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How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

Download a free, editable one-page business plan template.

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

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• Pitch to investors.
• Secure funding.
• Get to work!

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Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

• Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
• Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
• Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
• Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
• Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

• Executive Summary
• Company and Business Description
• Product and Services Line
• Market Analysis
• Marketing Plan
• Legal Notes
• Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

• A mission statement.
• The company's history and leadership model.
• An overview of competitive advantage(s).
• Financial projections.
• Company goals.
• An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

• Mission statement
• Core values
• Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

• What is my market? In other words, who are my customers?
• What segments of the market do I want to target?
• What's the size of my target market?
• Is my market likely to grow?
• How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

• Pre-Sectioned Template
• Completely Customizable
• Example Prompts
• Professionally Designed

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

• Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
• Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
• Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

• Sales team structure, and why this structure was chosen.
• Sales channels.
• Sales tools, software, and resources.
• Prospecting strategy.
• Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

• When they will earn their money back.
• When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

• Startup costs.
• Sales forecasts for the next several months/quarters.
• Break-even analysis for time and dollars.
• Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

• Marketing materials
• Market research data
• Licensing documentation
• Branding assets
• Floor plans for your location
• Mockups of your product
• Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

Don't forget to share this post!

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Template Highlights

• Download the strategic planning template as a Word document or PDF.
• In the Executive Summary section, provide a brief overview of the company, your mission statement, your key objectives, and your major partners.
• Under Market Research, describe your main clients, your status in the market, and your major competitors.
• In the Development section, you should describe your product and provide details on your delivery capabilities and system, your pricing model, and any critical suppliers.
• Next, in the Marketing Plan section, describe your strategy, your client breakdown, your positioning, and your advertising plan.
• Finally, perform a SWOT (strengths, weaknesses, opportunities, threats) analysis.

Template Preview

Strategic planning.

STRATEGIC BUSINESS PLAN

EXECUTIVE SUMMARY:

COMPANY OVERVIEW

MISSION STATEMENT

KEY OBJECTIVES

KEY PARTNERS

DEVELOPMENT:

PRODUCT DESCRIPTION

DELIVERY CAPABILITIES

PRICING MODEL

DELIVERY SYSTEM

CRITICAL ELEMENT SUPPLIERS

MARKET RESEARCH:

MARKET STATUS

COMPETITION

MARKETING PLAN:

CLIENT BREAKDOWN

POSITIONING

ADVERTISING

SWOT ANALYSIS

OPPORTUNITIES

Frequently Asked Questions

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Free Strategic Plan Template and Best Practices

Written by: Raja Mandal

As a business owner, you know the excitement of witnessing your business thrive, outperforming competitors in a challenging market and achieving the goals you've been longing for.

Strategic planning can make all these things happen by helping define your goals, aligning your business with them, and creating a roadmap to reach them. However, you need the right template to help you get started with strategic plans like business plans, employee development, OKRs, Porter’s Five Forces and more.

That's why we've compiled a list of 11 easy-to-use strategic plan templates. These templates will help you kickstart your journey toward success or refine your existing plan for maximum effectiveness.

Along with the templates, we'll explain what a strategic plan is, its purpose and critical elements to help you get the most out of your strategic business plan.

Table of Contents

What is a strategic plan in business, 11 strategic plan templates, key elements of a strategic plan, types of strategic plans, the main purpose of a strategic plan, strategic plan vs. work plan: what’s the difference, best practices to execute your strategic plan.

• A strategic plan is a written document outlining an organization's strategy and the tactics it will employ to achieve its goals.
• To effectively execute a strategic plan, it is essential to clearly communicate goals, take actionable steps, remain flexible and adaptable, and regularly evaluate the plan's progress.
• The most popular types of strategic plans include Porter's Five Forces, SWOT analysis, PEST model, VRIO, OKRs, Gap planning, Balanced Scorecards, and Blue Ocean Strategy.
• The primary purpose of a strategic plan is to provide guidance and keep an organization focused on its objectives.
• Save time and effort by utilizing Visme's user-friendly strategic plan templates for creating a solid strategic plan.
• With Visme's wide selection of templates , drag-and-drop editor, and variety of design assets such as icons, illustrations, charts and graphs, creating professional strategic plans is easier than ever.

A strategic plan is a comprehensive framework that outlines an organization's vision, goals and the strategies needed to achieve them. It’s an excellent business tool that allows you to coordinate resources, capabilities and actions in a unified manner.

A well-crafted strategic plan covers important areas like analyzing the market, understanding the competition, making financial projections and creating operational strategies. With a strategic plan, you can make smart decisions, take advantage of opportunities and reduce risks for your business.

What Is a Strategic Plan Template?

A strategic plan template is a tool that helps you start or refine a strategic plan with a solid foundation. It’s a document or presentation that comes equipped with the pages or slides a strategic plan needs. Strategic plan templates come in all shapes and sizes to match your needs.

If you regularly conduct strategic planning initiatives, creating a strategic plan template for your brand will help save time and effort. You won’t have to start from scratch every time.

Now comes the most exciting part of this article—the templates. We’ve gathered together eight of the best strategic plan templates out there, so you can easily create your own long-term strategy.

1. Porter's Five Forces Strategic Plan Template

Let’s start with this Porter's Five Forces strategic plan template. The template simplifies the process of presenting each of Porter's five forces: supplier power, buyer power, competitive rivalry, the threat of new entrants, and the threat of substitutes.

Clear headings, concise instructions and visually engaging elements ensure you can input data and interpret the results effortlessly. Additionally, it includes data widgets that enable clear communication of the analysis findings. This feature enhances your ability to effectively present the results, making it a valuable tool for visually showcasing strategic insights.

2. VRIO Framework Strategic Plan Template

Maximize your business growth by utilizing this strategic plan template, which helps identify opportunities for sustainable competitive advantage and allocate resources effectively.

Each element of the VRIO framework (Value, Rivalry, Imitability, and Organization) is presented on separate slides, featuring a clean and minimal design that focuses on essential information for your strategic plan.

Personalize the slides with your brand's unique identity by adding brand colors , brand fonts and logos . With Visme's brand design tool , this process becomes incredibly easy. Simply set up your branding kit in Visme and apply your branding assets to your presentations with just one click.

This seamless integration allows your strategic plan to reflect your brand consistently and professionally.

3. Gap Planning Strategic Plan Template

Do you need a tool to close the gap between your company's present and future state?

Our user-friendly gap planning template helps you visually map your organization's current situation and identify the gaps between your current position and desired goals. Defining these gaps allows you to create effective strategies to bridge them and achieve success.

The template's whiteboard format provides flexibility and promotes collaboration, making it perfect for team discussions, brainstorming sessions and strategic planning meetings . Utilize Visme's online whiteboarding tool to brainstorm with your team using this template and many other whiteboard templates like it.

Creating a strategic plan is almost impossible without effective collaboration between teams and stakeholders. That's why Visme comes with a wide range of collaborative design features that empower your team to work collaboratively.

Invite your team members via email or a shareable link, allowing them to edit, pin, circle or point out specific parts of the plan, leave comments, reply to discussions and resolve issues seamlessly.

With the live editing feature, you can edit any part of the design and the changes will be visible to every collaborator in real-time.

Here is a video guide that you can watch to learn more about how to collaborate with your team in Visme.

Visme has been instrumental in revolutionizing how businesses approach design collaboration. But don't just take our word for it; hear what one of our satisfied customers, Jaime Kelm, the Director of Business and Data Strategy at LAFC, had to say:

"I absolutely recommend Visme due to its dynamic functionality and ability to integrate everchanging media and digital technologies. That combined with a collaborative environment which empowers our team to be more efficient with time has been a huge plus."

4. Balanced Scorecard Strategic Plan Template

Are you unsure if your company is making progress in the right direction? Our Balanced Scorecard Strategic Plan Template can help you assess and measure your organization's performance in various areas.

Imagine a visual representation of your organization's performance across various dimensions, all in one place. Our template lets you see the big picture by showcasing the financial, customer, internal processes and growth perspectives. It's like having a clear roadmap right before your eyes.

By utilizing this powerful tool, you'll uncover valuable insights and pinpoint areas for improvement. You can find other strategic planning charts in the Visme template library.

5. OKRs (Objectives and Key Results) Strategic Plan Template

As your company expands, you may encounter challenges aligning goals among different teams and departments, resulting in inefficiencies and resource wastage.

The OKRs strategic plan template offers a straightforward solution to address this issue by assisting you in effectively managing your company's goals and ensuring their successful attainment.

The strategic framework template simplifies the process by allowing you to define precise objectives and track the progress of three key results associated with each objective. Using this strategic plan template, you can streamline goal management and enhance productivity.

6. General Strategic Plan Template

The General Strategic Plan Template provides a solid foundation for businesses in the early stages of planning their growth. It covers essential components such as company vision, mission, goals, objectives, implementation strategies, and resource allocation.

Using this template ensures that your company stays focused on its mission and vision while promoting employee alignment. It serves as a simple yet effective tool to keep everyone moving in the same direction.

Customize the template by including your own text, images, brand elements and more. Editing the templates gets even easier with Visme's dynamic fields , which eliminate the need for manually entering certain information repeatedly.

Simply set your company name, address, contact information, and other details once, and the templates will automatically populate the relevant fields whenever you use them.

Watch the video below to learn more about this amazing feature.

7. Marketing Strategic Plan Template

Are you searching for a simple and clear marketing strategic plan template to guide your marketing efforts? Look no further! This template is specifically designed to assist you in strategizing and planning your marketing initiatives.

The marketing strategic plan template encompasses all the essential components required for a comprehensive marketing strategy, including a value proposition, promotional strategies, and SWOT analysis.

By providing in-depth details for each section, this template offers a deeper understanding of the crucial elements necessary to thrive in today's highly competitive marketplace.

Moreover, this template features a unique Flipbook effect , allowing you to navigate your strategic plan conveniently. Experience the flipbook-like view as each page turns seamlessly, providing a user-friendly interface for easy accessibility.

8. Communication Strategic Plan Template

Clear and effective communication is crucial for any successful business. It involves not only speaking but also actively listening and understanding your audience's needs.

With the communication strategic plan template, you can evaluate your company's current communication strategies and identify improvement areas.

Utilize a combination of complementary colors and legible fonts to emphasize the significance of communication to your employees.

Enhance your texts by utilizing Visme's text animation feature, which offers eight different styles to make them more engaging. You can also adjust the animation speed to suit your preferences.

Consider incorporating interactive elements like hotspots, clickable menus and hover effects into your visuals to engage your audience further. These additions will make your content more captivating and interactive.

9. Company Bundling Business Model Plan Template

Are you looking for a new strategy in your business promotion efforts? Follow the idea from this strategic plan template and bundle services together to offer packages that bring better value and more affordable prices.

In this business model strategy plan, you can highlight the packages themselves and why they’re important in terms of convenience, value and customization.

Other pages include an overview, ideal customer cohorts, and an explanation of why the approach is a good idea.

Use the AI Image Edit Tools inside the Visme editor to edit the images for your strategic plan by removing backgrounds or unwanted objects. If you have a blurry image, you can unblur it and if the image is too small, you can enlarge it.

10. Strategic Business Plan Template

This strategic business plan template spans 7 pages to get you set up with a solid foundation for your business’s strategic plan. The layout starts with an executive summary and continues with a company overview, product description, market analysis, and planned strategies.

Do you need a shortcut to create a strategic plan document like this one? The Visme AI document generator can help you with content and visuals at the same time. In the document templates gallery, choose the generator and input a prompt that explains what you need and let the AI work its magic.

11. Leadership-Based Employee Development Strategy Plan Template

Help your employees improve in their career trajectory by planning a development strategy for them that’s leadership-based and well planned out.

This template for a strategic plan includes sections such as development objectives, a candidate profile, a skills assessment, a training roadmap and an evaluation.

Work with your Learning and Development team to create the best strategy plan with this template using the workflow feature . Assign specific pages to different people, set due dates and keep track of what’s done or still needs doing. Collaborate with the team to create the best employee development strategy plan.

Though there are no universal standards for what a strategic plan should contain, there are several key elements that most plans share. Each element of a strategic plan plays a crucial role in achieving the organization's long-term goals.

Here are the five of them:

1. Vision and Mission

A strategic plan should begin with a concise statement of your organization's vision and mission. The vision statement describes what the company hopes to achieve in the long term, while the mission statement focuses on how it plans to accomplish that goal.

A clear and compelling vision and mission statement can motivate employees and stakeholders to collaborate more effectively toward achieving their objectives.

These are also the first sections you should write when creating a plan because they provide direction for the rest of the document.

