market analysis, competitive research, and financial projections. It answers critical questions: Is there a demand for the product or service? What differentiates the business from competitors? Are the financial projections sustainable?

Lastly, the business plan is an Investor Magnet . Whether to secure a loan, attract venture capitalists, or onboard strategic partners, a well-crafted business plan showcases the company's potential and viability. The document instills confidence in potential stakeholders, assuring them that their investment is sound and that the business has a clear strategy for growth and success. A business plan isn't just a document; it's the lifeline that threads a business's vision, validation, and value together.

Decoding the Varieties - What are the different types of business plans?

Not all business plans are created equal. Depending on the goals, audience, and stage of the business, entrepreneurs might consider several distinct types of business plans.

First on the list is the Traditional Business Plan . Comprehensive and detailed, this type of plan is the most common and covers all aspects of the business. From an in-depth market analysis to detailed financial projections, it's the go-to format for startups seeking significant funding from banks or investors. This plan is robust, often spanning dozens of pages, and is designed to leave no stone unturned.

For those looking for a more concise approach, the Lean Business Plan offers a solution. Streamlined and to the point, it focuses on the essentials. While it follows the structure of a traditional plan, it only includes the most crucial information, making it ideal for businesses that need a plan for internal use or to adapt to rapidly changing markets.

Lastly, there's the Nonprofit Business Plan . Tailored for organizations operating for public or social benefit, this plan covers the standard business strategies and delves into the impact the organization aims to make. It's a blend of traditional business strategies focusing on mission-driven goals.

In essence, the type of business plan chosen reflects the business's objectives, audience, and stage. Whether a comprehensive deep dive or a high-level overview, each project is a guiding star, illuminating the path to success.

The Timeline Tangle - How long does it take to write a business plan?

One of the budding entrepreneurs' most frequently pondered questions is, "How long will it take to chart my business blueprint?" Much like the vast ocean, the answer varies based on several factors.

At the outset, the Depth and Detail of the plan play a pivotal role. A comprehensive Traditional Business Plan, with market analyses, intricate financial projections, and a detailed operational roadmap, can take several weeks, if not months, to perfect. This meticulous approach ensures every facet of the business is explored, making it a preferred choice for those seeking substantial funding or entering competitive markets.

On the flip side, with its concise and agile format, the Lean Business Plancan can be crafted in a matter of days to a few weeks. Tailored for businesses needing a nimble strategy or internal brainstorming, this plan focuses on the essentials, allowing quicker turnaround times.

However, beyond the type of plan, the Research Intensity and the Familiarity with the Business Domain also influence the timeline. A well-researched plan, grounded in data and insights, will naturally demand more time. Similarly, the learning curve might extend the drafting duration if an entrepreneur ventures into a new industry.

While there's no one-size-fits-all answer, the time invested in a business plan is a testament to its thoroughness and clarity. Whether it's a month-long endeavor or a week's sprint, the goal remains to pave a clear path toward entrepreneurial success.

Strategic Insights 2024: A SWOT Analysis of Samsung (Plus Free PPT)

Explore Samsung's strengths and opportunities with our free Strategic Insights 2024 PowerPoint template. Dive into the SWOT analysis now!

Xpeng SWOT Analysis: Free PPT Template and In-Depth Insights (free file)

Unlock key insights into Xpeng with our free SWOT analysis PPT template. Dive deep into its business dynamics at no cost.

Strategic Insights 2024: A SWOT Analysis of Nestle (Plus Free PPT)

Explore Nestle's strategic outlook with our SWOT analysis for 2024. This PowerPoint template highlights key areas for growth and challenges.

2024 Business Disruption: Navigating Growth Through Shaping Strategy

Discover the importance of being a shaper in 2023's business ecosystem. Shaping strategy, attracting a critical mass of participants, and finding the right strategic path to create value.

Home Blog Business Plan Writer A Comprehensive Guide to Writing Your Business Plan

A Comprehensive Guide to Writing Your Business Plan

Home » A Comprehensive Guide to Writing Your Business Plan

Recent Posts

• Exit Strategy in Business Planning: Understanding Its Importance and Implementation March 6, 2024
• The Future of AI in Business: Advancements, Opportunities, and Challenges March 6, 2024
• EB-5 Visa: Why It Matters and How to Navigate It March 6, 2024
• Hiring a Business Plan Consultant: What You Need to Know March 6, 2024
• Six Secret Benefits You Didn’t Know About Business Plans March 6, 2024

There’s no content to show here yet.

Ready To Get Started?

Our team of business consultants can provide you with one-on-one consulting and strategic advisory to launch or grow your business.

SCHEDULE A CONSULTATION

• Exit Strategy in Business Planning: Understanding Its Importance and Implementation
• The Future of AI in Business: Advancements, Opportunities, and Challenges
• EB-5 Visa: Why It Matters and How to Navigate It
• Hiring a Business Plan Consultant: What You Need to Know
• Six Secret Benefits You Didn’t Know About Business Plans
• Business Plan
• Business Plan Writer
• Client Press

In the realm of entrepreneurship, where vision meets execution, a well-crafted business plan serves as the cornerstone of success. Whether you’re launching a startup, seeking funding, or steering an existing business towards growth, a comprehensive business plan provides a roadmap to navigate the complexities of the marketplace and achieve your objectives. In this comprehensive guide, we’ll walk you through the essential steps and components of writing a business plan that sets you on the path to success.

Understanding the Purpose of a Business Plan

Before delving into the intricacies of crafting a business plan, it’s crucial to understand its purpose and significance. At its core, a business plan is a strategic document that outlines your business idea, objectives, strategies, and action plans. It serves multiple purposes, including:

• Clarifying Your Vision : A business plan helps crystallize your vision for the venture, articulating your goals, values, and aspirations.
• Securing Funding : Whether from investors, lenders, or crowdfunding platforms, a well-developed business plan enhances your credibility and increases your chances of securing funding.
• Guiding Decision-Making : It provides a framework for decision-making, helping you prioritize initiatives, allocate resources, and navigate challenges effectively.
• Attracting Partnerships : A compelling business plan can attract strategic partnerships, collaborations, and alliances essential for growth and expansion.
• Monitoring Progress : It serves as a yardstick against which you can measure your progress, track milestones, and identify areas for improvement.

Key Components of a Business Plan

A comprehensive business plan typically comprises the following key components:

• Executive Summary : A concise overview of your business idea, including your mission statement, product or service offering, target market, competitive advantage, and financial highlights.
• Company Description : An in-depth analysis of your business, including its history, legal structure, ownership, location, and mission statement.
• Market Analysis : A thorough assessment of the industry landscape, target market demographics, trends, competition, and market size.
• Organization and Management : A breakdown of your organizational structure, key personnel, roles, responsibilities, and any relevant partnerships or advisory boards.
• Product or Service Offering : A detailed description of your offerings, including features, benefits, pricing strategy, and intellectual property considerations.
• Marketing and Sales Strategy : A plan for promoting and selling your products or services, encompassing market positioning, branding, distribution channels, sales forecast, and customer acquisition tactics.
• Financial Projections : A comprehensive analysis of your financial outlook, including income statements, balance sheets, cash flow forecasts, break-even analysis, and funding requirements.
• Implementation Plan : A roadmap outlining the steps required to execute your business strategy, including timelines, milestones, resource allocation, and contingency plans.

Steps to Writing Your Business Plan

Now that we’ve outlined the key components, let’s delve into the step-by-step process of writing your business plan:

• Conduct Market Research : Start by conducting thorough market research to gain insights into your industry, target market, competitors, and consumer preferences. Gather data from primary and secondary sources, including industry reports, surveys, and interviews.
• Define Your Business Concept : Clearly articulate your business concept, including your value proposition, target market segment, competitive advantage, and differentiation strategy. Identify the problem you’re solving or the need you’re addressing in the market.
• Set SMART Goals : Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals for your business. These goals should align with your vision and mission, guiding your strategic decisions and operational plans.
• Develop Strategies and Tactics : Based on your market analysis and business goals, develop strategic initiatives and tactical plans to achieve your objectives. Outline your marketing strategy, sales approach, operational processes, and financial management protocols in detail.
• Create Financial Projections : Prepare realistic and detailed financial projections for your business, including revenue forecasts, expense budgets, cash flow statements, and profitability analysis. Use conservative estimates and assumptions to ensure accuracy and reliability.
• Write and Format Your Plan : Begin writing your business plan, starting with the executive summary and proceeding through each section in a logical sequence. Use clear, concise language, and incorporate visuals such as charts, graphs, and tables to enhance readability.
• Seek Feedback and Revision : Once your business plan is drafted, seek feedback from trusted advisors, mentors, or industry experts. Incorporate their insights and suggestions to refine and improve your plan, ensuring clarity, coherence, and feasibility.
• Finalize and Implement : After incorporating feedback and making necessary revisions, finalize your business plan. Create a polished, professional document that accurately reflects your vision, strategy, and potential for success. Use it as a guiding tool to implement your business strategy and achieve your goals.

Writing a comprehensive business plan is an essential step in launching and growing a successful venture. By carefully outlining your vision, strategy, and execution plan, you provide a roadmap for navigating the challenges and opportunities of entrepreneurship. Whether you’re seeking funding, attracting partners, or guiding your team towards a common goal, a well-crafted business plan serves as a valuable tool for aligning stakeholders, making informed decisions, and driving sustainable growth. So, roll up your sleeves, follow this guide, and embark on your entrepreneurial journey with confidence and clarity. Your business plan is not just a document—it’s a blueprint for success.

Get started today with America’s best rated business plan writing service, Go Business Plans . Join the ranks of thousands of satisfied business owners who trust us with their business planning needs. With our experienced team of business plan writers and consultants, we’ve successfully assisted over 3,000 clients in launching and expanding their businesses. Whether you’re just starting out or seeking growth opportunities, we’re here to guide you every step of the way. Contact us at (855) 840-5451 or fill out our contact form to schedule your free consultation .

• Author Details

• Service Area
• Our Clients
• Frequently Asks Questions

Services Overview

• Business Plan Writers

• Investor Presentation

• Business Plan Consultants

• Bank Business Plan

Immigration

• E2 Visa Business Plan

• EB-5 Visa Business Plan

• L1 Visa Business Plan

Fully Customized Business Plans – No Templates

Schedule free consultation.

Our business plain team is here to help

Shedule Consulation

Our business plan team is here to help

View sample

Check example of our work

• Business Plan Consulting

How Do I Develop a Timeline for a Business Plan?

• Small Business
• Business Planning & Strategy
• Business Planning Process
• ')" data-event="social share" data-info="Pinterest" aria-label="Share on Pinterest">
• ')" data-event="social share" data-info="Reddit" aria-label="Share on Reddit">
• ')" data-event="social share" data-info="Flipboard" aria-label="Share on Flipboard">

How to Build Your Own Marketing Plan for a Bridal Shop

Manpower requirements and operations in a business proposal, how to deal with everyday issues in the workplace.

• How to Evaluate Strategic Management
• Characteristics of the Critical Path Method

A business plan lays the foundation for the organization you’re in the process of starting. It helps you develop and understand your business strategy, and it enables investors to see the potential in your company. When you’re working on the timeline or schedule for your business plan, it’s essential to consider both the big picture and the smaller details to stay on schedule while starting and running your business.

Identify and Schedule Your Key Milestones

There’s a lot to do when you’re trying to get your business off the ground. To determine how to create your timeline or schedule, it’s critical to identify your key milestones. These are the things you need to complete to launch your business.

Your key business milestones may include:

• Legal procedures such as incorporating your business or creating a partnership;
• Acquiring all the required federal, state and county licenses and permits;
• Securing your office, retail or manufacturing space;
• Designing, developing and packaging your product for sale;
• Purchasing business items such as a POS system, shelving or other materials;
• Hiring your employees;
• Launching your marketing campaign; and
• Officially opening your business.

After you schedule the large milestones, you can begin to factor in the smaller targets you need to hit. These may include creating your marketing materials and scheduling employee interviews. The smaller milestones build up to the larger ones.

Consider Past, Present and Future

When you’re creating the timeline for your business plan, don’t forget to factor in what you have already accomplished. The milestones you have achieved should also be part of your timeline. This information helps your investors understand the steps you have already taken and how much further you have to go.

An example of a timeline in a business plan may include market research you have already conducted or relationships with suppliers you have established.

Create a timeframe for each key milestone. Include a start date and an end date for items that require weeks or months of planning and execution. Some items may only require a due date.

Be sure to consider interdependencies for your milestones. Some milestones cannot be started until you have completed others.

For example, you cannot open your business until you have secured your permits. However, certain tasks can be completed in tandem, such as working on your marketing campaigns and obtaining business items.

