business plan databases

Writing a Business Plan? These Library Databases Will Boost Your Research

The New York Public Library offers a broad range of databases for company, industry, and market research to aid in developing your business plan. The business databases at NYPL’s Business Center comprise an excellent source of information available to anyone doing business, financial or market research.

Below we've highlighted a few of these business databases and many others are available onsite at the Thomas Yoseloff Business Center. 

Why Write a Business Plan? 

A business plan can help a business owner get a loan from a bank, help the owner evaluate the feasibility of their business model, improve their odds of success, and keep them on track. A business plan helps guide the direction of a company's first several years in business and gives potential investors an idea of the company structure, goals, and future plans.

Writing a business plan requires time and effort, as well as planning and research. A startup business owner needs to consider many things including: what they will sell or offer, who their target customers are, who their is competition, and what the industry environment is for their new business. A potential owner also needs to plan how they will operate, and how they will be profitable. 

Recommended Databases

Reference Solutions

Reference Solutions is a business directory which lists U.S. businesses, both private and public. It also includes a Lifestyles module, to find people based on their interests and buying habits.

What you can do:

• If you are writing a business plan, you can search Reference Solutions to find businesses which will be your competition.
• You can find the locations of your competitors, their estimated annual sales, and details about the business including owners' names, website URLs, and more.
• You can download a list of companies with details.
• You can find information about potential customers, based on their location and buying habits. 

From the  Articles & Databases section of our website, you can select Reference Solutions  (login with your library card). Next, select the "U.S. Businesses" module. Choose the "Advanced Search" tab. Then, click to search "Business Type". Enter a keyword to find companies in your industry. You can narrow results by County (use New York County for Manhattan) or ZIP code, company size, and more. To view your results, update and click. You can download the company details to a USB drive. 

Also be sure to check out the Charts and Heat Maps for neat visual displays of your results. These can also be downloaded, and are a very handy way to illustrate the competitive landscape for your new business.  

Reference Solutions is available in all NYPL locations and remotely for New York State residents with your library card.  

Ibisworld is an industry and market research database which profiles thousands of industries. Ibisworld includes all U.S. industries by NAICS code (North American Industry Classification codes), as well as very niche industries.

• You can use Ibisworld to find in-depth industry profiles, data industry trends, and market research for your business planning. 

This database is available onsite only at the Business Center. From the  Articles & Databases section of our website, you can select Ibisworld and then search by keyword to find industry profiles.

Also be sure to check the State reports for New York State, and the “Specialized Industries” reports for niche industries. When you find a report for your industry, review each tab to view the entire report. Printing is enabled, but not downloading. For more information about Ibisworld,  sign up for a consultation with a business librarian. 

Statista is a resource to find statistics, industry reports, digital trends, consumer outlooks, and more. 

• Use Statista to find statistics and reports about your industry.
• Find data and infographics you can include in a business plan. 
• Download industry reports and outlooks.

Statista is available in all NYPL locations, and remotely for New York State residents, with your library card.

From the  Articles & Databases section of our website, you can select Statista (login with your library card if you are not at an NYPL location) and begin searching for data and reports. 

If you need help with research for your business plan, you can work with a business librarian in a virtual consultation: Just sign up for a 30-minute video consultation .  

First Research – Access through Mergent Intellect 

First Research is a database which provides industry profiles. It includes market size, industry trends, financials, as well as challenges and opportunities. 

• Find profiles of industries for your business planning research.
• Find financial data specific to your industry.
• Find industry specific questions and answers you can use when contacting other business owners.
• Download profiles in PDF format.

This database is available in the Business Center only, not remotely. To access First Research, first log in to the Mergent Intellect database at the Business Center. Scroll down to view the First Research module and then browse industries or use a keyword to search. First Research includes a "Call Prep feature": a series of targeted questions with answers which  you can use when making "cold calls" to other small business owners for getting advice or tips about your industry. You can download industry profiles to a USB drive in PDF format. 

Plunkett Research Online

Plunkett Research Online provides industry sector profiles, with market research trends, industry analytics, statistics, company profiles and associations.

• Access industry profiles with market research trends.
• Find new developments in hundreds of industries.
• Build your own industry report to download in less than 5 minutes with just a few mouse clicks.

Plunkett’s is available in all NYPL locations and remotely for New York State residents, with your library card. If you are onsite in an NYPL library, you can access Plunkett's through the Articles & Database page. Also, please click the "Subscriber Login" box to access the content.   

For more information on doing business research, check out the Business Library's Research Guides.

If you need help with business research, sign up for a virtual consultation by video.   

You can follow the Business Library on Twitter at @NYPLBusiness .

Columbia University Libraries

Entrepreneurship: business plans & model canvas.

• Market Research
• Company Research
• Costs & Funding
• Social Entrepreneurship

Where to Begin with a Business Plan?

Statista business plan export, business plan resources, business model canvas, alternative or specialty business plans.

• Ideas & Pitches
• Intellectual Property
• Case Studies

If you want to understand the components of a Business Plans, the resources on this page will take you through the steps involved in writing a business plan,  prepare your pitch, and presenting ideas.

Once you’ve learned more about what should be included in a good business plan, use Company Research Guide to help you with specific sections of your plan. Additionally, it's helpful to conduct a SWOT analysis and market research; they can improve your pitch and help you grow your business in the right direction.

If you are creating a plan for a startup, consider using the Business Model Canvas rather than a traditional business plan.

• Statista . This link opens in a new window Provides access to statistics and studies gathered by market researchers, trade organizations, scientific publications, and government sources on over 600 industries. more... less... Statista .

• SBA Buiness Plan Guide - Comprehensive guide to writing a business plan
• Bplans.com :  Has over 550+ sample business plans from a variety of industries
• Business Development Bank of Canada (BDC Entrepreneur's Toolkit) - Free web tools for business assessments, bench-marking, webinars, eBooks, publications templates and guides from the Business Development Bank of Canada. Includes business plan template
• Example of a High-Tech Marketing Business Plan - Work through this sample high-tech business plan of a fictional company, "Acme Consulting," provided by the Canada Business Network.
• Shopify's Ultimate Guide to Business Plans - Looking to write a business plan for your ecommerce store? This comprehensive guide walks you through the nuts and bolts of writing your very own business plan.
• Score Business Plan Template :  Score helps Entrepreneurs start and grow their businesses.  Includes templates for start up business, established businesses, financial planning, marketing and more.

The Business Model Canvas is a strategic tool used to entrepreneurs and business owners to design and grow new and existing businesses.  Download a copy of the Business Model Canvas below:

• Business Model Canvas Template The Business Model Canvas is a strategic tool used to entrepreneurs and business owners to design and grow new and existing businesses.

The $100 Start Up - Provides downloadable guides that can help you quickly promote your idea, the site's "Resources" section includes a One-Page Business Plan and a 39-Step Product Launch Checklist.

The Right-Brain Business Plan - Create a visual map for the success of your business.

10 Alternatives to the Formal Business Plan - Think outside the business plan with these ideas for alternatives to traditional plans.

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Writing a business plan from scratch seems like an uphill climb? We get that, but hold tight—you’re not alone. Even business plan writers often feel the same way while writing from scratch. That’s where a little content reference or inspiration can help—just like these business plan examples .

Reading such real-life sample business plans can be incredibly helpful while drafting your very first business plan with zero clue about business plan writing. 

As you read and explore these industry-specific examples, you learn more about what you should and should not include in your business plan, ensuring sustainable and long-term growth.

So, let’s explore these 400+ business plan examples to help you quickly write a business plan—hassle-free.

Why you should refer a business plan example?

A Business plan example will provide you with the complete format and structure for your document, giving you a head start on developing your document so you’re not stuck seeing an empty page working to find out where to start.

Also, it gives you the overall layout of a professional business plan so you understand what goes where and you’re not leaving out anything.

Here are some of the key benefits of using sample business plans:

• Guidance on what to include in each section. If you’ve never attended business school, you might never have created a SWOT analysis or a balance sheet before. Business templates that give guidance — in plain language — about what to include and how to fill in each section and create a complete and effective plan.
• A business plan is vital to get an investment. If you’re seeking investment for your business, you’ll need to convince banks and investors why they should invest in your business . Lenders and investors will only risk their time and money if they’re certain that your business will be successful and profitable and they will get a great return on their investment.
• A business plan can help you prioritize. A complete, well-balanced business plan is one of the most valuable tools in assisting you to reach your long-term goals. It gives your business direction, defines your goals, outlines out strategies to reach your goals, and helps you to manage possible bumps in the way.

Creating a business plan will help you define the business goals you want to achieve, and define the strategies to achieve them. This means you can focus your resources and energy on what is important, rather than wasting time on unimportant things.

If you’re working with a team in your company then having a regular brainstorming session is the best way to keep your business on track and your business plan assures you’re all on the same page.

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Sample business plan format​

Following is the standard business plan format you must consider while drafting a comprehensive business plan.