2. Objectives

The next element of a strategic plan is a list of specific goals or objectives. These are the things that you're trying to achieve over a given period, such as increasing sales by 15 percent over the next year.

You should have an objective for each section of your strategic plan: marketing, finance, human resources and so on.

Set SMART goals, which stand for Specific, Measurable, Achievable, Realistic and Timely. Here is an example of a SMART goal:

Increase company revenue by 15% (Specific) through targeted marketing campaigns and expanding customer base in new geographic regions (Achievable, Realistic). Achieve this goal within the next fiscal year (Timely), allowing for clear measurement of progress (Measurable).

Visme's SMART goal-setting templates are the best tools to set and achieve your goals.

3. Strategy

Once your goals are set, it's time to develop a strategy to achieve them. A strategy is a plan that outlines how you will achieve your goals. It should include what actions you will take, who will be responsible for each action and when each action needs to be completed.

This is the part where you choose how to allocate resources, differentiate from competitors and position the organization in the market.

4. Approach

The approach specifies the methods and actions to put the strategy into action. It involves using available resources wisely and adjusting to changes in market conditions.

Include a description of how you will measure success, track progress toward your goals and what resources are required to achieve them. It can also include a timeline if your goals are set for the future.

Tactics are the specific steps you take to implement your strategy and achieve your goals. They can involve changing processes, reorganizing departments and even changing personnel.

Suppose you want to increase sales by 15%. In that case, a few possible tactics could be:

• Offer limited-time discounts or promotions
• Implement a referral program
• Enhance product displays and packaging
• Increase social media presence and engagement

The difference between approach and tactics is that the approach in your strategic plan serves as the foundation or framework for deciding tactics. And tactics are the actions you will take to execute your strategic plan.

Here’s a pyramid chart template that you can use to document your sales tactics.

Strategic plans come in various types, and each type has its own set of benefits and drawbacks. To help you find the right one for your business, we will now provide an overview of the eight most popular strategic plan types.

Go through them and choose the best one that best suits your business needs.

SWOT Analysis

The SWOT Analysis is a widely used strategic planning tool that evaluates an organization's internal strengths and weaknesses and external opportunities and threats.

By conducting a SWOT analysis, businesses gain valuable insights into their current position, competitive landscape and areas for improvement. This analysis enables decision-makers to identify strategic priorities, capitalize on strengths, address weaknesses, exploit opportunities and mitigate potential risks.

With a clear understanding of internal and external factors, you can formulate effective strategies to achieve your goals.

Here’s a SWOT analysis template you can use to create your own. Customize these templates using Visme’s SWOT analysis generator to fit your business needs.

PEST stands for Political, Economic, Social and Technological. The PEST analysis model helps you identify external factors that affect your business environment and can impact its success. It involves analyzing:

• Political Factors: What laws govern your industry? How do they impact your business operations?
• Economic Factors: What are the trends in your industry or economy? How will these trends affect your company's performance?
• Social Factors: Who are your customers, and what does their behavior tell you about them?
• Technological Factors: What new technologies can help your business? Are there any new technologies that will make it harder for you to compete?

To examine your business's internal and external factors, you can use this strategy alongside another one.

This whiteboard is an excellent starting point for brainstorming your company’s PESTEL analysis.

OKRs (Objectives and Key Results)

This is a popular technique developed by Intel for setting goals.

An OKR is an objective, or a goal, broken down into key results (KRs), which are measurable actions taken to accomplish the objective. For example, if you want to increase sales by 10%, one KR might be “Increase website conversion rate from 2% to 3%.”

To implement this strategy, you have to set an objective and then break it down into a list of critical results.

Porter's Five Forces

If you are looking to increase your business's competitive advantage, Porter's five forces is the perfect strategic plan for you. It's a framework for analyzing your business's competitive environment and understanding where the opportunities and growth lie.

The five forces are

• Competition in the industry
• Competition from new entrants
• Bargaining power of suppliers
• Bargaining power of buyers
• Threat of substitutes

The tool offers a simple way to quantify the threat posed by each of these forces. In addition, it provides you with a clear picture of how your business stacks up against its competition and what's preventing you from gaining market share.

Here's Porter's Five Forces Model template from Visme to help you create your own.

VRIO Framework

Understanding the competitive landscape and how your business measures up against your peers is the first step to developing strategies for success. The VRIO Framework helps you do just that.

The framework uses four key variables that determine a company's competitive advantage:

• Value : Determines if the resource or capability provides value and contributes to the business's competitive advantage.
• Rarity : Evaluate the uniqueness of the resource or capability compared to competitors in the industry.
• Imitability : Examines the difficulty of replicating or imitating the resources or capabilities of others.
• Organization : Assesses the company's ability to effectively organize and exploit the resource or capability for sustained competitive advantage.

Gap Planning

Gap planning is a strategic approach that helps you bridge the gap between your business's current and desired future states. It involves identifying the gaps or discrepancies between where your company currently stands and where it aims to be and then formulating a plan to close those gaps.

You need to do a gap analysis to utilize the power of gap planning. Here's how it works:

1. Identify the gaps between where you are now and where you want to be. 2. Determine what prevents you from closing those gaps (for example, time, resources, or technology). 3. Develop strategies for bridging those gaps by providing solutions for each one.

Balanced Scorecard (BSC)

As the name suggests, a balanced scorecard measures organizational performance by focusing on four key areas: financial, customer, internal business processes and learning and growth.

The idea behind BSC is that organizations are more successful when they have a clear and balanced view of their overall performance.

For example, a company may excel at generating high returns but neglect customer satisfaction, leading to a decline in brand loyalty and market share.

By incorporating the customer perspective into the balanced scorecard, the organization can identify areas for improvement and develop strategies to enhance customer experiences.

Blue Ocean Strategy

Imagine a market where your business faces no competition. That's a blue ocean—a market that either doesn't exist yet or where you can offer a fresh value proposition for customers.

But it's not a magic show where you wave a wand and suddenly, your business is completely unique. There's much more to the blue ocean strategy than just creating new market spaces.

The idea is to focus on what matters most to customers, develop innovative solutions and find a path where your business stands alone, free from competition.

The main purpose of a strategic plan is to set growth targets for your business and create effective strategies to achieve them, turning those strategies into actionable tasks.

The plan also helps businesses focus their efforts, prioritize objectives, and create a sense of urgency around key initiatives. It provides a framework that enables businesses to make better choices even when faced with difficult situations or obstacles.

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While they may sound similar, a strategic plan and a work plan serve different purposes and are used at different times in business planning.

A strategic plan is a high-level document that outlines a business's long-term goals and objectives. It considers the company's mission, vision, values and overall strategy and provides a roadmap for success. A strategic plan is typically created at the beginning of a planning cycle and is reviewed and updated periodically.

On the other hand, a work plan is a more detailed document that outlines the specific tasks and activities that need to be completed to achieve the goals and objectives outlined in the strategic plan. It is a more tactical document that focuses on the business's day-to-day operations. Businesses create a work plan as part of the implementation phase of the strategic planning process.

For example, a software development team creates a work plan to outline coding tasks, testing and deadlines for a new mobile app project. Meanwhile, the company's strategic plan focuses on long-term growth by diversifying the product line, expanding into international markets and investing in emerging technologies.

If you have successfully created the strategic plan, you're just halfway there. And your execution plan is equally important.

So, follow these four best practices to get the most out of your strategic planning process.

1. Communicate Goals Clearly

Clearly define your strategic goals and ensure they are effectively communicated to everyone in your organization. This helps align all employees towards a common objective and ensures everyone understands their role in achieving it.

2. Take Actionable Steps

Break down your strategic goals into actionable steps or initiatives. Assign responsibility and create a system of accountability to ensure these steps are executed effectively and on time. Regularly review progress and make adjustments as needed.

3. Stay Flexible and Adaptable

Recognize that the business environment is dynamic, and plans may need to be adjusted. Remain open to feedback and monitor changes in the market or industry that may impact your strategic plan. Build flexibility into your plan to allow for timely adaptations, seize emerging opportunities, or address unexpected challenges.

4. Evaluate Regularly

Establish a system for ongoing evaluation and learning. Regularly assess the progress and outcomes of your strategic initiatives. Identify areas of success and areas for improvement. Encourage a culture of learning from both successes and failures and use these insights to refine your strategic approach over time.

By following these best practices, you can enhance the execution of your strategic plan and increase the likelihood of achieving your desired outcomes.

Manage and Create Strategies with Confidence Using Visme

Creating a strategic plan is an important part of any business. But it's not enough to just create the plan and forget about it. You need to manage and execute this plan to achieve its goals.

Whether customizing your favorite template, collaborating with your team, or securely storing and updating the plan, Visme makes the entire process a breeze. Choose a strategic plan template from the list and customize it to make it your own.

In addition to the strategic plans and features mentioned above, Visme provides a vast selection of templates to fulfill almost all your business document creation requirements.

With over 50 different template types available, including presentations , infographics , whiteboards , budgets , roadmaps and more, there are endless possibilities for you to explore and create with Visme.

Sign-up for Visme and start creating your strategic plans now!

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About the Author

Raja Antony Mandal is a Content Writer at Visme. He can quickly adapt to different writing styles, possess strong research skills, and know SEO fundamentals. Raja wants to share valuable information with his audience by telling captivating stories in his articles. He wants to travel and party a lot on the weekends, but his guitar, drum set, and volleyball court don’t let him.

Table of Contents

How to make a business plan

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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Business Plan Templates

Free Download

2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.

With this business plan template, you'll be able to:

• Write a company description that sells your story
• Plan for the future: lay out goals and metrics for success
• Describe your product line in detail and plan for how to stand out from competitors
• Consider any legal formalities that require attention when starting your business
• Put together necessary financial projections to make a strong start
• Create your buyer persona and determine your product/marketing fit

Build A Business Plan That Works

Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!

Whether you’re starting a business or drafting a formalized document with  your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.

When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.

In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a  plain text, designed , and  completed example version of this template. 

Frequently Asked Questions (FAQs)

How do you write a business plan.

A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.

Why do I need to fill out the information requested?

We will always keep your personal information safe..

We ask for your information in exchange for a valuable resource in order to (a) improve your browsing experience by personalizing the HubSpot site to your needs; (b) send information to you that we think may be of interest to you by email or other means; (c) send you marketing communications that we think may be of value to you. You can read more about our privacy policy here .

Where can I get a free business plan template?

HubSpot's Free Business Plan Templates are the best way to create a professional, thorough business plan. The templates include instructions and everything you need to know about starting your company.

Is this really free?

Absolutely.

Just sharing some free knowledge that we hope you’ll find useful. Keep us in mind next time you have marketing questions!

What are the basic format of a business plan?

A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.

What is the best business plan template?

A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.

What is needed to start a business?

If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!

Set yourself up for success with this business plan template

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How to Write a Business Plan for a Small Business

Noah Parsons

24 min. read

Updated September 2, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of writing a business plan

If you’re reading this guide, then you already know why you need a business plan . 

You understand that writing a business plan helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your business plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After writing your business plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

When writing a business plan, the produces and services section is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

When writing a business plan, the operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

The last section of your business plan is your financial plan and forecasts. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI to write a business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of writing a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Writing a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of writing a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan

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How To Write A Strategic Plan In 6 Steps + Examples

Gone are the days of rigid, 5 or 10-year planning cycles that don't leave room for flexibility and innovation. To stay ahead of the curve, you need a dynamic and execution-ready strategic plan that can guide your business through the ever-evolving landscape.

In this article, we'll show you how to write a strategic plan in 6 simple steps . By the end, you'll have a comprehensive, actionable strategic plan that will help you align your organization on the path to success.

💡Pro tip : Use our customizable, free Strategic Planning Template that includes all the key elements of a strategic plan to streamline your strategic planning process.

Follow this guide step-by-step, or skip to the part you're most interested in:

• Pre-Planning Phase: Build The Foundation
• Key Elements of a Strategic Plan

How To Write A Strategic Plan In 6 Simple Steps

Develop an iterative strategic planning process, 3 strategic plan examples to get you started, how to achieve organizational alignment with your strategic plan.

• Quick Overview of Key Steps In Writing A Strategic Plan

Create An Execution-Ready Strategic Plan With Cascade 🚀

Before jumping into the planning phase, it's essential to lay the groundwork.

Pre-Planning Phase: Build The Foundation 

Your strategic planning process should start well before you write your strategic plan. The pre-planning phase is crucial for gathering the data and strategic insights necessary to create an effective plan.

1. Conduct Strategic Analysis

Strategic analysis is a crucial step before writing your strategic plan. It's like building a house – you wouldn't start constructing the walls without a strong foundation, and the same goes for strategic planning. It equips you with the knowledge and insights to create a strategic plan that is well-targeted, addresses your actual situation, and positions your organization for success.

