If you read our earlier post on the uses of a business plan, you will agree that business plans are absolutely essential at all stages of business growth. However, nobody including the experts enjoy writing business plans because they are long worded, time taking and brain tasking. Do you really need long pages of text and analysis as a business plan guide? It depends on what you want to use for.
You will need a detailed business plan If:
- you are venturing into a new business because you will need to know and study every thing about the new business
- you are borrowing money from a bank because the bank will want to see some details to be be convinced that you can pay back their loan.
- You know the business well but need to be sure that your business strategy will harmonize well with the other issues in the plan.
Thus in most cases you will need a detailed business plan or at least a summarized version to suit the audience you want to read your plan. However, if you have already written a detailed business plan before but need to review the the plan and remind yourself of your goals and business strategy then a one page business plan will be adequate.
However you also need to remember that the financial models or projections are compulsory for whatever type of length of the business plan you write and the assumptions to the financials are usually what accounts for the long or short length of the plan.
Watch the video below and learn how to write the one page business plan.
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