Your business plan should not only be concerned with the immediate future. Include the milestones you intend to hit one, three and five years from now. You may plan to add new product lines to your business, consider expanding the warehouse facility or anticipate moving into a new downtown office in five years.

Use the Right Format to Create Your Business Timeline

Because business plan timelines have many interrelated components and complex schedules, it’s important to present your timeline in a way that’s easy to read and follow. Consider using a Gantt chart, which is a useful way to visually illustrate a project’s schedule. Gantt charts also show the interdependencies of specific tasks, which is necessary for a business plan timeline. A Gantt chart enables you to input start dates, end dates and hard deadlines.

You can create a Gantt chart in Microsoft Excel with the help of a free template that you download from the Microsoft website. You can also use a specialized Gantt chart solution, such as that offered by SmartSheet. It includes a preformatted template so you can easily add in tasks and dates, establish hierarchies and delineate dependencies.

• Microsoft Office: Present Your Data in a Gantt Chart in Excel
• U.S. Small Business Administration: Write Your Business Plan
• Money Instructor: Business Plans: Initial Start-Up Timeline
• WrittenSuccess: Building a Business Plan Timeline: What to Consider
• SmartSheet: How to Create a Gantt Chart in Excel With a Template

Anam Ahmed is a Toronto-based writer and editor with over a decade of experience helping small businesses and entrepreneurs reach new heights. She has experience ghostwriting and editing business books, especially those in the "For Dummies" series, in addition to writing and editing web content for the brand. Anam works as a marketing strategist and copywriter, collaborating with everyone from Fortune 500 companies to start-ups, lifestyle bloggers to professional athletes. As a small business owner herself, she is well-versed in what it takes to run and market a small business. Anam earned an M.A. from the University of Toronto and a B.A.H. from Queen's University. Learn more at www.anamahmed.ca.

Related Articles

A format for production planning, how to make a timeline on openoffice, what are the benefits of preparing a business plan, how to draw a schedule for a large construction project, decision-making strategies for plan implementation, project phases & assigning tasks, how to conduct strategic planning for a project, how to create a hourly schedule in microsoft, how to extract excel files from revit, most popular.

• 1 A Format for Production Planning
• 2 How to Make a Timeline on OpenOffice
• 3 What Are the Benefits of Preparing a Business Plan?
• 4 How to Draw a Schedule for a Large Construction Project

• Link to facebook
• Link to linkedin
• Link to twitter
• Link to youtube
• Writing Tips

How to Write a Business Plan

3-minute read

• 12th November 2023

A business plan is a document that outlines the objectives of a particular business and includes the plan and timeline for meeting those objectives. A business plan is often presented to key stakeholders, such as investors and funding organizations, so it needs to strike the right professional tone and contain all the essential details. In this post, we’ll take you through the main components of an effective business plan and the information to include in each section.

The Executive Summary

The first page of a business plan is the executive summary – or the “ elevator pitch .” This section is a brief overview of the entire plan, including a snapshot of financial projections and your business’s mission and key objectives. Although this part is the first in a business plan, writing it last may be best. Once all the main content is written, reading through and pinpointing essential highlights to include in the executive summary portion will be easier.

A Description of the Business

The next section is where you provide an in-depth description of the business and its mission, starting with the organization’s name, location, and history or background. Outline the specific product or service, including pricing plans, unique features, and selling points. This section is where you also describe the key members of the team, the overall management system, and the organizational structure. If there are multiple owners, outline the percent ownership of everyone involved and their role in the company. Be sure to explicitly discuss the legal structure of the business also (e.g., partnership, limited liability company, corporation).

The Objectives and KPIs

Next, state what you hope to accomplish with the business, both now and in the future, and what the timeline is for meeting those objectives. This section is also a good place to discuss key performance indicators (KPIs), the measurable metrics used to evaluate whether the business has met its goals.

An Outline of the Marketing Plan

Provide a detailed outline of your sales and marketing strategies, including pricing, distribution, promotion, and your plan to attract and retain customers. Describe your market research and discuss several of your main competitors and the ways your brand is superior or fills a gap in the market.

Relevant Financial Information

In this section, include relevant financial statements, such as income statements, balance sheets, and cash flow projections for a specified period (usually three to five years). You may not have many concrete details if the business is relatively new, but you should provide any information you can that indicates the financial health of your business. Be as accurate and realistic as possible with predictions so you don’t mislead potential investors – be sure to carefully analyze your previous financial statements and annual reports before making projections.

Find this useful?

Subscribe to our newsletter and get writing tips from our editors straight to your inbox.

Funding Requests

If you’re requesting funding , include the specific amount needed and a breakdown of how the funds will be used, along with a description of the company’s current financial status.

An Appendix

Finally, include any relevant supplementary documents that support the business plan, such as contracts, market research data, licenses, patents, and product or service specifications.

Proofreading and Editing Services

It’s essential to thoroughly proofread and edit your business plan before presenting it to stakeholders. Even subtle errors or inaccuracies can make it look unprofessional and poorly organized.

Ensure that potential investors are focused on your methods and objectives by having our expert team edit your business plan. Get in touch today to see how our editors can make your business plan stand out from the competition’s and make an impact.

Share this article:

Post A New Comment

Got content that needs a quick turnaround? Let us polish your work. Explore our editorial business services.

2-minute read

How to Cite the CDC in APA

If you’re writing about health issues, you might need to reference the Centers for Disease...

5-minute read

Six Product Description Generator Tools for Your Product Copy

Introduction If you’re involved with ecommerce, you’re likely familiar with the often painstaking process of...

What Is a Content Editor?

Are you interested in learning more about the role of a content editor and the...

4-minute read

The Benefits of Using an Online Proofreading Service

Proofreading is important to ensure your writing is clear and concise for your readers. Whether...

6 Online AI Presentation Maker Tools

Creating presentations can be time-consuming and frustrating. Trying to construct a visually appealing and informative...

What Is Market Research?

No matter your industry, conducting market research helps you keep up to date with shifting...

Make sure your writing is the best it can be with our expert English proofreading and editing.

• Auto Insurance Best Car Insurance Cheapest Car Insurance Compare Car Insurance Quotes Best Car Insurance For Young Drivers Best Auto & Home Bundles Cheapest Cars To Insure
• Home Insurance Best Home Insurance Best Renters Insurance Cheapest Homeowners Insurance Types Of Homeowners Insurance
• Life Insurance Best Life Insurance Best Term Life Insurance Best Senior Life Insurance Best Whole Life Insurance Best No Exam Life Insurance
• Pet Insurance Best Pet Insurance Cheap Pet Insurance Pet Insurance Costs Compare Pet Insurance Quotes
• Travel Insurance Best Travel Insurance Cancel For Any Reason Travel Insurance Best Cruise Travel Insurance Best Senior Travel Insurance
• Health Insurance Best Health Insurance Plans Best Affordable Health Insurance Best Dental Insurance Best Vision Insurance Best Disability Insurance
• Credit Cards Best Credit Cards 2024 Best Balance Transfer Credit Cards Best Rewards Credit Cards Best Cash Back Credit Cards Best Travel Rewards Credit Cards Best 0% APR Credit Cards Best Business Credit Cards Best Credit Cards for Startups Best Credit Cards For Bad Credit Best Cards for Students without Credit
• Credit Card Reviews Chase Sapphire Preferred Wells Fargo Active Cash® Chase Sapphire Reserve Citi Double Cash Citi Diamond Preferred Chase Ink Business Unlimited American Express Blue Business Plus
• Credit Card by Issuer Best Chase Credit Cards Best American Express Credit Cards Best Bank of America Credit Cards Best Visa Credit Cards
• Credit Score Best Credit Monitoring Services Best Identity Theft Protection
• CDs Best CD Rates Best No Penalty CDs Best Jumbo CD Rates Best 3 Month CD Rates Best 6 Month CD Rates Best 9 Month CD Rates Best 1 Year CD Rates Best 2 Year CD Rates Best 5 Year CD Rates
• Checking Best High-Yield Checking Accounts Best Checking Accounts Best No Fee Checking Accounts Best Teen Checking Accounts Best Student Checking Accounts Best Joint Checking Accounts Best Business Checking Accounts Best Free Checking Accounts
• Savings Best High-Yield Savings Accounts Best Free No-Fee Savings Accounts Simple Savings Calculator Monthly Budget Calculator: 50/30/20
• Mortgages Best Mortgage Lenders Best Online Mortgage Lenders Current Mortgage Rates Best HELOC Rates Best Mortgage Refinance Lenders Best Home Equity Loan Lenders Best VA Mortgage Lenders Mortgage Refinance Rates Mortgage Interest Rate Forecast
• Personal Loans Best Personal Loans Best Debt Consolidation Loans Best Emergency Loans Best Home Improvement Loans Best Bad Credit Loans Best Installment Loans For Bad Credit Best Personal Loans For Fair Credit Best Low Interest Personal Loans
• Student Loans Best Student Loans Best Student Loan Refinance Best Student Loans for Bad or No Credit Best Low-Interest Student Loans
• Business Loans Best Business Loans Best Business Lines of Credit Apply For A Business Loan Business Loan vs. Business Line Of Credit What Is An SBA Loan?
• Investing Best Online Brokers Top 10 Cryptocurrencies Best Low-Risk Investments Best Cheap Stocks To Buy Now Best S&P 500 Index Funds Best Stocks For Beginners How To Make Money From Investing In Stocks
• Retirement Best Gold IRAs Best Investments for a Roth IRA Best Bitcoin IRAs Protecting Your 401(k) In a Recession Types of IRAs Roth vs Traditional IRA How To Open A Roth IRA
• Business Formation Best LLC Services Best Registered Agent Services How To Start An LLC How To Start A Business
• Web Design & Hosting Best Website Builders Best E-commerce Platforms Best Domain Registrar
• HR & Payroll Best Payroll Software Best HR Software Best HRIS Systems Best Recruiting Software Best Applicant Tracking Systems
• Payment Processing Best Credit Card Processing Companies Best POS Systems Best Merchant Services Best Credit Card Readers How To Accept Credit Cards
• More Business Solutions Best VPNs Best VoIP Services Best Project Management Software Best CRM Software Best Accounting Software
• Manage Topics
• Investigations
• Visual Explainers
• Newsletters
• Abortion news
• Coronavirus
• Climate Change
• Vertical Storytelling
• Corrections Policy
• College Football
• High School Sports
• H.S. Sports Awards
• Sports Betting
• College Basketball (M)
• College Basketball (W)
• For The Win
• Sports Pulse
• Weekly Pulse
• Buy Tickets
• Sports Seriously
• Sports+ States
• Celebrities
• Entertainment This!
• Celebrity Deaths
• American Influencer Awards
• Women of the Century
• Problem Solved
• Personal Finance
• Small Business
• Consumer Recalls
• Video Games
• Product Reviews
• Destinations
• Airline News
• Experience America
• Today's Debate
• Suzette Hackney
• Policing the USA
• Meet the Editorial Board
• How to Submit Content
• Hidden Common Ground
• Race in America

Personal Loans

Best Personal Loans

Auto Insurance

Best Auto Insurance

Best High-Yields Savings Accounts

CREDIT CARDS

Best Credit Cards

Advertiser Disclosure

Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Blueprint. Blueprint does not include all companies, products or offers that may be available to you within the market. A list of selected affiliate partners is available here .

How to write a business plan in 9 steps

Robert Bruce

Bryce Colburn

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Published 7:54 a.m. UTC Jan. 2, 2024

• path]:fill-[#49619B]" alt="Facebook" width="18" height="18" viewBox="0 0 18 18" fill="none" xmlns="http://www.w3.org/2000/svg">
• path]:fill-[#202020]" alt="Email" width="19" height="14" viewBox="0 0 19 14" fill="none" xmlns="http://www.w3.org/2000/svg">

Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy .

andresr, Getty Images

Starting a business is a risky venture. 

Even the smartest of entrepreneurs have many questions to consider as they develop and execute their business idea. One of the best outlets for creating a successful company is having a business plan in place before you launch on day one. 

A solid business plan will provide a game plan for your company, both now and in the future. It should guide all of your decisions and allow you to navigate difficult times by providing a resource by which you operate and strategize. 

A business plan is a vital part of any successful company. 

Featured registered agent service offers

Zenbusiness.

Via ZenBusiness’ website

$199 annually

Same-day document delivery

Phone support

Via LegalZoom’s website

Northwest Registered Agent

Via Northwest Registered Agent’s website

What is a business plan?

A business plan is simply an outline of a company’s future goals and how it plans to achieve those goals. A solid business plan will guide a company’s strategy and decision-making and help it navigate through any unforeseen obstacles. 