• Executive Summary : A high-level overview of your business plan.
• Company Overview : An in-depth and detailed description of your small business, its fundamental elements, and future goals.
• Market Analysis : A detailed description of your industry with the target market, competitors, and growth potential.
• Products and Services : Description of the products or services you intend to exchange for money.
• Sales and Marketing Strategies : Promotional strategies you will use to attract and retain customers.
• Operations Plan : Business processes and procedures that ensure seamless business operations.
• Management Team : Introduction to your founders, key management, and their compensation plan.
• Financial Plan : A breakdown of your financial projections and financing needs.
• Appendix : A supplementary final section that includes additional documents to support your plan.

This was about the outline. Now let’s break down and understand how to write each section, step by step, with real-life examples.

1. Executive Summary

Executive Summary is the first section of your business plan, providing a high-level overview of your entire plan and summarizing it for a quick understanding of your business.

Considering it as an introductory section of your plan, it must be clear, concise, and written to grab readers’ attention and persuade them to take action.

As business plans can be 10-20 to a hundred-page long, an executive summary remains your sole chance to gain a quick extra point.

Here are a few key components your Executive Summary must include:

• Business concept
• Company’s mission
• Company History
• Market Opportunity
• Management Team
• Financial Projections

Remember, you are bound to cover these topics in detail moving forward in your business plan, so make sure your executive summary is brief, covering only the key takeaways.

2. Company Overview

As the name suggests, the Company Overview section of your plan provides an overview of your small business, including your business concept, objectives, future goals, and what customers your business serves.

Since you will provide a brief company description in the executive summary, this section will expand on it—providing an in-depth understanding of your business.

Remember, this section is a platform for introducing and positioning your business as an ideal solution for your target market to your reader. So, make sure it’s short and succinct but impactful enough to help them understand what it does, who your potential customers are, and how you can make a difference.

Here are a few key components your business overview must include:

• Company Description
• Mission Statement
• Business Objectives
• Business History
• Future Goals

3. Market Analysis

Market Analysis is a study of your external business environment, providing a complete overview of your industry and its dynamics. This section provides valuable insights into the market, like what’s working.

When smartly researched, utilized, and written, this section can help you discover and identify untapped areas in the market and strategize to stand out from your competitors.

Remember, this section helps your readers and potential investors understand your target market, market size, and growth potential, so make sure you play your cards right.

Here are a few key components your market analysis section must include:

• Target Market
• Market Size and Growth Potential
• Competitive Analysis
• Market or Industry Trends
• Regulatory Environment

Unlike other sections of your business plan , Market Analysis requires deep research and analytical work. However, using an industry-specific example business plan can save hours of research work.

4. Products And Services

The products and services section is where you will mention and elaborate on your product or service range, description, pricing strategies, and more.

Since your business success solely depends on your products or services, your entire plan revolves around this particular section.

This section can be a crucial component of your plan while searching for an investor or partner, as a well-articulated products and services section can help you persuade them.

Here are a few key elements your products and services section must include:

• Product Description
• Product Comparison
• Pricing Strategy
• Order Management
• Quality Measures

5. Sales And Marketing Strategies

A business’s sales and marketing strategies determine how your product is displayed and reaches your target audience.

A well-designed sales and marketing plan can help you streamline your marketing efforts and create impactful and effective marketing campaigns while keeping track of the marketing budget and maximizing return on investment.

In short, this section will discuss how you’ll acquire new customers using your sales and marketing strategy. You might consider including the following information in your sales and marketing plan:

• Your target audience and brand positioning
• Your business’ UVP
• Marketing channels and distribution tactics you plan to use
• Sales goals and performance measurement
• Your customer retention strategies
• Your sales and marketing goals

6. Operations Plan

The operations plan section outlines the daily business processes and activities centered on achieving business goals and objectives described in the previous sections of your plan.

A detail-oriented logistics and operations plan helps you and your team define your responsibilities, daily tasks, and short-term goals you need to achieve, keeping track of your long-term objective.

Remember, your logistics and operations plan won’t be static but a living document. You may adjust and update it as time goes on.

Here are a few key elements your operations plan section must include:

• Staffing and training
• Tools and equipment
• Inventory management
• Supply chain management
• Operational process

7. Management Team

Your management team plays a crucial role in the ultimate success of your business. And this section introduces your owners and management team, along with their qualifications, industry experience, roles and responsibilities, and compensation plan.

A strong management team section can be critical to weigh authority and help investors be confident about your business idea and vision.

Make sure to include the educational background, accomplishments, work experience, and area of expertise for each individual, part of your management.

You might consider including the following information in the management team section:

• Business owner/founders
• Key management
• Organization structure
• Compensation plan
• Advisors/consultants

8. Financial Plan

It’s no secret that the financial plan is the most crucial yet nerve-wracking aspect of business planning. In fact, it’s one of the deciding factors when it comes to convincing potential investors and banks to invest or lend money.

This section of your plan details your business’s financial information and how it will reach its financial goals. The information may include balance sheet, income, and cash flow statements.

Here are a few key components and financial statements you must include or provide while creating a financial plan:

• Profit and loss statements
• Operating costs
• Income statement
• Cash flow statement
• Balance sheet
• Break-even point
• Financing needs

9. Appendix

While an Appendix isn’t a required element of your business plan, it can be pretty helpful in adding legal notes, charts, tables, or any other critical information to support your business document.

It generally includes financial statements, information, and documents that didn’t naturally fit into your plan but can be considered critical enough to add.

In addition, it helps readers navigate through the entire business plan and easily find specific information or documents.

Need a way out from manual editing and business plan writing work?

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Start Planning Now

Since we are finished discussing the sections of a business, let’s learn more about how you can put an example business plan to use while writing your own.

How to use an Example of a Business Plan to write your own?

Having real-life and industry-specific business plan examples by your side can be incredibly resourceful to help you write a business plan from scratch. 

A well-planned structure helps you outline your plan, while content inspiration helps you set the tone for your business document. 

Let’s dive deep and understand how to use these examples effectively to write your business plan.

1. Understanding the Structure

Traditional business plans generally follow a similar structure. 

It starts with an executive summary followed by a company description, market analysis, product and services, sales and marketing strategies, operational plan, management team, financial plan, and appendix.

Using an example business plan is the best way to understand the structure and outline your plan. 

2. Gaining Inspiration

Reading industry-specific business plan examples can help you gain inspiration for your plan. You can gain insights on presenting your business idea, vision, mission, and values and persuade investors to invest in your idea.

3. Learning Industry-Specific Language

There’s no universal template for business planning that fits all. An industry-specific template can help you learn and understand the business language for your industry and the best way to communicate your message to your investors.

4. Identifying Key Elements

Reading business plan examples of similar businesses can help you identify the key elements and information to include in your plan. You can keep note of these and ensure everything necessary for investors to consider is present in your final draft. 

5. Crafting Financial Projections

A financial plan is a critical component of your business plan, and a good business plan example can help you better understand how they project their financials which can be incredibly helpful while forecasting yours.

6. Refining Your Executive Summary

As mentioned earlier, your executive summary is a key factor influencing potential investors and lenders to invest or lend you money. Analyzing free business plan templates can help you optimize your executive summary to make it more brief, persuasive, and attention-grabbing.

7. Realizing what works and what doesn’t

Analyzing industry-specific and real-life examples can help you determine what works best and what doesn’t within your industry. Understanding these factors can help you avoid many significant pitfalls.

While business plan examples can be incredibly helpful in writing a plan from scratch, ensure your plan is customized for your business and sends out a unique message. Your business plan must reflect its unique idea, vision, and target market.

Download business plan examples for:

• Business Plan Template for Startups
• Business Plan Template for Small Business
• Business Plan Example for Non Profits
• Business Plan Example for Students

Download a free sample business plan template

Ready to kick-start your business plan writing process? Not sure where to start? Here you go, download our free sample business plan, import data directly into the editor, and start planning.

This intuitive, modern, and investment-ready template is designed specifically for startups and small businesses. In fact, this format has helped 110K+ entrepreneurs create business plans to secure funding, business grants, and loans. It includes a business planning course and step-by-step instructions to write each section.

Business plan types: choose the suitable template

Well, there are a few types of business plans. Though they cover similar categories, they all have different formats intended for different purposes or industries.

Here are a few common business plan types to help you choose the most suitable one for your business:

1. One-page business plan

One page business plan can be considered a one-page version of a standard business plan. It’s mainly used to present a quick overview of small businesses to your vendors, employees, investors, or stakeholders.

Considering its shorter length, creating a one page business plan can be a lot easier and less time-consuming compared to a standard business plan using a business plan software like Upmetrics.

2. Lean business plan

A lean business plan is a summarized version of a standard business plan that is longer than a one-page one. It’s mainly used to track finances and emphasize achieving short-term milestones.

This business plan type is best suitable if you are unsure about the business planning process. Moreover, drafting a lean business plan is also a lot easier and faster than a standard one.

3. Traditional business plan

A traditional business plan is the standard plan entrepreneurs have been using for years to outline marketing strategies, project financials, and draw investors. A traditional business plan can be a few dozen to a hundred-page long, depending on its purpose and your business specifications.

A traditional plan is a must-have business document for business owners aiming to achieve long-term business success.

4. Internal business plan

As the name suggests, an internal business plan is a document designed for internal management and team members to ensure everyone’s on the same page. The primary focus of these plans is to set primary goals and outline processes aiming to achieve them—ultimately streamlining business operations.

