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15 Reasons Why You Need a Business Plan in 2024

Posted january 21, 2022 by noah parsons.

As a small business owner or aspiring entrepreneur, a business plan can seem more like a hurdle you have to overcome than a useful tool. It’s a barrier that’s keeping you from moving forward with your business. Maybe the bank won’t review your loan application without a business plan or a potential investor has asked to see your business plan before they will meet with you. 

But, writing a business plan doesn’t have to feel like a homework assignment. Instead, think of writing a business plan as an investment in your business. It’s a tool to figure out a strong and financially viable strategy for growth. And, it’s even been scientifically proven that planning will increase your chances of success and help you grow faster. 

Still not convinced? Read on for our definitive list of reasons why you should write a plan for your business.

What is the key purpose of a business plan? 

Imagine you’re setting out on a journey. You know what your final destination is, but you haven’t figured out how to get there. While it might be fun to just start driving and figure things out as you go, your trip will most likely take longer than you anticipated and cost you more. If you instead take a look at a map and chart the best way to get to your destination, you’ll arrive on time and on budget. Planning for your business isn’t that much different. 

The primary purpose of a business plan is to help you figure out where you want to go with your business and how you’re going to get there. It helps you set your direction and determine a winning strategy. A solid business plan will set your business up for success and help you build an unbeatable company.

If you start off without a plan, you may go down some interesting detours, but you’re unlikely to grow quickly or stick to your budget.

Why do you need to write a business plan?

Establishing a strategic roadmap for your business is the primary benefit of writing a business plan. But what does that really look like for you and your business? Here are our top 15 reasons why you should write a business plan.

1. Reduce your risk

Writing a business plan takes some of the risk out of starting a business. It ensures that you’re thinking through every facet of your business to determine if it can truly be viable. 

Does your solution fit the market? Are your startup or operational costs manageable? Will your proposed business model actually generate sales? What sort of milestones would you need to hit to achieve profitability? These are all questions associated with business risk that you can answer with your plan.

For those already running a business, writing a plan can help you better manage ongoing risk. Should you bring on a new employee? What does cash flow look like for your next month, quarter, or even year? Are you on track to meet your milestones or do you need to change your focus? Keep your plan up to date, review it regularly and you can easily answer these questions and mitigate risk.

2. Uncover your business’s potential

Writing a business plan helps you think about the customers you are serving and what their needs are. Exploring those customer needs will help you uncover new opportunities for your business to serve them and potentially expose new products and services that you could offer. When you use your business plan to manage your business, you’ll be able to see the parts of your strategy that are working and those that aren’t. For example, you may have invested in new marketing efforts to sell one of your products, but that strategy just isn’t working out. With a business plan in hand, you’ll be able to see what’s going to plan and where you need to make adjustments to your strategy, pivoting to new opportunities that will drive profitability.

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3. Test a new business idea

When you have a new business idea, it really helps to spend a little time thinking through all the details. A business plan will help you think about your target market, your budget, how much money you’ll need to launch, and how your idea will actually work before you spend any real money. A business plan will also help you easily share your idea with other people to get input and feedback before you get started. 

We recommend using a one-page business plan to test ideas quickly and easily. 

4. Attract investors and get funding to start and grow your business

Sharing your business idea with investors requires a business plan. Now, you probably won’t share a long, detailed business plan to get investors interested, but you probably will share your executive summary — which is an overview of your business plan. Investors may never actually ask for your full business plan, but they will certainly ask you questions that you’ll only be able to answer if you’ve taken the time to write a plan. 

At the very least, they’ll want to see your financial forecasts , so you should be prepared for this. If you end up pitching your business to investors, whether in-person or remotely , having a business plan written makes it much easier to translate the right information into a pitch deck. In short, you’ll have all of the right information ready and available to show why your business is worth investing in.

5. Plan for different scenarios

Even if you have a plan in place, things rarely actually go to plan. The world is always changing, customer tastes change, and new competitors arrive on the scene. Having a plan allows you to experiment with different scenarios to see how changes to your business will impact your forecasts, budgets, profitability, and cash flow. 

6. Research shows that business plans definitely work

A Journal of Management Studies study found that businesses that take the time to plan grow 30% faster than those that don’t. Our own 2021 small business research study found that 58% of small business owners that have or are working on a plan feel confident in their business, even amidst a crisis. And a study in Small Business Economics found that entrepreneurs that write business plans for their ideas are 152% more likely to actually start their businesses. There’s plenty of additional research that links planning with success, so it’s a proven fact that you won’t be wasting your time when you write your plan.

7. Build a better budget and a financial forecast

A core component of any business plan is a financial forecast. When you take the time to plan, you’ll have to think through your expense budget, your sales goals, and the cash that it’s going to take to keep your doors open, purchase inventory, and more. 

The beauty of incorporating forecasts into your business plan is that you don’t need to have the exact numbers to start. You can work with general assumptions and compare against competitive benchmarks to set a baseline for your business. As you operate and collect financial data you can then begin to update your forecasts to generate a more accurate view of how your business will operate.

8. Determine your financial needs

Without a business plan, it’s impossible to really know how much money it’s going to take to start and run your business. You don’t just need money for your initial purchases. You need to have enough cash in the bank to keep your business afloat while you get fully up and running. A plan will help you determine exactly how much money you’ll need and help you keep track of your cash flow and runway .

9. Attract employees

Especially if you’re a young startup company, attracting employees can be hard. Without a proven track record, why should someone take a risk to work for you? Having a business plan can help solve that problem. Your plan can help a prospective employee understand your business strategy and plans for growth so that they can feel confident joining your team. It’s also incredibly useful in determining when and if it’s feasible for you to bring on more employees . 

10. Get your team all on the same page

A great strategy for your business can only be successful if your team understands it. By documenting your strategy with a business plan, you can easily get everyone on the same page, working towards the same goals. It’s even better if you regularly review your plan with members of your team. This ensures that everyone is consistently going back to the core strategy documentation, analyzing it, and exploring how it impacts individual and team goals .

11. Manage your business better 

A business plan is all about setting goals for your company — both financial goals and milestones you hope to accomplish. When you use your plan to regularly check in on your business to see how you’re doing and what your progress is, you’re managing your business. Regular review , ideally monthly, will help you build a strong, resilient business.

12. Understand your market and build a marketing plan

No matter how good your idea is, you have to figure out who your ideal customers are and how you’re going to get the word out to them. That’s where a marketing plan comes in. It can be an indispensable tool for figuring out how you get your first customers as well as your thousandth customer. 

13. It’s easier than you think

You may be procrastinating in writing a business plan because it sounds like a lot of work. The truth is that planning is much less complicated than you think. Start small with a one-page business plan that you complete in half an hour . From there, refine your plan until your idea is solid. At that point, you can invest a little more time in a more detailed business plan. Just start with the basics and expand from there.

14. You’ll sleep better at night

When you have a plan for your business, you have peace of mind. You know that you’ve invested the time to figure out a business model that actually works and you’ve considered different financial scenarios so you can handle the unexpected. And, you’ve got a management tool to run your business better than your competitors. 

15. Effectively navigate a crisis

Having a business plan not only helps you create a roadmap for your business but also helps you navigate unforeseen events. Large-scale economic downturns, supply shortages, payment delays, cash flow problems, and any number of other issues are bound to pop up. But, you can be prepared to face each crisis head-on by leveraging your business plan.

A plan helps you assess your current situation, determine how the crisis will alter your plan, and begin to explore what it will take to recover. With a little planning, you can even prepare your business for future downturns with this same process. It’ll make crisis planning easier and ideally recession-proof your business by having the right plan and processes in place.

Don’t wait, start writing your business plan today

There are plenty of reasons to write a business plan, but the real reason is about finding success for you and your business. Taking the time to plan is an investment in yourself and your business that will pay dividends, whether you’re starting a new business or taking your existing business to the next level. 

You can jump-start your business plan writing process with our article covering how to write a business plan in as little as 30-minutes .

If you’re looking for a tool to help you get more from your business plan, we recommend trying out LivePlan . Our business planning and management tool will guide you through the entire process, including all of your financial forecasts, without ever requiring that you open a spreadsheet.

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

• A market analysis : gathering information about factors and conditions that affect your industry
• Competitive analysis : evaluating the strengths and weaknesses of your competitors
• Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
• Marketing: using your research to advertise your business
• Logistics and operations plans : planning and executing the most efficient production process
• Cash flow projection : being prepared for how much money is going into and out of your business
• An overall path to long-term growth

What is the purpose of a business plan?