Companies of all sizes can benefit from a business plan. Smaller-sized companies can use this plan to develop a strategy for growth, development and investor strategy. Larger, more established companies can use a business plan to expand, explore other profit possibilities and stay on track with its original vision. 

Business plans are also important when it comes to funding, as many investors will want to see your plan before funding your project or company. 

How to write a business plan

One of the most important parts of writing a business plan is the realization you need one in the first place. If that’s you, congratulations on overcoming that initial obstacle. 

Now that you understand why a business plan is important let’s take a look at the steps you’ll need to follow to create a successful one. 

1. Write an executive summary

Think of your executive summary as a Cliffs Notes for your business plan. This summary will condense the entire business plan that follows into one easy-to-follow package. It should contain all the highlights while giving a solid overview of the entire plan. 

The plan should also briefly offer key company information, such as business goals and vision, product descriptions, marketing strategy and current financials — as well as other relevant information like leadership, employees and location.

In addition to offering a brief overview of your business strategy, the executive summary is a useful tool to give to potential investors who might not have the time to read the entire plan. 

2. Draft a company description

This section simply covers the basics of your company — what you do, how you separate yourself in your industry, what makes the services and/or products you provide worthwhile and why your company would be a smart investment. 

You should also include information like your business’s mission statement, its structure, short- and long-term goals, business history and other similar facts. This is also a good place to list your company’s core values. 

A lot of these issues should be well thought out before you draft a company description or business plan. By this point, you should be able to easily articulate all of this. If not, take a breath and meet with your team to go back through this to make sure you have all your bases covered.  

3. Include a description of your products and services

This is where you outline what you sell and why your target market should care. You should outline key specs like price, size and material quality. If you provide a service, you should offer information about availability, quality and durability. 

Give a brief overview of the multiple products you offer, as well as those that are a part of your future plans. 

4. Consider your company goals and objectives

You’ve already briefly mentioned your goals and objectives in prior sections, but this section allows you to go a little more in-depth. 

Here, expand on your mission statement and why it’s important to your company. You might talk about the thought process behind the statement and how it came to be. Who was involved in crafting it, and what were the important elements they wanted to include?

Then, begin going more in-depth on your specific business goals — both short-term and long-term. What are some of your priorities for the next year? Five years? Decade? Listing out these objectives shows you not only have a good grasp of your company’s current situation but also of where it is headed. 

5. Perform market research and competitor analysis

Performing market research and competitive analysis is an extremely important part of your business plan. Getting familiar with other businesses in your market will help you see what works and what doesn’t. 

You should be able to list out the size of your market and who might be interested in your products or services, how you fit into that market and what other competitors are doing. Along those lines, what is your brand’s differentiation with that market — what sets you apart?

Knowing your market and how you approach it strategically can make or break your business. 

6. Create a marketing plan

Who is your ideal customer? And, strategically, how do you plan on reaching them? This is the foundation of your marketing plan. 

How much money and effort do you plan on putting into marketing, or will you rely more heavily on sales? With your marketing, this is where you’ll outline the platforms you plan on using to reach your audience — whether that’s through social media, online ads, television or radio commercials.

Ultimately, this section will provide the details on your product or service, how much it will cost, how you plan to promote it and where you plan on selling it. 

7. Define your operating procedures

This section explains the framework of your organization and how you operate. 

You’ll outline your leadership structure with an organizational chart if you have one. Explain some of the key members of your team and how they make your business run successfully. You might consider including resumes or CVs. 

This is where you’ll lay out the legal structure of your company as well. Do you plan on incorporating, or are you a limited liability company (LLC) or sole proprietor ?

In terms of operations, outline who your suppliers will be, how your production process will work, which facilities and equipment you’ll use to develop your products, how you plan on shipping and the amount of inventory you’ll keep on hand. 

8. Create a financial plan

Obviously, your financials are the backbone of your business. With a solid financial plan, your company will thrive. Without one, it may whither. The basics of your financial plan will include a balance sheet, income statement and cash-flow statement. 

The balance sheet shows your total assets and liabilities. The income statement will show your revenue and expenses — the two main factors that ultimately reveal your business’s profit or loss. The cash-flow statement shows how much cash your business will have available at any given time — based on when you pay your bills and deposit revenue.

9. Set a timeline for progress and goals

In this section, you’ll set the timeline for your company’s progress. You’ll break down different milestones and when you expect to reach them, as well as what progress will look like for your business. 

Be specific. List out the exact amount of profit you hope to have over a certain time frame. This should be as detailed as possible. So when writing out your goals, don’t use generalized phrases like “increase revenue.” Instead, go into the specifics of those goals. 

Additional business planning resources

In addition to a business plan, you definitely want to make sure you have other aspects of your business covered. Some business planning topics to think about include:

• Business structures: Starting out, will you form your business structure as a limited liability company (LLC), which protects you from your company’s debts and liabilities in the event of a lawsuit? Or are you forming a partnership or sole proprietorship ? 
• Business licenses: Most businesses will require a business license , which may be needed at the county, state and federal level, depending on the type of business you operate.
• Business taxes: The type of business you have will dictate how you pay taxes. You may be required to pay income tax, payroll tax, self-employment tax, employment taxes and excise tax. 

Frequently asked questions (FAQs)

You don’t necessarily need a business plan to start your business, but creating one will put you at a great advantage. 

A business plan communicates your vision and mission to your company as well as potential investors. It also allows you to get buy-in from your current employees and how you plan to build your business into the future.

A solid business plan will include the following:

• Executive summary: A quick overview of the entire business plan. 
• Company description: A description of your company and what it does.
• Products and services description: A description of the products and services your company offers.
• Company goals and objectives: An outline of your company’s future goals. 
• Market research: Who are your competitors and how do you fit into the industry?
• Marketing plan: Details about how you plan to reach your ideal customer. 
• Operating procedures: Outline the framework of your organization and how it operates. 
• Financial plan: Provide details about your balance sheet, income statement and cash-flow statement.
• Progress and goals: A breakdown of company milestones and your timeline for reaching them. 

A business plan allows you to precisely define the basic information and values of your company, as well as its viability, vision, mission, marketing strategy and future goals. A solid plan will outline all the above while explaining, in detail, how you plan to make these ideas a reality.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Robert Bruce has been a full-time writer for nearly 20 years. His work has been featured in US News & World Report, Yahoo Finance, The Penny Hoarder, The Money Manual, WGN Chicago, Nashville Lifestyles Magazine, among others.

Bryce Colburn is a USA TODAY Blueprint small business editor with a history of helping startups and small firms nationwide grow their business. He has worked as a freelance writer, digital marketing professional and business-to-business (B2B) editor at U.S. News and World Report, gaining a strong understanding of the challenges businesses face. Bryce is enthusiastic about helping businesses make the best decisions for their company and specializes in reviewing business software and services. His expertise includes topics such as credit card processing companies, payroll software, company formation services and virtual private networks (VPNs).

How to start a small business: A step-by-step guide

Business Eric Rosenberg

• Features for Creative Writers
• Features for Work
• Features for Higher Education
• Features for Teachers
• Features for Non-Native Speakers
• Learn Blog Grammar Guide Community Events FAQ
• Grammar Guide

How to Write a Business Plan

Alice Musyoka

Dwight Eisenhower once said, "Plans are worthless, but planning is essential." A business plan is crucial to your company's success.

According to the Small Business Administration (SBA) , 80% of small businesses survive the first year. However, only 50% of businesses survive past the 5-year mark. It gets worse. Only one in three small businesses reach the 10-year mark.

We know the last thing you want to hear when you're starting a new business or expanding your current business is tales of failure, but for many businesses, failure is the reality. And the primary cause of failure is lack of planning.

Businesses fail for different reasons: insufficient financial planning, poor management, inadequate market research, lack of social media presence, and other reasons. All these mistakes are brought on by a lack of planning that can be traced to the company's roots—where the business plan is found.

Before we show you how to write a business plan, we'll start by explaining what a business plan is.

What Is a Business Plan?

Writing your business plan: the eight most crucial sections, tips for writing a business plan, keep it short, polish the business plan to improve its overall look, don't be intimidated when writing a business plan.

It is a document that summarizes the financial and operational objectives of a business. It contains detailed budgets and plans that show how the objectives will be realized. You can think of a business plan as a roadmap to your business’ success. It is a vital tool for anyone starting—or expanding—a business.

Before you create a business plan, it is important to ask yourself the following questions:

• Why am I starting/expanding this business?
• What makes my business different? What is its competitive edge?
• What solution is my company providing?
• Who makes up my company (your management team, key players, and advisors)?
• Who are my customers?
• What must happen for my business to break even?
• How can my business start making profits?

While there are a lot of industry-specific questions you should ask, pay attention to these ones when you're getting started. Be sure to address them in your business plan in a clear, concise, and realistic way.

1. Executive Summary

Here, you briefly explain what your company does and why it will be successful. This is where you include your mission statement, the product or service, and brief information about the company's leadership team, its employees, and its location. If you're asking for financing, include the financial information and the growth plans.

You can write the executive summary first or last as it highlights the points you've made in other sections of your business plan. It is the doorway to your plan. After going through it, the reader may either decide to keep reading or to throw the business plan away. You have to get it right.

2. Company Description

This is where you give detailed information about your company. The company description gives an in-depth overview of your proposed venture.

Write about the problems your business will solve in detail. Be very specific and list the organisations and consumers your business plans to serve. Boast about your business’ strengths.

Does your business have any competitive advantages that will play an important role in making it a success? Are there industry experts on your team? Do you have a perfect location for your business? Include that information here.

3. Market Analysis

You need to have a good understanding of your target market and how it is continually changing. What are successful competitors doing differently? Why is it working? Are you sure there's room for you in this market?

Here is where you answer these questions. You should also use this section to discuss your customers’ needs, where they are, and how you plan to reach them and deliver your products to them.

4. Business Organization and Management

Tell the reader how your business will be structured and who will operate it. Describe the company's legal structure and state whether you plan to incorporate it as an S corporation or C corporation. Explain whether you'll be a sole proprietor or a limited liability company (LLC) and whether you’ll form a limited or a general partnership.

Include an organizational chart that shows who is in charge of what in your company. Explain how each individual's unique experience will play a role in the success of your venture. You can also include the CVs of the key team members.

5. Product or Service Development Plan

Describe the product you're selling or the service you're offering. What is the life cycle of the product? How does it benefit your customers? Share the plans you have for intellectual property—such as patent or copyright filings. If you're still doing research and development for the product or service, explain that in detail.

When describing the product, focus on the customer benefits. Also include details about the suppliers, the costs related to the product or service, and the net revenue expected. You can add pictures and diagrams in this section to help readers visualize.

6. Marketing and Sales Plan

When it comes to marketing, no single approach works permanently. Create a marketing strategy that fits your unique needs. Explain how you will attract and retain customers and how sales will actually happen.

This section is important as you'll refer to it when making financial projections. Be sure to thoroughly describe all your marketing and sales strategies. You should focus on the solution your business is offering and the customers’ buying behaviour. Explain the value that each customer will bring to the business.

7. Financial Plan or Funding Request

At the very least, this section must include a projected profit and loss statement and cash flow tables. You should also explain why you're making those projections. Include the break-even analysis, sales forecast, balance sheet, and business ratios in this section. Convince the reader that your business will be a financial success.

If you're asking for funding, outline your funding requirements. Explain clearly how much funding you will need and what you will use the money for. State whether you want equity or debt, the terms you would like applied, and the time period your request will cover.

8. Appendix

Use this section to provide supporting documents and any other materials you've been asked to provide. Some items that commonly feature in this section are credit histories, letters of reference, product pictures, resumes, patents, permits, licenses, legal documents, and other contracts.

Know Your Audience

When writing a business plan, use language that your audience will understand. For instance, if your company is developing complex software but your prospective investors are not very knowledgeable in IT matters, don't use technical language or acronyms they won't understand.

Most people won't sit down to read your business plan. They will read it as they go through their email or talk on the phone. Be accommodating and explain your product in a simple and direct manner, using terms that can be understood by everyone. If you want to provide the full specifications, include them in the appendix section.

Here are some useful tips:

• Use simple words: instead of "utilize" write "use," instead of "at that point in time" write "then"
• Avoid long, complicated sentences: short sentences are easier to read and digest
• When adding lists, use bullet points: you can flesh them out with short explanations as needed

Business plans are shorter now than they used to be. This could be because they are more common now or because investors have little time to waste wading through documents.

Cover everything you want to convey in 20–30 pages of text. Include another 10 pages for management resumes, monthly projections, and other details. If your business plan is longer than 40 pages, you are not summarizing very well.