Start writing your business plan

There’s no denying—creating a business plan that draws investors in needs some serious work; it’s no stroll in the park. But you must take the first step to stay ahead in the cut-throat competition; there is no way around it.

So, what are you waiting for? Understand your business and the value it offers to its customers, find a suitable template from our library, and start planning.

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After trying Upmetrics, I wish to highly recommend this app to anyone who needs to write a business plan flexibly and to a high standard.

Frequently Asked Questions

How can i write my own business plan.

Follow this step-by-step process to write your business plan on your own.

• Choose a format that best suits your business requirements
• Create a business plan outline
• Create a company description section
• Conduct market research
• Conduct a competitive analysis
• Describe your product and services
• Outline sales and marketing strategies
• Create a logistics and operations plan
• Introduce management team
• Project financials
• Summarize your plan with an executive summary
• Complete your plan with an appendix

Where can I find business plan examples?

Upmetrics is an incredible business planning solution providing 400+ business plan samples and examples. You can easily create a good business plan using these industry-specific templates.

What is a business plan template?

A business plan template is a pre-formatted business plan, usually written for a fictional company. These industry-specific templates can help entrepreneurs understand a business plan’s structure and other key components. These templates are used mainly by entrepreneurs planning to launch a new startup or expand an existing business.

Should I hire someone to write my business plan for me?

Concept, contents, and cashflow are the 3Cs of a business plan that can be defined as follows:

• Concept: Your concept should explain the purpose of your business, summarizing what you plan to accomplish with this very business.
• Contents: Your content should reflect your concept, product and services, target market, and competition.
• Cashflow: Your cash flow section must detail your cash in-and-out flows, including capital investment, operations costs, and revenue projections.

Why Is It Beneficial to Use a Sample Business Plan as a Guide?

Let’s face it—writing a 40-50 page business plan from scratch can be too intimidating; you may soon give up and won’t even finish it. 

Instead, using a sample business plan as a guide can help you understand its structure, gain inspiration and ideas for content, plan marketing strategies, and project financials. In short, using business template examples is the best way to write a business plan.

When should you not follow a business plan example?

We’ve always been saying this, using an example of a business plan is the best way to write one. However, it’s also critical to understand when not to follow a template. Here’s when:

• The format does not align with your business model or industry.
• Include outdated templates and information.
• Offer poorly written content.
• Include misleading and poorly done financials.
• There’s a lack of expertise.

These are a few red flags in a template you must consider looking at while choosing one.

Are these examples suited for business plan beginners?

Absolutely. In fact, these examples are specially designed, keeping common issues faced by beginners while drafting a plan in mind to serve them best. So, if you are a new or an established business with no planning experience, you have to check out these templates.

Looking for a faster way to finish your business plan?

Business Plan Example and Template

Learn how to create a business plan

What is a Business Plan?

A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing .

A business plan should follow a standard format and contain all the important business plan elements. Typically, it should present whatever information an investor or financial institution expects to see before providing financing to a business.

Contents of a Business Plan

A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan:

1. Title Page

The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date, and the company logo.

2. Executive Summary

The executive summary is the most important section because it is the first section that investors and bankers see when they open the business plan. It provides a summary of the entire business plan. It should be written last to ensure that you don’t leave any details out. It must be short and to the point, and it should capture the reader’s attention. The executive summary should not exceed two pages.

3. Industry Overview

The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues. It also shows the company’s position in the industry and how it will compete in the market against other major players.

4. Market Analysis and Competition

The market analysis section details the target market for the company’s product offerings. This section confirms that the company understands the market and that it has already analyzed the existing market to determine that there is adequate demand to support its proposed business model.

Market analysis includes information about the target market’s demographics , geographical location, consumer behavior, and market needs. The company can present numbers and sources to give an overview of the target market size.

A business can choose to consolidate the market analysis and competition analysis into one section or present them as two separate sections.

5. Sales and Marketing Plan

The sales and marketing plan details how the company plans to sell its products to the target market. It attempts to present the business’s unique selling proposition and the channels it will use to sell its goods and services. It details the company’s advertising and promotion activities, pricing strategy, sales and distribution methods, and after-sales support.

6. Management Plan

The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. It should list the number of employees that will be needed and the remuneration to be paid to each of the employees.

Any external professionals, such as lawyers, valuers, architects, and consultants, that the company will need should also be included. If the company intends to use the business plan to source funding from investors, it should list the members of the executive team, as well as the members of the advisory board.

7. Operating Plan

The operating plan provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory . For a business that requires custom warehouses and specialized equipment, the operating plan will be more detailed, as compared to, say, a home-based consulting business. If the business plan is for a manufacturing company, it will include information on raw material requirements and the supply chain.

8. Financial Plan

The financial plan is an important section that will often determine whether the business will obtain required financing from financial institutions, investors, or venture capitalists. It should demonstrate that the proposed business is viable and will return enough revenues to be able to meet its financial obligations. Some of the information contained in the financial plan includes a projected income statement , balance sheet, and cash flow.

9. Appendices and Exhibits

The appendices and exhibits part is the last section of a business plan. It includes any additional information that banks and investors may be interested in or that adds credibility to the business. Some of the information that may be included in the appendices section includes office/building plans, detailed market research , products/services offering information, marketing brochures, and credit histories of the promoters.

Business Plan Template

Here is a basic template that any business can use when developing its business plan:

Section 1: Executive Summary

• Present the company’s mission.
• Describe the company’s product and/or service offerings.
• Give a summary of the target market and its demographics.
• Summarize the industry competition and how the company will capture a share of the available market.
• Give a summary of the operational plan, such as inventory, office and labor, and equipment requirements.

Section 2: Industry Overview

• Describe the company’s position in the industry.
• Describe the existing competition and the major players in the industry.
• Provide information about the industry that the business will operate in, estimated revenues, industry trends, government influences, as well as the demographics of the target market.

Section 3: Market Analysis and Competition

• Define your target market, their needs, and their geographical location.
• Describe the size of the market, the units of the company’s products that potential customers may buy, and the market changes that may occur due to overall economic changes.
• Give an overview of the estimated sales volume vis-à-vis what competitors sell.
• Give a plan on how the company plans to combat the existing competition to gain and retain market share.

Section 4: Sales and Marketing Plan

• Describe the products that the company will offer for sale and its unique selling proposition.
• List the different advertising platforms that the business will use to get its message to customers.
• Describe how the business plans to price its products in a way that allows it to make a profit.
• Give details on how the company’s products will be distributed to the target market and the shipping method.

Section 5: Management Plan

• Describe the organizational structure of the company.
• List the owners of the company and their ownership percentages.
• List the key executives, their roles, and remuneration.
• List any internal and external professionals that the company plans to hire, and how they will be compensated.
• Include a list of the members of the advisory board, if available.

Section 6: Operating Plan

• Describe the location of the business, including office and warehouse requirements.
• Describe the labor requirement of the company. Outline the number of staff that the company needs, their roles, skills training needed, and employee tenures (full-time or part-time).
• Describe the manufacturing process, and the time it will take to produce one unit of a product.
• Describe the equipment and machinery requirements, and if the company will lease or purchase equipment and machinery, and the related costs that the company estimates it will incur.
• Provide a list of raw material requirements, how they will be sourced, and the main suppliers that will supply the required inputs.

Section 7: Financial Plan

• Describe the financial projections of the company, by including the projected income statement, projected cash flow statement, and the balance sheet projection.

Section 8: Appendices and Exhibits

• Quotes of building and machinery leases
• Proposed office and warehouse plan
• Market research and a summary of the target market
• Credit information of the owners
• List of product and/or services

Related Readings

Thank you for reading CFI’s guide to Business Plans. To keep learning and advancing your career, the following CFI resources will be helpful:

• Corporate Structure
• Three Financial Statements
• Business Model Canvas Examples
• See all management & strategy resources
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5 Best Business Plan Software in 2022

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When you’re starting a business, developing a strong business plan will be one of the first steps you take. Your business plan will cover everything from a detailed explanation of your products or services and pricing model to at least three years of financial projections—plus much more. Therefore, whether you’re not sure how to get started or you’re just looking to make the process easier, you may want to turn to business plan software for help.

In this guide, we'll break down five of the best business plan software options—discussing their pros, cons, features, pricing, and more—so you have all the information you need to decide which solution is right for your small business.

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The 5 best business plan software options

The right business plan software will make the process of writing your business plan much simpler. Like many business software solutions, however, there are a number of different business plan software options out there—each of which has a unique set of features, user experience, and price.

This being said, if you're looking for a place to start your search for the best business plan software, you can explore the five top options below:

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

1. LivePlan

Best overall business plan software.

If you want template-rich, modern-feeling business plan software, then LivePlan may be the right pick for you. LivePlan excels with their user interface, which feels updated and slick, and also offers intuitive, easy-to-use features and options.

Their step-by-step instruction will help you kick things off from the beginning, and you can take advantage of their online learning center to continue to gain business skills.