Use a strategic framework like GAP analysis , SWOT analysis , Porter's Five Forces , Ansoff matrix , McKinsey 7S model , or GE matrix to structure your analysis sessions. Incorporating a risk matrix can also help align and decide on key strategic priorities.

Additionally, consider running a strategic planning workshop with your team. Co-creating the plan with stakeholders is a significant advantage, as it fosters a sense of ownership and increases the likelihood of successful strategy execution . According to McKinsey , initiatives where employees contribute to development are 3.4 times more likely to succeed .

2. Choose your strategic planning model

Before creating your strategic plan, decide on the structure you will use. There are hundreds of ways to structure a strategic plan. You've likely heard of famous strategic models such as OKRs and the Balanced Scorecard .

But beyond the well-known ones, there's also a myriad of other strategic planning models . However, many models that work well on paper often fail to meet organizational needs in practice.

Common issues with many models include:

• Complexity: People get lost in terminology rather than focusing on execution
• Scalability: They work well for small organizations but fail when extended across multiple teams
• Rigidity: They force unnecessary layers, hindering flexibility
• Lack of measurability: They state outcomes well but fail to help measure success
• Adaptability: They don’t adjust well to changing economic landscapes

Our goal is to provide a simpler, more effective way to write a strategic plan. The Cascade Strategy Model , refined over years of working with +20,000 teams, offers a proven approach to strategic planning that is adaptable, scalable, and effective for organizations of all sizes.

In the following sections, we'll explore the key elements and steps to write a strategic plan based on the Cascade Model.

Key Elements Of A Strategic Plan

The key elements of a strategic plan using the Cascade Model work together to create a clear and actionable roadmap for your organization.

Think of it as a step-by-step guide, where each element builds upon the previous one: 

• Vision: Where do you want to get to? 
• Values: How will you behave on the journey? 
• Focus Areas: What are going to be your strategic priorities? 
• Strategic objectives: What do you want to achieve? 
• Actions and projects: How are you going to achieve the objectives? 
• KPIs: How will you measure success?

These interconnected elements ensure everyone in your organization is aligned on your overall strategy . Above all, the Cascade Model is intended to be execution-ready—in other words, it has been proven to deliver success far beyond strategic planning.

To create a powerful strategic plan, follow this clear, step-by-step process using the Cascade Model.

💡 Pro Tip : If you want to follow along as we cover each step, you can use our Strategic Planning Template spreadsheet (Excel format), or, for the best experience, sign up for instant access to our free Strategic Planning Template in Cascade .

Your vision statement is your organization's anchor - it defines where you want to get to .

A good vision statement can help funnel your strategy towards long-term goals that matter the most to your organization, and everything you write in your plan from this point on will help you get closer to achieving your vision.

Trying to do too much at once is a surefire way to sink your strategic plan. By creating a clear and inspiring vision statement, you can avoid this trap and provide guidance and inspiration for your team.

For example, a bike manufacturing company might have a vision statement like, “To be the premier bike manufacturer in the Pacific Northwest.” This statement clearly articulates the organization's goals and is a powerful motivator for the team.

In short, don't start your strategic plan without a clear vision statement. It will keep your organization focused and help you navigate toward success.

📚 Recommended read: How to Write a Vision Statement (With Examples, Tips, and Formulas)

Alongside your organization’s vision, a well-crafted mission statement is essential. It succinctly defines your purpose, culture, goals, and values, serving as a foundation for your strategic plan. Ensure your mission statement is clear and aligns with your organization’s vision to drive cohesive and effective strategies.

Values are the enablers of your vision statement —they represent how your organization will behave as you work towards your strategic goals.

Make sure to integrate your organization's core values into everyday operations and interactions. In today's highly-competitive world, it's crucial to remain steadfast in your values and cultivate an organizational culture that's transparent and trustworthy.

Companies with the best company cultures consistently outperform competitors and their average market by up to 115.6%, as reported by Glassdoor . 

For example, a bike manufacturing company might have core values like:

• Accountability

These values reflect the organization's desire to become the leading bike manufacturer, while still being accountable to employees, customers, and shareholders.

👉 You can create and add your values, mission and vision statements directly in Cascade . This ensures your company's core principles remain top of mind for everyone.

📚When you're ready to start creating some company values, check out our guide, How To Create Company Values .

3. Focus Areas

Your focus areas are the strategic priorities that will keep your team on track and working toward the company's mission statement and vision. They represent the high-level areas that you need to focus on to achieve desired business outcomes.

In fact, companies with clearly defined priorities are more likely to achieve their objectives. According to a case study by the Harvard Business Review , teams that focus on a small number of key strategic initiatives are more likely to succeed than those that try to do too much. 

Rather than spreading your resources too thin over multiple focus areas, prioritize three to five. 

Following our manufacturing example above, some good focus areas include:

• Aggressive growth
• Producing the nation's best bikes
• Becoming a modern manufacturer
• Becoming a top place to work

Your focus areas should be tighter in scope than your vision statement, but broader than specific goals, time frames, or metrics. 

With a clear set of focus areas, your team will be better able to prioritize their work and stay focused on the most important things, which will ultimately lead to better business results.

👉 In Cascade, you can add focus areas while creating or importing an existing strategic plan from a spreadsheet.

With Cascade's Focus Area deep-dive functionality, you will be able to: 

• Review the health of your focus areas in one place
• Get a breakdown by plans, budgets, resources, and people behind each strategic priority
• See something at-risk? Drill down into each piece of work regardless of how many plans it's a part of

📚 Recommended read: Strategic Focus Areas: How to create them + Examples

4. Strategic Objectives

Strategic objectives are the specific and measurable outcomes you want to achieve . While they should align with your focus areas, they should be more detailed and have a clear deadline. 

According to the 2022 State of High Performing Teams report , there is a strong correlation between goals and success not only at the individual and team level but also at the organizational level. Here's what they found: 

• Employees who are unaware of their company's strategic goals are over three times more likely to work at a company experiencing a revenue decline than employees who are aware of the goals 
• Companies with shrinking revenues are almost twice as likely to have employees with unclear work expectations.

Jumping straight into actions without defining clear objectives is a common mistake that can lead to missed opportunities or misalignment between strategy and execution.

To avoid this pitfall, we recommend you add between three and six objectives to each focus area .

It's here that we need to start being a bit more specific for the first time in your strategic planning process. Let's take a look at an example of a well-written strategic objective:

• Continue top-line growth that outpaces the industry by 31st Dec 2023.

This is too specific to be a focus area. While it's still very high level, it indicates what the company wants to accomplish and includes a clear deadline. Both these aspects are critical to a good strategic objective.

Your strategic objectives are the heart and soul of your plan, and you need to ensure they are well-crafted. So, take the time to create well-planned objectives that will help you achieve your vision and lead your organization to success.

👉 Adding objectives in Cascade is intuitive, straightforward, and accessible. With one click, you'll open the objective sidebar and fill out the details. These can include a timeline, the objective's owner, collaborators, and how your objective will be measured (success criteria).

📚 Recommended read: What are Strategic Objectives? How to write them + Examples

5. Actions and projects

Once you've defined your strategic objectives, the next step is to identify the specific strategic initiatives or projects that will help you achieve those objectives . They are short-term goals or actionable steps you or your team members will take to accomplish objectives. They should leverage the company's resources and core competencies. 

Effective projects and actions in your strategic plan should: 

• Be specific 
• Contain a deadline
• Have an owner
• Align with at least one of your strategic objectives
• Provide clarity on how you or your team will achieve the strategic objective

Let's take a look at an example of a well-written project continuing with our bike manufacturing company using the strategic objective from above:

Strategic objective: Continue top-line growth that outpaces the industry by 31st Dec 2023.

Project: Expand into the fixed gear market by 31st December 2023.

This is more specific than the objective it links to, and it details what you will do to achieve the objective.

Actions and projects are where the rubber meets the road. They connect the organizational strategic goals with the actual capabilities of your people and the resources at their disposal. Defining projects is a vital reality check every strategic plan needs.

👉You can create actions and projects easily in Cascade! From the Objective sidebar, you can choose to add a project or action under your chosen objective. In the following steps, you can assign an owner and timeline to each action or project.

Plus, in Cascade, you can track the progress of each project or action in four different ways. You can do it manually, via milestones, checklists, or automatically by integrating with Jira and 1000+ other available integrations .

📚 Recommended read: What are Strategic Initiatives? How to Develop & Execute + Examples

6. Key Performance Indicators (KPIs)

Measuring progress towards strategic objectives is essential to effective strategic control and business success. That's where Key Performance Indicators (KPIs) come in.

KPIs are measurable values that track progress toward achieving key business objectives . They help you stay on track and focused on your organization's strategic goals.

To get the most out of your KPIs, make sure you link them to a specific goal or objective. This way, you'll avoid creating KPIs that don't contribute to your objectives and distract you from focusing on what matters. 

Ideally, you will add both leading and lagging KPIs to each objective so you can get a more balanced view of how well you're progressing. Leading KPIs can indicate future performance, while lagging KPIs show how well you've done in the past.

Think of KPIs as a form of signpost in your organization. They provide critical insights that inform business leaders of their organization's progress toward key business objectives. Plus, they can help you identify opportunities faster and capitalize on flexibility.

👉 In Cascade , you can add measures while creating your objectives or add them afterward. Open the Objective sidebar and add your chosen measure.

When you create your Measure, you can choose how to track it. Using Cascade, you can track it manually or automatically. You can automate tracking via 1000+ integrations , including Excel spreadsheets and Google Sheets . This way, you can save time and ensure that your team has up-to-date information for faster and more confident decision-making.

📚 Recommended reads:

• 10 Popular KPI Software Tools To Connect & Visualize Your Data (2024 Guide)
• ‍ How To Track KPIs To Hit Your Business Goals

Developing an iterative strategic planning process is essential for staying adaptable and responsive to change. This approach involves continuously reviewing and refining your strategies to ensure they remain relevant in a dynamic business environment. Regularly assess your plan's effectiveness, gather stakeholder feedback, analyze performance data, and make necessary adjustments.

This cycle of strategic planning, execution, and evaluation helps identify areas for improvement, fosters innovation, and keeps your organization aligned with its long-term goals. By adopting an iterative strategic planning process, you can navigate challenges more effectively and maintain a competitive edge.

📚 Check out our article Develop An Iterative Strategic Planning Process to dive into this topic

Corporate Strategic Plan 

Following the steps outlined above, you should end up with a strategic plan that looks something like this:

This is a preview of a corporate strategic plan template that is pre-filled with examples. Here, you can use the template for free and begin filling it out to align with your organization's needs. Plus, it's suitable for organizations of all sizes and any industry. 

Once you fill in the template, you can also switch to the timeline view. You'll get a complete overview of how the different parts of your plan are distributed across the roadmap in a Gantt chart view.

This template will help you create a structured approach to the strategic planning process, focus on key strategic priorities, and drive accountability to achieve necessary business outcomes. 

👉 Get your free corporate strategic plan template here.

Coca-Cola Strategic Plan

Need a bit of extra inspiration with your plan? Check out this strategic plan example, inspired by Coca-Cola's business plan:

This strategic planning template is pre-filled with Coca-Cola's examples so you can inspire your strategic success on one of the most iconic brands on the planet. 

👉 Grab your free example of a Coca-Cola strategic plan here.

The Ramsay Health Care expansion strategy

Ramsay Health Care is a multinational healthcare provider with a strong presence in Australia, Europe, and Asia.

Almost all of its growth was organic and strategic. The company founded its headquarters in Sydney, Australia, but in the 21st century, it decided to expand globally through a primary strategy of making brownfield investments and acquisitions in key locations.

Ramsay's strategy was simple yet clever. By becoming a majority shareholder of the biggest local players, the company expanded organically in each region by leveraging and expanding their expertise.

Over the last two decades, Ramsay's global network has grown to 460 locations across 10 countries with over $13 billion in annual revenue.

📚 Recommended read: Strategy study: The Ramsay Health Care Growth Study

✨ Bonus resource: We've created a list of the most popular and free strategic plan templates in our library that will help you build a strategic plan based on the Cascade model explained in this article. You can use these templates to create a plan on a corporate, business unit, or team level.

We highlighted before that other strategic models often fail to scale strategic plans and goals across multiple teams and organizational levels. 

In an ideal world, you want to have a maximum of two layers of detail underneath each of your focus areas. This means you'll have a focus area, followed by a layer of objectives. Underneath the objectives, you'll have a layer of actions, projects (or strategic initiatives), and KPIs.