You should keep your business plan short for two major reasons. Firstly, investors are busy: no one is going to read a 100-page business plan. Secondly, your business plan is a tool you use to run and grow your business. It is something you'll continue to use and refine over time. If it is too long, you'll have a very hard time revising it.

Besides using the right wording, use text that is simple and inviting. The right images can also help win over investors.

This is what you should do:

• If you have products whose features are difficult to explain in words (or if their appearance is important), include images in the appendix section. Product photos taken by a professional photographer can help investors to understand what you're talking about.
• Only use two fonts for the text. A simple font such as Tahoma, Verdana, or Arial works well for headings. For the body text, use a standard text font like Times New Roman, Book Antigua, or Century.
• Use page breaks to separate charts from text, to separate sections, and to highlight tables.
• Avoid cramming words together and use white space liberally. White space makes your content easily scannable and significantly improves legibility.
• Use a grammar checker like ProWritingAid . The app can also proofread your text and let you know if you're using properly spelled words incorrectly.

Preparing a business plan may seem like a huge undertaking, but it doesn't have to be. No one knows your business like you do—you're the expert. That single reason makes you the best person for the job.

Set aside some time to write your business plan. It's not as challenging as you think.

Want to learn more more great business writing hacks? Download this free book now:

Business Writing Hacks for Flawless Communication

Writing is an essential element of nearly every profession today. whether you are drafting a proposal for a major prospect or collaborating by email, strong communications help colleagues and clients understand your ideas. errors and awkward writing can make you lose credibility., download this guide to learn the techniques professional writers use to write clearly and persuasively..

Be confident about grammar

Check every email, essay, or story for grammar mistakes. Fix them before you press send.

Alice Musyoka is a versatile copywriter and content strategist who helps businesses see results from content marketing. Her goal is to make people pause, smile, and read. She's a previous contributor for [Stagetecture](https://stagetecture.com/author/ndanuaj123/). When she's not working, she usually goes for long walks with her son and reconnects with nature. She also loves watching funny movies.

Get started with ProWritingAid

Drop us a line or let's stay in touch via :

Creating a timeline for your business plan

Related blogs.

• What to include in a financial section
• The Benefits of Automating Your Bookkeeping
• Writing a business plan to broaden your customer base
• Financial Planning in Business: Steps for Success
• Strategies for Growing Your Customer Base

Introduction

A business plan is a written document describing a company's core objectives and how they intend to achieve them. It can also contain outlines of a company's proposed financials, products and services, marketing goals, and long-term plans. A business plan is essential for any business seeking financing, and often a requirement when applying for a loan or grant.

Having a timeline for your business plan can be immensely helpful in allowing you to track and monitor the progress of your objectives. It also gives you a better view of the key steps you need to take to get from where you are now to where you want to be in the future. With a timeline, you’re more likely to get clear insight and direction on strategy implementation and measurements of success.

Benefits of Creating a Business Plan Timeline

Creating a timeline for your business plan is an important step in planning and executing any strategy for success. Having a timeline in place for completion of tasks within your business plan gives you, as the owner/operator, visibility into all the required steps that need to be taken and the resources necessary to keep your business plan on track.

By creating a timeline for your business plan, you can gain many benefits.

Knowing the timeline for plan execution

The main benefit of creating a timeline is being able to set realistic expectations for when specific tasks will be completed. Having a timeline allows you to determine exactly how long you estimate each task within your plan will take as well as when you will need to complete them. Once you have determined your timeline, you can then use that to create a schedule for implementation and tracking of your business plan.

Cost-effective and time-efficient planning

Having a timeline for your business plan is also a great way to be more cost-effective and time-efficient. By having a timeline in place, it gives you the ability to anticipate any potential issues that you might encounter throughout the life of your plan. By anticipating any potential problems, you can plan ahead to ensure that you have the proper resources available to execute tasks and ensure that your plan is successful.

Easier adjustments for any changes or delays

Finally, creating a timeline for your business plan helps you easily adjust it in the event of any delays or changes that arise. By having an updated timeline, it will be easier to navigate any obstacles that may come up, allowing you to quickly adjust and re-calibrate your business plan as needed. This will help to keep your plan on track and help to minimize any potential losses that could come as a result of not adhering to your timeline.

Examples of Different Timeframes

Creating a timeline is one of the most important steps of developing your business plan. It allows you to break down your goals and prioritize them in order of importance. Before you begin creating your timeline, it's important to know what the different timeframes are. Here, we will discuss examples of different timeframes, such as short-term goals, mid-term goals and long-term goals.

Short-term Goals

Short-term goals are goals that you plan to achieve in the near future and typically within one year. These goals give you something to work towards that is within reach and will help you build momentum for your long-term ambitions. Examples of short-term goals can include launching a new product or service, setting a sales target or increasing your customer base.

Mid-term Goals

Mid-term goals are goals that you plan to achieve in the intermediate future, typically within two to five years. These goals should be ambitious, but achievable and push you to think outside the box and create solutions for challenges you might face. Examples of mid-term goals can include increasing market share, establishing partnerships or launching a new branch of the business.

Long-term Goals

Long-term goals are goals that you plan to achieve in the distant future, typically five years or more out. These goals should be your biggest ambitions and are typically the most important goals to track progress towards. Examples of long-term goals can include conquering new markets, expanding operations or achieving a certain level of profitability.

4. Getting Started

When creating a timeline for your business plan, it is important to set realistic goals, establish the order of operations, and divide tasks among team members.

a. Setting realistic goals

It is important to set goals that are achievable, as this will help you meet deadlines. Of course, striving to do more than expected is admirable. However, always be mindful of the amount of time and resources you have, while also taking into account any potential hurdles along the way.

b. Establishing the order of operations

Once you have set your goals, it is time to consider the order in which tasks should be completed. Think about which operations are necessary for the achievement of the goals, and in what order they should be done.

c. Dividing tasks amongst team members

Once the order of operations is determined, the next step is to divide tasks amongst team members. By assigning each member a set of tasks, it will become easier to work towards the desired goal. This will also help with accountability and completion times, as each team member will be aware of the tasks that need to be finished and when they need to be completed.

Dividing tasks amongst team members should also be evaluated in terms of who can do the tasks most efficiently. This will ensure the best use of team resources and help create a timeline that is both realistic and productive.

Managing the Timeline

Creating a timeline is a key component in any business plan and includes the time-sensitive processes associated with achieving your goals. Creating your timeline is just the first step. It is also important to manage it effectively and all the associated tasks. These tasks involve managing project risks, keeping updated records, and allocating resources.

Managing Project Risks

Managing the risk associated with projects within the timeline is important to ensure projects stay on track. Risks can include a variety of factors such as time, stakeholders, deliverables, budget, and resources. When creating and managing the timeline, it is essential to consider the risks associated with each project and plan for possible contingencies. Staying on top of it is also critical. Making sure to review the risks and update accordingly is an important process for staying on target and keeping updated with changes or updates.

Keeping Updated Records

Keeping records of timelines is also essential in order to effectively manage the timeline. This is important for both short-term and long-term needs. Accurate records detailing project milestones and deadlines can help identify and manage risks as well as give insight into the progress of project tasks so any changes needed can be implemented quickly. Accurate records can also identify potential risks and help measure progress over a given period of time.

Allocating Resources

Allocating resources is an integral part of managing a timeline. This includes both time and money as well as any physical/material resources needed to complete the project tasks. It is important to consider the resources needed and set realistic goals and timelines. Accurately estimating the resources needed helps ensure work is completed according to the timeline and within budget, giving insight into potential risks and better management of resources.

Creating a timeline for your business plan is essential for ensuring goals are met within the desired timeline and budget. Manage the timeline by managing project risks, keeping updated records, and allocating resources. This is the key to ensuring projects stay on track and the desired goals are met in the given timeline.

Implementing the Timeline

Creating a timeline for your business plan is the best way to ensure its successful implementation. Once a timeline is established, it’s important to stick to it for maximum effectiveness. There are a few key components to maintaining the timeline once it’s been created.

Consistent communication

Having a system of consistent communication within the business is essential to ensure that everyone is working together in a cohesive unit. Communication should be frequent throughout the duration of the timeline, to encourage collaboration and efficiency. A specific plan should be mapped out from the beginning, outlining who will communicate with whom and how often.

Keeping track of milestones

It’s important to keep track of all milestones that have been accomplished and those that are still to be achieved. This helps to keep everyone focused on the goal, and to ensure that everyone is on the same page. This can be done manually or with the help of a software application, depending on the company’s resources.

Evaluating success

Once the timeline is complete, it’s important to take stock of the successes and failures of the plan. It’s important to analyze what worked and what didn’t, in order to improve the plan for future implementations. This also helps to foster an environment of continual improvement and ensures that the business is always striving for success.

Creating a timeline for your business plan is a crucial step in launching a successful business. A timeline helps to capture the details of tasks, structural requirements, and expected outcomes. It helps organize the different components of your strategy, ensuring that important details and deadlines are not forgotten.

Summary of importance of timeline

Having a timeline allows business owners to stay organized and on track throughout the development process. It helps to order and prioritize arrangements, tracking progress towards objectives. With a timeline in place, you can better anticipate and prepare for any unexpected changes or issues that may arise. Additionally, it serves as a visual reminder of where your business currently stands and what actions are necessary to achieve the desired end goals.

Key points to keep in mind

• Identify key targets, milestones, and deadlines.
• Break down larger objectives into smaller, actionable goals.
• Assess and adjust your timeline as needed.
• Continually track progress and evaluate success.

Suggestion of further research

Building a timeline is an ongoing process. As you continue to research resources, plan tasks, and develop your overall strategy, you will likely need to adjust your timeline accordingly. Evaluating and updating progress regularly keeps your plan organized and efficient, so that you can move through the planning process quickly and in an organized fashion.

Fundrising Ready

MAC & PC Compatible

Immediate Download

Related Articles

The surprising truth about profitability in the appliance store industry: a deep dive into the numbers, why investing in an alcohol treatment center is more profitable than you think, counting the profits: a closer look at the profitability of accounting agencies, the art of boosting profits in your a la carte restaurant: a comprehensive guide, airbnb: unpacking the profitability of one of the world's most successful companies., the untold story of how car washes are making a fortune: discover the profit potential today, pedaling to profit: unveiling the lucrative world of bicycle couriers, thirsty for success discover the untapped profit potential of running a beer bar, the beauty within profits: discovering the lucrative world of beauty salons, unlocking the profit potential: how to make your beach hotel more profitable, leave a comment.

Your email address will not be published. Required fields are marked *

Please note, comments must be approved before they are published

How to write the milestones section of your business plan

Company milestones are integral to effectively communicating the executability of your business plan by committing to when key objectives will be met.

Establishing business strategies and goals, especially for large and complex projects, can be challenging for entrepreneurs. However, milestones offer invaluable support by breaking down the endeavor into smaller, manageable targets.

In this article, we'll explore the significance of milestones in your business plan, how to structure them, and the essential information they should contain. We'll guide you in crafting this section effectively to impress stakeholders and investors.

Ready to make your business plan stand out? Let's dive in!

In this guide:

What is the objective of the milestones subsection of your business plan?

What information should i include in the milestones section of my business plan.

• How long should the milestones section of your business plan be?
• Example of milestones in a business plan
• What tools can you use to write your business plan?

The core objective of the milestones subsection in your business plan is to showcase the business’s progress so far to build trust with potential investors and to communicate your team's objectives for the years to come.

The milestones sections of your businesses plan can help you:

• Convey past achievements - stakeholders are more likely to invest in a company that appears credible because they believe it has a good chance of succeeding. Illustrating that your business was able to meet past goals helps achieve this.
• Explain future business goals and objectives - when providing details about each goal, it’s important to emphasize when and how they will be achieved as well as the projected increase in revenue and profitability that will come about as a result. 
• Monitor progress - if your business plan is also used for internal purposes, the milestones section can also act as a guide for monitoring progress over time. You'll be able to tick off targets that you meet as you grow. This helps signify that the business is headed in the right direction.

Strategic planning for any company relies heavily on striking a balance between setting very modest and heavily ambitious goals. So, when setting business milestones, you need to ensure that they are reasonable and attainable. 

When writing the milestones section for investors and business partners, you should keep the “underpromise and overdeliver” approach in mind. This will help increase the perceived competence of your management team and can aid in securing further funding if needed. 

This is a well known trick used by the management teams of listed companies which all try to “beat and raise” in order to drive the price of their stock's up.

Need a convincing business plan?

The Business Plan Shop makes it easy to create a financial forecast to assess the potential profitability of your projects, and write a business plan that’ll wow investors.

