Types of business plan and characteristics

Types of business plan and characteristics

Are you interested in types of business plan? This essential document is crucially important for any kind of enterprise, so read on to see the characteristics of different plans for business.

Business plan

What are the types of business plan?

A business plan is one of the main documents that can ensure the proper work and development of your enterprise. Here we gathered for you six business plan types, and we hope that this information will be helpful for growing of your business.

Start-Up Business Plans

Such type contains the description of the company, its products or provided services, market evaluations and management team of the enterprise. The plan also contains the financial analysis of business activity. Usually, Start-Up Business Plan has such structure:

  • cover page and table of contents;
  • executive summary;
  • business description;
  • mission statement;
Business plan format

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  • business environment analysis;
  • industry background;
  • SWOT analysis;
  • competitor analysis;
  • market analysis;
  • operations plan;
  • marketing plan;
  • financial plan;
  • attachments and milestones;
  • management summary.

Such a structure is often used in other types of business plans but with some additions and other changes. See also: How to write a business plan in Nigeria

Internal Business Plans

The feature of such type of business plan is that it targets employees within the business. Managers usually write such business plan to show all the features of a proposed project. The structure of such plan contains the description of:

  • The current state of the company, all operational costs, and profitability;
Business company

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  • Calculation of the ability to cover the costs needed for the project;
  • All the information about project marketing, tech costs and hiring;
  • Market analysis.

Strategic Business Plans

This type of plan is designed to provide all the details of the company’s goals and the ways of their achievement. There are five essential elements of such type of business plan:

  • business vision
  • mission statement
  • definition of critical success factors
  • an implementation schedule
  • strategies for achieving objectives
Strategic Business Plans

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Such a plan is aimed to show a whole picture of the strategy, and inspire employees on common work to achieve the goals of the company. See also: Requirements for registering a company in Nigeria: Useful tips

Feasibility Business Plans

The main aim of such plan is to define the customers of the company, it also describes the demand of the products, or services of the company, target features and required capital. Such type of plan also contains recommendations related to the development of the business.

Operations Business Plans

This is a kind of internal business plan, it aims to specify the deadlines and features of work for the coming year. Another important aim of this type of plan is to outline the responsibilities of employees.

Growth Business Plans

Such a plan can be used for internal or external purposes of the company. For example, if the company requires any investment, growth business plan can be used as an external document that describes the company, management, and other required features. Such a plan can contain all the required details of the company to satisfy the needs of potential investors.

Any business plan format is aimed to clarify each aspect of enterprise. The plan contains objectives and aims for the growing of business. The document is essential for the development of the business because it guides management, clarify capital issues, goals and other details of the enterprise.

READ ALSO: Types of business environment: internal and external

Source: Legit.ng

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