A business plan is like a map for small business owners, showing them where to go and how to get there. Its main purposes are to help you avoid risks, keep everyone on the same page, plan finances, check if your business idea is good, make operations smoother, and adapt to changes. It's a way for small business owners to plan, communicate, and stay on track toward their goals.

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

• No market need : No one wants what you’re selling.
• Lack of capital : Cash flow issues or businesses simply run out of money.
• Inadequate team : This underscores the importance of hiring the right people to help you run your business.
• Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
• Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Business plan FAQs

How does having a business plan help small business owners make better decisions.

Having a business plan supports small business owners in making smarter decisions by providing a structured framework to assess all parts of their businesses. It helps you foresee potential challenges, identify opportunities, and set clear objectives. Business plans help you make decisions across the board, including market strategies, financial management, resource allocation, and growth planning.

What industry-specific issues can business plans help tackle?

Business plans can address industry-specific challenges like regulatory compliance, technological advancements, market trends, and competitive landscape. For instance, in highly regulated industries like healthcare or finance, a comprehensive business plan can outline compliance measures and risk management strategies.

How can small business owners use their business plans to pitch investors or apply for loans?

In addition to attracting investors and securing financing, small business owners can leverage their business plans during pitches or loan applications by focusing on key elements that resonate with potential stakeholders. This includes highlighting market analysis, competitive advantages, revenue projections, and scalability plans. Presenting a well-researched and data-driven business plan demonstrates credibility and makes investors or lenders feel confident about your business’s potential health and growth.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Related Posts

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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12 Reasons You Need a Business Plan In the new book "Write Your Own Business Plan," business expert Eric Butow breaks down how a solid business plan can save your startup during those tough early days.

By Entrepreneur Staff Sep 19, 2023

Running a business can be unpredictable, which is why having a solid business plan as a foundation is vital to surviving and thriving in the early days of your startup. Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to write the second edition of our best-selling book Write Your Business Plan , providing you with a roadmap for success.

In the following excerpt, Butow explains how a well-thought-out plan can power your startup and help your vision come to life.

Business plans could be considered cheap insurance. Just as many people don't buy fire insurance on their homes and rely on good fortune to protect their investments, many successful business owners do not rely on written business plans but trust their own instincts. However, your business plan is more than insurance. It reflects your ideas, intuitions, instincts, and insights about your business and its future—and provides the cheap insurance of testing them out before you are committed to a course of action. There are so many reasons to create a business plan, and chances are that more than one of the following will apply to your business.

1. A plan helps you set specific objectives for managers.

Good management requires setting specific objectives and then tracking and following up. As your business grows, you want to organize, plan, and communicate your business priorities better to your team and to you. Writing a plan gets everything clear in your head before you talk about it with your team.

2. You can share your strategy, priorities, and plans with your spouse or partner.

People in your personal life intersect with your business life, so shouldn't they know what's supposed to be happening?

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3. Use the plan to explain your displacement.

A short definition of displacement is, "Whatever you do is something else you don't do." Your plan will explain why you're doing what you've decided to do in your business.

4. A plan helps you figure out whether or not to rent or buy new space.

Do your growth prospects and plans justify taking on an increased fixed cost of new space?

5. You can explain your strategy for hiring new people.

How will new people help your business grow and prosper? What exactly are they going to do?

6. A plan helps you decide whether or not to bring on new assets.

How many new assets do you need, and will you buy or lease them? Use your business plan to help decide what's going to happen in the long term and how long important purchases, such as computer equipment, will last in your plan.

7. Share your plan with your team.

Explain the business objectives in your plan with your leadership team, employees, and new hires. What's more, make selected portions of your plan part of your new employee training.

8. Share parts of your plan with new allies to bring them aboard.

Use your plan to set targets for new alliances with complementary businesses and also disclose selected portions of your plan with those businesses as you negotiate an alliance.

9. Use your plan when you deal with professionals.

Share selected parts of your plan with your attorneys and accountants, as well as consultants if necessary.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

10. Have all the information in your plan when you're ready to sell.

Sell your business when it's time to put it on the market so you can help buyers understand what you have, what it's worth, and why they want it.

11. A plan helps you set the valuation of the business.

Valuation means how much your business is worth, and it applies to formal transactions related to divorce, inheritance, estate planning, and tax issues. Usually, that takes a business plan as well as a professional with experience. The plan tells the valuation expert what your business is doing, when it's doing (or will do) certain things, why those things are being done, how much that work will cost, and the benefits that work will produce.

12. You can use information in the plan when you need cash.

Seek investment for a business no matter what stage of growth the business finds itself in. Investors need to see a business plan before they decide whether or not to invest. They'll expect the plan to cover all the main points.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

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20 Essential Reasons Why You Need a Business Plan?

Free Business Planning E-Book

• December 18, 2023

11 Min Read

When Meta was initially planning to go mass scale, founder Zuckerberg had a plan for the next three, five, and ten years.

As reported by Business Insider , they knew their expenses would increase by a whopping 70%, but they were confident because they had a foolproof business plan at their disposal.

Fast forward to today, we all know where they stand—neither Facebook nor Mark needs an introduction.

Well, if that is not a compelling reason as to why you need a business plan , we have 20 straightforward reasons to convince you.

But before we get there, let’s have a quick rundown of the benefits of having a business plan.

Key benefits of having a business plan

A meticulously crafted business plan holds significant value, offering operational, financial, as well as strategic benefits to emerging as well as existing businesses.

A quick rundown of these key benefits will help you get a more enhanced understanding.

• Helps evaluate the feasibility and viability of your business idea.
• Identifies potential business challenges and creates strategies to mitigate them efficiently.
• Offers a strategic and operational roadmap to attain your business goals.
• Develop strategies to attract your target audience and retain your existing customers.
• Attract investors to raise funding.
• Define resources and SOPs to operate the business efficiently.

That being the benefits, a well-drafted business plan is indeed an asset for your business.

20 Reasons Why You Need a Business Plan

• To test the viability of your business idea
• To reduce potential risks
• To determine your funding needs
• To outline a perfect marketing strategy
• To better understand your competition
• To help you grow 30% faster
• To secure funding
• To attract investors
• To set goals for everyone
• To make sound decisions
• Catch critical cash-flow problems early
• To position your brand in the market
• To better understand your customer
• To build the team
• Future-proof your business
• Tracks Your Progress
• To sell your business
• To allot resources
• To increase the odds of succeeding
• To make An exit plan

Let us now understand the sure-shot reasons why you need a business plan.

1. To test the viability of your business idea

Think about this—you have a couple of business ideas. However, can you start working on both of them at once? Of course not. You need to see which idea can gain you profitability and which needs to be chucked off permanently.

A business plan forces you to think of everything about your business as:

• What is the market demand?
• Which market segment will you cater to?
• What is the expected profitability of a particular business idea in the local market?
• Who are the competitors and what is your competitive advantage?
• What entry barriers do you have to go through?
• How much capital will you require to start a particular business?
• What is the financial forecasting of the business?

This way you will get a chance to question everything that takes to start a successful business, which will ultimately help you decide the viability of your business idea.

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2. To reduce potential risks

Every business contains risks, and a solid plan is like taking some of that risk out of the business.

It not only helps you to know the viability of your business but also other aspects like:

• Are your operational costs manageable?
• Will your proposed model generate sales or do you need to switch to another?
• What will be the break-even point and when will your business achieve it according to the financial projections?
• How will you manage if the demand for your product or service decreases?
• What will be your exit strategy?

These are all risk-related questions you will get answers to while creating a business plan.

For those who already have a business and are working on expanding it, a business plan will help you understand the associated potential risks and challenges and strategies to mitigate them.

Hence, knowing potential risks beforehand will help you solve them smoothly without a big fuss.

3. To determine your funding needs

A business plan helps evaluate the funding essential for your business. It tells you exactly how much money you need to raise and what funding sources you should opt for.

A business plan includes detailed financial projections and a plan explaining how the funding will be utilized in different business ventures. This makes it easier for you to make realistic funding demands essential to grow your business.

4. To outline a perfect marketing strategy

When you sit to write a business plan , you will be required to dive deep into the study of the target market and competitors.

Such a nuanced understanding of your customers, strengths, and business environment will help you create a marketing plan that’s in line with your objectives and reality.

A solid plan outlines your marketing objectives, brand position, and marketing budget, and describes the marketing strategies to attain your desired market position.

Not only is this plan essential from an investor’s point of view. But it will also serve as a guide for your marketing team to streamline the marketing activities.

5. To better understand your competition

You have to first understand and describe who are your competitors, what is their price point, what is their USP, what is their market positioning, and what products or services they provide.

This stage helps you know the competitors, their working styles, target customers, and everything about them. It forces you to do 360° research about your competitors to know the exact brand positioning of your business.

