By Jeff Brunings While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting. A strategic plan is primarily used for implementing and managing the strategic direction of an existing organization. A business plan is used to initially start a business, obtain funding, or direct operations. The two plans cover different timeframes as well.
It usually includes a request for funding for specific purposes such as start-up, expansion or equipment purchase and a detailed financial analysis with future revenue projections. Many business plans cover three- five- or year periods, but a one-year business plan must focus on a much shorter time frame for a unique planning period in the near future.
Why One Year A one-year business plan is useful when you have business objectives that need to be met quickly in order to achieve other, longer-range objectives or a one-time event. For instance, if you face an unexpected opportunity such as a competitor going out of business and selling off equipment or facilities at bargain prices, you would want a one-year special-focus business plan to quickly obtain funding and add staff.
Short-term special projects to support longer-range strategic plans also benefit from one-year business plans, such as leasing equipment for a short-term lucrative production contract.
Financial information and planning information will focus tightly on the immediate future and include specific dates within the month period being planned.
Other sections should be more tightly focused as well. For example, a briefer profile of the business overall could be followed by a precise profile of the special-use project or situation that necessitates the shorter plan. Format Business plans have different sections for specific information.
Standard sections include an executive summary, company description, market analysis, description of organization and management, definitions of product lines and services, marketing and sales information, financial projections and a funding request, as well as an appendix referencing supporting documentation.
The one-year business plan may not need all of these sections, depending on the purpose of the plan, or may need condensed versions of sections such as the company description, organization and management and product lines and services definitions. How to Use There are various ways to use a one-year business plan.
Use it to obtain short-term funding for a special project or one-time event, as a month-by-month blueprint for a month period, or as part of a larger, longer-term business plan.
Assign a one-year business plan to a particular manager or department to coordinate and implement.
Test out new business ideas with one-year business plan drafts presented to managers to generate and develop more solid business plans. Create Your Business Plan About the Author Heidi Cardenas specializes in human resources, business and personal finance, small-business advice, home and garden and home improvement.
Her professional background includes human resources and business administration, technical writing and corporate communications. She has studied horticulture and business administration, and enjoys guest blogging for publications including Herb Companion Magazine, Natural Home Living Magazine, and Mother Earth Living.Writing a Business Plan | PluralsightSkills Assessments · Learning Paths · Over 5,+ Courses · Mobile App.
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