Believe it or not, in the relatively modest universe of business planning, one of the most frequently searched keywords in this market is the term “small business plan.” So what is going through the mind of the people who search for this phrase? Is it:
• “I want to know about business plans for a small business” or
• “I want to know about small business plans for my company”
Since the size (or length) of the plan prepared by companies, both large and small, is usually determined by factors other than the size of the venture, we thought it might be interesting to comment on when it is appropriate to write a small business plan, short biz plan, extended executive summary, comprehensive business profile or whatever else the planner may choose to call the document.
Indeed, there are occasions when a detailed full-length business plan is not necessary for the intended audience or purpose. But, before we go any further, it is important to emphasize that every successful business should have a full-length, well-documented plan that is updated at least once a year and any changes are communicated to the company’s constituents (employees, customers, etc.).
An abbreviated, or “small” business plan is most useful when it is not necessary for the audience to read certain parts of the full-length document. For example, your suppliers and strategic partners probably do not need to have a great deal of detail about your products, target market or competition. There is a good chance that they already have intimate knowledge of these matters. You can bet, however, that these parties will be very interested in your Marketing and Sales section and in particular, the size and use of your marketing budget.
There also are occasions when you may not wish to share sections of a full-length plan with another group of individuals. For example, you may wish to reserve your detailed financial information for only your senior managers and your bankers.
In some instances, a company may not have a business plan and it needs one quickly at the request of an investor or other interested party. While it is always better to have a full-length document to show the reader how well you have planned your business, it is certainly easier and more practical to pull together a “small business plan” in this situation. A 7-12 page plan may do the trick.
Just remember that no matter the length or depth of your business plan, it will always be reflective of the time and effort that was put into its preparation. Most importantly, it will have your name on it so be sure it reflects well on you and your company.
For more information on preparing a business plan – small or otherwise – be sure to check out and download BizPlanIt’s Free Virtual Business Plan Template or Sample Business Plan.
About the Author, Scott Pollov
Hey Scott, Thanks for the informative article. I now have found a great resource for all of my business questions.
In Success,
Howie perks
[Reply]
Howie, thank you for the kind words. Anytime you want to talk “business” I am always available. Happy to be a resource to help you grow your business.
[Reply]
Thanks Scott, I's always great to have the best business plan. Thanks for the education!
[Reply]
This is gr8. Thanks for showing the right path.
[Reply]
Rick. Thank you for the comment. We always try and provide helpful information for entrepreneurs.
[Reply]
This post is a “home run” in my book! I teach this to my fellow business associates. Nothing happens without proper planning. Sure, sometimes we get “lucky”. But long term business success comes from an organized game plan where we know exactly what to do and why. Thanks for sharing this. We need to be reminded of its importance from time to time.
[Reply]
Hey Scott,
Great to meet you and have a chance to stop by your blog.
I really appreciate what you are sharing here. It is critical to have a business plan for any venture that you are embarking on (big or small). I am always reminded “Failing to plan is a plan to fail.”
Make it a great day!
God Bless,
-ed
[Reply]
Ed, I could not agree more. A plan – whether it is one page or 100 pages – is a critical day to day tool for all entrepreneurs. Committing your goals, strategies, tactics, etc. to paper helps tremendously in moving any venture down the road to success.
[Reply]
Eddie. Thank you for stopping by my blog. Time spent properly planning pays off for any business, regardless of size, industry, etc.
[Reply]
Boy Scott this brought back the old days when I was a CEO of a company with hundreds of employees and a board of directors. So many business plans reviewed and revised so many times. I any case since I have only one employee now me I just have to set my goals.
Thanks for sharing that though. I enjoyed the walk down memory lane.
Michael
[Reply]
Scott, a business plan is a critical ingredient for any business – this post reminds me to review and revise ours – it's been far to long.
[Reply]
Michael. “Business planning” is definitely less time consuming when it is a business of one! Thank you for dropping by our blog and taking the time to share your experiences.
[Reply]
Tim. Glad the post was of value to you and your company. Reviewing and revising your business plan at least once a year is always a great idea.
[Reply]
I agree that every business needs a detailed business plan. However, detailed does not neccessary mean long or many pages. It all depends on the business.
Chadrack recently posted..Blog For Business- How Not To Start A Business Online!
[Reply]