6. To help you grow 30% faster

Creating a plan goes beyond trying to foresee the future of your company. The significance lies in the process itself. The business plan is a living document; you can revisit your plan and alter it according to the market situation to reach your goals and ensure success.

Studies confirm that companies engaging in regular planning experience a 30% faster growth rate.

It’s proven that businesses that plan are less prone to facing unfortunate failure or cash flow crisis that could jeopardize their existence.

7. To secure funding

Traditional banks and investors ask for a well-detailed business plan to consider your funding request. While their focus would be on the financial aspects of the plan, they would also like to understand your industry and market before making any decision.

A well-detailed plan wins the trust of potential investors in your business idea and your ability to turn it successful by helping you secure essential funds.

8. To attract investors

A business plan is the basis for investors’ decisions. It demonstrates your market understanding, offers a realistic sense of finances, and answers important questions an investor might have.

This may include questions like,

• Is there any market demand for your products and services?
• What are the financial forecasts?
• When will the company turn profitable?
• What is the company’s exit strategy?

An investor will analyze and evaluate your business on all fronts before entertaining the idea of investing in your business.

9. To set goals for everyone

Setting goals and deadlines for everyone from the management team to other employees will make everyone’s task clear. This way everyone can make their mini-plan and organize things according to the priority.

Business planning makes everything clear in your head before you communicate it with your team and makes sure that you all are on the same page.

10. To make sound decisions

A well-detailed plan acts as a reference point for any kind of decision-making. Think of it as your business guide, which will eventually bring everything into place.

11. Catch critical cash-flow problems early

Smooth cash flow is one of the main bricks of any business. It is one of the key financial statements your investors will review.

A part of preparing a business plan includes creating detailed cash-flow projections for the next 3-5 years. With projections at hand, it gets easier to track your performance and take timely action to avoid extreme cash-flow disturbance.

In short, having a financial plan will ensure that there aren’t any cash-related crises where you can’t pay your bills timely.

12. To position your brand in the market

Writing a business plan helps you to thoroughly understand the industry, competitive, and customer landscape of your business. It defines your company’s role in the marketplace and thereby helps you position your brand in the right place.

13. To better understand your customer

Preparing a business plan helps you understand your target audience and their behavior patterns in great detail. It offers insight into the pain points, needs, wants, and purchasing patterns of your potential customers and shows the best possible way to reach them.

Such an in-depth understanding of customers helps you to optimize your product offerings and marketing strategies.

14. To build the team

One of the main overlooked sides of a business plan is the success metric it provides. An integral part of creating a plan involves mentioning all your goals and predictions.

By regularly reviewing that, you will be able to know which business milestones you have reached and what is the next one. Furthermore, you can even know about the setbacks of your business and then re-edit your business plan according to the market analysis and situation.

15. Future-proof your business

Whether yours is a new business or an existing one—the readers will be interested in getting a future overview of your business.

While writing a business plan, you work on practical assumptions and test various unlikely scenarios to understand the position of your business under different circumstances.

By preparing for different challenging situations, a business plan equips you to promptly face any expected challenges that may arise in the future.

16. Tracks your progress

17. to sell your business.

Down the road, if you ever decide to merge your business with someone else or want to sell it, a business plan will be an asset that will support you in selling your business.

It will help project your brand and financial position to any third party. From portraying your brand’s milestones to business experience— one can get all the essential business information from your business plan.

18. To allot resources

As a business owner, you know there are many investments and expenses you need to make before & after starting a business. Thus, allocating those resources to different segments of the business is necessary.

A business plan provides an exact idea of your investments and resources needed in each segment of the business.

19. To increase the odds of succeeding

A well-written business plan increases your chance of building a successful business.

According to research, entrepreneurs with a written plan are 16% more likely to attain business viability than those who don’t.

A business plan helps anticipate the challenges, prepares you to face them strategically, and increases your odds of succeeding in the competitive environment.

20. To sell your business

Beyond guiding day-to-day operations, your business plan is a valuable tool for planning your exit strategy. While many entrepreneurs focus extensively on launching their businesses, not as many plan for the eventual need to liquidate or transfer ownership.

Your chosen exit strategy could be driven by various factors, such as achieving your business goals and shifting focus or selling to an acquirer. Therefore, even for partnership or dissolvation, an exit strategy is necessary.

Start Writing your Business Plan with Upmetrics

Told you, there are various reasons why you should not skip writing a business plan. Besides, why should you, especially when you have resourceful business plan software like Upmetrics to help you out?

It offers an extensive collection of highly customizable business plan examples along with step-by-step instructions to help you write a detailed and actionable plan for your business.

Simply choose a sample relevant to your business and get started.

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Frequently Asked Questions

What is the purpose of a business plan.

There are three main purposes of a business plan:

• Secure funding
• Guiding operations
• Evaluating the progress of your business

How long should a business plan be?

Generally, the length of a business plan depends on the niche of the business and the purpose of the business plan. Ideally, a business plan should be 15-35 pages.

What resources are available to help write a business plan?

To secure funding and impress potential investors, an engaging business plan is necessary. Here are some resources from where you can find business plans:

• Business plan Samples from SBA , Upmetrics , SCORE
• AI business plan generator
• Business plan writer

Should you write a business plan even if you don't need funding?

A business plan will help you detect the problems beforehand. It also helps you in creating marketing & operational strategy. A business plan also guides you as a roadmap. Thus, even if you don’t need funding for your small business, a business plan is necessary.

When should you write a business plan—before or after starting a business?

If you need funding, you have to write a business plan before you start any business. But if you are expanding an existing business or writing a business plan as a guide for your new business, then anytime is okay. Note: Sooner is always better in this case.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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5 Reasons You Need a Business Plan for Long-Term Success

Do You Really Need a Business Plan?

Alyssa Gregory is an entrepreneur, writer, and marketer with 20 years of experience in the business world. She is the founder of the Small Business Bonfire, a community for entrepreneurs, and has authored more than 2,500 articles for The Balance and other popular small business websites.

Entrepreneurs who are starting a new business often wonder, "Do I really need a business plan? Is writing a business plan really the best use of my time?" The answer to these questions is almost always, "Yes." A business plan is an integral part of starting a new business.

In reality, business plans can take a long time to write, require that you have a tremendous amount of data at your fingertips, depend in part on projections and often are responsible for creating a long list of research you still need to conduct and other work you need to complete.

Plus, not everyone is sold on the usefulness of a business plan. Consider the study of 116 new businesses conducted by Babson College. The study found that the presence of a formal business plan before starting a small business made no difference in the ultimate success of the business, assuming it was one that was not seeking outside funding.

Some also argue that taking the time required to create a business plan can stifle the startup process and cost precious opportunities for a small business.

On the other hand,  one study  found that entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical non-planning entrepreneurs. Other  studies  have shown that while completing a business plan is not a guarantee of success, it does indicate that the type of entrepreneur who completes a business plan is also more likely to run a successful business.

So why not arm yourself with one of the best tools a small business owner can have? If you're still on the fence, consider these five reasons you should write a business plan before doing anything else in your small business.

1. A Business Plan Is Simply a Must-Have for Some Businesses

If you plan to approach a financial institution for a loan, apply for a small business grant , pitch your business idea to investors, or enlist the support of a business partner, a business plan is required.

Potential investors and supporters want to see the true potential of your business idea clearly laid out in hard facts and numbers. A business plan is the best, and generally, the only acceptable way to provide this information.

2. A Business Plan Helps You Make Decisions

There are some sections in a traditional business plan that you simply cannot complete if you are on the fence, undecided, or not fully committed to a certain point. Business plans help you eliminate the gray area because you have to write specific information down in black and white. Making tough decisions is often one of the hardest and most useful parts of writing a business plan.

For example, if you have not decided on exactly what products you will sell at what price points, it will be very difficult for you to complete the Products and Services Section of your business plan. Identifying this and other vital information is a valuable end product of the business planning process.

3. A Business Plan Can Be a Reality Check

Writing a business plan is often the first real struggle for the small business owner who wants to launch a new venture, but doesn't want to consider that his or her business idea may be a bit flawed or is not yet fully developed.

While this is an unwelcome and terrifying thought for an impassioned entrepreneur, identifying gaps early on in the process gives business owners a chance to shore up their research, test their ideas and take steps to make the business stronger and more viable. This may initially be a step back, but any and all further work can bolster the entrepreneur's chance of success before he or she invests time and money in a business that is likely to fail.

4. A Business Plan Can Give You New Ideas

Discovering new ideas, different approaches and fresh perspectives are some of the best things that can happen from the depths of the business planning process. Despite the sometimes negative reputation, a business plan isn't just a long, stiff and structured document.

