Plan models of business

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Business plans serve as road maps to guide owners and investors toward the expansion of their companies. Business plans are required for existing or aspiring business owners to outline the measures that must be taken in order to reach their objectives. An outline of goals and strategies for achieving them can be found in a company plan. To be effective, carefully developed business plans need to have attainable short- and long-term goals. Since they may give small firms guidance on how to expand their operations, business plans have unmatched advantages. Presenting a strong business plan to potential investors may persuade them to fund your project. One important detail to be followed in a business plan is the review plan. This makes the business owners to review the position the company as compared to their initial targets. Other details to be included in a business plan are details about the company, list of major achievements, and the financial situation, both current and past. In addition to that, for group owned company, details about board members and some information about them should be included. Although people believe that business plans are only for startup businesses and for seeking investors, they actually are vital towards the success of a company (Les Nunn, 2010).

Start up Business plan

Start up business plans describe in detail the steps towards establishing new venture. These plan should only be initialized after a complete feasible study of the business idea. These plans include the goals of the new establishment and how different they intend to be form the existing businesses. These plans provide guiding principles to the management on how to achieve their targets. The plan needs to include, description of the new product, the current market evaluations and the expected targets. The plan must also describe the current financial situation including the projections in case potential investors buy their idea. This business plan provides set up management plans to avoid financial misappropriation. Some limitations of the business plan include having an overly ambitious plan which is eventually makes the plan a false plan. This is because of the limited experience in the field. There are several ever-changing dynamics in operation that start up business plans don’t cover. However reasonable their targets are, there is an uncertainty of success in the field due to lack of expertise.

Internal business plan

This type of business plan is targeted to internal audience within the existing business. This plan evaluates the existing projects and outlines how to achieve expected goals. The plan includes a deep analysis of the current financial situation and provides profit and expenditure graph margins. The plan is vital in providing exclusive analysis of business strategy budgets and projections since at the time of drafting the plan the business is already running. For this plan there is an understanding of the challenges in the business hence this plan is quite realistic. Unlike start up plans that is based on only research and projections, internal plans have actual data of difficulties and draws an executive plan on how to better the company’s situation. However, the business plan is not as detailed as a complete strategic business plan. This is because the plan skips details of company profile and description of members’ since they already are familiar with each other. However, Internal plans can be used for both startups and existing businesses.

Strategic business plan

Strategic business plan model offers a detailed description of the business goals. It also provides the road map towards achieving them by laying out a workable plan as seen by the company heads. The model includes company’s vision, missions, success factors targeted goals and how to implement their objectives. A strategic plan model is all inclusive thus making all stake holders in the business work together to achieving success. The model facilitates constant communication between different stake holders thus reducing friction between different teams. Another merit of the plan is that it has a centralized structure that the company’s heads are tasked with formulating business goals. They area also the lead implementers of the plans. New products are identified and resource are sourced to facilitate the success of all. However, there are limitations to the business plan, the company can be overly ambitious hence investing resources on non-achievable platform. The risk of increasing operating costs complexes the plan if not well formulated (Isaiah O. Ugboro, 2010).

Growth plan

This plan can also be identified as expansion or new product plan. This plan may be either an internal or external plan. The plan includes a feasibility study of the current products and the new inventions the business intends to output. Writing down the plan has to include description of the new product or new line of business. The plan may be used to harness for loans or investments. Carefully drafted convincing plans may lead to success in the implementation. However the risk of failure is high. Achieving the written plan leads to higher outputs hence a growth of the company. However with this plan the complexity of new product lines and new strategies may lead to higher operational costs. The plan should include a contingency plan to handle expected cash problems when they rise.

Conclusion

Strategic business plan offers the best model for the overall growth of the organization. Strategic business plan involves direct achievable goals and how to achieve them. The main advantage of this plan is that upon formulation, there is a deep understanding of members and the difficulties currently faced. This model also encompasses most of the other models including growth and internal plan. The model is based on accountability with a strategic day to day lead objectives all aligned towards achieving the set long term targets. The strategic model plan brings up hidden cost of operations thus providing an all comprehensive analysis beforehand. In addition to that realistic milestones are set by the model as compared to the other business plan models (Moyes, 2004).

References

Isaiah O. Ugboro, K. O. (2010, December 1). Strategic Planning As an Effective Tool of Strategic Management in Public Sector Organizations. Sage Journals.

Les Nunn, B. M. (2010, December 21). The Importance Of A Good Business Plan. The Joyrnal of Businesss &Economic Research, 8(2). Retrieved November 19, 2017, from https://www.cluteinstitute.com/ojs/index.php/JBER/article/view/677

Moyes, S. L. (2004). Writing a Successful Business Plan. The University Of Colorado.

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