If you have a single team that's responsible for the strategy execution, this works well. However, how do you implement a strategy across multiple and cross-functional teams? And why is it important? 

According to LSA research of 410 companies across 8 industries, highly aligned companies grow revenue 58% faster and are 72% more profitable. And this is what Cascade can help you achieve. 

To achieve achieve organization-wide alignment with your strategic plan and impact the bottom line, there are two ways to approach it in Casade: through contributing objectives or shared objectives .

1. Contributing objectives

This approach involves adding contributing objectives that link to your main strategic objectives, like this:

For each contributing objective, you simply repeat the Objective → Action/Project → KPI structure as follows:

Here's how you can create contributing objectives in Cascade: 

Option A: Create contributing objectives within the same plan 

This means creating multiple contributing objectives within the same strategic plan that contribute to the main objective. 

However, be aware that if you have a lot of layers, your strategic plan can become cluttered, and people might have difficulty understanding how their daily efforts contribute to the strategic plan at the top level. 

For example, the people responsible for managing contributing objectives at the bottom of the plan ( functional / operational level ) will lose visibility on how are their objectives linked to the main focus areas and objectives (at a corporate / business level ). 

This approach is best suited to smaller organizations that only need to add a few layers of objectives to their plan.

Option B: Create contributing objectives from multiple strategic plans linking to the main objective

This approach creates a network of aligned strategic plans within your organization. Each plan contains a set of focus areas and one single layer of objectives, each with its own set of projects, actions, and KPIs. This concept looks like this:

This example illustrates an objective that is a main objective in the IT strategic plan , but also contributes to the main strategic plan's objective.

For example, let's say that your main business objective is to improve customer satisfaction by reducing product delivery time by 25% in the next quarter. This objective requires multiple operational teams within your organization to work together to achieve a shared objective. 

Each team will create its own objective in its plan to contribute to the main objective: 

• Logistics team: Reduce the shipment preparation time by 30%
• IT team: Implement new technology to reduce manual handling in the warehouse
• Production team: Increase production output by hour for 5%   

Here's how this example would look like within the Cascade platform:

Although each contributing objective was originally created in its own plan, you can see how each contributing objective relates to the main strategic objective and its status in real-time.

2. Shared objectives

In Cascade, shared objectives are the same objectives shared across different strategic plans.

For example, you can have an objective that is “Achieve sustainable operations” . This objective can be part of the Corporate Strategy Plan, but also part of the Operations Plan , Supply Chain Plan , Production Plan, etc. In short, this objective becomes a shared objective between multiple teams and strategic plans. 

This approach helps you to:

• Cascade your business strategy as deep as you want across a near-infinite number of people while maintaining strategic alignment throughout your organization .
• Create transparency and a much higher level of engagement in the strategy throughout your organization since objective owners are able to identify how their shared efforts contribute to the success of the main business objectives.

The more shared objectives you have across your organization, the more your teams will be aligned with the overarching business strategy. This is what we call " alignment health ”. 

Here's how you can see the shared objectives in the alignment map and analyze alignment health within Cascade:

You get a snapshot of how your corporate strategic plan is aligned with sub-plans from different business units or departments and the status of shared objectives. This helps you quickly identify misaligned strategic initiatives and act before it's too late.  Plus, cross-functional teams have better visibility of how their efforts contribute to shared objectives. 

So whether you choose contributing objectives or shared objectives, Cascade has the tools and features to help you achieve organization-wide alignment and boost your bottom line.

Quick Overview Of Key Steps In Writing A Strategic Plan

Here's a quick infographic to help you remember how everything connects and why each element is critical to effective strategic planning:

This simple answer to how to write a strategic plan avoids confusing jargon and has elements that the whole organization can both get behind and understand. 

💡Tip: Save this image or bookmark this article for your next strategic planning session.

If you're struggling to write an execution-ready strategic plan, the Cascade Strategy Model is the solution you've been looking for. With its clear, easy-to-understand terminology, and simple linkages between objectives, projects, and KPIs, you can create a plan that's both scalable and flexible.

But why is a flexible and execution-ready strategic plan so important? It's simple: without a clear and actionable plan, you'll never be able to achieve your business objectives. By using the Cascade Strategic Planning Model, you'll be able to create a plan that's both tangible and measurable, with KPIs that help you track progress towards your goals.

However, the real value of the Cascade framework lies in its flexibility . By creating links between main business objectives and your teams' objectives, you can easily scale your plan without losing focus. Plus, the model's structure of linked layers means that you can always adjust your strategy in response to new challenges to easily develop an iterative strategic planning process. 

So if you want to achieve results with your strategic plan, start using Cascade today. With its unique combination of flexibility and focus, it's the perfect tool for any organization looking to master strategy execution and succeed in today's fast-paced business world. 

Want to see Cascade in action? Get started for free or book a 1:1 demo with Cascade's in-house strategy expert.

This article is part one of our mini-series "How to Create a Strategy". This first article will give you a solid strategy model for your plan and get the strategic thinking going.

Think of it as the foundation for your new strategy. Subsequent parts of the series will show you how to create the content for your strategic plan.

Articles in our "How To Create a Strategy" series

• How To Write A Strategic Plan In 6 Steps + Examples (This article)
• How to Write a Good Vision Statement
• How To Create Company Values
• Creating Strategic Focus Areas
• How To Write Strategic Objectives
• How To Create Effective Projects
• How To Write KPIs + Ultimate Guide To Strategic Planning

More resources on strategic planning and strategy execution: 

• 6 Steps to Successful Strategy Execution
• 4-Step Strategy Reporting Process (With Template)
• Annual Planning: Plan Like a Pro In 5 Steps (+ Template) 
• 18 Free Strategic Plan Templates (Excel & Cascade) 2024
• The Right Way To Set Team Goals
• 23 Best Strategy Tools For Your Organization in 2024

Popular articles

11 Best Strategic Frameworks For Your Organization + Free eBook

Strategic Analysis Complete Guide: Definition, Tools & Examples

6 Steps To Successful Strategy Execution & Best Practices

How To Create A Culture Of Strategy Execution

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Strategic Planning Templates

Elevate your strategy to the next level with our free templates.

Welcome to your ultimate resource for strategic planning ! Whether you're steering a startup or leading a well-established team, the essence of success lies in effective strategy. Understanding this, we've crafted an extensive collection of free strategic planning templates to streamline your journey towards achieving your business aspirations.

Why Choose Our Templates?

Simplicity and Efficiency : Say goodbye to the complexities of strategic planning. Our guides and templates are designed to make the process as straightforward as possible, allowing you to focus on what truly matters—execution.

Comprehensive Toolkit : From growth strategies to organizational design , and from sales to procurement , our templates cover every aspect of strategic planning. No matter your goal, we have a template designed to guide your success.

Expertly Crafted : Created with insights from seasoned strategists, our templates are more than just documents—they're a pathway to competitive advantage and sustained success.

Absolutely Free : We believe in empowering teams and companies without the barrier of cost. Our top-tier strategic planning resources are completely free to download.

If you are looking for strategic planning templates to jumpstart your process, we've got you covered below. And, click here for other free strategy and leadership templates.

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• Strategic planning |

Strategic planning template

Goal setting defines your vision, strategic planning gets it done. Use a custom strategic planning template to outline key objectives that—once completed—will turn your vision into reality.

Sign up to create your own template.

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When you’re first mapping out your business strategy, how do you know what to prioritize? Strategic planning templates outline your key initiatives and the tasks that will help you achieve them. By connecting your work to overarching company mission and vision statements, you can see exactly how the work your team does supports business goals. We’ll show you how to create your own custom strategic planning template so you’re always prepared.

What is a strategic planning template?

Your strategic plan outlines longer-term goals and ambitions, but these will most likely need to be changed on a routine basis. Creating a strategic planning template allows you to quickly and easily make adjustments to your plan, without needing to start from scratch. Plus, larger organizations might need multiple strategic plans at once. Creating one template that you can use cross-functionally helps you streamline work across teams, so all projects lead back to your biggest company goals. 

Benefits of using a strategic planning template

Using a strategic planning template gives you a structure for your strategy. Once you’ve created your template, you can:

Quickly reference and share key initiatives with stakeholders .

Proactively gauge workloads and resources before launching new projects.

Reduce the amount of time teams spend waiting for directives, because everyone knows what needs to be done and which priorities come first.

How to create a strategic planning template

A strategic planning template takes the guesswork out of strategy. Once it’s created, you know exactly what you need to do—down to the smallest tasks—to hit your loftiest strategic goals . 

1. Create a mission and vision statement

The mission is your overarching company purpose and the reason your product or service exists. Similarly, your vision is where you see your company going. Writing these is the first step in defining who you are as a business and what you hope to accomplish. Then, include them in your template to ensure new strategic plan is aligned with your company’s mission or vision.

2. Find out your market position

Once you determine your mission (what you want to help solve), look at how you can use your unique offerings to accomplish it. Use a competitive analysis or SWOT analysis to determine where you stand in the marketplace, and look for the gaps (opportunities) where your company can outperform others. Review all data you have about your company, including market insights, customer feedback, and employee insights before building out your strategic planning template. 

3. Build your template

Your strategic planning template will act as a central source of truth for much of your business or team planning and strategy, so it should connect your company’s larger initiatives to project planning . The most efficient way to do this is with project management software , where you can include all relevant information in the same space as your plan. Here, you can attach key elements to your template, including goals , milestones , and to-do lists —so you can see how each action directly ties back to the bigger-picture company vision.

When creating your template, create sections for:

Your vision and mission statement: So you can always tie strategies back to your company’s core purpose.

Competitor information: Include information from your competitive analysis that shows crucial aspects of your current business model, including pricing, marketing strategy , and performance features. 

Key performance indicators (KPIs): Use KPIs (measurable metrics to see how you’re progressing towards your goals) to ensure your strategic plan stays on track.

Items you won’t work on. To stay focused and prevent scope creep , it’s just as important to know which elements to skip. For example, if you’re a startup that needs to sparingly allocate resources, you might decide that social media planning is not a top priority right now.

When to use a strategic planning template

As a general rule, you can use strategic planning templates for any large-scale strategic objectives or business goals. Often, strategic plans are used by new businesses or during long-term planning. For example, if you’re a startup, you can use a strategic plan to clarify direction and get more organized about action steps. Or if you’re a long-standing business, you can use a strategic 10 year plan to determine what’s next for the company. Non-profits also use strategic planning for transparency with donors to show how they’re putting donations to good use.

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List View . List View is a grid-style view that makes it easy to see all of your project’s information at a glance. Like a to-do list or a spreadsheet, List View displays all of your tasks at once so you can not only see task titles and due dates, but also view any relevant custom fields like Priority, Status, or more. Unlock effortless collaboration by giving your entire team visibility into who’s doing what by when.

Goals . Goals in Asana directly connect to the work you’re doing to hit them, making it easy for team members to see what they’re working towards. More often than not, our goals live separate from the work that goes into achieving them. By connecting your team and company goals to the work that supports them, team members have real-time insight and clarity into how their work directly contributes to your team—and company—success. As a result, team members can make better decisions. If necessary, they can identify the projects that support the company’s strategy and prioritize work that delivers measurable results. 

Custom fields . Custom fields are the best way to tag, sort, and filter work. Create unique custom fields for any information you need to track—from priority and status to email or phone number. Use custom fields to sort and schedule your to-dos so you know what to work on first. Plus, share custom fields across tasks and projects to ensure consistency across your organization. 

Dependencies . Mark a task as waiting on another task with task dependencies. Know when your work is blocking someone else’s work, so you can prioritize accordingly. Teams with collaborative workflows can easily see what tasks they’re waiting on from others, and know when to get started on their portion of work. When the first task is completed, the assignee will be notified that they can get started on their dependent task. Or, if the task your work is dependent on is rescheduled, Asana will notify you—letting you know if you need to adjust your dependent due date as well. 

Google Workplace . Attach files directly to tasks in Asana with the Google Workplace file chooser, which is built into the Asana task pane. Easily attach any My Drive file with just a few clicks.

Dropbox . Attach files directly to tasks in Asana with the Dropbox file chooser, which is built into the Asana task pane.

Slack . Turn ideas, work requests, and action items from Slack into trackable tasks and comments in Asana. Go from quick questions and action items to tasks with assignees and due dates. Easily capture work so requests and to-dos don’t get lost in Slack. 

OneDrive . Attach files directly to tasks in Asana with the Microsoft OneDrive file chooser, which is built into the Asana task pane. Easily attach files from Word, Excel, PowerPoint, and more.

