Types Of Business Plans Developing A Business Plan

Types of Business plans Developing a business plan is crucial to the long term success of a business. A business plan can provide direction and guidance to the organization as it grows over the years. Business plans can be written to focus on the specific requirement of the project at hand or as an outline for the business for the next few years (Moskwa, 2014). Effective business plan allows the entrepreneur or the business to think about what is necessary to run the business, such as equipment, licensure requirement, sales, finance and infrastructure. A plan allows seeing the whole picture while assessing the associated risks so that strategies can be deployed to minimize risks (Deveau, n.d). The various steps of the business plan can be useful to be objective, critical and non-sentimental about the business or project. It can act as an operating tool as the business is build and reaches its full potential (Michigan.gov, 2015). There are various types of business plans depending upon the need or project at hand. Some common types of business plan are operational plan, strategic plan, start-up plan and a tactical business plan. The follow paper compares these four types of business plans and looks at their strengths and limitations. Also included in the paper is the best plan that would work for the assigned Collaborative Learning Community (CLC) assignment. Operational plan An operational business plan is developed to carry out the daily operations of a business. AnShow MoreRelatedThe Role Of Ethics And Social Responsibility On Developing A Strategic Plan746 Words   |  3 Pagesoccupation, trade, or profession† (Wheelen Hunger, 2010, p. G4). Ethics in business involve different standards based on the location and customs. What is ethically acceptable in one environment may not be acceptable in another. Analyzing ethics is essential when developing strategic plans. 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