In fact, an effective business plan is the opposite; it's a flexible, growing and dynamic tool that can help you think creatively and come up with new solutions for some of your toughest business challenges. This is especially true when you consider the Marketing Strategy Section . Here, as you create a blueprint for your marketing activities, creativity and fresh ideas are invaluable.

5. A Business Plan Creates an Action Plan

A business plan is a useful document for any small business owner. But when you use your business plan as a tool to help you outline action items, next steps, and future activities, you are creating a living, breathing document that not only outlines where you are and where you want to be but also gives you the directions you need to get there.

Going back to the original question of whether or not you really need a business plan, you may still be able to build a successful business without a plan, but it is most certainly easier to do with a well-constructed business plan in your hands.

Keep in mind that if you are using your plan as a true business planning tool, you don't have to wait until you have all of the answers to get started. You can create an outline of your plan now, filling in all of the information you have at this point, and then work on the blanks as you learn more about the market. This type of fluid and flexible document can be invaluable to a new business.

For more on business plans, review this business plan outline . Then, for a quick and painless start to the business planning process, try this simple business plan template.

Why is a business plan important and what should it include?

Posted: Tue 12th Mar 2019

How do you go from a bright idea to a successful business? Planning. It's easy to imagine successful entrepreneurs played it by ear and got lucky. People often change direction but planning's a crucial part of testing a start-up idea and building a business.

This guide examines why you should write a business plan, what it needs to include and how to use it. We've also highlighted additional resources that can help you go through the process.

Why write a business plan?

Business plans provide accountability. They allow business owners to sense-check what they're doing and why. They provide an opportunity to get ideas out of your head and start working on them.

"Not having to report to anyone is attractive when you start up. As you grow it can be tricky not to have a sounding board. A business plan can be useful for that," said Jonathan Bareham , co-founder of accountancy firm Raeden.

He highlights the role of goal setting in the planning process. Why are you starting a business? Is it because you want a good work-life balance? Do you want to make an environmental impact? It's likely a combination of factors. Writing down your motivation provides a reference for big decisions and makes sure you don't lose focus.

Business plans help explain what you're doing to other people. The process of writing everything down makes sure you can answer key questions about what you're doing.

Hiring people, opening a premise or buying equipment requires significant investment. Planning and justifying what you're going to spend is important. Sharing them externally helps reassure partners, whether you're looking to borrow money or win over a mentor.

What basic things should a business plan include?

Whatever format and length you decide on there are several common topics to cover in a business plan. Bareham outlines five points to include:

A summary of what you're going to do

Details of the market you're going into

What you have that other businesses don't (your unfair advantage)

A cash-flow forecast

Personnel needed

Business owners need to think about the strengths and weaknesses they have, he added. Be honest and make sure you identify where you will need help.

Your cash-flow forecast is crucial. It shows the money coming into your business from customers and what you're spending. This includes costs like buying raw materials, office space, marketing and paying employees. This plan will evolve into a document you look at regularly when the business is up and running.

Enterprise Nation founder Emma Jones compares having a business plan to a route map and uses the acronym 'I'm off' as a memory aid on what to include:

Operations: What kit do you need?

Friends: A support network

You can tailor your business plans to specific audiences and we'll go into the main formats in the next section.

Watch this detailed video with Enterprise Nation adviser and accountant Jonathan Bareham sharing tips on business plans, cash flow, accounts and more.

What business plan format should I use?

There are several formats you can use to create a business plan. It's important to pick the one that's right for your situation. The key considerations are what you know so far and how you're going to use the plan.

You'll generally cover the sections we outlined in the section above but the amount of detail can vary.

If the plan's for the benefit of the business owner you need to think about how much you can know at this point. There are lots of assumptions around sales and costs that you won't know until they're tested. This will limit the level of detail you can include.

The audience is important too. You could write a five-page summary if the business plans just for you. If the business plan's for raising investment or applying for a loan it's going to require more detail and might be 15-20 pages long.

Organisations like the Prince's Trust and Start Up Loans , which offer start-up funding, have templates that they prefer or require applicants to fill out.

David Abrahamovitch, founder and CEO of London café-bar and restaurant company GRIND, told Enterprise Nation  that his founding team didn't create a business plan until they needed to borrow money. He believes a formal business plan doesn't provide much value at the concept stage.

"Business plans absolutely have their place but I see people who are spending months writing a business plan. They're worried about who's going to copy their idea about trademarks. All of these things are important, but at the moment you don't have a business. You don't have a brand to protect. You're worried about the wrong things. "You have to get to the minimum viable form of that business as quickly as possible and just test it."

Abrahamovitch added that things like pop-up stores and online tools mean the barriers to entry are lower than ever, reducing the risk of testing an idea.

What a traditional business plan looks like

What we're calling 'traditional business plans' are A4 documents that cover the key elements of your business. These include five main elements:

The executive summary: Summarise the main points of your business plan. Showcase what you're doing and sell your vision to the reader.

Opportunity analysis: Describe the business opportunity. Look at the size of the market, customer segments, competitors and the key trends.

Marketing: Highlight the key messages you want to communicate to customers and detail the channels you will use to reach them (telemarketing, social media etc.). Provide an idea of cost for this activity and, if possible, the level of business you expect to generate.

Logistics: Plan where and how you are going to operate your business. Include plans for manufacturing, transportation, office costs, staff needed etc.

Finance: Make sure that you detail all your associated costs - both your estimated start-up costs as well as your running costs. Include a cash-flow forecast that shows how your business will become sustainable.

Additional information like the founders' CVs can be included in your appendix. This often depends on what evidence your audience requires and may not be relevant for a document that's used internally.

Presentation is important because it provides credibility. Think about adding company logos, a cover page and other touches that make the document look professional.

Abrahamovitch said writing a business plan is useful to examine what's working, how much energy things take up and the margin of different products when you've tested ideas.

"Distill that down into its simplest form and put that in a business plan," he said. "Talk about how you're going to scale it. That's where it really adds value."

The lean canvas model

The length of traditional business plans can be intimidating. You may also lack the information to complete the document if you haven't started trading yet.

Lean canvas and business model canvas allow you to create a business plan on a single page. The structure examines whether a business idea is viable. The nine boxes capture entrepreneurs' key assumptions, covering topics like metrics and marketing channels.

Lean canvas is designed to provide a snapshot of your idea and challenge the assumptions you've made. It's not meant to be perfect. The inventor of lean canvas model suggests taking 20 minutes to fill everything out.

Test your assumptions through research

Launching and growing a small business is really exciting because you don't know what's going to happen. However, writing a business plan can be daunting as there are so many things you don't know yet.

Make phone calls and search the internet to strengthen your assumptions. It's possible to find information on standard services like accountants, renting desks or buying raw materials.

There are other aspects that are more difficult to predict. Projecting sales, for example, is one of the trickiest parts of forecasting. You love your product but will customers flock to the business?

One opportunity to solve this problem is to do a small amount of test trading. Paying for a market stall may cost you a thousand pounds after you pay for the stock and a location. But the investment may pay dividends if it gives you a reality check on what customers are willing to pay and how popular your offering is. What's the least you can spend to learn the most?

Research competitors offerings too. What are people paying for related products?

Service-based business can have the opportunity to trial their offering part-time. Perhaps you can take on a client while still working your day job.

Make sure you justify any forecasts in your business plan and provide a logical explanation of how you came to your conclusions.

Will a business plan guarantee success?

No. But business plans will help crystallise your goals and test your assumptions. The framework is really useful to develop ideas, particularly if they've been rattling around in your head for some time.

Make sure you return to your business plan regularly. Reinforcing your original goals will help keep you on track. Forecasting is a skill. Check your projections against performance and try to figure out what assumptions were correct and where there were issues.

The way you use business plans will evolve over time. Filling in a lean canvas might work if you have an idea and haven't started working on it yet. Eventually, you might need to create a business plan to land investment or it can provide an opportunity to reassess what you do.

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• 22 Jun 2020

Why Do You Need a Business Plan?

Preetam Kaushik

There are many things in life that you can successfully negotiate by "winging it". Indeed, as an entrepreneur, you may often find yourself in situations where improvising on the go – without any prior preparation – can prove itself a useful quality .

Yet while a speech at a friend's wedding, a song at a party, or even a presentation to a potential client can all be navigated in this way, running a successful business does not fall into this category. Even in the case of a lean startup , where actions are driven by product development, it is necessary to plan ahead for the long term.

The Importance of a Business Plan

As an entrepreneur, you will already face near overwhelming odds in the early years of your startup. Blindly forging ahead without a plan will almost inevitably lead to disaster.