Affordable plans, including pay-as-you-go option

No long-term contracts or cancellation fee; 60-day money-back guarantee

Modern, intuitive interface; cloud-based, can be used on Mac, PC, as well as tablets

Ability to create unlimited plans in one account; over 500 customizable templates

Variety of business resources including video tutorials, step-by-step instruction, and general customer support

Limited integration options

Challenging to enter your own financial modeling projections

Can be difficult to learn

Ability to create an unlimited number of business plans on one account

More than 500 business plan templates spanning various industries

Integration with Xero and QuickBooks Online

Real-time tracking of financial data with accounting integrations

Ability to export your business plan to Word or PDF

Expert advice and step-by-step instruction included

Performance dashboards for tracking against budgets and sales goals

Ability to create and export a one-page pitch executive summary

Annual plan: $15 per month, billed every 12 months

Six-month plan: $18 per month, billed every six months

Pay-as-you-go plan: $20 per month, billed once every month

2. GoSmallBiz

Best for multiple business management tools in one platform.

Next on our list of the best business plan software options is GoSmallBiz, which is much more than just a business plan software. With GoSmallBiz, you have access to business continuity planning software with features that cover creating a roadmap, working through business and legal forms, building a website, and more.

In this way, GoSmallBiz is great for startups or newer businesses looking to access multiple business management tools through one platform.

Unlimited business consultation and extensive library of online resources

Multiple business tools in one software

Website consultation analysis and business assessment

Industry-specific business plan templates with emphasis on financial projections and statements

Expensive monthly cost compared to alternatives

Limited business plan features

Entire business plan can only be exported to Microsoft Word

Outdated interface

Industry-specific business plan templates with step-by-step building wizard

Ability to create financial statements and projections

Free website hosting and website builder

Customer relationship manager with integration with MailChimp

Digital marketing dashboard with social media and Google Analytics integrations

HR document builder

Corporate minutes writer

Business documents library

Business courses library

Unlimited business consultation

$39 per month, no contracts, free cancellation

Best for simple, fast business plan creation.

If you're looking for free business plan software, Enloop will be one of your closest options—they offer an all-inclusive seven-day free trial, no credit card required. Additionally, unlike some of the other options on our list, Enloop is strictly dedicated to business plan creation, including automated text writing, financial forecast comparisons, and a real-time performance score that tracks your progress.

This being said, if you'd prefer the most straightforward, fast, and simple way to write your business plan, Enloop will be a platform worth considering.

Simple and straightforward software, solely dedicated to business plan creation

Seven-day free trial

Automatic text generation available to streamline the writing process

Affordable plans with annual discount option

Limited additional educational resources

Only one template option

No integration options

Ability to create three business plans with customizable text, images, tables, charts, and over 100 currency symbols and formats

Includes automatic text generation for each plan section that you can then customize

Automatically generated financial statements

Includes financial performance comparison analysis (using three ratios with Detailed plan and 16 with Performance plan)

Real-time performance score to track your progress

Ability to invite users to edit (two with Detailed plan, five with Performance plan)

Pass/fail report and certificate to help you identify issues with your plan

Free plan: Seven-day free trial with no credit card required

Detailed plan: $19.95 per month or $11 per month, paid annually

Performance plan: $39.95 per month, or $24 per month, paid annually

Best for startups looking to acquire funding or find investors.

Part of the Startups.com suite, Bizplan gets top marks for their user interface—it’s intuitive, easy to use, and modern. You’ll work with a step-by-step business plan builder to get exactly what you’d like from your business plan. It may remind you of a modern website builder, since it has drag-and-drop tools to build templates.

Moreover, for one subscription fee, you have access to all of the tools in the Startups.com network, including self-guided courses, how-to guides, masterclass videos, and more. All in all, with a direct connection to Fundable, Bizplan is a top business plan software option for startups looking to acquire funding and find investors.

Subscription gives you access to all Startups.com tools

Lifetime access subscription option

User-friendly drag-and-drop business plan builder

Excellent educational resources

Connection to Fundable great for businesses looking for capital

No free trial

No templates based on industry

No mobile access

Drag-and-drop templates for business plan building

Financial command center to track all business financials in one place

Unlimited account collaborators

Ability to share business plan online with investors

Online resources including self-guided courses, masterclass videos, how-to guides, mentorship access

Unlimited software use for Fundable, Launchrock, and Startups.com

Monthly plan: $29 per month

Annual plan: $20.75 per month, billed at $249 per year

Lifetime access: $349 one-time fee

5. PlanGuru

Best for financial planning and budgeting.

Finally, for some of the strongest financial features among business plan software options, including budgeting and forecasting, you might check out PlanGuru. Whereas the other solutions we've reviewed were first and foremost focused on writing a business plan, PlanGuru is dedicated to business financial planning —providing the tools you need to create budgets, financial forecasts, reports, and more.

Therefore, if you need a software solution that can streamline the financial piece of your business planning processes, PlanGuru will certainly have the most to offer.

Extensive financial tools and detailed forecasting, budgeting, and reporting capabilities

Substantial library of resources

Cloud-based and desktop options

14-day free trial and 30-day money-back guarantee

Expensive, especially for additional users

Only focuses on the financial aspect of business planning; no templates or tools for basic business plan writing

Difficult to use without prior financial knowledge

Cloud-based version of software, as well as locally installed Windows version (desktop version has a few more features)

Works with QuickBooks Online, Xero, and Excel

Budgeting and forecasting for up to 10 years

Over 20 standard forecasting methods

Formula builder to create custom methods

Ratios and KPIs

Dashboard and reporting tools

Help guides, video tutorials, knowledgebase, and live U.S.-based customer support

14-day free trial

$99 per month (additional users $29 per month)

$899 per year (additional users $299 per year)

What to look for in business plan software

Ultimately, it's up to you to decide, which, if any, of the best business plan software solutions on our list is right for your business.

So, if you're trying to figure out how to choose between the various options out there, it might be helpful to compare your top choices based on the following criteria:

Features: As we've seen different business plan software solutions offer different features. You'll want to look carefully at the feature list of any software and determine what features are most important for your business needs. Do you need an extensive library of templates with detailed customization? Would you prefer software that includes an online learning center for business skills? Are you looking for a solution that combines business plan writing with other tasks? It may be useful to list out your ideal feature set, so you can compare individual software plans to that list.

Price: Although you might be able to find some free business plan software options (or at the very least, free trials), in most cases, you'll need to pay a subscription fee to access the platform you choose. Therefore, you'll want to think about what your budget is for this business tool and what type of software is most cost-effective for your needs.

User experience: User experience can vary widely among different business plan software options. You’ll find some programs that are newer or have been recently updated. Others might have the kind of interfaces that felt new years ago but are now pretty out of date—and, subsequently, make them a little harder to use. The right user experience for your needs is genuinely a matter of opinion and comfort—nevertheless, it's worth testing thoroughly testing out a platform to ensure that it can truly work for you before investing in a monthly or annual subscription.

The bottom line

There's no doubt that properly crafting your business plan is important for the future growth and success of your small business. Luckily, the right business plan software should make the process much simpler.

This being said, whether you opt for one of the best business plan software options listed here, or another platform entirely, you'll want to take the time to compare multiple solutions and ensure you choose the one that's right for your business.

As we mentioned, it can be helpful to think about the features you're looking for, your budget, and your user-experience preferences ahead of time—that way, you'll have a set of criteria in mind as you explore different solutions.

Ultimately, perhaps the best thing you can do to find the right software is to actually test out the platforms themselves—either by using a free trial or a money-back guarantee.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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How to Write a Business Plan

• Getting Started

Before You Write Your Business Plan

Business plan resources online, business plan databases, recommended titles.

• Find Industry Information
• Research Your Competition
• Find Information on your Customers
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Need extra help? We can put you in touch with a SCORE Mentor or legal help to get answers. 

• SCORE appointments Boston SCORE provides free and Confidential business advice from experienced business professionals at the Kirstein Business Library & Innovation Center. Book an appointment here.

Starting a business can be a daunting task.  Luckily, the Boston Public Library has the resources to help you write your business plan. Use this guide to help you locate data and information to help you build a successful business.    

• What makes your business unique?
• What problem are you solving?
• How does your business solve a problem?
• Who is your ideal customer?
• Who is your competition?
• How will you reach your customers?
• Do you have the right team?
• How will you make money?
• Do you need to work with other partners or companies? 
• Who are the other partners or companies?
• The Business Plan Guide--Bplans.com Articles with a links to a large online collection of free sample business plans. In addition, it has tools and guides to help you manage your business better

• Business Plans: A Step-by-Step Guide--Entrepreneur Information about elements of a business plan from Entrepreneur magazine. Includes a link to forms and templates.
• What You Need to Know About Small Business Plans --The Balance Introduction and tips for creating an effective small business plan for your new business
• Write your Business Plan-- Small Business Administration Information on business plans and general information about starting a business from the Small Business Administration.
• LawDepot LawDepot is now available through OverDrive. Log in using the Libby app or website LawDepot allows you to create your own personalized legal documents specific to your state/province and personal situation.

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• Last Updated: Aug 29, 2024 2:17 PM
• URL: https://guides.bpl.org/businessplans

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.