What are the steps used in the strategic planning process? .css-i4fobf{-webkit-transition:-webkit-transform 200ms ease-in-out;transition:transform 200ms ease-in-out;-webkit-transform:rotateZ(0);-moz-transform:rotateZ(0);-ms-transform:rotateZ(0);transform:rotateZ(0);}

To use your template for strategic planning , follow these four steps: Know where you are now, develop a strategy, create a plan, and share it with others.

How do you create a strategic planning template?

Create mission and vision statement to inform your template, then build a template with space for your company information (including a competitor analysis to show your market fit), key objectives, goals, and metrics that will let you know when you’ve been successful.

Why is having a strategic planning template important?

Strategic planning templates outline the key elements you need to give structure to your loftier goals and overarching company mission—including short-term goals, KPIs, and competitive analyses.

I work at a startup, do I need a strategic planning template?

Yes, startups and small businesses can benefit from strategic planning templates. They’re completely customizable, so you can create a template that fits your exact needs—then adjust it as your company changes and grows.

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Strategic Plan Template

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Do you require a Strategic Plan Template to address your issues before the caliber of your brand or company? This template from PandaDoc's selections could result in a profit, which would support the period's end financial estimates for your company.

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Created by:

​ [Sender.FirstName] [Sender.LastName] ​ [Sender.Title] ​ [Sender.Company] ​

​ [Sender.Phone] [Sender.Email] ​

Prepared for:

​ [Client.FirstName] [Client.LastName]

​ [Client.Title] [Client.Company] ​

​ [Client.Phone] [Client.Email] ​

Executive summary

Problem statement.

In recent feedback sessions, (percent) % of

your customers experience a need for (declare customer need, such as faster delivery, accessibility, or a cheaper product).

In surveys of customers who have chosen the competitors (product) , they mentioned that (price/delivery/accessibility, etc.) and (price/delivery/accessibility, etc.) was a problem (percent) % of the time.

To best serve your existing customers, you need to develop a series of (product/service/initiative) and sell it (at/with a better price point/faster delivery/improved accessibility, etc.) .

Proposed solution

Your new (product/service/initiative) should begin (at/with) (percent) % (cheaper/faster delivery/more accessibility, etc.), with the potential to increase it to (percent) % depending on (what could prevent your product from succeeding, like marketing, amount of employees, etc.).

In order to offer (these prices/improved accessibility/faster delivery, etc.) , you should do the following:

Pain point 1

(How to improve pain-point #1)

Pain point 2

(How to improve pain-point #2)

Pain point 3

(How to improve pain-point #3)

Note that our proposed solution will not affect the overall quality of your business or brand.

With our proposed solution, your brand could (breakout into new markets/reduce manufacturing costs, etc.) . These new offerings could bring in $ (profit amount) , which would help your business's financial projections at the end of Q1/Q2/Q3/Q4/year).

Your company

! The following information discusses what your company currently looks like.

Mission statement

Core values/principles.

(What does your business want to accomplish for its customers?)

(What is your vision, is it to become the best in your industry?)

Goals and objectives

(What are your objectives? Gaining more customers, expanding the company to 100 employees, or getting more investors?)

Product or service development

! We recommend your business creates the following products/services.

Product/service description

(Product/service description)

Pricing model

(Pricing model, including one-time costs or subscription costs)

Delivery capabilities

(Includes resource requirements for delivery, design ideas, and performance projections.)

Delivery system

(How you’ll deliver the product: online, shipment, etc.)

Critical element suppliers

(Includes the supply chain, such as inventory management, packaging strategy, storage and delivery strategy, regulatory compliance, safety, financial models, and data integrity and control.)

Marketing research

! Based on data, your business should be targeting the following customers.

Your competition and market status are how we determine if you’re aligning with industry marketing outcomes.

(Create a customer avatar that includes their age, gender, marital status, children, location, occupation, job title, average income, education, goals, values, challenges, point points, and common objections.)

Competition

(Choose at least 3 competitors, preferably direct competitors, in your industry to use for your SWOT analysis.)

Market status

(How is your market performing?)

Marketing goals

! Based on data, we believe your business should commit to the following

marketing goals.

Consumer climate

(How much do you expect your consumers to spend?)

Market share

(What portion of the market share do you expect to have?)

Diversification

(What industries or areas do you want to invest in?)

Distribution channels

(What direct and indirect distribution channels do you want to invest in? Retailers, wholesalers, or agents?)

Marketing plan

! Based on research, your business should include the following marketing initiatives.

Strategy and tactics

Customer markets.

(What are your main marketing strategies and tactics?)

(What customer markets are you targeting? Primary and/or secondary?)

Market positioning

Advertising research.

(How do you want your customers to view your brand or product?)

(How will you conduct market research? What is your strategy?)

Public positioning

Test marketing.

(Will your public positioning be based on product characteristics, price, quality/luxury, product use, or on the competition?)

(What markets, besides your direct market, should you test?)

Cross-selling

(Where are your cross-selling opportunities?)

SWOT analysis

! Based on research, this chart represents your and your competition’s strengths, weaknesses, opportunities for growth, and potential threats. Use this chart to improve on your offerings.

Self: (What are you doing right? Why do your customers like you?) ​

Competition: (What is your competition doing right? Why do their customers like them? Can you capitalize on their strengths?)

Self: (What are you doing wrong? What do your customers say they want you to improve? How can you improve on these problems?) ​

Competition: (What are they doing wrong? What do their customers say they want them to improve? How can you capitalize on these problems?)

Opportunities

Self: (Where are there opportunities for growth in your company based on your and your competition's weaknesses and your strengths?) ​

Competition: (Where can your business improve and capitalize on your competition’s customers? When can you implement these changes?)

Self: (What projects are you creating at the moment? What could go wrong, and how has your competition implemented a similar project?)

Competition: (Are you aware of new projects your competition is implementing? What could go wrong? Could your business do it better?)

See risk factors and contingencies for possible financial shortfalls.

Financial plan

! Below are your total costs regarding your employees, office expenses, and utilities. Your sales are covered in the “projected revenue” charts. The final two charts, “projected quarterly expenses” and “projected yearly revenue and expenses,” cover your total costs.

Projected costs for the year

Your projected costs for (year) is as follows:

Projected quarterly revenue

Your projected revenue for (year) is as follows:

Total yearly sales:

Total yearly returns:

Net profit:

Projected quarterly expenses

Your projected quarterly expenses for (year) is as follows:

Projected yearly revenue and expenses

Your projected quarterly expenses for (year), (year), and (year) are as follows:

Assessment and review

! The below chart includes our assessment and review of the following categories.

Analytics and tracking

Financial analysis.

(What are your results for tracked metrics and KPIs?)

(How is your company doing financially?)

Customer surveys

Market share analysis.

(What do your customers say?)

(What percentage of the market share do you currently own?)

Market survey

(Where is the market headed in your industry?)

Risk factors and contingencies

! Risk factors regarding your business are indicated below. If you limit the number

of risk factors and contingencies in your business, you’ll be able to meet your financial projections.

Revenue Shortfall

(Do you expect a shortfall? What can you do to prevent this?)

Pro Forma Invoices

(Are your Pro Forma invoices accurate? By how much?)

Critical Ratios

(What is your critical ratio percentage? How can this be improved?)

Budget Variance

(Will your budget be higher or lower than projected costs?)

Financial Audits

(How accurate are your financial audits?)

! Below are the sources we used to find the data we needed to conduct your strategic plan.

Research: Clients

(Use existing reviews, own analysis, data analytics, websites, surveys, product/service usage, audience insights, one-on-one conversations, Google research, heat mapping, social listening, and more to conduct your research.)

Research: Competition

Research: environment.

*Please go back to your executive summary to see how we used our findings.

MM / DD / YYYY

​ [Client.FirstName] [Client.LastName] ​

​ [Sender.FirstName] [Sender.LastName] ​

Care to rate this template?

Your rating will help others.

Thanks for your rate!

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Make your next move with the strategic plan template

Refine your machine, plot a map for the road ahead, and see how far you can go with collaboration at the heart of your strategy—with FigJam’s free strategic planning examples.

Strategic plan template

Come together with your team to explore a strategic planning template designed to grow with you.

Your strategy. Your success.

The first step before your first steps? Put together a comprehensive strategy that your team can revisit—and refine—as you work toward your shared business goals.

Share the vision (and the glory): Build a cohesive vision and see it through together—with all of your objectives, milestones, and timelines collected on one shared strategy template.

Get up and running: Save the day from errors and slowdowns with shared templates that are easy and enjoyable to interact in.

Picture this: Scribble, sketch, or integrate an image to provide clarity to a stakeholder or collaborator.

Put your heads together

Take your communication and cooperation to the next level with polls, games, and widgets that will give your strategic plan a fresh new feel. Tap into community-built tools designed to expand your ideas, bolster creativity, and help you and your team find a new path to success during your strategic planning process.

Chart your own course

Speed along to the next big breakthrough with FigJam’s strategic planning templates. Then, discover other Community-built templates to keep you on the path toward success.

Action plan template

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Why stop with a strategy? Explore the entire library of FigJam templates.

What is strategic planning?

Strategic planning is about outlining the pathways to success and determining what short or long term goals to aim for. A planning initiative may cover large topics like general mission statements, institutional goals, a new vision statement, and company-wide pivots. But strategic plans can also delve into the nitty-gritty, plotting out a singular aspect of a business or project.

Strategic planning steps include developing a position, prioritizing goals and roles, managing the execution of the plan, and reviewing the strategy post-facto. Click here if you want to learn more about the strategic planning process.

Why is the strategic planning process important?

It’s hard to find success if you don’t know what it looks like. Strategic planning frameworks allow organizations to understand and communicate precisely what they’re looking for. When bogged down in daily operations and looking toward the future, it’s helpful to refer to your fleshed-out strategic business plan template for clarity and perspective. Help teams stay focused on the overall goal, and assess timelines, financial projections, and action items as needed.

What is the purpose of strategic planning?

Strategic planning tools invite team members and stakeholders to exchange ideas freely and get organized around a unified vision for their business objectives.

With FigJam’s free strategic planning examples and templates, it’s easy to discover a shared business strategy and goals, visualize processes and outcomes, and tap into essential documentation. On our shared canvas, you can activate—and iterate—a strategic action plan that keeps your org motivated, efficient, and competitive within your market. Download the strategic action plan template to take your next step.

What's the best way to use this strategic plan template?

A strategic plan template provides a roadmap for team members to get from point A to point B. Use this template to identify a clear path forward, while keeping your brand's core values front and center. Follow these steps to use this template:

• Kickoff the strategic planning process by determining your team's vision statement.
• Add in your core values - this is the “why” that fuels your vision.
• Include key focus areas - what areas will need additional support and investment to support the overall vision statement? Consider conducting a competitive analysis or SWOT analysis to help inform your focus areas.
• Insert strategic goals that are clear, actionable, and measurable. These goals should align with the focus areas outlined above. Ensure goals have associated key performance indicators (KPIs) and deadlines.

Finalize the plan with action items for achieving your goals.

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Strategic Plan Template & How-To Guide

Written by Dave Lavinsky

On this page:

What is a strategic plan, strategic plan vs business plan, what are the key elements of a strategic plan, how to write each section of your strategic plan, how to measure the success of your strategic plan, other helpful business plan articles & templates.

  Over the past 20+ years, Growthink has developed strategic plans for thousands of companies, small business owners, and entrepreneurs. Many of them have gone on to reach incredible success. Below you will find our thinking on the strategic planning process, how to measure progress, and how to create a great plan for your company.

Download the Growthink Strategic Plan Template Here

A strategic plan is a process, most often undertaken by organizations, governments, and businesses to define the organization’s strategy. In simple terms, strategy is a course of action or thought-out method used in achieving an objective or set of objectives. It may also be referred to as a strategic document or strategic outlook.

This type of plan includes the organization’s mission and vision – describing where it is going – as well as its core values, concepts, strategies for achieving the objectives, and plans for evaluating progress towards those objectives. It may also include a supporting action plan that prioritizes critical tasks needed to implement the strategy successfully.

In most cases, strategic planning is a continuous process that helps an organization be successful now and beyond. Planning isn’t just about deciding what to do—it’s also about identifying what not to do so resources can be focused on implementing high-priority initiatives. Consider strategic planning a toolbox full of options from which you select the right tools for your job at hand.

The components of a strategic plan include goals, strategic initiatives (the ways in which you’re going to pursue your goals), and action plans (a list of the specific activities that support each strategic initiative). A business plan typically includes some or all of these components but there are important differences between strategic planning and business planning.

Both types of plans can be created for established businesses as well as any new business ventures.