Therefore, it is necessary to understand the importance of a business plan, as well as identify how it can make your life easier . Here are seven compelling ways in which it can help.

1. It Helps You Make Better Decisions

Managing a business involves making tough decisions – many of them in high-pressure situations – without any time for contemplation. However, an effective business plan enables you to visualise and plan for at least some of these problematic situations as they arise in your business.

You can anticipate and plan for the various dilemmas that may occur in specific situations (indeed, this is merely responsible risk management ), and ponder the implications that each of your responses might have on your business. This can be used to create and implement contingency plans that objectively steer your company in times of crisis.  

To put it bluntly, a well-crafted business plan will help you make better choices at such times. It is a much preferable alternative to making quick and rash decisions based purely on instinct, which can overlook the bigger picture and take you in a direction that it is difficult to recover from.

2. You Can Avoid "Unforced Errors"

In tennis (and, indeed, in other sports), there is a concept known as an "unforced error" – a mistake that is due solely to your own actions, and not because of a brilliant play from your opponent. The same concept is also applicable in a business setting; there are unavoidable mistakes where all you can do is learn and move on. 

However, there are many mistakes that could have been easily avoided with better preparation and foresight. A business plan can go a long way to mitigating such errors, and ensuring that you do not fall into many of the more common operational traps, such as: 

• Cash flow issues
• Staffing issues
• Lagging the competition
• Poor marketing strategies
• Sub-optimal  product pricing

These are all broad mistakes that can lead to the early demise of your enterprise (indeed, when combined together, they account for nearly all small business failures); a business plan ensures that you have a viable strategy in place to minimise the chances of you following suit.

3. It Convinces Investors and Creditors

A business needs a constant inflow of capital to survive and grow, and this will be difficult to achieve through revenue alone (particularly during your company's early years). Therefore, sooner or later, you are going to have to approach private investors or banks for a loan or an investment.

Straight off the bat, it's vital to understand that whether you are pitching to a millionaire investor, a private venture capital firm , or your local bank manager, nobody will give you a penny unless you can produce a business plan. 

By their very nature, investors and creditors are highly risk-averse – they need to know that an organisation is in capable hands before they commit financially. A coherent, well-researched and well-written business plan is key to this, as it assuages doubts, provides a clear roadmap, and convinces your potential backers that you are serious about running your business.

4. It Makes Building Relationships Easier

A business does not exist in isolation; as an entrepreneur, you will need to deal with other organisations routinely. Such collaborators could include vendors that supply your raw materials, retail businesses that stock your product, contractors that handle minor tasks, or any other freelancers and service professionals whose services you require. 

When building such business links, you will often be required to provide detailed answers regarding your business goals and your long-term vision. As with investors, this will help your partners understand your goals, realign their functions and offer better synergy with your business. 

Sharing all or parts of your business plan with collaborators and stakeholders will help speed up this process. It will also give them greater faith in your ability to be a productive partner, especially at the start of a new relationship.

5. It Helps to Grow Your Business

Growing a business is not a haphazard process; at the very top of your management circle, you should be setting specific targets and trying to achieve them within a certain pre-defined timeframe. This isn't a foolproof method – there will inevitably be road bumps and diversions along the way – but, generally, most successful corporations follow this measured approach. For a new company, a business plan contains these initial goals and sets out how you plan to achieve them. 

You can use this as a compass to guide your entire organisation, including your staff, partners, investors, and other stakeholders. Once you reach your initial milestones, you can then revise your plan and add new objectives. The original blueprint will continue to serve a vital function as a foundation on which you build your company's success. 

Of course, you can create a business plan without any milestones or objectives, but it would drastically reduce its effectiveness. Ideally, you should include objectives based on the SMART Goals paradigm: a management acronym that stands for  S pecific,  M easurable,  A chievable,  R ealistic, and  T imely goals.

6. It Helps to Keep Your Employees Focused

As touched upon in the previous point, a business plan communicates your business vision : where you plan to take it, and how you plan to do it. To achieve the goals that you have created, you need your employees to be fully aware of – and committed to – these objectives. A business plan will help you to communicate this vision to new and existing employees from the moment they join your team.

Indeed, it can even help during the hiring process. Talented and driven professionals want to know what they are getting into when they join a new company, and a coherent business plan will help you to convince them that your business is headed in a clear and defined direction.

7. It Can Even Help You "Exit" the Business

Not all entrepreneurs stick with the businesses they create in perpetuity, nor is global domination necessary the end goal. In fact, many serial entrepreneurs exit their startups as soon as they reach a certain defined stage of growth. From a personal perspective, having a business plan can help quantify your own personal objectives, and identify when is the right time for you to move on to the next project. 

An ideal business plan will have a section devoted to your exit strategy, whether through an IPO, a management buyout, or a targeted acquisition by an external entity. Your choice of exit strategy will have a huge influence on how you grow and manage your business, and can essentially act as a proposed conclusion to the venture's life cycle – for you, at least.

Need help writing your business plan? Starting Business can provide detailed templates either for general use, or specific to your niche or industry!

Was this article helpful? And what are your thoughts on the viability of business plans in today's lean-oriented commercial environment? Let us know in the comment section below!

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Rakefet is the CMO at Mayple. She manages all things marketing and leads our community of experts through live events, workshops, and expert interviews. MBA, 1 dog + 2 cats, and has an extensive collection of Chinese teas.

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Updated May 1, 2024.

It takes time to build a marketing plan and it will change anyway, right? 100%. But creating your digital marketing plan is worth every minute of your time. If you build a business without a marketing plan, it’s like constructing a house without a blueprint. And you need a really good marketing plan template to get you on the right track.

Before we give out all the information and knowledge you need to create your winning marketing plan, let's start by giving you a FREE Digital Marketing Plan Template for 2024 . This is a great example of a great marketing plan that looks snazzy, too 😉.

Click on the image below, and make your own copy or download it to start using this template today.

Now that you have your marketing plan template, let's go over some basics before diving into more advanced aspects of marketing planning.

What is a marketing plan?

A marketing plan is a document that details how you're going to execute your strategy. It's written for a specific period of time and explains both your current situation and your future plans.

What’s the difference between a marketing plan and a business plan?

A marketing plan may be part of an overall business plan. A solid online marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, without a sound strategic foundation, it is of little use to a business. It has to have a set of concrete tasks and marketing tactics to follow.

Why do you need a marketing plan?

There are a ton of reasons why every brand and marketing team needs a good marketing plan.

Here are the top 3 reasons:

Create better goals

When you have specific goals to achieve you can plan your way to achieve them. Having too general goals like "growing my business" VS. measurable KPIs like "I want to grow my revenue by $600K, and to do that I need 1,000 new customers" is different.

Actual KPIs can help you plan exactly what will get you there. We recommend you set up some SMART goals - which stands for specific, measurable, achievable, relevant, and time-framed.

Improve your focus

Marketing without focus can be very messy and super ineffective. Have you ever tried to run a company meeting without an agenda? Just like meetings, marketing needs focus.

The best tip we can give you is to focus on specific activities and have them done well. A digital marketing plan will help you focus on exactly the tasks that will impact your success.

Of course, things will change and your plan will change as well. But as long as you are using a good marketing plan outline you will have your next month’s tasks written down and your work will become that much more effective.

Stay consistent

The purpose of a marketing plan is to ensure that marketing activities are relevant and timely to achieve the organization's business objectives. It's a plan defining a sustainable competitive position and defining the resources necessary to achieve it.

Now that you know what a marketing plan is and what’s used for let’s talk about the key components that it’s built out of.

How do you make a good marketing plan?

A good marketing plan should have the following parts -

• Executive Summary
• Mission statement
• Market Analysis (SWOT)
• Competitor Analysis
• Target market & buyer personas
• Marketing objectives and KPIs
• Pricing strategy
• Growth strategy
• Marketing channels

And as a bonus we’ve added two more sections:

11. BONUS: How to assemble the right marketing team 12. BONUS: Top tools for marketing plan creation & design

Each of these key elements is vital for the right execution of your marketing strategy and I promise you it’s not as difficult as it looks.

Let’s dive in.

1. Create an executive summary

This might seem a little too formal for some marketers out there but it’s essential and I’ll explain why.

Marketing plans tend to get really long so it’s better to create a quick summary and highlight some of the key points of every aspect of your plan right at the beginning. This becomes the foundation of your marketing plan.

There is no set length for an executive summary but it should cover all of the main elements of your marketing plan. It should also quickly tell your story and highlight what you are trying to achieve. Add your KPIs, marketing channels, market strategy, and budget.

A good executive summary should give a quick taste of the entire plan and entice the reader (investor, upper management, CEO, etc) to read the rest.