Introduction to the Business Plan: Research Databases

• Business Plan/Industry Research
• Research Databases
• Books & eBooks
• Citation Resources

Search Tips

When searching databases, follow these tips:

Combine your keywords with "AND" & "OR": 

• Use AND to retrieve articles that contain all of your keywords, e.g., "video games" AND violence.
• Use OR to retrieve articles that contain one or more of your keywords, e.g., ("video games" OR "online games").
• Use NOT to retrieve articles that do not contain a specific keyword, e.g., "video games" NOT Wii.

Business Journal Databases (HCC)

Business journals and other periodicals

• ABI/INFORM Collection This link opens in a new window Search a unique resource focusing on hard-to-find local and regional business news coverage of large corporations, privately held companies, local start-ups, executive profiles, marketing, finance, and industry news. Provides access to business information not typically found in national news sources. Contains news and analysis, information on local markets, and more gathered from major business tabloids, magazines, daily newspapers, wire services, and city, state, and regional business publicat
• Business Source Premier This link opens in a new window Provides full text for nearly 3300 scholarly business journals covering management, economics, finance, accounting, international business and much more.
• ProQuest Central This link opens in a new window Comprehensive database covering over 160 subjects. It includes the full-text of over 400 newspapers, nearly 30,000 dissertations and millions of articles from scholarly journals.
• Accounting, Tax & Banking Collection This link opens in a new window Comprehensive coverage of accounting and tax topics appearing in key industry publications and newspapers. The quintessential accountant's database.
• Asian & European Business Collection This link opens in a new window Find the latest European business and financial information. Includes quality resources such as The Economist, Fortune, European Business Journal, and many more.

News Databases

Use these databases to find articles published in newspapers and magazines

• Wall Street Journal This link opens in a new window Offers in-depth coverage of national and international finance as well as first rate coverage of hard news.
• Wall Street Journal: Eastern Edition Jan 2, 1984 - present
• Wall Street Journal (Europe) News and business analysis for Europe, the Middle East and Africa. Jan 2, 1991 - present
• Wall Street Journal Asia Provides business news and analysis for the Asian audience and marketplace. January 1991 to present
• WSJ (magazine) The magazine from the Wall Street Journal. Jun 2011 - present
• Baltimore Sun Newspaper (1990-present) A good source for articles on local topics.
• Regional Business News This link opens in a new window This full text newswire database incorporates business wires from all over the world.
• New York Times (1980 - Current) This link opens in a new window Offers superb coverage of national and international news, plus coverage of important speeches and documents, Supreme Court decisions, and presidential press conference transcripts.

Online Business Encyclopedias

• Encyclopedia of Business and Finance This link opens in a new window Presents a depth of information on wide-ranging areas concerning business, including accounting, economics, finance, information systems law, management, and marketing.
• Encyclopedia of Small Business This link opens in a new window Contains 600 detailed articles and overviews of all the key information needs of small business owners, including financing, financial planning, business plan creation, market analysis, sales strategy, tax planning, and human resource issues.
• Gale Encyclopedia of E-Commerce This link opens in a new window Provides access to the world of Internet commerce and addresses the concerns of those who want to join the ranks of the Internet business community. Presents answers to common questions about website development, financing, advertising, and more. Features 470 essays covering topics and terms, profiles of the top e-commerce companies, biographies of e-commerce innovators, and coverage of events and legislation related to e-commerce.
• Gale Encyclopedia of U.S. Economic History This link opens in a new window Designed to answer such key questions as: How has the U.S. Constitution shaped the economy of the United States? What were the consequences of Prohibition on consumers' behavior? This title presents 1,000 entries, era overviews, event/movement profiles, biographies, business/industry profiled, geographic profiles, and more.
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Business Plans Handbook

Sample business plans, templates, listings, glossary and bibliography.

Comprising sample plans from entrepreneurs seeking funding for small businesses in North America, the collection includes diverse sectors such as manufacturing, retail, and services, with only company names and addresses altered.

HBS Faculty, Students, and Staff

Remote access available

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Harvard Faculty, Students, and Staff

Still need help.

Our expert librarians are here to help you find what you’re looking for.

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Write a Business Plan

Gale business: plan builder.

Easily turn small business ideas, plans, and finances into a comprehensive business plan. Gale Small Business Builder is a step-by-step online planning tool for starting, managing and optimizing a business or nonprofit.

Accessible in all Pratt Library locations, or from home with your library card.

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Gale Business: Plan Builder

Step-by-step guidance for new entrepreneurs, experienced small business owners, and those starting or running a nonprofit.

Gale Business: Plan Builder is a step-by-step online planning tool for starting, managing and optimizing a business or nonprofit. The program’s intuitive dashboard walks users through five areas of exploration in order to develop a business plan focused on long-term success. Areas include

Entrepreneur Profile This tool helps users explore what they can bring to the table as an entrepreneur and assess where they stand in preparing to start a business. A one-page summary of them as an entrepreneur is generated.

Business Ideation Users can employ tools such as Lean Canvas, SWOT, Porter’s Five Forces, and more to plan the high-level framework in which their business will operate.

Break-Even Analysis Delivers insight to determine when a user’s business will be able to cover expenses and begin to realize a profit.

Business Plans Creates a plan that can be presented to potential investors and lenders, including Executive Summary, Lean Business Plan, Full Business Plan, and Strategic Marketing Plan.

Financial Projections A robust analysis of a company’s financial future encompassing capital expenditures, sales, equity, and inventory.

For patrons exploring the idea of small business ownership, this resource provides a gradual introduction to entrepreneurial concepts and elements. For seasoned business persons or those progressing through the recommended workflow, the focus shifts toward outcome-based activities to support the management and growth of an operation, such as getting a loan, seeking investors, buying new equipment, and opening new facilities.

Gale Business: Plan Builder is equipped with popular, proven business planning tools and templates to assist users in creating documents and other deliverables such as a Lean Canvas, Break-Even Analysis, Lean Business Plan, a variety of financial statements, and more.

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Business Plans -- How to Write an Effective Business Plan

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What are business plans?

From the Small Business Administration: A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. As it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.

Before you begin writing your business plan, consider four core questions:

• What service or product does your business provide and what needs does it fill?
• Who are the potential customers for your product or service and why will they purchase it from you?
• How will you reach your potential customers?
• Where will you get the financial resources to start your business?

https://www.sba.gov/offices/district/mo/st-louis/resources/how-write-business-plan

Library Resources

Business Plans Handbook

A compilation of actual business plans developed by small businesses throughout North America.  Business Plans Handbook is part of Gale Virtual Reference Library.  Use the link above to access the online collection.

Web Resources

• Small-Business Glossary of Terms
• Bplans.com: Sample Business Plans
• Business Owners Toolkit / Sample Business Plan Components
• Write a Business Plan
• Business Plan Basics
• Sample Business Plans
• SCORE A resource partner of SBA offering training, certification and a broad array of assistance across the country. Multiple options available in Twin Cities.

Books and Video on Developing and Writing Business Plans

• The business plan workbook   / Colin Barrow, Paul Barrow, Robert Brown. London : Kogan Page, 2005. Online Access. Print: TC Wilson Library Business Reference HD30.28 .B3685 2005
• Plan as you go business plan . Entrepreneur Press, 2008.  TC Wilson Library HD30.28 .B4569 2008 Regular Loan 
• How to prepare a business plan .  Kogan Page, 2008.  Online Access.
• The business plan [videorecording]   / writer/director, Suzi Taylor ; producer, Suzi Taylor ; VEA. Hamilton, NJ : Films for the Humanities and Sciences, [2010] TC Walter Smart Learning Commons HD30.28 .B8525 2010
• Business planning for turbulent times : new methods for applying scenarios   / edited by Rafael Ramirez, John W. Selsky and Kees van der Heijden. London ; Washington : Earthscan, 2010. TC Wilson Library HD30.28 .B848 2010
• Entrepreneur's guide to writing business plans and proposals .  Praeger, 2008. Online Access.
• Creating a business plan : expert solutions to everyday challenges .  Boston, Mass. : Harvard Business School Pub., c2007. TC Wilson Library HD30.28 .C73 2007
• Writing a convincing business plan .  Barron's, 2008. TC Wilson Library HD30.28 .D477 2008 Regular Loan 
• How to write a business plan   / Brian Finch. London ; Philadelphia : Kogan Page, 2010.zz TC Wilson Library HD30.28 .F562 2010
• Ernst & Young Business Plan Guide .  John Wiley, 2007. TC Wilson Library HD62.5 .S556 2007 Regular Loan br>
• Seven step business plan .  Pelican Publishing Co, 2007.  TC Wilson Library HD30.28 .H6725 2007 Regular Loan 
• How to write a business plan .  Mike McKeever. Berkeley, CA : Nolo, 2007. Online Access
• The new business road test : what entrepreneurs and executives should do before writing a business plan   / John W. Mullins. Harlow, England ; New York : Prentice Hall/Financial Times, 2006. TC Wilson Library Reserve HD62.5 .M85 2006
• Anatomy of a Business Plan: a step by step guide to building a business and securing your company's future .  7th edition. 2008. Online Access.
• Entrepreneurial finance: finance and business strategies for the serious entrepreneur   / Steven Rogers ; with Roza Makonnen. New York : McGraw-Hill, c2009. Online Access.
• The Business Plan: How to Win Your Investors Confidence   / by Gerald Schwetje, Sam Vaseghi. Berlin, Heidelberg : Springer-Verlag Berlin Heidelberg, 2007. Online Access.
• The due diligence handbook: corporate governance, risk management and business planning  / Linda S. Spedding. Amsterdam ; Boston ; London : CIMA, 2009. Online Access.
• The marketing plan workbook   / John Westwood. London ; Sterling, VA : Kogan Page, 2005. TC Wilson Library Business Reference HF5415.13 .W482 2005  [Table of contents ]--  http://www.loc.gov/catdir/toc/ecip053/2004026585.html 

Get In-Person Help

• Minnesota Small Business Development Centers This statewide network of Small Business Development Centers provide the professional expertise and guidance that every small business owner needs to flourish in today's competitive and changing business world.
• Small Business Administration -- Minnesota District Office The Minnesota SBA Office is responsible for the delivery of SBA's many programs and services throughout the State of Minnesota. The office is located at 210-C Butler Square, 100 N 6th Street, in downtown Minneapolis across the street from the Target Center. Office hours are 8:00 a.m. until 4:30 p.m., Monday through Friday. The local phone number is 612-370-2324.
• WomenVenture Help for women entrepreneurs.
• Womens Business Centers SBA assistance for women entrepreneurs.