One way to think about it is that strategic plans address the entire year, providing “big picture” thinking while business plans focus more on the details of day-to-day operations. Strategic planning also tends to look 3–5 years ahead whereas a small business might find it difficult to forecast that far into the future.

Strategic plans typically look at things like management structure, company growth, strategic alliances or mergers, and strategic positioning in the market.

A strategic plan template is useful for organizations contemplating major changes while a small business owner can use strategic planning techniques when making decisions around which new strategic initiatives to pursue.

Business plans are written to present a realistic assessment and roadmap of how well your company could perform within 3–5 years when you take into account factors such as the market demand for your product or service, how much it will cost to produce your product or provide your service, how much it costs to acquire customers, potential risks in starting up your small business, where you will get money if needed and what would need to happen for this plan to become reality.

A business plan is written with the intention of letting outsiders, such as banks or angel investors, see how well your business could perform financially within 3–5 years.

Both types of planning are well worth your time and effort to ensure the prosperity of your business.

Finish Your Strategic Plan Today!

Organizations undertake strategic planning to define their priorities and align their team in pursuit of those priorities. Strategic planning is a crucial tool that can refocus a business’ energies to where they will be best spent.

In spite of the great importance and scope, many times it is ignored or quickly completed each year with no strategic focus. Or it is created, but results are not measured against it. The end result is neither strategic nor even a plan.

Successful companies, on the other hand, have and continue to make use of strategic planning to consistently stay on top of their game. You can too. Below, we offer a comprehensive strategic plan template and examples that can easily be used to initiate and establish effective strategic planning in your organization. The template discusses the 13 elements you must include in more detail below:

Executive Summary

Elevator pitch, mission statement, swot analysis, key performance indicators (kpis), target market analysis, industry analysis, competitor analysis, marketing plan, human resources plan, operations plan, financial projections.

Including a summary is important because it allows you to quickly and effectively present your plan to key stakeholders. It is crucial that you are able to disseminate the plan throughout your organization as its success hinges on everybody’s buy-in and support.

Since an elevator pitch is a short yet striking description of your company, it also helps motivate employees causing them to work hard and take pride in their organization. Such fostering of a positive culture will attract impassioned people to your organization as well. For example, Microsoft in its founding days worked with the following pitch:

“A computer on every desk and in every home.”

Such inspirational statements are the direct result of strategic planning efforts and have wide-ranging benefits for a business.

“Phillips’ mission is to improve people’s lives through meaningful innovation.”

Your plan should include a similarly inspirational mission statement so that business efforts are geared towards that one end goal.

To create a plan that is truly strategic you need to spend a good amount of time conducting a SWOT analysis and thinking deeply about each of its individual elements.

Depending on your objectives you can even narrow your company’s goals down to quarterly, monthly, or even weekly goals. Clearly laying out a business’ goals ensures that people expend their energies towards things that actually matter.

While creating goals keep the following things in mind:

Do Not Go Very Broad

Avoid goals that are sweeping. For example, business objectives like ‘being successful’ or ‘being profitable’ are too broad to be useful. This can instead be reframed as “increasing sales by 20% in the next quarter” for instance. Strategize for goals that are easy to understand and act upon. This will also make it easy to evaluate performances later on and find out how well or poorly the business did. Effective goals are goals that can be measured. Strive for these.

Be Realistic

While setting goals it is easy to get carried away. Setting overly ambitious or practically unattainable goals will cause a significant drop in organizational morale as people get frustrated or even burnt out in pursuing such goals. Instead, set goals that are ambitious but within grasp.

Set Time-Bound Goals

Your plan must include goals with realistic deadlines. Time-specific goals allow employees to plan their amazing work more effectively, making it more likely that the goals will be met.

Figure out what the business needs from every stakeholder in order to improve performance and create separate KPIs accordingly. For example, KPIs for the marketing department will be different from those set for the human resources department and so on.

Your plan is worthless if it tries to win over every customer segment in your target market. It will most probably end up attracting none. Instead, a strategic plan must pinpoint the target customers whose conversion and retention will provide the business with the highest return on its expenditures.

You should discuss the market size and key trends, including if it is declining or growing. You must also identify your current position and desired position in the marketplace.

Competitor analysis coupled with a broad industry analysis also forces you to think about other organizations that might turn into your competitors if industry trends change or markets mutate.

Most importantly, in this section figure out the best positioning of your company in the competitive mix. Importantly, figure out your current competitive strengths that you can exploit, or competitive strengths you need to gain in the coming period and how you will go about achieving them.

If you feel you need to hire more employees or people with certain specific competencies then this is the place where you and your team should deliberate and document your human resources requirements. For instance, if your strategic plan includes diversifying into a new space, then it would be pertinent to start creating detailed job descriptions and interviewing people to execute this initiative. This way you will not impede your diversification plans due to a hiring crunch or having the wrong team trying to execute critical tasks.

Here you must narrow down the overarching strategic aim of the business into smaller tactical goals to be executed by specific departments and/or teams. In this section, you will detail each of these goals along with the action plan for achieving them. We suggest using Gantt charts to map out the way your departments will attain key goals over time.

Creating financial forecasts allows you to estimate the potential results of different strategies and analyze which might have the best impact on your business. Even when they are based on estimates, projections are able to reflect business realities pretty accurately provided your assumptions are realistic.

Importantly, use your projections as KPIs to judge your performance as you execute your strategic plan.

Strategic plans can help you achieve financial and strategic goals over the short-term, mid-term, and long-term. The more specific your strategic goals are, the more likely they are to be achieved. So it’s important to set clear targets for each strategy in your plan and measure your progress over time. Some of the key metrics to track include:

Operational Metrics

These indicators measure how effectively a strategic goal is being executed on an ongoing basis. These types of metrics can be applied at both the business level (e.g., what percentage of orders are filled within 24 hours) or at the corporate level (how much inventory is carried per square foot).

Financial Metrics

Focusing on milestones in terms of achieving financial targets allows strategic goals to be quantified and measured. Some of the most common financial indicators applied within strategic plans include sales volume, sales growth rate, market share, number of new products launched, operating margins, and return on invested capital.

Impact Metrics

Finally, strategic plan metrics should inform how strategic investments will enable an organization to achieve its future business vision. A business vision is typically expressed as an aspirational strategic statement that captures where you want to go (i.e., your strategic direction) over the next five to ten years. Impact metrics can help evaluate if potential strategic investments are likely to deliver on that goal or not.

Establish a clear path and put your company in the right direction by including each of the elements outlined in the strategic planning sample above. Then, at the end of each month review your actual performance against your goals and projections in your plan. If you are on target, continue as planned. If not, consider adjusting your strategy or your plan. Business owners who constantly monitor their performance and adjust their plans reach their milestones and achieve the long-term success they desire.

Finish Your Strategic Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your strategic plan?

With Growthink’s Ultimate Strategic Plan Template you can finish your plan in just 8 hours or less!

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The last business strategy template you’ll ever need

If you don’t know where you’re going, then the road you take doesn’t really matter. While wandering is fine for adventures, it’s far from ideal for starting a business or turning a struggling one around. A high-level strategy can help you build some much-needed momentum — and with the right business strategy template , you can ride into the unknown with confidence.

In this article, we’ll get to the core of what a business strategy template is and why you need one. We’ll also explore how monday.com can help you on your journey and answer a few frequently asked questions along the way.

Get the template

What is a business strategy template?

If you want to truly capitalize on a business opportunity, you have to have a strategy. And not just any strategy will work either. It needs to be a strategy you can pull off with your budget, human resources, timeline, and experience. Let’s quickly define strategy.

A s trategy is a careful plan or method for achieving a particular goal, usually over a long period and can be used to drive the success of either a product or service.

A business strategy template acts as a fill-in-the-blank resource that’ll guide you when creating your own winning business strategy. A great one will outline a wide range of factors such as your marketing strategy, go-to market strategy, tools, product-market fit, team dynamic, strategic goals, competitive analysis, and more.

Why use a business strategy template?

You may have heard about a landmark study performed in the ‘80s where a team of psychologists surveyed people, asking if they believed they were great drivers. Naturally, 80% of them believed they were exceptional drivers.

It’s a funny study because we all know 80% of drivers aren’t exceptional. The same could be said for both small and big business strategies. Very few people would openly admit to having a bad business strategy. A little strategic planning goes a long way when capitalizing on limited key resources, figuring out the key action items your team needs to focus on, and developing some serious business growth in a short period of time.

Using a template can help ensure that you include all the necessary information in your business strategy. In short, it should include everything you need to launch a successful go-to-market strategy and leave room for error and unforeseen events.

If you’re an existing business that needs to pivot or avoid some potential risks, then a fresh business strategy template could be the answer to getting you back on track. Sure, it may be time-consuming and expensive to switch gears, but your investors, staff, and most importantly, your customers will thank you when you get it right. Business strategy templates have many different applications.

What are some examples of a business strategy template?

So how do you go from no business strategy to a brilliant one using a template? Let’s take a look at two business strategy example templates to help you get started.

Business strategy template sorted by phases

This business strategy template breaks up your strategy into different phases. This is helpful because it allows you to picture how your plans progress over time. Within each phase, you can insert information related to different areas of your business. Then, you can also include major objectives at the bottom and mission statement at the top.

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Business strategy template sorted by primary and support activities

This business strategy template example organizes information by primary and support activities. This is helpful if you want to be able to clearly understand how each department in your company contributes to your business strategy.

While these two template examples help show you the value of organizing the information that goes into a business strategy, they lack the flexibility and integration that you get from monday.com’s business strategy template.

monday.com’s business strategy template

Unless you’re Google or Apple, you’re probably working with a finite amount of resources . Like any other business, you’re going to need a helping hand once in a while, and that’s where the right business strategy template comes into play.

Here at monday.com, we know how important it is to get your strategy right from the beginning, so we took the liberty of crafting a handy template that’ll boost your confidence and speed things up a bit.

monday.com understands that an iron-clad business strategy isn’t a ‘set it and forget it’ deal. It’s a living, breathing process that needs to remain flexible as your business grows, the competitive landscape changes, and your customer’s needs fluctuate.

You can easily change the columns, swap out section owners, change the status, communicate on specific items, and even set up automations like email triggers and phase advancements. There’s a lot you can do to put this template to work for you rather than letting it collect dust like most programs do.

monday.com takes customization to the next level by offering you a wide array of custom columns, charts, dashboards, and integrations. And the automation actively takes work off your plate and keeps all parties in the know when it matters most.

monday.com’s template makes it easy to build a business strategy by keeping your company’s goals visible at all times. While a business plan or business strategy is necessary for high-level and long-term planning, you’re still going to need some more specific templates to get the job done right.

More related templates from monday.com

Check out a few related templates that are sure to kickstart your next project .

SWOT analysis template

SWOT stands for strengths, weaknesses, opportunities, and threats. At its core, a SWOT analysis helps organizations bring clarity to all the factors that go into making key business decisions. Sure, you can continue to make decisions in a silo without thinking about your customers, competitors, or economic factors, and sometimes you’ll make the right call. But a better long-term play is taking those key factors into account.

A SWOT analysis template complements a business strategy template because it goes a layer deeper. Most companies take the time to factor their strengths and opportunities into their strategic vision, but a lot of them skip over the weaknesses and threats part.

Strategic plan template

There are a lot of words thrown around in the business world that begin to feel synonymous over time. Business plan, business goal, business strategy, strategic plan, and all the other plans all start to sound the same. Believe it or not, there are some key differences.

A business plan and strategic plan template will both include an executive summary , company descriptions, and even mission, vision, and value statements. Where a business plan differs is that it’s an overview of how the business runs day-to-day, while a strategic plan focuses on how you’ll achieve specific initiatives that have the power to transform your business. In short, every company should spend time developing a strategic plan for their project management office (PMO) .

Marketing plan template

Marketing strategies are a dime a dozen, and so are marketing strategy templates. So how can you tell which one is worthwhile? Yet again, it’s the engine behind the marketing plan template that makes the difference.

monday.com amplifies your marketing plan by providing a visually appealing board (as shown above), complete customization across your marketing plan columns, and the ability to communicate in real-time with your staff about important initiatives, company updates, or changes to your product or service.

FAQs about business strategy templates

Naturally, with any business process comes a lot of questions, and to help you on your journey, here are the answers to some frequently asked questions.

How do you write a business strategy?

Any writing endeavor begins by asking basic questions and coming up with answers. Good starting points (beyond the templates offered here) include:

• Where are we today?
• What direction are we heading?
• Is that the right path?
• How do we know if it’s the right path?
• What are our strategic objectives?
• What are our tactical plans?

As you answer these questions, try to be as specific as possible. And don’t forget to take your competitors into account.