Here’s a great 2-minute video from Hubspot that shows how to write an executive summary from start to finish.

The next section of the marketing plan has to do with your “why”.

2. Create a mission statement

A good mission should have 3 critical components -

• An overall mission or vision of the company
• The company’s core values
• The goals and marketing objectives

The key is to keep it precise, short, and powerful. Don’t write a long essay, don’t just throw a bunch of jargon around, and do get some input from the employees at the company.

Employee feedback on this is critical because marketing and sales activities have to align with the mission of the company so all the various teams in the business have to be in agreement on the general mission.

The worst thing you can do is have a mission that has no direct correlation to the actual activities or tasks. Such a mission won’t help you grow your business .

What’s the difference between the company vision and its mission?

The vision is like the why, the overarching goal and foundation of the company. The company’s mission includes the vision and adds to it the actions and activities that the company will do to help advance its vision. Here’s a great video by Simon Sinek that explains this concept.

Now let’s talk about how you are going to go about achieving that mission.

The first step is to understand the market and your particular industry.

3. Market analysis

Have you ever seen the TV show Shark Tank?

The first part of any pitch is a personal story and a quick description of the founders’ “why”. This is where you can find the vision and mission of the company.

Next, they almost always mention the size of the market and they quantify the opportunity that they are presenting to the sharks.

This is exactly what a market analysis is.

A market analysis is a quantitative and qualitative assessment of a market. It looks at the size of the market in terms of the value ($) and volume (quantity of product sold) and often highlights some of the latest trends or environmental conditions that define the opportunity cost.

So how do we do this?

A great way to structure this is by using the SWOT analysis technique.

What is a SWOT analysis?

A common marketing framework that can help you create a good marketing analysis is called the SWOT framework . It stands for strengths, weaknesses, opportunities, and threats .

Strengths - what is your company really good at? what makes you unique? what unique advantages do you have over your competition? What is your value proposition? What are some of the key resources, processes, and capabilities that your company has?

Weaknesses - what are the weakest points of the business? What are some of the areas in which you could improve on? What is your company lacking compared to your competitors?

Opportunities - what are the biggest trends in the market that could give your company an edge or an advantage? These could be demographic patterns, lifestyle choices, population dynamics, or governmental regulatory policies.

Threats - what are some of the external factors in the market that could negatively impact your business? What are some environmental factors that you should be aware of? What are some possible changes that could threaten your business performance and success?

Pro tip: Want to do your own SWOT analysis? Get our Marketing SWOT Analysis Template .

4. Competitive analysis

The next vital step is to understand your competition and what the competitive landscape looks like in your industry or niche.

The main questions your competitive analysis should answer are:

• Who are the competitors?
• What marketing strategies are they employing?
• And how are they going about achieving their goals?

Here’s one of my favorite competitive analysis frameworks from the renowned Myk Pono:

Now that you’ve completed your competitive analysis it’s time to zero in on your ideal customer.

5. Define your target market and buyer personas

The best way to create target personas for any brand is by creating a customer journey map. A customer journey map is a visual representation of all the various touchpoints that your brand has with a prospective customer.

This is a critical part of creating your marketing strategy.

Google introduced the moment of truth concept and this really relates to our discussion of marketing channels but it’s important to mention here as well.

Shoppers can find and interact with your brand through hundreds of channels, both online and brick-and-mortar. The Zero Moment of Truth (ZMOT) concepts represents that stage of the buyer’s journey that leads them to find your product or solution for their problem.

Identifying the specific problem that the customer is looking to solve is critical. This is how you define your persona and this is what ultimately affects the rest of your marketing decisions.

Here's a great buyer persona template from Hubspot to help you create better audience personas.

6. Define your goals and KPIs

The first step when building a marketing plan is to understand and define which business goals are the plan aiming to achieve. Business and marketing should always go hand-in-hand - remember that. Questions you should answer are:

• What are the business goals I need to achieve?
• What KPIs will get me to achieve my goals?
• What does my marketing funnel look like?

Pricing is often part of the market and competitive analysis sections but sometimes brands discuss it separately. It depends on how important price considerations are for your business and how competitive your market is. For example, if a major advantage in your business is that your product is priced significantly lower than your competition then a pricing strategy will play a key role in your marketing plan.

On the other hand, if you are a brand like Apple that is trading on the quality and its other features more than a price comparison, then your focus will be less on price.

There are 5 common pricing strategies:

1. Cost-based pricing

This is when the price is solely based on the costs of the products. The company simply takes the cost it takes to produce the product or service and adds a markup.

2. Value-based pricing

This strategy is based on the perceived value of your product. So a great example here is a company like Apple that prices its products significantly higher than its competitors because of the perceived value they provide.

3. Competitive pricing

This is when a company sets a price based on what the competition is charging. A great example here is gas stations. Each gas station competes with the other stations on the block, trying to outbid the other.

4. Price skimming

This strategy involves setting a high price and then lowering it as the market evolves. A lot of tech products have a high price when they first launch in order to maximize profit and increased their perceived value.

5. Penetration pricing

Penetration pricing is the exact opposite of price skimming. It involves pricing a product really low at first in order to enter a competitive market, and then increasing the price slowly over time.

Fit your pricing strategy to your target customers

It's important to fit your pricing strategy to the specific customer segment that you are trying to reach. If you are markeing to the early adopters then price skimming will work. If you want to be adopted by the early or late majority then you may have to try penetration pricing.

You can always use customer feedback to get more data on this and make a better decision.

As you can see, there are a lot of different pricing strategies out there. Picking the right one for your business will depend on the previous steps in your marketing plan - the customer (or buyer) pain point, the market analysis, and the competitive analysis.

8. Define your marketing budget

Your marketing budget plan depends on your business stage

Much like marketing goals and KPIs, your budget planning depends on your business lifecycle stage (are you a startup or an established brand). Normally, startups invest more in gaining market share and acquiring new customers, whereas established brands would invest more in retention and reputation.

Your niche is also a factor

Each industry has a different marketing structure and consumer behavior, so your niche defines your marketing budget allocation as well. eCommerce in a competitive niche like fashion, for example, will need ways to lower its CAC (customer-acquisition-cost) and upsell.

Spending tipping point

You can't expect that if you invested $20,000 and got 1,000 leads to keep the same proportion at $200. Every channel should have a different amount allocated to it based on the return on investment (ROI) and your profit margins.

So make sure you invest enough into each channel to move the needle. You can benchmark with other businesses in your niche, or use a rule-of-thumb by which at least 20% of your expected revenue should be invested in marketing.

Lead generation and branding

Start planning your budget.

The first step when planning your marketing budget is to understand what are the growth channels that have worked for you so far and are part of your digital marketing strategy for the next year. According to each channel's effectiveness and cost, you can start allocating your monthly and yearly spend.

Questions you should answer for that are:

• What are the most effective growth channels I have so far?
• Are there more growth channels I want to test next year?
• Does seasonality affect my sales?
• Align your budget with your KPIs (!)

Now that you’ve identified what and how to spend your marketing dollars, it’s time to pick the marketing channels that you will be using to grow your business.

9. Define your marketing channels

It's important to decide on the specific marketing mix that is best for your business. Social media platforms and other marketing channels have absolutely exploded in the last decade so you have a ton of channels to choose from.

Now, remember to have an authentic brand presence on every channel and only expand to ones that fit your brand strategy . Here are some of the top ones that you should consider for your marketing plan template:

Content marketing

Content marketing is very powerful for inbound marketing. Studies show that 60% of marketers create at least one piece of content per day and the year-over-year growth in traffic is 7.8X higher for content leaders.

Companies like Capterra and Quuu attribute their success to really good content.

Now, remember, content is a long-term game, short-term wins are very rare. You should create, design, and post content consistently and continue to optimize.

Social Media

Social media is another powerful marketing aspect of any brand’s marketing strategy. It provides an opportunity for you to present your brand in a visual way through images and videos.

Studies show that 90.4% of Millennials, 77.5% of Generation X, and 48.2% of Baby Boomers are active social media users, so don’t ignore these platforms if your brand isn’t “sexy” enough.

The marketing guru Gary Vaynerchuk has always said that brands in the construction or plumbing industries should absolutely post content and interact with their audience on social media. If you bring people value you will generate leads that will eventually convert into sales .

>> Want to get more engagement and traffic from social?

Email marketing

Email marketing has the highest ROI of any marketing channel. Studies show that marketers make $44 for every $1 they spend on email marketing. It’s 40X more effective than using social media to generate sales.