Find Journal Articles

• Business Source Premier Use this popular research database to find business articles from 2,200 journals and magazines in marketing, management, information technology, operations, human resources, accounting, finance and economics dating back to 1965. Additional company and industry profiles from Datamonitor are included along with country reports and SWOT analyses.
• Factiva Full text articles and transcripts from news sources, business magazines, and websites with international and foreign language coverage. Includes daily newspapers, television transcripts, newswires, and all editions of the Wall Street Journal. Financial information for publicly traded companies, stocks, funds, currencies, and common market indexes. Limited to 7 simultaneous users.
• American City Business Journals (BizJournals) Find articles from the Minneapolis St. Paul Business on local companies and other organizations. Students, faculty and staff have full access to Minneapolis/St. Paul Business Journal, including Digital content across 18 different Industries, access to the Weekly Edition, Book of Lists, the Search Archives. Register for an account with a valid @umn.edu e-mail address using the link above. NOTE: Full text access only includes Minneapolis/St Paul market. more... less... Once a personal account is created, you can access from anywhere at https://www.bizjournals.com/twincities/
• U.S. Newsstream This link opens in a new window Search the most recent premium U.S. news content, as well as archives which stretch back into the 1980s featuring newspapers, newswires, blogs, and news sites in active full-text format.
• International Newsstream This link opens in a new window International news from newspapers, newswires, transcripts, and digital-only news sites in full-text format. Over 800 of the world's top news sources.

Use Data to Accelerate Your Business Strategy

by John Ladley and Thomas C. Redman

Summary .   

Data is not yet strategic for many organizations. While many success stories confirm data can add enormous value, most organizations still struggle to build data into their business strategies and, conversely, to align their data efforts to the needs of the business.

But when integrated properly, data can accelerate many business strategies by improving the processes and empowering the people needed to execute them. This starts by having the right conversations — by seeing through all the complexities, finding common ground, and establishing priorities on which everyone can agree. To do this, leaders and data experts should focus on looking at data and strategy through the lens of six “value modes,” or ways that companies can derive value from data. These value modes include improved processes; improved competitive position; new and improved products, stemming from better customer and market data; informationalization, or building data into products and services; improved human capabilities; and improved risk management.

Thirty-five years after Robert Waterman’s observation in In Search of Excellence that companies were “data rich and information poor,” little has changed. For sure companies are “data richer,” having exponentially more data at their disposal. But they are still information poor, even as leaders have implemented a wide array of programs aimed at exploiting data. Most still struggle to build data into their business strategies and, conversely, to align their data efforts to the needs of the business. There are a host of reasons, from lack of talent to unreasonable expectations to culture. Solving these problems is essential for those that wish to unleash the power of data across their organizations.

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Introduction

I. the company, concept, and product(s) or service(s), ii. the industry analysis, iii. market research & analysis, iv. economics of the business, v. the marketing plan, vi. design & development plan, vii. operations plan, viii. management team, ix. overall schedule, x. critical risks, problems and assumptions, xi. financial plan, xii. proposed company offering.

• Organizational Behavior
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The recommendations and resources on this page complement the Whitman School of Management's Nuts and Bolts of Great Business Plans , which was written by Department of Entrepreneurship and Emerging Enterprises . The sections on this page correspond to the Nuts and Bolts of Great Business Plan sections.

Nearly every part of your business plan will require some type of research. Since gathering and analyzing the amount of information and data this assignment requires can be time consuming, be sure to plan your time accordingly. These recommendations and resources are just starting points. Be prepared to gather information and data from many different sources as you research and put together your business plan.

The following video tutorials were developed to provide a refresher on general research and business research strategies. The four business research video tutorials, in particular, were developed by Business, Management and Entrepreneurship Librarian Stephanie JH McReynolds to support EEE 457 students in the development of Capstone business plans.

• Video Tutorials for General and Business Research General Research Video Tutorials Include: "Research Starting Points," "Using Libraries Search," "Finding Journal Articles." Business Research Video Tutorials Include: "Industry Research Part 1: Identifying Industry Codes," "Industry Research Part 2: Discovering Industry Research Reports and Data," "Company Research," "Market Research Resources."

First outline the nature of the entity you plan to create and where you are in that process, then capture the essence of your business concept and explain that concept, then detail the products and services you anticipate selling, and then talk about your entry approach and your vision for growth over the next five years.

As you draft your idea, use the resources on the Article and News page of the Business Information Guide to explore trends and relevant company, industry, and product news and analysis. Refer to the resources on the Company Research page of the Business Information Guide to become familiar with other companies offering similar products or services.

The "industry" refers to the larger landscape, as in the "computer hardware wholesale trade industry" or the "card and gift industry" or the "architectural services industry." The focus here is on what is happening in the industry and on the relative attractiveness of the industry as a whole.

Refer to the Industry Research page of the Business Information Guide for recommendations and guidance.

This section should convince the reader or investor that you truly know your customers. It should convince the reader that your product or service a) solves a customer need that customers want solved; b) will have a substantial market in a growing industry; and c) can achieve sales in the face of competition. For example, the predicted sales levels directly influence such factors as the size of the manufacturing operation, the marketing plan, and the amount of debt and equity capital you will require. Yet most entrepreneurs seem to have great difficulty preparing and presenting market research and analyses that show that their ventures' sales estimates are sound and attainable. Consult industry publications, articles in trade magazines and trade associations to understand how the industry defines, identifies and segments its customers. Then apply yourself creatively by integrating the information in a unique way.

Explore resources on the Business Information Guide for Market Research , Data & Demographics , and Articles and News .

The economics of the business is the section addressing the basic logic of how profits are earned in your business as well as the sales level required to breakeven. Two companies in the same industry might make profit in very different ways. Will this be a high margin, low volume business with low fixed costs? Will it be a low margin, high volume business where the cost structure is predominantly variable? The story begins by identifying your sources of revenue and how much margin you make on each of them.

Explore  Company Research resources on the Business Information Guide to find revenue and expenses of similar companies. Find industry ratios (such as profit/loss ratio by sales class) in Industry Research resources, such as Bizminer.

The Marketing Plan describes how your projected sales will actually be attained. How will you make sales actually happen? A great idea is meaningless if you cannot find customers. Thus, this section builds on the Market Section, where you defined your market and outlined your targeted segments and their buyer behavior. The marketing plan needs to provide detail on the overall marketing strategy that will exploit the opportunity and your competitive advantages. Include a discussion of sales and service policies, pricing, distribution, promotion and advertising strategies, and sales projections. The marketing plan needs to describe what is to be done, how it will be done, when it will be done, and who will do it.

Articles and News Search Tips:

Pay close attention to the words and terms in this section from The Nuts and Bolts of Great Business Plans. These words can be useful search terms. For example, sales and service policies, pricing, distribution, promotion, advertising strategies, and sales projections. As you review your search results, pay particular attention to the words and phrases in the keywords and subject terms of the article records, as these can yield additional search terms.

A basic search for marketing and strategy and (your product or concept term) can also yield relevant results. The databases will also suggest additional terms to use in your search, such as market research AND strategy, advertising agencies, advertising campaigns, marketing management, market research, marketing agreements for you to explore.

This is a very important section for those teams developing a non-existent product, doing research and development, having technical obstacles to overcome, or seeking patent or copyright protection. However, if you are in a business where research and development is not a major issue (e.g., retailing, many consumer services), then you can leave this section out and just address and technologies you plan to employ in the OPERATIONS section.

The nature and extent of any design and development work, and the time and money required before the product or service is marketable, need to be considered in detail. (Note that design and development costs are often underestimated.) Design and development might be the engineering work necessary to convert a laboratory prototype to a finished product; the design of special tooling; the work of an industrial designer to make a product more attractive and saleable; or the identification and organization of employees, equipment, and special techniques, such as the equipment, new computer software, and skills required for computerized credit checking, to implement a service business.

Refer to the Patents & Intellectual Property guide for resources and research tips.