What are the key elements of a business strategy?

Key elements of a business strategy will vary depending on the type of business you’re starting, the competitive landscape, and many other factors. That being said, there are a few that are universal, such as:

• what your goals are and the corresponding objectives that’ll get you there
• a reflection of not only your strengths but your weaknesses as a company
• potential risks such as competitors, economic factors, law changes, and more
• how you’ll create value for your customers
• how you’ll get the word out about your product or service
• contingency plans for if things don’t go as expected

As you can see, the key elements really break down what it is you want to do, how you’ll get there, what makes you different, and what you’ll do if things don’t go according to plan.

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Simple Business Plan Templates

By Joe Weller | April 2, 2020

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In this article, we’ve compiled a variety of simple business plan templates, all of which are free to download in PDF, Word, and Excel formats.

On this page, you’ll find a one-page business plan template , a simple business plan for startups , a small-business plan template , a business plan outline , and more. We also include a business plan sample and the main components of a business plan to help get you started.

Simple Business Plan Template

Download Simple Business Plan Template

This simple business plan template lays out each element of a traditional business plan to assist you as you build your own, and it provides space to add financing information for startups seeking funding. You can use and customize this simple business plan template to fit the needs for organizations of any size.

One-Page Business Plan Template

Download One-Page Business Plan Template

Excel | Word | PDF  | Smartsheet

Use this one-page business plan to document your key ideas in an organized manner. The template can help you create a high-level view of your business plan, and it provides easy scannability for stakeholders. You can use this one-page plan as a reference to build a more detailed blueprint for your business. 

For additional single page plans, take a look at " One-Page Business Plan Templates with a Quick How-To Guide ."

Simple Fill-in-the-Blank Business Plan Template

Download Simple Fill-in-the-Blank Business Plan Template

Use this fill-in-the-blank business plan template to guide you as you build your business plan. Each section comes pre-filled with sample content, with space to add customized verbiage relevant to your product or service.

For additional free, downloadable resources, visit " Free Fill-In-the-Blank Business Plan Templates ."

Simple Business Plan for Startup

‌ Download Startup Business Plan Template — Word

This business plan template is designed with a startup business in mind and contains the essential elements needed to convey key product or service details to investors and stakeholders. Keep all your information organized with this template, which provides space to include an executive summary, a company overview, competitive analysis, a marketing strategy, financial data, and more. For additional resources, visit " Free Startup Business Plan Templates and Examples ."

Simple Small-Business Plan Template

Download Simple Small-Business Plan Template

This template walks you through each component of a small-business plan, including the company background, the introduction of the management team, market analysis, product or service offerings, a financial plan, and more. This template also comes with a built-in table of contents to keep your plan in order, and it can be customized to fit your requirements.

Lean Business Plan Template

Download Lean Business Plan Template

This lean business plan template is a stripped-down version of a traditional business plan that provides only the most essential aspects. Briefly outline your company and industry overview, along with the problem you are solving, as well as your unique value proposition, target market, and key performance metrics. There is also room to list out a timeline of key activities.

Simple Business Plan Outline Template

Download Simple Business Plan Outline Template

Word  | PDF

Use this simple business plan outline as a basis to create your own business plan. This template contains 11 sections, including a title page and a table of contents, which details what each section should cover in a traditional business plan. Simplify or expand this outline to create the foundation for a business plan that fits your business needs.

Simple Business Planning Template with Timeline

Download Simple Business Planning Template with Timeline

Excel | Smartsheet

This template doubles as a project plan and timeline to track progress as you develop your business plan. This business planning template enables you to break down your work into phases and provides room to add key tasks and dates for each activity. Easily fill in the cells according to the start and end dates to create a visual timeline, as well as to ensure your plan stays on track.

Simple Business Plan Rubric Template

Download Simple Business Plan Rubric

Excel | Word | PDF | Smartsheet

Once you complete your business plan, use this business plan rubric template to assess and score each component of your plan. This rubric helps you identify elements of your plan that meet or exceed requirements and pinpoint areas where you need to improve or further elaborate. This template is an invaluable tool to ensure your business plan clearly defines your goals, objectives, and plan of action in order to gain buy-in from potential investors, stakeholders, and partners.

Basic Business Plan Sample

Download Basic Business Plan Sample

This business plan sample serves as an example of a basic business plan that contains all the traditional components. The sample provides a model of what a business plan might look like for a fictional food truck business. Reference this sample as you develop your own business plan.

For additional resources to help support your business planning efforts, check out “ Free Strategic Planning Templates .”

Main Components of a Business Plan

The elements you include in your business plan will depend on your product or service offerings, as well as the size and needs of your business. 

Below are the components of a standard business plan and details you should include in each section:

• Company name and contact information
• Website address
• The name of the company or individual viewing the presentation
• Table of Contents
• Company background and purpose
• Mission and vision statement
• Management team introduction
• Core product and service offerings
• Target customers and segments
• Marketing plan
• Competitive analysis
• Unique value proposition
• Financial plan (and requirements, if applicable)
• Business and industry overview
• Historical timeline of your business
• Offerings and the problem they solve
• Current alternatives
• Competitive advantage
• Market size
• Target market segment(s)
• Projected volume and value of sales compared to competitors
• Differentiation from competitors
• Pricing strategy
• Marketing channels
• Promotional plan
• Distribution methods
• Legal structure of your business
• Names of founders, owners, advisors, etc.
• Management team’s roles, relevant experience, and compensation plan
• Staffing requirements and training plans
• Physical location(s) of your business
• Additional physical requirements (e.g., warehouse, specialized equipment, facilities, etc.)
• Production workflow
• Raw materials and sourcing methods
• Projected income statement
• Projected cash flow statement
• Projected balance sheet
• Break-even analysis
• Charts and graphs
• Market research and competitive analysis
• Information about your industry
• Information about your offerings
• Samples of marketing materials
• Other supporting materials

Tips for Creating a Business Plan

It’s easy to feel overwhelmed at the thought of putting together a business plan. Below, you’ll find top tips to help simplify the process as you develop your own plan. 

• Use a business plan template (you can choose from the variety above), or refer to the previous section to create a standard outline for your plan.
• Modify your outline to reflect the requirements of your specific business. If you use a standard business plan outline, remove sections that aren’t relevant to you or aren’t necessary to run your business.
• Gather all the information you currently have about your business first, and then use that information to fill out each section in your plan outline.
• Use your resources and conduct additional research to fill in the remaining gaps. (Note: It isn’t necessary to fill out your plan in order, but the executive summary needs to be completed last, as it summarizes the key points in your plan.)
• Ensure your plan clearly communicates the relationship between your marketing, sales, and financial objectives.
• Provide details in your plan that illustrate your strategic plan of action, looking forward three to five years.
• Revisit your plan regularly as strategies and objectives evolve.
• What product or service are we offering?
• Who is the product or service for?
• What problem does our product or service offering solve?
• How will we get the product or service to our target customers?
• Why is our product or service better than the alternatives?
• How can we outperform our competitors?
• What is our unique value proposition?
• When will things get done, and who is responsible for doing them?
• If you need to obtain funding, how will you use the funding?
• When are payments due, and when do payments come in?
• What is the ultimate purpose of your business?
• When do you expect to be profitable?

To identify which type of business plan you should write, and for more helpful tips, take a look at our guide to writing a simple business plan .

Benefits of Using a Business Plan Template

Creating a business plan can be very time-consuming, especially if you aren’t sure where to begin. Finding the right template for your business needs can be beneficial for a variety of reasons. 

Using a business plan template — instead of creating your plan from scratch — can benefit you in the following ways:

• Enables you to immediately write down your thoughts and ideas in an organized manner
• Provides structure to help outline your plan
• Saves time and valuable resources
• Helps ensure you don’t miss essential details

Limitations of a Business Plan Template

A business plan template can be convenient, but it has its drawbacks — especially if you use a template that doesn’t fit the specific needs of your business.

Below are some limitations of using a business plan template:

• Each business is unique and needs a business plan that reflects that. A template may not fit your needs.
• A template may restrict collaboration with other team members on different aspects of the plan’s development (sales, marketing, and accounting teams).
• Multiple files containing different versions of the plan may be stored in more than one place.
• You still have to manually create charts and graphs to add to the plan to support your strategy.
• Updates to the plan, spreadsheets, and supporting documents have to be made in multiple places (all documents may not update in real time as changes are made).

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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.

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Your Guide to Building a Winning Strategic Business Plan (With Free Template!)

Starting a business? You're in for a wild, exciting ride! But before you dive headfirst into the entrepreneurial rollercoaster, you need a roadmap. That's where a strategic business plan comes in. Think of it as your trusty GPS, guiding you towards success and helping you navigate those inevitable bumps in the road.

This isn't just about ticking boxes; it's about building a solid foundation for your dream. And guess what? You don't need to be a business whiz to create one. We'll walk you through it, step-by-step, and even give you a free strategic business plan template to get started!

What's Inside This Guide?

• Why You Need a Strategic Business Plan: We'll convince you why this isn't just another boring document.
• Key Components of a Winning Plan: From nailing your mission to understanding your competition, we've got you covered.
• Free Strategic Business Plan Template: Get your hands on our easy-to-use template and start planning!
• Tips for Success: We'll share insider secrets to make your plan stand out from the crowd.

Ready to turn your business dreams into reality? Let's get started!

Why You Need a Strategic Business Plan

Imagine setting off on a cross-country road trip without a map or GPS. You might eventually reach your destination, but you'll likely encounter wrong turns, dead ends, and unexpected detours along the way.

A strategic business plan is your roadmap to success. It helps you:

• Define Your Vision: What do you want to achieve with your business? A clear vision keeps you focused and motivated.
• Understand Your Target Market: Who are you selling to? Knowing your ideal customer is crucial for tailoring your products and marketing.
• Analyze Your Competition: What are your competitors doing well? Where are the gaps in the market that you can fill?
• Secure Funding: Investors and lenders want to see a well-thought-out plan before they invest in your business.
• Make Informed Decisions: Your plan provides a framework for making strategic decisions about your business.

Key Components of a Winning Strategic Business Plan

A comprehensive strategic business plan typically includes the following sections:

1. Executive Summary:

Think of this as your elevator pitch – a concise overview of your business idea, target market, competitive advantage, and financial projections. While it comes first in your plan, it's often best to write it last, after you've fleshed out the other sections.

2. Mission, Vision, and Core Values:

• Mission Statement: This defines your business's purpose – what you do, who you serve, and how you do it.
• Vision Statement: This outlines your long-term aspirations – where you see your business going in the future.
• Core Values: These are the guiding principles that shape your company culture and decision-making.

Let's say you're starting a sustainable clothing brand:

• Mission: To create stylish and eco-friendly clothing that empowers individuals to express themselves while minimizing their environmental impact.
• Vision: To become a leading global brand known for its commitment to ethical and sustainable fashion.
• Core Values: Sustainability, transparency, inclusivity, quality, creativity.

3. Market Analysis:

This section demonstrates your understanding of the industry you're entering. Research and include:

• Industry Overview: Trends, growth potential, and key challenges in your industry.
• Target Market: Demographics, psychographics, needs, and buying behaviors of your ideal customers.
• Competitive Analysis: Identify your main competitors, their strengths and weaknesses, and how you'll differentiate yourself.

Remember: Don't be afraid to learn from your competition! What are they doing well? What could they be doing better? Use this information to your advantage.

4. Products and Services:

Describe your offerings in detail, highlighting their unique features, benefits, and value proposition. If you have multiple products or services, consider creating separate subsections for each.

5. Marketing and Sales Strategy:

How will you reach your target market and convince them to choose your products or services? Outline your:

• Marketing Channels: Social media, content marketing, email marketing, paid advertising, public relations, etc.
• Sales Strategy: Inside sales, online sales, retail partnerships, distributors, etc.
• Pricing Strategy: Cost-plus pricing, value-based pricing, competitive pricing, etc.

6. Operations Plan:

This section details the day-to-day running of your business, including:

• Legal Structure: Sole proprietorship, partnership, LLC, corporation, etc.
• Location: Physical storefront, online-only, home-based business, etc.
• Production Process: If you're manufacturing products, outline your production process and supply chain.
• Team: Key team members, their roles and responsibilities, and any staffing needs.

7. Financial Projections:

Numbers don't lie! This section provides a realistic forecast of your business's financial performance, including:

• Startup Costs: One-time expenses required to launch your business.
• Income Statement: Projected revenues, expenses, and profits over a specific period (e.g., 3-5 years).
• Cash Flow Statement: Anticipated cash inflows and outflows, ensuring you can cover your expenses.
• Funding Request: If you're seeking funding, specify the amount needed and how it will be used.