Before we get into the information you need to include in the subsection, you should remember that it is towards the end of the strategy section of your business plan, after the marketing plan and before the risks and mitigants subsection. This means that by that point the reader of your plan is already familiar with what you offer, your market, and your go to market strategy.

You should aim to include key milestones that mark a significant development in your business development. This could include any of the following:

Securing financing

If you are seeking external funding to help start or grow your business, you need to discuss when you anticipate receiving adequate finances. This could include bank loans, equity funding or other forms of financing.

Reaching your break-even point

The milestones section must include the time span you have determined for your business to reach your break-even point (profitability in lay man term).

You should specify a timeframe or set of financial goals by which you hope to have achieved this. For example, this could include selling “X” units of a product or providing “Y” units of a service.

Opening new stores or selling units

If you plan to expand your business in the future, be sure to include milestones about this too. You could talk about dates targeted for opening new stores, manufacturing facilities, and distribution units. 

Acquiring new customers

Emphasize targets for acquiring new customers or growing your current customer base in a predetermined time frame. Here, you can briefly mention strategies that will be used to acquire new customers.

Launching new products or services

When introducing a new product or service, it’s important to provide details regarding the schedule for doing so. If you plan to improve or redesign current products or services, be sure to mention this too.

Expanding into new markets

Specify target dates by which a particular number of stores, branches, or offices are to be opened in a different market. You can also provide brief details about the monetary requirements for entering into new markets.

Hiring new employees

You should also mention when and how you plan to hire essential personnel. Especially if you are writing a business plan to raise funding to scale your business rapidly.

Things to consider

You could also talk about the monetary, human, and technological resources required to achieve each milestone. In addition, you can also include the performance tracking measures and expected challenges.

We recommend using one of these two frameworks when setting milestones:

• The objective key result (OKR) framework - a method of developing, communicating, and monitoring organizational goals and objectives. 
• The SMART framework - a method of setting goals and objectives that are specific, measurable, attainable, relevant, and time-bound.

How long should the milestones section of your business plan be? 

The length of the milestones section of the business plan depends on several different factors. Ideally, this section of the business plan should contain one to two paragraphs for each milestone. However, the following factors determine the level of detail needed for each milestone:

The complexity of the business model 

A technological startup offering complex business products or services would likely need to include more information regarding key milestones than a bookstore operating on the high street.

For example, the “establishing an initial online presence” milestone would look different for both businesses (i.e. a bookstore might just aim to be listed on Google Maps and a handful social networks whilst a tech startup might need to deploy demand generation tactics and capital in order to hit 1M unique monthly visitors).

The significance of each milestone 

If a milestone represents a major achievement, a critical turning point, or a significant investment in the business, it should be elaborated upon in greater detail. You may need to provide additional context, background information, and potential risks or challenges associated with the milestone.

The level of familiarity of the reader

Tailor the level of detail in the milestones section to match the reader's industry knowledge. Take into account the reader's familiarity with your specific industry and adjust the information provided accordingly.

Additional resources

When writing the milestones section, you might need to add additional resources like data charts and graphs for some milestones. 

It’s important to include these details in the appendices section to help keep the milestones section concise.

Remember, the information in your business plan should be comprehensive yet presented in a concise manner. It’s important not to include jargon which might feel complex or technical for the reader.

Need inspiration for your business plan?

The Business Plan Shop has dozens of business plan templates that you can use to get a clear idea of what a complete business plan looks like.

Example of milestones in a business plan 

Below is an example of what the milestones section of your business plan might look like. As you can see, it follows with the marketing plan subsection and is part of the overall strategy section.

The milestones section of a business plan outlines key achievements and events that mark the company's progress over time. It helps investors and stakeholders understand the timeline and critical steps toward the business's growth, development, and success.

This example was taken from one of  our business plan templates .

What tools should I use to write my business plan?

In this section, we will review three solutions for creating a business plan for your business: using Word and Excel, hiring a consultant to write the business plan, and utilizing an online business plan software.

Create your business plan using Word or Excel

This is the old-fashioned way of creating a business plan (1990s style) and using Word or Excel has both pros and cons.

On the one hand, using either of these two programs is cheap and they are widely available. 

However, creating an error-free financial forecast with Excel is only possible if you have expertise in accounting and financial modeling.

Because of that investors and lenders might not trust the accuracy of your forecast unless you have a degree in finance or accounting.

Also, writing a business plan using Word means starting from scratch and formatting the document yourself once written - a process that is quite tedious - especially when the numbers change and you need to manually update all the tables and text.

Ultimately, it's up to the business owner to decide which program is right for them and whether they have the expertise or resources needed to make Excel work. 

Hire a consultant to write your business plan

Outsourcing your business plan to a consultant can be a viable option, but it also presents certain drawbacks. 

On the plus side, consultants are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring consultants is expensive: budget at least £1.5k ($2.0k) for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the first meetings with lenders).

For these reasons, outsourcing the plan to a consultant or accountant should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their own business plan using an online software.

Use an online business plan software for your business plan

Another alternative is to use online business plan software .

There are several advantages to using specialized software:

• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can be inspired by already written business plan templates
• You can easily make your financial forecast by letting the software take care of the financial calculations for you without errors
• You get a professional document, formatted and ready to be sent to your bank
• The software will enable you to easily track your actual financial performance against your forecast and update your forecast as time goes by

If you're interested in using this type of solution, you can try our software for free by signing up here .

Also on The Business Plan Shop

• How to do a market analysis for a business plan
• What is a business plan and how to create one?
• How to write the products and services section of your business plan?
• How to write the risks and mitigants section of your business plan?
• How to write the suppliers section of your business plan?

Know someone who needs to write the milestones section of their business plan? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

Create a convincing business plan

Assess the profitability of your business idea and create a persuasive business plan to pitch to investors

500,000+ entrepreneurs have already tried our solution - why not join them?

Not ready to try our on-line tool ? Learn more about our solution here

Need some inspiration for your business plan?

Subscribe to The Business Plan Shop and gain access to our business plan template library.

Need a professional business plan? Discover our solution

Write your business plan with ease!

It's easy to create a professional business plan with The Business Plan Shop

Want to find out more before you try? Learn more about our solution here

We use essential cookies to make Venngage work. By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Manage Cookies

Cookies and similar technologies collect certain information about how you’re using our website. Some of them are essential, and without them you wouldn’t be able to use Venngage. But others are optional, and you get to choose whether we use them or not.

Strictly Necessary Cookies

These cookies are always on, as they’re essential for making Venngage work, and making it safe. Without these cookies, services you’ve asked for can’t be provided.

Show cookie providers

• Google Login

Functionality Cookies

These cookies help us provide enhanced functionality and personalisation, and remember your settings. They may be set by us or by third party providers.

Performance Cookies

These cookies help us analyze how many people are using Venngage, where they come from and how they're using it. If you opt out of these cookies, we can’t get feedback to make Venngage better for you and all our users.

• Google Analytics

Targeting Cookies

These cookies are set by our advertising partners to track your activity and show you relevant Venngage ads on other sites as you browse the internet.

• Google Tag Manager
• Infographics
• Daily Infographics
• Template Lists
• Graphic Design
• Graphs and Charts
• Data Visualization
• Human Resources
• Beginner Guides

Blog Graphic Design

40+ Timeline Templates, Examples and Design Tips

By Midori Nediger , May 30, 2022

Timelines are perfect for telling stories and visualizing projects and processes. You can use a timeline template to: 

• Provide an overview of events. 
• Break down an agenda or itinerary. 
• Highlight important points in time. 
• Distill important information that people might otherwise miss.

In this guide, we’ll share creative timeline ideas, outlines and templates to help you design timelines that will captivate your audience.

Here are our best timeline examples and tips on how you can use them. Click to jump ahead:

• Project timeline template
• Business timeline template
• Nonprofit timeline template
• Event timeline template
• Marketing timeline template
• Simple timeline template
• Historical timeline template
• Construction timeline template
• Internal communication timeline template
• More timeline templates
• FAQs about timeline templates

1. Project timeline templates

Project managers need to juggle multiple balls. A timeline template is a perfect addition to your presentation, project plan, proposal, project management software or other documents where you need to share project details with stakeholders and keep the team on track.

Color-coding data in your timeline is one of the easiest and most effective ways to make your design readable, like in the project timeline example below.

The visual project timeline outline above uses shades of blue to differentiate different tasks. You can use color hues for each day, week, month, or even specific activities. This will help them stand out from each other on the timeline. This timeline was created for a nonprofit, but of course you can use it to visualize any timelines you have for your projects.

Pro Tip:  Consultants and freelancers will especially benefit from using this project timeline template . They’re an easy way to show the client what steps are required to complete a project and how each step impacts the next. The client will love having a visual timeline to refer when they can’t remember what’s supposed to happen when. And this means fewer emails and phone calls to you—we hope!

Monthly project timeline template

For shorter project sprints, a monthly timeline example may be more useful. A timeline, like this example below, can be customized to make it weekly or even hourly:

To make this a weekly or hourly timeline, simply click “Jun 2021” and change it to “Monday” or “9 a.m.”, for example. Note how, unlike the above timeline which uses different shades of blue, this one uses multiple colors to differentiate between time periods.

If you feel like this one uses too many colors and doesn’t coordinate well with your branding, you can always add your brand colors to My Brand Kit and apply them to the timeline in one click:

Consultants for projects can also add this free timeline template to their marketing plan  to improve their workflow. A more efficient workflow will help the team effectively carry out your recommendations.

Pro Tip:   Timeline infographics are great for nonprofits looking to become thought leaders. Pick a topic that shows the development of an idea in your industry. Plot it into a timeline template and insert it into your blog posts or guest posts or share it on social media. You can also add it to a  white paper .

Real estate project timeline template

The home-buying process can be confusing for first-time buyers. Real estate companies can ease their customers’ concerns by designing a project timeline template that uses numbers to emphasize each step:

2. Business timeline templates

Running a business is never easy, and the time crunches may be hard to manage.

Do you have too short a time duration to get things done? I thought you’d say that. Try experimenting with two-week project timelines instead to manage your business needs.

Here’s a project timeline example that can help you structure your monthly product releases:

Pro Tip:  Use Gantt charts to outline due dates and break down projects into smaller activities that are either assigned to individuals or entire teams. Our  guide on Gantt charts  will teach you how to use Gantt charts to deliver projects on time, every time.

Vertical timeline template

Sometimes the key to creating business timelines that stick is the right orientation. Maybe in your case, a vertical timeline outline makes more sense than a horizontal project milestone template.

Pro Tip:  Learning how to complete projects by dividing up deliverables and underlying tasks is key to getting things done across a project’s entire life cycle. Our  project life cycle guide  will give you a handy framework to guide projects from inception to completion.

Simple business timeline format

The best business planning timelines are simple but communicate the core message clearly.

Don’t be fooled by their simplicity. Vertical timelines can look basic but they’ll help you communicate project timelines and deliverables to your potential clients. This technology timeline sample can be easily customized to reflect your business plan.

Related : 30+ Project Plan Templates & Examples to Visualize Your Strategy

PowerPoint timeline template

Text-only  presentation  slides are boring. Timeline slide templates are perfect for making information visually engaging . Optimize your timeline outline for PowerPoint, Google Slides or SlideDeck by using landscape orientation and big, bold text.

Use a gradient color scheme to create a flow from the beginning of your timeline slide to the end:

For more creative timeline ideas and outlines you can use for PowerPoint and Google Slides, check out our collection of PowerPoint timeline templates and examples here .

3. Nonprofit timeline templates

Nonprofits often rely solely on fundraising to keep their projects running. To make things easier for your team, and yourself, a nonprofit timeline template helps to organize your processes. It is a great way to sum up the events and tasks for an important day.

Your tasks may consist of planning content, promotion, social media, etc. Using a horizontal timeline template allows you to be much more organized and summarize your successes:

This horizontal timeline format is perfect for social channels. The colors and images will hold people’s attention and stop them from scrolling past your post.

Social impact timeline templates

Nonprofits need to show that they are making an impact on the world. This is a great marketing tool to attract more investors.

But marketers are busy people. It isn’t possible to design an impactful document from a blank timeline template. This attractive editable timeline uses images to create a connection between the audience and the company.

If you want to use a horizontal timeline format instead, check out the example below:

4. Event timeline templates

A lot of event planning is virtual these days. As a marketer, you may feel overwhelmed by the changes. Using an event timeline template will help you block your hours, days, and weeks out so that you can visualize each step of the way.