The operations section outlines how you will run your business and deliver value to your customers. Operations is defined as the processes that deliver your products/services to a customer or user and can include the production process for delivering your service to a given customer, manufacturing process if you are a manufacturer, transportation, logistics, travel, printing, consulting, and after-sales service. It also includes such factors as plant location, the type of facilities needed, space requirements, internal processes, capital equipment requirements, and labor force (both full- and part-time) requirements.

Explore resources on the Business Information Guide for Market Research , Data & Demographics , and Articles and News . For the geographic subsection, the mapping features of some Company Research databases (such as Data Axle Reference Solutions) and the mapping feature, or geographic limiters, available in certain Market Research resources (such as SimplyAnalytics) may be especially useful. To help identify suppliers, explore Thomasnet.com .

This section of the business plan includes a description of the functions that will need to be filled, a description of the key management personnel and their primary duties, an outline of the organizational structure for the venture, a description of the board of directors and key advisors, a description of the ownership position of any other investors, and so forth. You need to present indications of commitment, such as the willingness of team members to initially accept modest salaries, and of the existence of the proper balance of technical, managerial, and business skills and experience in doing what is proposed.

Find articles on building your management team and board of directors with databases on the Articles and News page of the Business Information Guide. Explore the Career Research Guide for relevant information, such as salary research resources.

A graphical schedule that shows the timing and interrelationship of the major events necessary to launch the venture and realize its objectives is an essential part of a business plan. The underlying cash conversion and operating cycle of the business will provide key inputs for the schedule. In addition to being a planning aid by showing deadlines critical to a venture's success, a well-presented schedule can be extremely valuable in convincing potential investors that the management team is able to plan for venture growth in a way that recognizes obstacles and minimizes investor risk. Since the time necessary to do things tends to be underestimated in most business plans, it is important to demonstrate that you have correctly estimated these amounts in determining the schedule.

• Gantt Charts as Planning Tools Part of Project Management Tools tutorial from Boston University.
• How to Use a PERT Chart for Project Planning Project planning overview from the Motley Fool.

The development of a business has risks and problems, and the business plan invariably contains some implicit assumptions about these issues. You need to include a description of the risks and the consequences of adverse outcomes relating to your industry, your company and its personnel, your product's market appeal, and the timing and financing of your startup. Be sure to discuss assumptions concerning sales projections, customer orders, and so forth. If the venture has anything that could be considered a fatal flaw, discuss why you do not see it as a problem or how you intend to overcome it. The discovery of any unstated negative factors by potential investors can undermine the credibility of the venture and endanger its financing. Be aware that most investors will read the section describing the management team first and then this section.

To inform this section, explore resources on the Business Information Guide for  Market Research ,  Data & Demographics , Company Research ,  Industry Research ,and  Articles and News .

This section lays out a picture of the financial performance of the firm as it is started, stabilizes and grows. The financial plan is basic to the evaluation of an investment opportunity and needs to represent your best estimates of financial requirements. The purpose of the financial plan is to indicate the venture’s potential and to present a timetable for financial viability. It also can serve as an operating plan for financial management using financial benchmarks. In preparing the financial plan, look creatively at the venture and think about bootstrapping techniques, especially in the early days.

Explore  Company Research  resources (such as PrivCo, which includes venture capital financial data, and Mergent Online, which includes 10-K reports) on the Business Information Guide to find revenue and expenses of similar companies. Find industry ratios (such as profit/loss ratio by sales class) in  Industry Research  resources, such as Bizminer.

• Beginners' Guide to Financial Statements Guide to financial statements from the SEC.
• Business Startup Financing Startup financing guidance from BizFilings, part of Wolters Kluwer.
• Financial Statement Analysis: The Basics for Non-Accountants Guide to financial statement analysis from Harvard Business School.
• Preparing Financial Business Statements Guide to preparing financial statements from BizFilings, part of Wolters Kluwer.

The purpose of this section of the plan is to indicate the amount of any money that is being sought, the nature and amount of the securities offered to the investor, a brief description of the uses that will be made of the capital revised, and a summary of how the investor is expected to achieve its targeted rate of return. It is important to realize the terms for financing your company that you propose here are only the first step in the negotiation process with those interested in investing, and it is very possible that your financing will involve different kinds of securities than originally proposed.

Discover relevant articles with the resources on the  Article and News  page of the   Business Information Guide.

• A Beginner’s Guide to Startup Valuation Overview of startup valuation
• Business Calculators Business Calculators recommended by the Motley Fool.
• How Much Is Your Slice of That Unicorn Really Worth? Stanford Business article on how to determine startup shares value. Includes link to free online calculator to help estimate the worth of startup shares.
• How to Value Private Companies Overview from Investopedia on how private companies are valued.
• “Valuing the Business” Chapter from eBook Creating Services and Products Overview of business valuation methods for entrepreneurs.
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Entrepreneur's Reference Guide to Small Business Information

Subscription and free databases.

• Introduction
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• Registration
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• Doing Business with Government
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• Search the Library's Catalog
• Using the Library of Congress

This section includes both subscription and freely available databases that provide information on various aspects of entrepreneurship.

Subscription Databases

• Business researchers will increase productivity by locating hard-to-find data, accomplishing tasks and meeting goals more quickly and easily with advanced search features and extensive deep links within search results.
• Curated macro trends and major events intelligence
• Country-specific short, medium and long-term forecasts
• Industry data and analysis for 26 sectors
• Proprietary ratings on the business environment
• Supply and demand forecasts for 40 critical goods

Freely Available Databases

BEOnline was a database of over 1,600 selected websites on many aspects of business and economics, created and maintained by the Business Section at the Library of Congress.

It began in 1996 as an experimental project of the Bibliographic Enrichment Advisory Team (BEAT) of the Cataloging Directorate of the Library of Congress to explore means of access and bibliographic control for remote Internet resources of interest to the practice or study of entrepreneurship and small business. It expanded to include selected internet resources on all aspects of business and economics that may be of interest to researchers.

In the summer of 2021, BEOnline underwent a major review to fix broken links, clean categories, and identify catalog records to remove. As a result, it created a more accurate and curated list of recommended websites.

In the fall of 2023, the BEOnline project closed as the Science & Business Reading Room website updated. Many reviewed and recommend links have since migrated to our guides such as Doing Industry Research , Doing Company Research , and the Small Business Hub . 

To access an archive of BEOnline, visit the web archive page listed below. For questions, contact Ask a Librarian .  

• BEOnline [Archived Site] Archived version of the BEOnline project from November 19, 2021.
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Featured Resource

• Business Plan Export Tool in Statista Statista's Business Plan Export tool helps you create your business plan in three steps: select market, select region, and export business plan. To access Business Plan Export from the Statista database landing page, click on Expert Tools and select Business Plan Export .

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Industry Norms and Ratios

• Dun & Bradstreet Key Business Ratios (Available in Mergent Intellect) Online access to industry benchmarking data, featuring 14 key business ratios for public and private companies in 800 lines of business. Users can choose a one-year or three-year set of ratios.

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The Business Model Canvas

The Strategyzer Business Model Canvas is a tool that allows you to describe, design, challenge, invent, and pivot your business model. Learn more by watching the  Business Model Canvas Explained from Strategyzer on Vimeo .

• Business Model Canvas
• B Plans: How to Write a Business Plan A step-by-step overview. Does not included access to software.
• BEOnline - Business Plans & Forms Resources suggested by the Library of Congress
• Create Your Business Plan - an SBA Guide Includes downloadable templates.
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Data Business Plans

Computer engineering business plan.

Todd, West, and Associates is a network engineering contractor providing inventory and warehouse management systems.

Data Recovery Business Plan

Electronic Detectives, Inc. helps lawyers identify, acquire, restore, and analyze electronic data in litigation.

Data Recovery Services Business Plan

TTR Data Recovery Services provides computer data recovery service for clients' hard drive, tape, optical media, or any other computer storage device.

Database Software Business Plan

JTB Integrated Technologies develops database-driven software to improve inventory and order tracking online.

Document Storage Business Plan

Shaw's Records Management and Data Storage provides secure off-site storage for business-critical information, in a variety of paper, digital, magnetic, and film formats.

Electronic Filing Storage Business Plan

MyHaystack.com is a start-up company that delivers, organizes, and files your documents electronically via the Internet, like a home filing cabinet.

I.D. Verification Technology Business Plan

Bionex Corporation is a biometric security company providing solutions to remedy identity theft and credit fraud.

Internet Court Documents Business Plan

eDocFile, an Internet start-up company, will develop and implement electronic document filing Internet extranet systems for law courts.

Secure data storage and recovery is a key aspect of modern technology. There is a growing need for this cloud-based service with only a handful of key players currently offering it. If you have ideas for how to make users’ data more secure or provide more intuitive service, you may want to open a data-based business.

Check out our sample plans for data software and storage companies for ideas and inspiration to develop your own business plan.