If you are a B2C company then this is an absolute must. You should be sending out weekly or biweekly campaigns, you should set up some automatic welcome and cart abandonment flows, and you should definitely set up some email automation for the customers that convert through a popup.

If you are primarily B2B you might think that email marketing is not as powerful for you but that is absolutely not the case. According to WordStream , 59% of B2B marketers say that this is the most effective way to generate sales.

Another great way to use this channel is for branding. For example, a lot of companies leveraged the global COVID pandemic to engage in new ways with their target customers. They used really creative ways to send really helpful and cheerful emails that helped lift people’s spirits.

Advertising

Last but not least, there’s advertising. This is our specialty here at Mayple . We have over 1,500 talented ads experts that we match with the brands that we work with. Advertising is an important aspect of your marketing strategy that you should absolutely have on your digital marketing plan template.

There are several ways you could utilize advertising as a marketing channel .

First, there is social advertising. You could advertise on platforms like Facebook, Instagram, Snapchat, Pinterest, LinkedIn, and Quora. Then there are Google Ads that come in the form of PPC or you could use a tool like Taboola or Outbrain to leverage Google’s Display Network.

You could also retarget your site visitors using ads on any of these networks. This type of advertising is particularly effective and we recommend it to all the brands that we work with.

Now let’s talk about your marketing or growth strategy.

10. Define your growth strategy

After you’ve set your marketing goals, KPIs, and budget, it's time to plan your marketing activities for this year! Ready? 💪

What to consider when planning your marketing?

After you figured out what are the channels you're going to invest in, the marketing plan should show all the activities you're going to run under each growth channel.

Here are some examples you can use:

Paid media marketing campaigns

To plan and design your paid campaigns correctly you should know what are the most effective channels you are going to start using and to build a marketing funnel that shows you when are you going to advertise to "first-touch" prospects (people that don't know you yet) and what will remarketing prospects will want to see in order to be persuaded to take the next move.

Now, plan the marketing activities for each of your marketing funnel stages (from the awareness stage to the decision stage) and prospects' journeys from the setup stage to the live campaign stage. You can also add special events and design seasonal promotions in your paid campaigns such as sales season and other special occasions.

Content strategy & distribution

Content marketing is all about connecting with your customer base and potential buyers at every level of the funnel. An effective content distribution strategy should take into consideration the types of content you want to publish and the ideal distribution channels for your potential customers at each stage of the marketing funnel.

Another important thing to remember about content is consistency.

Don't plan your content on social channels if you won't have the resources to be consistent with your posting. It's better to focus on fewer things and do them well. Content can include any valuable engagement you have with your audience, whether it's on your Facebook, on a blog post, or in your email marketing .

Some of your content efforts will be ongoing (for example, SEO) and some will be building assets for future use (for example, Video).

Offline / Local

Ok, so we’ve covered all the aspects of an effective marketing plan.

Now let’s talk about the type of expertise you will need to assemble to execute your strategy.

11. BONUS: How do you build the perfect marketing team?

As we all know, marketing management can be lonely (at every size of business by the way), so a crucial factor in your marketing success is building a good team to execute your marketing plan. It can be an in-house team, a team of experts you hire, or as in most cases, a hybrid of in-house employees combined with marketing service providers ( agencies or freelancers).

3 Fundamentals of a good marketing team:

Here are the three top elements of a really effective marketing team.

I'll start by saying a good marketing team depends first and foremost on its leader (Yeah, that's you!). When you choose the right people and know how to manage them right, your success rates are already good. At the end of the day, good marketing starts with a good strategy, continues with a reasonable plan, and depends on great execution.

Expertise blend

Your strategy and plan require specific human capabilities so they will be executed well. If you're planning on running paid media campaigns, you better start your year with an expert on your team that knows the job and that you can count on to deliver on your expectations.

To decide whether to hire an in-house employee or a service provider, you should consider two things:

• What is more important for you - flexibility or control?
• Do you have access to

In my experience, experienced marketing professionals either demand very high salaries or work independently / in small agencies (for example ecommerce SEO agencies ).

Measurement and performance

We're back talking about your Key Performance Indicators (KPIs), and so should you in every marketing decision you make. After you made sure you have all the needed resources in terms of human talent to get your plan running, you'll need to keep tracking, measuring, and motivating them to be focused on achieving your goals and KPIs.

Not an easy task, especially when you need to measure both in-house employees and service providers. It’s important to understand what KPIs are relevant to each of your team members, and how to run these tracking sessions in a way that will bring everyone together to achieving better results for your business.

Questions to ask a

Questions to assess their experience, with respect to your unique business requirements:

• What industry-relevant experience do you possess?
• What kinds of campaigns have you previously managed?
• Can you show me some examples?

Questions that assess their ability to build the campaign strategy you need:

• How do you plan a campaign?
• How do you decide on each campaign’s distribution?
• Do you A/B test different campaign messages?

Questions about reporting and KPIs - clear expectations!

• Which KPIs do you think are relevant to us?
• Which KPIs do you expect to reach?
• Which reporting format do you use?
• What would be the frequency of the reports you generate?

Excellent. You now know how to assemble your marketing team.

And you might be asking yourself, how do I write this marketing plan? It’s going to take me ages! There is so much research that goes into it, do I have to do it all manually?

The answer is no way! There are a ton of marketing tools & software that can help you create your actionable marketing plan way faster.

Here are a few.

12. BONUS: What are the best tools to use to create a marketing plan?

Here are some of the top marketing tools to use to create your marketing plan.

Tools for research

There are numerous tools to use to obtain all the market research and business analytics for your marketing plan.

Alexa is a great tool to get insights into your market and your competitors. It has some really great advanced features that can show you your site demographics, where your traffic comes from, and the traffic sources of your competitors.

Similarweb is another great tool for research. It’s like Alexa in that it has some very similar features but has more reporting capability, and has other metrics like geography, referring sites, and SEO metrics.

Ahrefs is one of the top SEO tools out there. It can give you some of the most sophisticated information about the types of backlinks you or your competitors have, search engine rankings, and much more.

Tools for collaboration

Basecamp is a great tool for team collaboration. You can use it to message your team, store and organize project files efficiently, and work better with your team. There are so many data points to gather for your marketing plan and you will need to collaborate with multiple teams in your company.

Slack is another great tool for team collaboration. Though it’s more focused on communication it does provide a great way to store information and collaborate with co-workers (and it has a slick design and an easy-to-use interface).

Speaking of design, let’s talk about visual design tools and software for your marketing plan.

Tools for charts and presentations

This is a great design tool for making charts. They have a really easy-to-use drag and drop design interface that allows you to create fancy charts and diagrams for your marketing plan in minutes.

Canva is a great design tool for all kinds of design projects. It has a wide range of features that you could use to design amazing graphics and download them for your marketing plan.

13. BONUS: Top marketing plan examples

There are so many areas of digital marketing and if you want to be really efficient you should make a plan for each one. The best way to learn is from the experts so let’s look at some of the best sample marketing plans. You can download any of these or save a copy for yourself.

Content Marketing Strategy Template - by Buffer

This is a really great plan for your content. It breaks down every process from discovering your ideal customers, to creating their buyer persona, finding the main challenges that your content could solve, and so on. This is a really in-depth guide designed for any content marketing out there.

Simple Marketing Plan - from Cengage

Here’s another really great marketing plan example. This one looks really old school, so if you are a visual learner this one is probably not for you. But if you want to see a really well-written explanation of every section of a traditional marketing plan, you will get a lot of this example. Download it and fill it out, you will get a lot of value out of it.

One Page Marketing Plan Template - from SmartSheet

Ok, if that wasn’t simple enough for you, here’s a quick one-page cheat sheet that you can use to quickly summarize your entire marketing plan. This one is really useful for a quick brainstorming session, especially when working with a remote team.

Marketing Strategy Template for Increasing Blog Traffic - from Sumo

Sumo has some incredible marketing plan templates. I used one of their templates to grow an Instagram account from 0-30k subscribers in 18 months. And here they strike again with a super-specific template & strategy on how to take your blog traffic to 10,000 visits in just 12 weeks.

Marketing plan infographic for specific projects - from Visme

Speaking of content, let’s talk about video.

Creating a video strategy for a brand can be a pretty complex task. You have a bunch of teams, a variety of factors to consider, and it can become a big mess pretty quickly. So, if you want to create a strategic marketing plan template for a specific project like that, then use this infographic template from Visme to display everything and make it all really easy for the whole team to follow.

This format is especially powerful when you’ve hired a digital marketing consultant because that’s when things can get a little unclear. So organizing every project into a quick infographic can provide a really great way to keep everyone organized.