Horizontal event timeline templates

Use color hues for each day, week, month, or even specific activities. This will help them stand out from each other on the timeline. This project management timeline template for a nonprofit uses red and blue to differentiate different activities:

Here’s an example of a horizontal event timeline template — this case of the cannabis legalization history in the US :

If you don’t have too many events, you can use this template instead:

This event timeline template portrays the nine-month period of Elon Musk taking over Twitter in 2022 . Not a lot of timeline milestones are added — the designer decides to use the given space to add more notes about each milestone instead.

On the other hand, this Adobe acquisition timeline infographic is perfect if you don’t need to add lots of background info to your timeline events…

Vertical event timeline templates

Scheduling your days in time blocks can be an effective way to organize and prioritize your tasks. Try using different color blocks for different types of tasks or appointments.

This is an opportunity where icons can help you code information and make your timeline scannable.

This vertical timeline template, for example, can make sharing an event planning schedule a breeze:

Or this vertical timeline template which depicts the major data breaches in September 2022 :

If you need to add lots of background info to your event timeline, this iPhone evolution infographic is a great choice:

Fundraising event timeline template

You want to show what your event or fundraiser has achieved. Instead of starting off with a blank timeline, use a creative timeline format to showcase goals reached.

This timeline example shows how the foundation has reached its goals every month. Notice how the timeline is cleverly designed based on a blood donation symbol (which makes it perfect if you’re looking for a visual timeline for your blood donation project!):

Event timeline examples

If you’re a busy small business that needs to budget its time, it’s important that you can indicate how much time should be spent on each activity in your timeline. One way to do this is to use bars of different lengths to visualize lengths of time.

Look at how this fundraising timeline template segments lengths of time for each activity:

Or this timeline infographic which depicts Parler’s business story before being acquired by Kanye :

Wedding timeline template

Another timeline example for an event that you may be planning as a small business is a wedding. You can include specific times and any important details people should know, just like in this wedding day timeline template:

Conference planning timeline template

Want your event to go off without a hitch? Give your attendees a timeline of what the day will look like. That way, they’ll know what to expect ahead of time.

Don’t forget to include information about where each part of the day will take place. Including photos or illustrations of what to expect can also help get your attendees excited about the day’s events.

For example, check out this sleek and minimalist event timeline template:

Pro Tip:  During timeline formatting, special event  consultants  and event planners of all stripes can add their  branding  to any templates of their liking. Then, save it as a template to use again and again. Meaning: less administrative work for you.

Calendar timeline example

Take a classic  calendar  and make it more effective by using icons. Pick icons to represent different types of events. Don’t be afraid to mix up the colors. Simple visuals make information easier to remember, so pick icons that will stick in your memory.

Choose icons to fit your event timeline templates using Venngage’s library of over 40,000 icons.

For another example of a calendar timeline outline, check out this template which is in a vertical format:

5. Marketing timeline templates

Social media timeline example.

If you need to report on how your company’s social media channels grow followers over a period of time, it’s best to do that in a creative visual format.

Adopt this timeline template that presents Instagram’s user growth over time and edit it for your own user growth timeline:

Creative visual timeline for marketing

Understanding your customers’ journey is a core component of a solid  customer experience . Create an infographic that visualizes your various customer profiles.

Use icons to emphasize key steps in their journey.  Take a look at how this timeline example uses icons to make each customer journey easy to understand:

Click the template above to enter our online  customer journey map  maker. Customize the template to your liking—no design experience needed.

Iconic editable timeline

Icons visualize information in one small graphic. That’s why they’re perfect for including in a visual timeline for your events.

Pick an  icon  with a widely recognizable meaning (such as social media platform logos) so people can scan your timeline for information about a specific topic.

This historical timeline example shows the history of social media platforms. It uses icons to identify which point is about each individual platform. You can always customize templates to fit your needs:

6. Simple timeline template

A simple timeline template allows you to make project planning easier for everyone involved. Your team will be grateful for the visualization of a difficult project or process. Here is a simple timeline example that shows how your audience can easily understand what you’re presenting:

7. Historical timeline template

People often like to learn about the history of people, places, and things that they’re interested in. The historical timeline example below highlights the evolution of the internet and technology.

Real estate history timeline example

Showing the history of an industry that has existed for almost a century can be difficult. You don’t want to include too much information. That can be overwhelming for your audience.

Breaking up the decades like in this printable timeline template is the better option. It will make the timeline easier for customers to read and understand.

Brand historical timeline slide

This historical timeline template uses Google’s iconic color palette to reflect the story. Icons and logos make it easy for readers to skim this timeline example and find their favorite products.

Use it to present about a company or an organization that has a rich history as it’s a really long and comprehensive timeline template (click to see the full infographic):

Related:   COVID-19 Timeline: Critical Moments in the First Year

Periodical history timeline

While most timelines typically use one connecting line down the middle to show progress over time, you can group years together using horizontal lines.

Group periods according to different technological breakthroughs, political movements, artistic and fashion trends, or any other broad theme.

Don’t be afraid to stray away from the classic branch timeline design. Get creative by moving events around the page and playing with different layouts.

Check out this history timeline example for some inspiration:

Historical infographic timeline

Educate and remind readers about important dates in history using a history timeline template. Emphasize certain dates by using big, colorful fonts. Offer brief, concise explanations for why the dates are important.

If you are pulling your information from other sources, be sure to cite your sources at the bottom of the infographic.

Arrow timeline example

This timeline example uses text bubbles and cute arrow graphics to create a natural flow of information:

Comparison timeline format

It’s fun to see how things have changed over the years—tech, fashion, event foods. Create a visual timeline that shows photos of a thing, to highlight how it has changed over the years. You can use a  comparison infographic template  to do this.

This timeline example shows how cameras have changed over the years, uses images and brief descriptions to inform readers:

Simple historical timeline template

While you can’t cover  everything  that has happened in history in one timeline, you  can  highlight the important, defining events. Summarize the history of a person, place or thing by showing key moments in history and offering concise explanations of why those moments are significant.

Use colorful icons to enforce and illustrate the information. If you have a resource where readers can go to get more information, cite it at the bottom of the infographic.

These  political infographic templates  are a good place to start.

8. Construction timeline templates

The way the construction industry has advanced over the years is quite a feat. This printable timeline template clearly states what movements took place for the industry to reach the heights it has now.

Construction progress timeline example

Sometimes, processes can be confusing, especially if there are a lot of steps to follow. It’s easy for people to forget steps in a process, especially in the construction industry.

A  construction schedule  timeline template visualizes the building process, organizes the steps, and shows the connections between steps.

This construction project timeline template uses color text boxes to neatly organize its milestones by month:

Pro Tip:   Consultants can use project timeline templates to keep a project on track, especially if there are multiple people involved (subcontractors, multiple stakeholders etc.). Assign a task to a different person and color-code these people/companies i.e. green for you, red for the client.

PS:  Looking for a  scheduling app  to help you book meetings without the back-and-forth? Check out HubSpot’s Meetings tool.

Home renovation timeline template

Alternatively, you can organize your timeline by steps and the number of days you need to complete them, like in this construction project timeline template:

Pro Tip:  Design newbie consultants and freelancers can use our “ My Brand Kit ” tool to import  brand colors  and  logos  from a website. Or enter them manually. Use your branding, or the client’s, as you like. It’s an easy way to impress the client, without any design work on your part!

9. Internal communications timeline templates

Visual timeline templates are an effective way to  plan your business goals  or detail a new process in your internal communications. You can lay it all out, summarize steps, and use visuals to emphasize points.

New hires at any company will understandably have a lot of information to process. This sprint timeline example details the first day on the job. It would be a welcome addition to the usual onboarding documents.

Pro Tip:  Timeline templates can help simplify the onboarding process. You don’t need to limit your timeline to a new hire’s first day at the company either! Consider providing a timeline for their first week, month, or even the entire probationary period. Chart important information, like the dates of their reviews, or when their benefits kick in. This will be much appreciated by your new hire, who likely has a lot to keep track of!

Annual printable timeline template

Zoom out even further and plan your entire year. Organize critical milestones by month using this vertical timeline template to share with your company:

Colorful printable timeline format

This timeline example takes a similar approach, but it color-codes the months and text for improved readability and impact.

Weekly timeline template

As mentioned earlier in this guide, you can keep track of your team’s progress week over week with a simple and organized timeline template.

Use  symbols and icons  to categorize different types of tasks so that readers will be able to skim the timeline and find the information quickly.

Alternate between two neutral background colors to increase the readability of your design. Here’s the two-week timeline from earlier that follows this scheme:

Pro Tip:  A project timeline template can be a fresh way for consultants to make progress  reports  for stakeholders. The client can see at a glance what you’ve been up and how the project’s progressing. No wading through walls of text—a timeline is easy to scan, understand and digest.

10. More timeline templates

Here are more timeline examples that you can customize.

Colorful text boxes use icons and punchy descriptions to keep the reader engaged in this history timeline template:

Process timeline example

Use your  brand guidelines  to spread brand awareness and make your content recognizable across multiple channels.

Numbered timeline template

A timeline doesn’t necessarily have to chronicle years. It can also be used to count down information. Take this timeline template that counts down New Year’s Eve facts. The line down the middle of the infographic creates a flow from fact to fact.

You could use a timeline example like this to rank products, websites, movies…anything!

Illustrative timeline example

The beauty of a timeline infographic is that you can create a design that really reflects the theme of your information.

Pick a flat icon that reflects the theme of your information and stretch it to fit the background of your page. Then, pick a color that stands out to create your timeline, text and smaller illustrations.

Look at how this timeline example uses an icon of a body as the background image:

Iconic timeline sample

If certain dates or events are particularly important, emphasize them on your timeline by making them bigger than other dates. You can do this by using bigger icons, bigger font sizes, or using a contrasting color.

Not only will using non-uniform design elements make certain points stand out, they will also make your timeline more interesting to look at.

Pro Tip:  Use a timeline template to show the history of your business. Put it on your website’s About page to grab the reader’s attention. You can also add it to  consulting proposals  or  pitch decks . We have plenty of  business proposal templates  to help you get started.

Bubble chart timeline infographic

This timeline template combines the use of bubble charts and timelines to visualize the explosive growth of AI technology over the past five years:

Note, we welcome sharing! You have permission to use this infographic on your blog or website. Simply copy the HTML code below to add this infographic to your site. Or, if you’d like to reference a specific statistic or fact, please include a link to this blog post as a source.

FAQ about timeline templates

What is a timeline.

A timeline graphically represents the passing of time. It also showcases important events, activities, or tasks in a chronological manner.

What does a timeline include?

The timeline format generally includes the following components:

• Dates or times
• Short descriptions
• Images or icons

How can you create a timeline?

Making a blank timeline and building on it will take time and energy. Instead, use a timeline template, like the ones Venngage offers, to design timelines.

As you can see from this guide, Venngage has over 40 editable timeline templates. Each can be customized to your brand’s needs.

Where can you make a timeline?

Use Venngage’s Timeline Maker  to design timeline templates for free. You can choose a template that suits your needs and edit it according to your content.

With Venngage’s diverse icons and stock photo library, you can design timelines that appeal to wider audiences.

Is there a timeline template in Google Docs?

Google Docs doesn’t have a default timeline template, but you can create one yourself by manually inserting lines and shapes from Google Drawing:

Of course, it takes lots of time to polish a timeline created manually this way, and even then you can’t guarantee that it will turn out “good”. This is because Google Docs by itself isn’t designed for creating timeline templates, unlike Venngage which is a simple solution for non-designers.

If you still would like to have a timeline in Google Docs, you can create one using Venngage instead and export it as a PNG—which then can be uploaded to Google Docs as an image.

Is there a timeline template in Word?

Similar to Google Docs, Word doesn’t have a default timeline template. Of course you can still manually create one using the lines and shapes, or by using the SmartArt function. Check out this guide on how to create a timeline in Word if you want to go that route.

But, also similar to Google Docs, timelines created in Word take too much time and don’t look as good as the ones created using a design solution like Venngage.

A simple fix would be to choose a timeline template from Venngage’s library, edit it and export it as a PNG so you can upload it to your Word document.

How can you create a timeline with Venngage?

Watch this video to learn how to create a timeline template .

Follow these steps to customize your timeline templates on Venngage:

Step 1 : Pick a timeline template with the layout that best fits the story you want to tell.

Just so you know, some of our templates are free, some exclusive templates are paid. But you can always create an account and test out our editor for free.

Step 2 : Add, remove, or rearrange points with the smart templates in our  timeline maker  (screenshot below).

Step 3 : Insert your own dates and events using the text boxes.

Step 4 : Customize the  colors ,  fonts  and  icons  to make the final design your own.