8. Appendix:

This optional section includes supporting documents like:

• Resumes of key team members
• Market research data
• Product prototypes or images
• Financial statements (if applicable)

Free Strategic Business Plan Template

Ready to start building your plan? Download our free strategic business plan template [link to your template] and fill in the blanks!

Tips for Success

• Keep it Concise: Avoid jargon and lengthy paragraphs. Use clear, concise language that's easy to understand.
• Be Realistic: Don't inflate your projections or underestimate your expenses. Investors and lenders value honesty.
• Focus on Your Unique Value Proposition: What sets you apart from the competition? Highlight your strengths and differentiators.
• Review and Update Regularly: Your business plan is a living document. Review and update it at least annually to reflect changes in your market, industry, and business goals.

Ready to Launch Your Dream?

Creating a strategic business plan might seem daunting, but it's an essential step towards building a successful business. Use this guide, download our free template, and start planning your path to entrepreneurial success!

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Business plans and templates: How to get started

Starting a new business? A business plan & template can make all the difference. Learn how to use these tools by exploring ANZ's resources.

2023-11-23 00:00

What is a business plan?

• Business plans are an essential for all businesses
• What you need to include in your business plan
• Tools and templates to get you started

If you’re looking to start a new business, one of the first things you should do is put together a business plan. Like with anything in life, you can save yourself a lot of stress and grey hairs down the track if you take the time to set goals, think things through properly and implement systems from the get-go.

In its simplest form, a business plan is a document – physical or digital – that explains the goals of a business, how it will achieve them and generally how it will function. A business plan can also contain essential information, such as organisational structure, key staff and your product or service offerings.

While typically just an internal document,  a business plan can be very useful when trying to secure funding.  Both potential investors and banks will be interested in seeing it when considering if they should invest in your business.  So, it pays to have a plan in place.

Why is a business plan important?

Business plans can help you dig a little deeper and get a better understanding on different areas of your business. For example, it might help you understand how you’ll collect customer data or how to manage risks.

Another great reason why a business plan is a must-have is that it can help you refine how your business can make money. These plans give you the opportunity to conduct market research and identify gaps or work out what your value proposition truly is and how you can get an advantage over your competitors.

Filling out this document can also help you streamline other areas within your business, such as your finances and marketing. By having a holistic view of your business, you can make confident choices that are consistent with its values and direction.

What should you include in a business plan?

No two business plans are alike, but there are some things that all business plans should have, regardless of your business’ industry and type. As a starting point, we’re going to explain the different types of information that you might include in your business plan. You can also download our business plan template and follow along as we go through this list.

Business description

You need to describe the fundamentals of your business. Begin by asking yourself, "What industry am I in?" Answer this question with details about your products or services and the markets you intend to target.

Goals and objectives

Any business plan must have your business’ goals for the short-, medium- and long-term periods. These goals should be clearly and carefully defined and explain where your business intends to go and by when.

Objectives are the actual steps that your business will need to take to reach each goal. They tell you how to get where you want to go, helping your business focus on what matters. When writing your objectives, consider the different ways you will achieve your goals. What will you do? Who will be involved?

Risk management

Identifying the risks your business might face, and how you manage those risks, is essential for any business plan. By including risk management into your business plan, you can adopt a consistent approach to managing risks as a business, and all staff understand what they need to do should a risk occur.

Price positioning and strategy

How are you going to position your product or service in the market? Will you price low and compete on price with the aim of selling large volumes, or will you position your goods as luxury items? Your customers will want to get what they pay for, so it is important to be consistent with your price positioning.

Core competitive advantage

A core competitive advantage will help your business differentiate its goods or services from those of your competition. Conduct competitor research and compare your business to your competitors – think about how your offering can stand out from the crowd.

Cash flow forecast

It's vital to have an idea of your financial liquidity over a certain time period, say 12 months. Get a plan underway with a cash flow forecast (xlsx) that outlines each month’s projected cash on hand, receipts, payments and overall cash balance.

Ensure that you include every item and consider seasonal changes in sales. In addition, plan multiple scenarios such as an optimistic sales forecast and a pessimistic sales forecast.

Market research

Market research should be a core component of your business plan. Whether you get customer feedback through a short survey or face-to-face focus group, quality research can help you understand what your target market wants and enjoys about your offerings.

Both primary research (surveys, interviews and speaking to customers) and secondary research (government statistics, trade publications and information that's already been gathered) can be useful for improving different areas of business, such as the product itself, product distribution and your marketing channels.

Marketing plan

Now that you’ve conducted market research, you can use those findings to develop a comprehensive marketing strategy . You can determine which channels will work best for your product and market. For example, a fashion boutique targeted towards Gen Z might focus on social media and online marketing, whereas a professional services consultancy might focus more on local area marketing or networking events.

Ongoing development strategy

Your business plan may be most useful when establishing your business, but reviewing and improving your strategy as your business moves forward is just as important.

For your business to continue to develop and grow, you'll need to consistently check its foundations and structure while looking for areas that could do with a little refinement.

If you’re ready to start developing your own business plan, then you can download our Business plan template (PDF) . Or you can download and our Growing your business checklist (PDF) as a starting point.

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Business feasibility comes down to a number of factors. Read ANZ's article for business tips and insights into how you can turn your idea into a success.

Knowing the costs of starting a business

Learn about the costs to start a business with ANZ's article. Plan carefully so your business can thrive and account for any challenges that may come.

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Scale Your Business with Precision: A Step-by-Step Guide to Implementing the Marketing Strategy Pyramid

Want to stay ahead of your competition and keep your business growing? A solid marketing strategy and understanding the Marketing Strategy Pyramid are key.

With AI evolving fast, attention spans shrinking, social media algorithms constantly changing, unpredictable ad costs, and tighter privacy rules, it’s easy to get caught up in the latest "quick fixes."

But what your business—or your clients' businesses—really needs is a steady guiding light to stay on track. That’s where the Marketing Strategy Pyramid comes in.

You can catch the podcast episode here if you would rather listen to me talk about the Marketing Strategy Pyramid.

What is Marketing Strategy?

It’s easy to get tangled in the jargon of marketing tactics, but at its core, a marketing strategy is the master plan that sets the direction for how your business will compete and stand out in the marketplace.

For fCMOs and business owners, it's critical to not just know but to master the art of aligning these strategies with broader business objectives. 

For businesses, it’s important to prioritize strategic planning over quick fixes. Strategic planning provides the framework to make decisions that enhance long-term sustainability rather than just immediate gains.

If I were to give marketing strategy an emotional definition, it's how you will place the flag in the sand to say, “Here's how we're going to dominate.” But that probably isn’t helpful in understanding how to create a successful marketing strategy. That is why I built the Marketing Strategy Pyramid.

The Marketing Strategy Pyramid

Think of the Marketing Strategy Pyramid as your roadmap for integrating comprehensive strategies with your business’s key goals. The Marketing Strategy Pyramid shows that there is no one magic marketing strategy or marketing tactic. It's really about integration, and that's what we do for clients, something we call Strategy First.  

The Marketing Strategy Pyramid has five layers to it, and the middle three layers are really the marketing strategy component and everything rests on the overarching business strategy.

3 Core Components of the Marketing Strategy Pyramid:

• Business Strategy:  This is the bedrock that focuses on growth, dominating your market, and retaining clients.
• Marketing Strategy:  This layer is the heart of the operation, including brand, growth, and customer strategies.
• Team Strategy:  The capstone that ensures your strategies are executed flawlessly by your team.

When we come in to work with a client, the main thing we are there to do is develop the marketing strategy and then the list of tactics to employ that strategy, but everything is based on the overarching business objectives. So if growth is a business objective, if dominance in a market is a business objective if retention of clients is a business objective, then the marketing strategy is built around that and only that to begin with.

Business Strategy

The foundation of all of this is the business strategy, which sets the stage for every tactical decision.

For example, the very first thing we do in working with a client is try to understand where they're going, try to understand the profit that they want to make in this business, try to understand the market share that they want to enjoy before we ever start really suggesting anything.

And unfortunately, very few marketers actually take that approach. Very few business owners actually take that approach. They want to hire a marketer to generate some leads, and that usually leads them to doing a whole bunch of different tactics that they shouldn't be doing and takes them away from focusing on the things that are actually going to allow them to meet their marketing objectives and drive real growth.

Developing a Marketing Strategy

The marketing strategy is the meat of the Marketing Strategy Pyramid and consists of brand, growth, and customer strategies. These three elements reflect the comprehensive journey a customer takes with your business.

At Duct Tape Marketing , we believe this is how a customer or a lead effectively moves through a business. These three elements reflect the marketing journey inside of the marketing strategy. 

Often, people end their marketing strategy with a clever tagline, colors, and logos, and they call it a day. But what I want to suggest is a marketing strategy actually runs through the entire customer journey. 

We use something called the Marketing Hourglass . It’s a tool we use to reinforce this idea of the customer journey. 

The Real Brand Strategy

Brand strategy is where we will help identify who makes an ideal customer, narrow the focus, and define the products and services the customer is looking for. 

We also are going to focus a great deal of attention on messaging. Are we promising to solve that ideal customer's biggest problem as opposed to, here's what we sell, so nobody cares what we sell; they want their problems solved .

Narrowing Focus: Pinpoint your ideal customer to tailor your marketing efforts directly to them.

Defining Offerings: Clarify what you provide that specifically solves your customers' problems.

Messaging: Shift the conversation from what you sell to how you solve their biggest headaches.

For example, consider Cedar Ridge Retreat Homes , who came to us facing significant challenges in marketing their luxury home-building services. Their previous marketing efforts failed to resonate, leaving their brand message unclear and poorly aligned with their business objectives. 

Through our " Strategy First" process, we pinpointed their ideal customer and crafted a resonant brand identity that emphasized retreat spaces over generic rentals. This strategic pivot not only clarified their offerings but positioned Cedar Ridge for substantial growth in their niche market.

Brand strategy development also includes things like how we want to be perceived. Are we fun? Are we very serious? Are we analytical? This drives all of your content. Lastly, many people put this first, we want to make sure that the names, colors, graphics, logos and things all support the message and the brand promise are aligned. That is all the first part of marketing strategy.

Formulating a Growth Strategy

The second part is the growth strategy. What are the tactics we're going to use to attract, build trust, get people to try and buy from us? 

The growth strategy includes all of the communication and content designed to move people through the Marketing Hourglass stages. Certainly, it's advertising and all the things that create awareness. It should also be about building trust and facilitating a seamless buying experience.

Content and Advertising: Use these tools to educate and engage potential customers.

Sales Processes: Create processes that are as streamlined as they are effective.

By staying attuned to the current landscape, we, as fractional CMOs , can pinpoint the opportunities and challenges that will shape the success of our strategies. For instance, if we observe a rising trend in video content consumption and it aligns with the business strategy, it’s essential to weave video marketing into our growth plans to effectively capture and engage our client’s target audience.

Building a Customer Strategy

After the sale, the real work begins. Your customer strategy should aim to turn first-time buyers into lifelong fans and advocates. This includes:

Onboarding: Make their first experience with your brand unforgettable.

Customer Engagement: Keep the dialogue going and the relationship growing.

Referral Programs: Use satisfied customers to bring in new ones. I wrote an entire book on referrals called “The Referral Engine: Teaching Your Business to Market Itself ” that covers this topic extensively. 

Our past customers are often our best customers. Did you know 80% of a company's revenue comes from just 20% of its existing customers?  

By investing in these customer loyalty strategies, you can build a base of devoted customers who drive sustainable growth for your business.

Implementing a Team Strategy

So their overarching business builds on this business strategy, has marketing strategy in the middle, and the cherry on top is the team strategy. 

The team is there for the execution. You build it (business strategy), communicate it (marketing strategy), and execute on it (team strategy). 

Team strategy includes:

Team Alignment: Ensure everyone is on the same page and fully equipped to deliver.

Training and Development: Keep your team sharp and informed with regular training.

Culture: Cultivate a team culture that attracts and retains top talent, emphasizing values that elevate both the company and its clients.

As a business owner, the team also allows you to scale efficiently and effectively.

 "If you want to go fast, go alone. If you want to go far, go together."

For fCMOs and business owners, a well-crafted marketing strategy is more than a set of tactics. It’s a comprehensive system that threads through every layer of your business. By leveraging a structured approach like the marketing strategy pyramid, you can align your business goals with your marketing efforts to drive real, sustainable growth.

Visit dtm.world/growth for insights and tools to understand your or your clients' marketing strategy and ultimately grow your business.

Navigating this journey isn’t just about knowing what to do; it’s about making strategic moves that make sense for your business. 

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