Types of Business Plan
Types of Business Plan
A business plan is essential for starting a new business. An entrepreneur needs to have a business plan that will because it is important for any venture and an important step to run the business in an organized manner. Business plans are of different types and depending on the business type and its requirement, entrepreneurs can choose which plan will best suit their needs. There are:
- Short plans or profiles
- Presentation plans
- Working plans
- What if plans
Short Plans on Profiles
A short or mini-plan is usually the most used plan. It is easily downloadable and quickly readable. It does not require dedicated time to be completely ready and understood. Since it’s short therefore emphasis is given to cover all important points and keep the content succinct. With mobile application usage increasing day by day a short or mini-plan is easily downloadable; it can be saved and read later too. A small business venture can and should consider a short or mini-plan showcasing the main points. This plan will also double up as a circular for employees too to understand the business perspective.
Powerpoint Presentation Plan
Powerpoint presentations have added a new dimension to making presentations. A PowerPoint presentation is definitely sophisticated but it’s not very easy to get a PowerPoint presentation done in a jiffy. There are several stories narrated by experienced and novice business operators who will agree how they’ve spent sleepless nights over preparing a PowerPoint presentation. Despite its difficulty level, a PowerPoint presentation leaves a strong impact on those for whom it’s intended.
A working plan has to be detailed. It is an important tool which requires to run the business. With a short plan, an entrepreneur can afford a certain amount of informal tone with the content. However, that cannot be done in case of a working plan as most often this plan will be presented to a prospective business loan provider, venture capitalist or investor. A working plan is for using and not to arrange it on a shelf. Therefore, entrepreneurs can leave certain information as it depends on the need to maintain privacy.
Proforma Business Plan
In business, a contingency plan is a must. Having a contingency plan is important for every Entrepreneur and allows for planning ahead. A contingency plan keeps the investor also less worried – knowing that in case the business performance deteriorates, there is a plan to set things right.