This is your five-minute keynote speech. This is where you explain why you're in business and what you're selling. Types of business plans include, but are not limited to, startup, internal, strategic, viability, operational, and growth plans. Lately, I've been focusing on the Lean Plan.
There are also one-page business plans, although in reality they are more summaries. Of course, there are traditional business plans, which can also be called formal business plans, or business plans wow, I really have to do all that. The Lean Plan is faster, easier, and more efficient than a formal business plan because it doesn't include summaries, descriptions, or background details that you and your partners or employees already know. The value of the Lean Plan starts with the plan, but that's just the beginning.
True management consists of running your business with a Lean plan that you review and review periodically, tracking progress and performance, and correcting course regularly. You can download our free Lean plan template to get started with the Lean planning process. While the Lean Plan, with additional information on startups, is fine for most startups, when a startup needs funding from banks or investors, its business plan is more like the standard business plan, which includes an analysis of exit strategies for investors and almost always indicates the intended use of the necessary funds. Like the Lean Plan, they will reflect the needs of your company's members.
Since the purpose of an internal plan is specific to people directly involved in the company, it will most likely be shorter and more concise than a fully detailed standard plan that you would take to the bank. Operations plans or annual plans often look a lot like a Lean Plan by another name. Like the Lean Plan, an operations plan includes specific implementation milestones, project timelines, and responsibilities of team members and managers. Usually, a strategic plan is an internal plan, but without much detail about the details and financial projections.
It usually goes into more detail about the strategy and tactics than the Lean Plan, so it has more description and explanation. However, strategy is useless without execution, so a good strategic plan must take into account implementation, which means considering resources and time. Types of Business Plans: As companies start and grow through successful stages, a business plan works as a guide to help the owner, management, and investors. Types of business plans include startup, internal, strategic, viability, operational, and growth plans.
To learn more about business plans, read our detailed article, Business Plans: Your Business Identity. Use simple bullet points to define your target market, your business offering, your underlying business identity, and your long-term goals. This type of simple plan is good for deciding whether or not to continue with an idea, to help assess whether this is a business worth pursuing. A strategic business plan provides a high-level view of the company's objectives and how it will achieve them, and establishes a fundamental plan for the entire company.
In most cases, the best type of business plan for a startup is a Lean plan that includes projected initial costs, initial steps, and milestones. It must be determined how the company will reimburse the capital of the project if it is necessary to provide information on project marketing, contracting, and technology costs. All companies can use a Lean Plan to manage strategy, tactics, dates, milestones, activities, and cash flow. This type of business plan will include an internal business plan to evaluate a proposed project.
Some standard plans will need additional projections to meet the needs of the specific business plan event. The business plan for a startup is sometimes called a startup plan, but some people think that all business plans are for startups and that only startups use business plans. The most standard business plan starts with an executive summary and includes sections or chapters that cover the company, the product or service it sells, the target market, the milestones and objectives of strategy and implementation, the management team, and financial forecasting and analysis. If you decide to start a business, over time you can always return to your business plan and make any necessary modifications and additions.