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Your business and the purpose of your plan will determine which kind of business plan you require. Plans may differ in regards to length and how thorough they are, how they appear like, and what emphasis is given to different aspects of business.
It is crucial to pick the right strategy. This will impact the overall effectiveness of your plan. Your plan should reflect you and your company in the most accurate, positive way. This is the case regardless of the purpose that the plan is intended to serve. It doesn't matter if it's intended for presentation at an event to raise capital or if you're not planning to leave your office.
If you're looking for clothes for an important occasion, chances are that you will choose outfits that showcase your best features. Think about your plans similarly. You should highlight any positives that your business may have and make sure they receive due consideration.
Different kinds of business plans
There are four kinds of business plans. Miniplans are short plans. There are presentation plans, work and electronic plans. They need different amounts of effort and may not always yield the identical outcomes. According to the purpose you've chosen to use the program for, an elaborate one will not always surpass a shorter one.
The Miniplan. A miniplan is a one10 to 10 page document that must cover important topics such as marketing strategy and financing, business concepts and financial statements. It should include income and cash flow projections and balance sheets. It's a great way to quickly test a business concept or measure the interest of a prospective partner or a minor investor. It could also be a useful prelude for a full-length plan. It is not advisable to misuse a miniplan. Miniplans are not meant to be used in place of an entire plan. It's a bad idea to send a miniplan out to investors who are looking for an entire plan.
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The Work Plan. The working plan is a vital instrument for managing your business. Although it must be thorough, it can be brief in presentation. A working plan could be developed with more honesty and informality than an outline. The plan may not be appropriate for external use, but it may contain some elements that are missing. A resume appendix of key executives is not required. A working plan would not benefit greatly from photos of the product for instance.
Work plans can be quite different in terms of their fit and quality. It is not necessary to have the plan printed on quality paper and then placed in a classy folder. It is possible to make use of an old three-ring binder that has "Plan", written with a felt-tip pen over the top.
A plan of action that is internally compatible with figures and facts is just as important as one that is designed for outsiders. There are some ways to ensure that your work plan is as consistent as possible: being clear and concise, adhering to corporate style, and adhering to the correct date formats. This document is similar in appearance to an old pair pants that you wear to work on Saturdays. Perhaps that antique delivery truck that never ceases working. It's meant to be used, not for admiration.
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The presentation plan. If you take a working plan, with its low stress on cosmetics and impression, and turn the knob to increase the amount of attention paid to its looks and appearance, you'll end up with an effective presentation plan. This is a good plan to present to bankers, investors and others outside the company. While your presentation might have a different design, almost all information will be the same as that in your work plan. In particular, you should use standard business vocabulary, omitting the informal jargon, slang and shorthand that's so useful in the workplace, and suitable for a work plan. Don't forget that they don't know anything about your business. This plan is not intended to be used in place of the working plans.