Step 5 : Share your timeline design with a share link, or upgrade to download in multiple formats.

Not a designer? No problem. Create an engaging timeline template with Venngage, the simple design solution for businesses.

PS: Looking for a different kind of infographic? Venngage can help you:

• Create a business strategy or brainstorm new ideas with a mind map
• Explain a complex process with  process infographics  or product roadmaps
• Compare and contrast multiple options with  comparison infographics
• Raise awareness about an issue or cause with  nonprofit infographics  

Need some timeline formatting tips? Read our guide on  how to create a timeline in 6 easy steps .

Business Plan Key Milestones: How to Write Guide .

Sep 17, 2023 | Business Consulting , Business Goals , Business Plan , Comprehensive Business Plan , Growth Planning , Key Milestones , Loan Business Plan , Project Management , Small Business , Starting a Business , Startup , Strategy

How to Write Your Business Plan Key Milestones & Dates

Business plan key milestones are required to manage responsibilities, track results, and review progress. Tracking and studying are essential for effective management, accountability, and goal attainment.

“ Remember to celebrate milestones as you prepare for the road ahead. ” – Nelson Mandela

This is our final article for writing a detailed business plan . Your business plan and supporting timeline proposals get a roadmap that will guide your company toward realizing the objectives you’ve set for yourself.

The rest of your plan set the groundwork, describing what your business would be, the market it was entering, and your sales and marketing strategies. It provides internal and external data analysis, key figures, and research to support your business intentions.

Now, in the end, you need to write the plan for your plan. Your business will work toward these critical milestones to deliver on your promises to potential investors throughout the rest of the business plan document.

The format of this section is up to you. Just be sure your writing is clear, and your milestones are realistic. You don’t want to lose your readers at the end with vague, or worse, absurdly ambitious planning doomed to failure.

A business plan and strategy cannot become a real business without setting milestones. Milestones are used to turn your business strategy and tactics into action.

Learn how to establish and utilize critical milestones in your business plan.

Starting a new business is exciting as you bring your vision to life and open your doors (or website) to customers for the first time. However, it’s essential to be prepared for what comes next. Planning out the evolution of your business, from the early stages to long-term growth, is crucial.

Milestone planning is vital to your business plan, as it helps you understand the necessary steps and resources to achieve your vision.

By incorporating milestones into your business plan, you can keep your business on track and make progress toward your goals.

This article will cover the significance of milestones in business planning, how to create practical milestones, common business goals, the difference between goals, objectives, and milestones, and tips for managing your milestones effectively.

What makes a good milestone?

First and foremost, milestones should be achievable , have an owner assigned, and a target end date. That doesn’t mean they should be easy. Dates and critical events aren’t beneficial if they require a business to push themselves to achieve them. Attainable means within the realm of possibility for a company to do its best to meet its objectives.

What should be included in each milestone?

Include as many milestones as possible, and for each milestone, provide the following:

• Milestone description or name
• Completion date
• Person responsible

You aim to achieve these milestones, including expected timelines, required resources, and primary stakeholders.

Then, ensure your team knows you will follow the plan, track the milestones, and analyze the results. If you don’t follow up, your plan will not be implemented.

Milestones also need to be measurable . Without pre-established metrics you can judge yourself against, there’s no way to chart your progress or determine when you have met a milestone activity. After all, you want to celebrate success too!

For milestone examples, you can check out these resources: BPlans,  Leanplan , Liveplan , and GrowThink .

How do you determine which milestones to include?

It’s good to approach milestones from a short-term and a long-term perspective . For example, if your business were a building, you could think of long-term activities and milestones as each successive floor.

Each represents a significant accomplishment or a monumental shift in your company as you grow your business (in our example, the building to the top floor and roof).

Your short-term milestones then are the stairs leading between, and these are smaller steps that lead you toward your broader business goals.

Identifying milestones for your business plan

To identify your milestones , ask yourself your short-term and long-term goals.

• Are you seeking funding? If so, what are the critical dates?
• Do you plan to hire team members?
• What are your business growth plans ?
• What are your customer acquisition targets ?
• Will you launch new products, recruit additional staff, or open recent  locations ?
• How are you planning to scale your business and open other locations?
• Are you looking at a joint venture , possible business acquisitions , or global expansion ?

If you plan to open a chain of restaurants, a long-term milestone might be to open your second restaurant within three years. So how do you get there?

First, you might work to build a staff in your first location that can handle day-to-day operations so that you don’t need to be involved. Of course, that is a short-term milestone. But, it’s a stepping stone to your large island. You would then likely focus on financing and acquiring the ideal location.

Be specific and future-proof your business plan key milestones

When creating your business plan, be detailed and forward-thinking when setting your milestones.

Make sure to rigorously identify dates and metrics for success. Avoid vagueness if your GPS tells you the directions you need to turn but doesn’t tell you where or when. What is the likelihood you’d get to your destination? Milestones need to be explicit and time-bound.

Look to your passions and set visionary goals . Your milestones should be realistic, but they also need to inspire you. They need to give you something meaningful to shoot for in the future. They should be simultaneously your destination and your motivation.

However, don’t imagine that your goals are etched in stone. It’s impossible to predict future issues or opportunities. Your milestones should be flexible so that they can respond to unexpected circumstances.

As you track milestone progress , remember that it’s okay to fall a bit short. The dates and measures you choose are adaptable to your circumstances. However, reassessing your plan might be necessary and ambitious if you fall considerably behind.

Prepare to manage your business plan key milestones.

Including business milestones in your business plan is essential for tracking progress and maintaining accountability. It is also a valuable tool for managing business growth. When developing and implementing milestones, remember to keep communication open, encourage adaptability, and frequently monitor progress.

By following these strategies, you will be better equipped to manage milestones effectively and keep your business on track to achieve its goals.

Your business plan is finished!

Following our eight-step process, you should have a fully comprehensive business plan written with financial projections. You have completed your initial business planning and are ready and in a fit state for perusal by banks, business partners, and potential investors.

As always, we’re here to help if you’re having difficulties. Let’s talk if you require help with your business writing or financial projections.

Get in Touch

Are you looking to grow your business but unsure where to start? Our small business consulting and leadership coaching services are here to help! We’ll work with you to scale your operations and achieve your goals. Plus, we offer a free 30-minute consultation to ensure we fit your needs correctly. Let’s get started!

Contact Noirwolf Consulting today using the website contact form or by emailing [email protected] or call us at +44 113 328 0868.

Recent posts .

What is Program Management?

Apr 2, 2024

Program management is a vital component of organizational success, as it enables the coordinated execution of interdependent projects that yield benefits beyond the scope of individual project management. It involves the judicious application of knowledge, skills, tools, and techniques to meet specific program requirements. Our experience has demonstrated that organizations with well-developed program management and program management offices (PMOs) consistently outperform those that lack such structures. Therefore, it is imperative that organizations prioritize the establishment of robust program management frameworks to achieve their strategic objectives.

Business Transformation Strategy: A 10-Step Strategy Guide

Mar 4, 2024

Business transformation strategy is a complex and dynamic process that fundamentally restructures an organization’s strategy, processes, and systems. Though each business transformation is unique, several critical steps remain foundational to a successful change management plan. A comprehensive business transformation framework ensures a smooth and practical transformation. This framework should encompass various elements, such as defining the vision and aims of the transformation, assessing the current state of the business, identifying gaps and areas of improvement, developing a roadmap and action plan, implementing the changes, monitoring and measuring progress, and continuously refining the transformation approach as needed.

What is the Change Management Process?

Feb 2, 2024

Change is the only constant in today’s fast-paced world, and organizations must adapt to stay ahead. Fortunately, change management provides a structured and coordinated approach that enables businesses to move from their current state to a future desirable state. To deliver business value, organizations introduce change through projects, programs, and portfolios. However, introducing change is just the beginning! The real challenge is to embed the change and make it a new normal state for the organization. This calls for implementing the main principles of change management, which we will discuss in this article. Get ready to transform your organization and achieve your desired outcomes by mastering the art of change management!

Happy clients .

Trevor mcomber, us.

I recently worked with Zoe@Noirwolf, who provided me with an outstanding 5-year business plan. The expertise in financial planning, market research, SWOT analysis, and consulting was exceptional. Zoe provided me with a comprehensive and well-researched plan tailored to my business. The entire process was professional, timely, and communicative.

Bill Walton, Leeds

Zoe provided first-rate work and is an excellent business consultant. I was trying to figure out my cash flow forecast for my startup. Zoe gave me an interactive consultation session over MS teams, which was valuable and saved me a lot of time. She is super quick in excel and knowledgeable about what to include in your estimates. She was able to offer me ideas & choices that I hadn't considered. Highly recommended.

Jeendanie Lorthe, US

Warren kim, us, oscar sinclair, london, get in touch ..

Looking to grow your business but feeling unsure about where to start? Our small business consulting and leadership coaching services are here to help! We'll work with you to scale your operations and achieve your goals. Plus, we offer a free one-hour consultation to ensure we fit your needs correctly. Let's get started!

• Contact sales

Start free trial

How to Create a Timeline in Excel (Free Templates Included)

Excel is a versatile spreadsheet tool that can create a variety of graphs, charts and forms, including timelines for projects. In this blog, we’ll go through each step needed to create a timeline in Excel and explain the advantages and disadvantages of doing so.

Why Should You Create a Project Timeline in Excel?

Learn how to create a timeline that can be used to visualize how tasks or projects will be executed over time, identify who will be responsible for completing them and identify milestones and deliverables. The best part is that it’s helpful for any type of team or organization that’s executing a plan regardless of its industry.

Once you create this Excel project timeline, you can use this template to estimate future project timelines using project tasks and due dates. Templates are extremely helpful in creating and executing a successful project, so we encourage you to download our free Excel timeline template below.

Get your free

Timeline Template

Use this free Timeline Template for Excel to manage your projects better.

Even though Excel can be helpful in some scenarios, the platform can only do so much. Static timelines are only a weaker version of a collaborative Gantt chart which is an integral project management tool. If you’re looking for best-in-class timelines, ProjectManager has award-winning Gantt charts that populate data in real time.

Use ProjectManager’s Gantt chart to plan projects, define phases, link tasks, build a WBS, set a baseline and link all four types of task dependencies. Since everything is online, it’s easy to collaborate with your team as the project progresses. You can import an Excel file and get started in a matter of minutes. Get started with ProjectManager today for free and build a better timeline.

How to Create a Project Timeline in Excel

Creating a timeline in Excel using this method takes only five simple formatting steps and doesn’t require any formulas or complicated Excel features. This Excel timeline was created using Excel for Microsoft 365.

1. Define the Length of the Timeline

First, think about the best scale for the timeline. For this example, we’ll make a timeline that spans over one year. To start, list all the months of the year horizontally as shown below. Then merge all the cells above them and write the year for your timeline. Then select all the cells that were just edited and add a border to them.

2. Create Rows for Assigning Work to the Team

Now, edit the column on the left side of the monthly timeline, which will be used to list tasks or projects and indicate who will execute them .

In this case, we’re creating a timeline for a business that needs to map the projects that each of its business departments will execute over a year, but instead of business departments, one can write the names of their team members, too.

Next, format all the cells on the right side of the column that was just created. To do so, start by merging the columns next to the first row and then merge them by clicking the “Merge & Center” button at the top of the screen.

Now, select the merged cell, click the format painter button and then select all the cells as directed below. This automatically formats the cells as the one above.

Edit the borders and after completing those steps, the timeline should look like this.

3. Add a Row for Tracking Milestones and Deliverables

Now create a row for tracking milestones and deliverables by right-clicking the top cell in the work assignment column, clicking insert and selecting “Entire row.”

Once you insert this new row, adjust its height. We suggest using a cell height of at least 100 pixels so you can add a marker for each milestone and deliverable and write a description.

4. Make a Task List and Add Task Bars

Once done formatting the timeline, it’s time to start mapping tasks or project plans. In the example below, we’ll use the Excel timeline to visualize a project that the product team will execute, which is to develop the new product called “XYZ.”

That project is intended to start at the beginning of January and should be completed in mid-May. So, we’ll need to create a bar that shows the project duration in the Excel timeline by inserting a shape and then adjusting its size by holding the left-click button.

Repeat this process to add all the projects or tasks to the timeline. Then, identify milestones and deliverables to get a summarized view of all the key events from all the projects or tasks in the timeline.

5. Mark Milestones and Deliverables

We’ll use shapes again to identify when milestones and deliverables will be delivered, but instead of bars, we’ll need a marker like an arrow. For our example, we’ve used the pentagon arrow.

Then add some text to explain what the deliverable or milestone is. In this case, the milestone is that the new product has gone through all the stages of product development and testing and is ready to be launched into the market.