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

Not-For-Profits and Nonprofits: Library Databases-Sample Business Plans/Directories

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• Business Plans Handbook-part of the database Gale Virtual Reference Library [ ttps://www.nypl.org/collections/articles-databases/gale-virtual-reference-library ]. Content is the digital version of the print Business Plans Handbook series and are actual business plans reproduced by permission. Use the SEARCH WITHIN THIS SERIES search for sample business plans of nonprofit organizations. Current NYPL Card account is required for access. Access to print volumes 1 to 19 of the Business Plan Handbook are available onsite at the library.  **Patrons should read the  Terms & Conditions  and  Privacy Policy  of this resource before searching.**

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Foundation Directory Online was developed by the Foundation Center, a nonprofit organization founded over 50 years ago to open up U.S. foundations to public view. This resource is now provided through Candid.  **Patrons should read the Terms & Conditions and Privacy Policy of this resource before searching.**

This database is only accessible at the following NYPL locations: Stephen A. Schwarzman Building; New York Public Library for the Performing Arts, Dorothy and Lewis B. Cullman Center; Schomburg Center for Research in Black Culture; Thomas Yoseloff Business Center; Bronx Library Center; Stavros Niarchos Foundation Library (SNFL); St. George Library Center

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The Walker Management Library has access to dozens of Owen Graduate School of Management and Vanderbilt University licensed databases. These resources provide access to business news and journals, as well as highly specialized content on an extensive range of business topics and research disciplines. Access and use restrictions apply to some resources, and use of these resources imply acceptance of our Copyright and Licensing Restrictions . Databases can be found in the following way:

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How to Create a Business Plan with AI

In today's fast-paced business environment, leveraging technology is vital for innovation and strategic growth. Among the various technological advancements, AI stands out as a transformative force in the way businesses plan and execute their strategies. This article provides a comprehensive guide on how to create a business plan using AI, walking you through the key components, the role of AI, steps in the planning process, the benefits it offers, and the potential challenges you might face.

Understanding the Basics of a Business Plan

A business plan serves as a roadmap for any business, outlining its goals, strategies, and future direction. It is essential for both startups seeking funding and established businesses planning for growth. Understanding its core components is crucial for effective planning.

A well-crafted business plan typically includes a summary of the business idea, market analysis, competitive analysis, and financial projections. Each of these segments serves a distinct purpose and collectively, they help in mapping out the business journey.

Key Components of a Business Plan

• Executive Summary: An overview of the business, including objectives and the unique value proposition.
• Market Analysis: Detailed insights into the industry, target market, and competitive landscape.
• Organization and Management: Structure of the business including ownership and management roles.
• Products or Services: Description of what you are offering, including unique features and benefits.
• Marketing Strategy: Plans for reaching your audience and capturing market share.
• Financial Projections: Estimates of revenue, expenses, and profit margins over time.

Each of these components leverages critical data that can be significantly enhanced through the use of AI.

The Importance of a Business Plan

Having a clear business plan is crucial for various reasons. Firstly, it helps articulate the vision of the business to potential investors, partners, and stakeholders. Secondly, it provides a strategic direction and measurable goals, guiding teams through the business landscape.

Furthermore, a robust business plan can help in identifying potential risks and devising strategies to mitigate them, making it an indispensable tool in today's competitive market. Additionally, a comprehensive business plan can serve as a benchmark for measuring progress over time. By regularly revisiting and updating the plan, businesses can adapt to changing market conditions and ensure they remain aligned with their long-term objectives. This iterative process not only fosters accountability within the organization but also encourages a culture of continuous improvement, where feedback and results are actively utilized to refine strategies and operations.

Moreover, a well-structured business plan can enhance communication within the team. It acts as a reference point that keeps everyone aligned with the company's mission and goals. When employees understand the broader vision and their role within it, they are more likely to be engaged and motivated. This alignment is particularly important in larger organizations where multiple departments must collaborate to achieve common objectives. By fostering a shared understanding of the business's direction, a business plan can significantly contribute to a cohesive and productive work environment.

The Role of AI in Business Planning

Artificial intelligence plays a pivotal role in enhancing the efficiency and accuracy of business planning processes. By automating data collection and analysis, AI eliminates the manual errors and biases that can derail planning efforts. This automation not only saves time but also allows teams to focus on strategic initiatives rather than getting bogged down in routine data management tasks.

With AI, businesses can harness vast amounts of data, gaining insights that were previously inaccessible. This capability allows for a more informed decision-making process that takes into account current trends and predictive analytics. Furthermore, AI can continuously learn from new data inputs, ensuring that the insights generated are not static but evolve with changing market dynamics.

AI and Business Forecasting

One of the most impactful applications of AI in business planning is forecasting. AI algorithms analyze historical data and recognize trends that inform future performance expectations. This deep learning approach enables the identification of complex patterns that traditional forecasting methods might overlook, providing a more nuanced understanding of potential outcomes.

This predictive power enables businesses to create more accurate financial projections and set realistic operational targets, paving the way for data-driven decision-making. Moreover, AI can simulate various scenarios based on different variables, allowing businesses to prepare for a range of possibilities and mitigate risks effectively.

AI in Market Analysis

AI tools can process extensive datasets, extracting valuable insights about market conditions, customer preferences, and competitor actions. This level of analysis enhances market understanding, helping businesses adapt their strategies in real-time. By leveraging natural language processing and sentiment analysis, AI can also gauge public opinion and consumer sentiment from social media and online reviews, providing a comprehensive view of market perception.

By utilizing AI in market analysis, businesses can not only identify opportunities but also predict shifts in consumer behavior, ensuring they remain agile and relevant in their market. Additionally, AI can segment customer data more effectively, allowing for personalized marketing strategies that resonate with specific demographics, ultimately leading to improved customer engagement and loyalty.

Steps to Create a Business Plan with AI

The integration of AI tools into your business planning process can streamline efforts and yield comprehensive analyses. Below are the essential steps to create a business plan with AI.

Identifying Business Goals

The first step in any business plan is to clearly define your goals. AI can assist in this process by analyzing market trends and consumer data to help you pinpoint realistic objectives. This ensures your goals are ambitious yet achievable, backed by data.

Furthermore, AI can aid in setting smart goals—specific, measurable, attainable, relevant, and time-bound—enabling businesses to work toward clear outcomes. By utilizing AI-driven analytics, businesses can also benchmark their goals against industry standards, ensuring they remain competitive and relevant in a rapidly changing market.

Implementing AI Tools for Data Collection

Once your goals are set, the next step involves gathering data. AI tools can automate data collection from various sources, such as market reports, social media trends, and customer feedback. This level of efficiency saves time and resources while increasing the comprehensiveness of data.

Tools like natural language processing can also analyze qualitative data, providing insights that quantitative metrics may overlook. By leveraging AI for data collection, you ensure a more thorough understanding of the market landscape. Additionally, AI can help identify emerging trends and consumer preferences, allowing businesses to pivot their strategies proactively and stay ahead of the competition.

Using AI for Financial Projections

Financial projections are a cornerstone of any business plan. AI can enhance this aspect by utilizing historical financial data to forecast future revenues, expenses, and profitability. With machine learning algorithms, businesses can create dynamic models that adapt based on new data inputs.

This predictive capability not only improves accuracy but allows for the exploration of various "what-if" scenarios, aiding in better preparation for uncertainties. Furthermore, AI can analyze external factors such as economic indicators and industry shifts, providing a more holistic view of potential financial outcomes. This comprehensive approach to financial forecasting empowers businesses to make informed decisions that align with their strategic goals and risk tolerance.

Benefits of Using AI in Business Planning

Incorporating AI into business planning offers several key benefits that can significantly enhance outcomes and efficiencies.

Enhancing Accuracy with AI

One major advantage of AI in business planning is the increase in accuracy. By automating data analysis and minimizing human error, AI provides insights based on rigorous statistical models.

This accuracy is crucial for making informed decisions that can impact the success of the business, reducing the risk of costly mistakes.

Time and Cost Efficiency of AI

AI dramatically improves the efficiency of business planning processes, allowing teams to allocate time towards strategic initiatives rather than routine analysis. This boost in productivity can result in substantial cost savings.

Moreover, by optimizing resource allocation and reducing time spent on manual tasks, businesses can redirect efforts towards growth-oriented activities.

Potential Challenges and Solutions

While incorporating AI into business planning has immense benefits, it is not without its challenges. Identifying these hurdles and implementing effective solutions is vital for successful integration.

Overcoming AI Implementation Challenges

One of the primary challenges businesses face is the complexity involved in integrating AI systems. Employees may require training to adapt to new tools and methodologies, which can create initial friction.

To overcome this, companies should invest in comprehensive training programs and seek feedback from staff to improve the adoption process. This collaborative approach can foster a culture of innovation and adaptation.

Ensuring Data Security and Privacy

With the increased reliance on data comes the heightened responsibility of ensuring its security and privacy. Businesses must establish robust data governance frameworks to comply with regulations and protect sensitive information.

Utilizing AI can actually aid in this area, as advanced security protocols can automatically detect and respond to threats. By prioritizing data security, businesses can protect their assets while leveraging AI to its fullest potential.

In conclusion, creating a business plan with AI is not only feasible but also advantageous in today's technologically driven market. By leveraging its tools and insights, businesses can elevate their planning process, ensuring greater accuracy, efficiency, and alignment with market demands. Through understanding the fundamentals and embracing AI, companies will be better prepared to navigate the complexities of modern business landscapes.

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