Continue to edit the timeline in Excel by color coding projects or tasks, such as assigning a different color for each team or individual who will be executing the work.

Excel Timeline Template

As stated above, you can also download a free Excel timeline template. It was created using the same process we’ve just gone through. On top of that, this template offers six-month, one-year, three-year and five-year Excel timelines that can be used for planning short, medium and long-term projects for a team or organization.

Advantages of Making a Timeline in Excel

As we’ve explained, the main reasons for using Excel to make a timeline are that it only takes a few steps and Excel is a software that most people are familiar with. But there are some other advantages of learning how to make a timeline in Excel using our method.

• Create a timeline that works similarly to a Gantt char t or a milestone chart
• Make a timeline in Excel from scratch and it can be customized to fit the particular characteristics of a project
• Excel timelines are simple to understand, which makes them a good addition to project documentation such as project plans or project proposals

However, while Excel templates can be helpful for project and business management, they have their limitations, too.

Disadvantages of Making a Timeline in Excel

The main disadvantage of making a timeline in Excel is that Excel isn’t a project planning or time management tool and therefore lacks the features needed to create and track a timeline for professional purposes such as managing your business operations or managing a project.

• Excel files don’t allow for online collaboration with team members
• When changes are made to the timeline an updated copy of that timeline must be sent to all team members, which makes them hard to share
• Lacks features that Gantt chart software like ProjectManager offer, such as task dependency mapping, critical path analysis or cost tracking
• Any changes to the project timeline require a labor-intensive process

More Free Project Scheduling Templates for Excel

Other tools can be used to create a timeline, which is why we’ve created dozens of free project scheduling templates for Excel and Word to help with the process of creating a timeline.

Gantt Chart Template

This free Gantt chart template for Excel automatically generates a visual timeline with a stacked bar chart based on a list of project tasks, their estimated duration and due dates.

Project Calendar Template

Project calendars are familiar to most people and offer another popular way of making a timeline. Our free project calendar template helps visualize how tasks and projects span over time and can be color-coded.

Resource Plan Template

Creating a timeline for a project or business requires estimating the time it will take to complete tasks and achieve objectives. In addition, knowing resources, such as raw materials, people and equipment, is necessary to execute that work. This free resource plan template can list all project resources and specify when they’re needed.

Using ProjectManager Is Better Than Creating a Timeline in Excel

ProjectManager is award-winning project management software equipped with all the tools needed to create a project timeline. These features include Gantt charts, kanban boards, project calendars, dashboards and much more. Here are some reasons why ProjectManager is better than making timelines in Excel.

Plan, Schedule and Track Timelines With Powerful Gantt Charts

Gantt charts are the most important project management tool because they can be used for planning, scheduling and tracking the timeline of any type of project or process. They map tasks in a visually stacked bar chart that shows the whole project on one screen. However, not all Gantt chart makers offer the same features as ProjectManager, which combines a user-friendly interface with advanced project planning features such as critical path analysis, task dependency mapping, resource monitoring, cost tracking and timesheet management.

Manage All Key Areas of Projects

The main advantage of using ProjectManager over a simple Excel timeline is that it allows organizations to manage other areas of plans besides timelines. For example, use ProjectManager to estimate the progress of projects, identify risks, estimate the costs of project resources and then use online project dashboards to compare those estimates against the actual cost of your project in real time. In addition, it’s easy to make a variety of project management reports and timesheets in minutes.

Related Content

Making a timeline is very important for the success of a project, no matter how big or small. For this reason, we’ve created dozens of blogs, templates and guides to help anyone master this process. Here are some of them.

• Project Timeline Software – Create a Project Timeline Online
• Gantt Chart vs. PERT Chart vs. Network Diagram
• How to Make a Gantt Chart In Excel Step-By-Step

ProjectManager is online project management software that delivers real-time data to help you better monitor and track your project timelines. Choose between a variety of tools to schedule your projects such as Gantt charts, kanban boards, task lists and project calendars and then use live dashboards and dynamic reporting to keep stakeholders informed. If you want to streamline your processes and work more efficiently, try ProjectManager for free today . 

Deliver your projects on time and under budget

Start planning your projects.

House delivers Mayorkas impeachment articles to the Senate to begin a trial

WASHINGTON — After a weeklong delay , the House of Representatives on Tuesday afternoon sent its articles of impeachment against Homeland Security Secretary Alejandro Mayorkas to the Senate.

It kicks off what’s expected to be a very short trial in the upper chamber — one that could wrap up by week’s end. However, Republicans, who are demanding a full Senate trial, are fighting to drag out the process in a bid to shine the spotlight on what they see as Mayorkas’ failure to curtail migrant crossings and secure the southern border .

As was done for the two Donald Trump impeachments, the impeachment managers escorted a pair of articles from the House chamber, across the Rotunda and onto the Senate floor. The solemn procession of 11 GOP impeachment managers or prosecutors was led by Homeland Security Chairman Mark Green, R-Tenn., and far-right Rep. Marjorie Taylor Greene, R-Ga., who authored the original Mayorkas articles.

After the House managers assembled in the well of the upper chamber in front of the seated senators, Senate Sergeant at Arms Karen Gibson opened the impeachment trial: “Hear ye! Hear ye! Hear ye! All persons are commanded to keep silent, on pain of imprisonment, while the House of Representatives is exhibiting to the Senate of the United States an article of impeachment against Alejandro N. Mayorkas, Secretary of Homeland Security.”

Senate President Pro Tempore Patty Murray, D-Wash., is presiding over the trial. She and all other 99 senators will be sworn in as jurors on Wednesday afternoon. It is unclear exactly how long the trial will last, though Senate Majority Leader Chuck Schumer, D-N.Y., has said the Senate will deal with the matter “expeditiously.”

It’s expected that Senate Democrats, who control the chamber, will band together and vote to dismiss or table the issue, then move on to other business, including the chamber's need to renew a critical spy tool before it expires Friday. None of the Senate's 51 Democrats have said they support the Mayorkas impeachment, and even a handful of GOP senators have said the impeachment is meritless.

"Impeachment should never be used to settle a policy disagreement; that would set a horrible precedent for the Congress," Schumer said in a floor speech Monday. "Nevertheless, the Senate's plan has not changed since last week. We are ready to go whenever the House sends us the articles. We want to address this issue as expeditiously as possible."

Johnson, a Louisiana Republican, had originally planned to send the Mayorkas articles to the Senate on April 10, but Senate conservatives, led by Mike Lee of Utah, successfully lobbied the speaker to postpone the action to prevent a speedy dismissal by Democrats at the end of the week as lawmakers were preparing to leave Washington.

Mayorkas, Biden’s top border official and the first Latino to lead the Homeland Security Department, became only the second Cabinet secretary in history — and the first since 1876 — to be impeached by the House. Republicans’ first attempt to impeach him collapsed spectacularly on the House floor, but they were successful on the second try , on Feb. 13, with just a single vote to spare; the tally was 214-213, with three Republicans joining all Democrats in voting no.

In their two articles, House Republicans charged Mayorkas with “high crimes and misdemeanors” for failing to enforce immigration and border security laws, resulting, they said, in “millions” of undocumented immigrants illegally crossing into the U.S. each year; and for knowingly lying under oath to Congress.

Testifying separately from the trial before the House Homeland Security Committee Tuesday, Mayorkas responded to a few questions about the impeachment, telling members he is focused on his job.

"I have been in public service I think about 22 years. I’ve taken the oath I think five times, maybe six. I have adhered to the oath to which I have sworn and I have abided by the law each and every step of the way," he said.

Mayorkas’ Democratic allies have lambasted the GOP’s impeachment as a politically motivated “sham” launched months before the presidential election and argued that Republicans’ criticism of the DHS secretary amounts to policy differences rather than impeachable offenses. Several conservatives have argued against impeaching Mayorkas as well, blasting the move as inappropriate. Sen. Kevin Cramer, R-N.D., a Trump ally, called it “the worst, dumbest exercise and use of time.”

The 11 House impeachment managers, the prosecutors appointed by Johnson, are a mix of senior Republicans and conservative hard-liners.

In addition to Green and Greene, the other managers are the Homeland panel’s vice chair, Michael Guest of Mississippi; Foreign Affairs Chairman Mike McCaul of Texas, who previously was Homeland chairman; Rep. Andrew Garbarino of New York; Rep. August Pfluger of Texas; Rep. Laurel Lee of Florida; four conservative Freedom Caucus members: Reps. Andy Biggs of Arizona, Clay Higgins of Louisiana, Ben Cline of Virginia and Harriet Hageman of Wyoming.

Scott Wong is a senior congressional reporter for NBC News.

Ryan Nobles is a correspondent covering Capitol Hill.

Frank Thorp V is a producer and off-air reporter covering Congress for NBC News, managing coverage of the Senate.

Rebecca is a producer and off-air reporter covering Congress for NBC News, managing coverage of the House.

Biden's new student-loan forgiveness plan just began its 30-day public comment period — and anyone can tell the administration what they think of the relief

• The public now has 30 days to comment on Biden's new student-loan forgiveness plan.
• It's the next step in implementing a broader version of debt relief for borrowers.
• The proposals include relief for those with unpaid interest, along with those in repayment for 20 years.

The public has one month to tell President Joe Biden what they think of his new student-loan forgiveness plan .

After announcing details of Biden's second attempt at student-debt relief last week, the Education Department formally published the draft text of the new rules on the Federal Register on Wednesday. The publication of the rules officially kicked off the 30-day public comment, set to end on May 17. Comments can be submitted to the Federal Register here , which the Education Department will then review.

The draft text currently consists of nine rules "that permit separate and distinct types of waivers using the Secretary of Education's longstanding authority under the Higher Education Act," the Education Department said in a Tuesday press release.

Related stories

The rules address distinct types of borrowers that would qualify for relief under this new plan: those whose balances have grown due to unpaid interest, those who would be eligible for relief under certain repayment plans but have not yet enrolled, those who have been in repayment for at least 20 years, and those who have attended programs that left them with too much debt compared to post-graduation earnings.

The Education Department also said a separate rule to address relief for borrowers experiencing financial hardship will be released in the coming months.

"These historic steps reflect President Biden's determination that we cannot allow student debt to leave students worse off than before they went to college," Undersecretary of Education James Kvaal said in a Tuesday statement. "The President directed us to complete these programs as quickly as possible, and we are going to do just that."

The department aims to begin implementing relief as early as this fall. Still, as Business Insider previously reported , legal threats to the relief could imperil the department's timeline. While lawsuits have yet to be formally filed against Biden's administration, Missouri's Attorney General Andrew Bailey wrote on X in response to Biden's relief proposals: "See you in court."

And some experts said a conservative Supreme Court could likely rule like they did with Biden's first debt relief plan, striking it down .

"The administration is certainly still facing a very skeptical Supreme Court," Cary Coglianese, an administrative law professor at the University of Pennsylvania, told BI. "Even though it's a different statute, it's still a skeptical Supreme Court. It's still a pretty big program even though it's a smaller one."

Following the public comment period, the Education Department will review comments and could choose to adjust their proposals based on the feedback they receive. It will then finalize the rule and move toward implementation.

Watch: Why student loans aren't canceled, and what Biden's going to do about it

• Main content

Wall Street wants answers from Elon Musk on Tesla's Model 2 car

• Medium Text
• Investors clamor for clarity on whether Tesla will build affordable Model 2
• Tesla stock fell on Reuters report of Model 2 cancellation, rose after Musk replied on X, fell again on job-cut news
• Some investors applaud idea of skipping affordable car, focusing on robotaxis

‘BRILLIANT’ AND ‘GUTSY’ MOVE

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Reporting by Hyunjoo Jin in San Francisco, Norihiko Shirouzu in Austin, Texas, and Chris Kirkham in Los Angeles. Writing by Brian Thevenot. Editing by Michael Williams

Our Standards: The Thomson Reuters Trust Principles. New Tab , opens new tab

Thomson Reuters

Chris Kirkham is a business reporter in Los Angeles who has covered topics including tobacco, worker safety, internet privacy and corporate sustainability efforts. Chris previously worked at The Wall Street Journal and the Los Angeles Times.

Business Chevron

Tesla cuts price of Full Self-Driving software by a third to $8,000

Tesla slashed the price of its Full Self-Driving (FSD) driver assistant software to $8,000 from $12,000 in the United States, as CEO Elon Musk doubles down on self-driving technology.

We've detected unusual activity from your computer network

To continue, please click the box below to let us know you're not a robot.

Why did this happen?

Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy .

For inquiries related to this message please contact our support team and provide the reference ID below.