Email List Marketing Strategy Template

An email list is one of the most powerful tools any business has. It’s really hard to grow your list and keep subscribers engaged. Here’s a great marketing plan example for growing a list to over 1,500 new subscribers in 12 weeks.

Email Marketing Plan Template - from Hubspot

Here’s a great email marketing planning template from Hubspot that helps you create better emails. Hubspot is an incredible software product for any brand and they make incredible templates and guides on virtually every aspect of digital marketing. This template in particular has 3 parts - email planning, analytics, and A/B testing.

Ecommerce Marketing Plan Template - from Sumo

We’ve been focusing more and more on eCommerce businesses recently, and you can learn all about it in our eCommerce marketing guide . Here’s an example of a marketing plan that takes you through all the steps of growing your eCommerce revenue in 12 weeks.

eCommerce Marketing Plan Example - from Drip

Here’s another great marketing plan example from Drip. This one is a broad overview of each section and has some additional tracking info to fill out, that the other plans didn’t cover. It’s a quick and easy one.

14. How to Create a Social Media Marketing Template

This is something that we get asked often. Sometimes a marketing manager or brand owner doesn’t want to design a whole new marketing plan from scratch, but only wants to focus on their social media.

How do you go about creating a social media marketing plan ?

Here’s a high-level overview of how to go about it.

1. Choose your SMART Goals.

We’ve spoken about this at the beginning of this article, and it’s super crucial that any kind of plan starts with some goals that make sense.

SMART stands for -

Here’s an example of a vague goal:

-We will increase our blog traffic to 100k monthly uniques.

Here’s how you turn that into a SMART goal:

- We will increase our blog traffic by 10% each month for the next 12 months by increasing all of our posts to 3,000 words and optimizing on-page content.

Did you notice how I set a deadline on that SMART goal?

T stands for time-bound and deadlines are absolutely crucial.

2. Define your target audience

It’s time to narrow down who your ideal customer is.

First, start by looking at your data on Google Analytics or any other tool you’re using. Find out as much information on your audience as you can.

This could include:

• Average income
• Shopping habits

3. Look at your competitors

4. analyze your social data.

Now that you know what your competitors are doing, compare that to where you are holding with your current marketing efforts.

Look at the following things on each channel:

• How many followers do you have
• How much engagement (likes & comments) you get
• Which types of posts are most successful
• Days of the week and times your account gets the most engagement
• Best times to post

5. Decide on accounts & channels

Next, choose the right social media platforms for your business. Decide which ones you want to use and for what purposes. It could be that one channel you could use for impressions, and on the other one, you really care about the engagement.

Here’s what we do at Mayple:

• Facebook - Organic impressions + ads to get new brands and marketing experts signed up -> lead generation and sales
• Instagram - Organic impressions + engagement aimed at marketers
• LinkedIn - Organic engagement + traffic for brand growth

You might find that Pinterest is a perfect platform to get traffic, while Instagram is primarily for sales. It totally depends on the industry, design, content format, and type of business you have.

6. Get some inspiration

Now that you’ve decided on the channels you’re going after, look at some of the best social media posts for your niche and make an inspiration wall for yourself.

Look for posts or videos that catch your eye, designs, color schemes & messaging that would work well for your content.

7. Decide on post types and formats

Next, decide on the exact types and formats of your posts.

Here are a few post formats you could pick from:

• Carousel posts
• Instagram Stories
• Short-form content
• Long-form content

I recommend deciding on 4-5 formats and testing them out for a few weeks.

8. Create a social media calendar

Now it’s time to put it all together into one calendar.

Use a scheduling app like eClincher , Sendible , CoSchedule , or Later .

They all have different features, so find something that fits your needs and budget.

Once you upload all of your posts into one calendar you can see it all visually, and see your post frequency for each platform.

9. Test for 30-60 days and re-evaluate

Are you excited? It’s time to launch this thing!

Launch your posts for the next 1-2 months and see how they do. After 2 months, re-evaluate your progress, and double down on the posts that did really well.

Take out the posts that didn’t do so well.

Continue optimizing as you go along.

Top Social Media Plan Templates

Here are a few of our favorite social media plan templates. You can use these to plan your calendar, to better optimize your strategy, and to rock out like the top brands out there.

Social Media Audit Template by Hootsuite

This template is a really great general for all of your needs. They have a separate tab for Instagram, Facebook, Twitter, LinkedIn, Snapchat, and Pinterest. Each tab is divided into a grid for all your accounts, performance, audience, goals, and even a SWOT analysis. These guys cover it all!

Get it ->

We’ve covered pretty much everything you need to know about how to plan, create, and design your digital marketing plan. Your plan should be the basis for all of the marketing initiatives of your marketing department. It should serve as the guideline for creative marketing material, setting up your campaigns, and your plan of action.

We’ve already created a really effective marketing plan template, which you can get - here .

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• Convert an existing agreement to a Direct Debit agreement
• Change the bank routing and account number on a Direct Debit agreement
• Reinstate after default

You can log into the online payment agreement tool using the Apply/Revise button below.

How to revise an online payment plan

Log in to the online payment agreement tool using the Apply/Revise button below. On the first page, you can revise your current plan type, payment date, and amount. Then submit your changes.

If your new monthly payment amount does not meet the requirements, you will be prompted to revise the payment amount. If you are unable to make the minimum required payment amount, you will receive directions for completing a Form 9465 Installment Agreement Request PDF and Form 433-F Collection Information Statement PDF .

To convert your current agreement to a Direct Debit agreement, or to make changes to the bank account associated with your existing Direct Debit agreement, enter your bank routing and account number. 

If your plan has lapsed through default and is being reinstated, you may incur a reinstatement fee.

Power of Attorney (POA) for an individual

To apply as Power of Attorney (POA) for an individual, you need to log in with your IRS username or ID.me credentials (see What do you need to apply for a payment plan?)

For the individual you are representing, you will need:

• Taxpayer's Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Your Centralized Authorization File (CAF) number
• Caller ID from the taxpayer's notice or POA's signature date on Form 2848
• Balance due amount
• Secondary taxpayer’s SSN or ITIN (if applicable)
• Adjusted Gross Income for most recent return on file
• Tax year examined (if applicable)

Note : The POA must be authorized for all balance due periods in order to represent the taxpayer for a payment plan. Not all POA authority designation levels can represent the taxpayer for this purpose (including level “h”) or use the online system (including level “k”).  See the Instructions for Form 2848 for more information.

Apply/Revise as Individual Apply/Revise as Individual POA

Business payment plan

Your specific tax situation will determine which payment plan options are available to you. Payment options include full payment or a long-term payment plan (installment agreement) (paying monthly).

You may qualify to apply online, if:

• Long-term payment plan (installment agreement): You have filed all required returns and owe $25,000 or less in combined tax, penalties, and interest.

Note: Setup fees may be higher if you apply for a payment plan by phone, mail, or in-person. Get more information on other payment plan options and fees .

What does my business need to apply?

To apply as a business, you need to log in with your IRS username or ID.me credentials (See What do you need to apply for a payment plan? )

You also need:

• Your Employer Identification Number (EIN)
• Date the business was established (MM/YYYY)
• Your Caller ID from notice
• Business address from most recently filed tax return
• Tax form filed or examined
• Tax period filed or examined

Get more information on other payment agreement options and fees.  

If your new monthly payment amount does not meet the requirements, you will be prompted to revise the payment amount. If you are unable to make the minimum required payment amount, you will receive directions for completing a Form 433-B Collection Information Statement for Businesses PDF  and how to submit it.

Power of Attorney (POA) for a business

To apply as Power of Attorney (POA) for a business, you need to log in with your IRS username or ID.me credentials (see What do you need to apply for a payment plan? )

• Taxpayer's Employer Identification Number (EIN)
• Business address of most recently filed tax return on file

Apply/Revise as Business Apply/Revise as Business POA

More Information

Answers to common questions

Video: Avoid Interest and Penalty Charges

System Availability

Monday to Friday: 6 a.m. to 12:30 a.m. ET

Saturday: 6 a.m. to 9 p.m. ET

Sunday: 6 p.m. to 12 a.m. ET

The system will only be available during times above; please return to the system during system availability to use the Online Payment Agreement application.

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6 Reasons You Really Need to Write A Business Plan

Published: October 14, 2020

Starting a busine ss can be a daunting task, especially if you’re starting from square one.

It’s easy to feel stuck in the whirlwind of things you’ll need to do, like registering your company, building a team, advertising, the list goes on. Not to mention, a business idea with no foundation can make the process seem incredibly intimidating.

Thankfully, business plans are an antidote for the new business woes that many entrepreneurs feel. Some may shy away from the idea, as they are lengthy documents that require a significant amount of attention and care.

However, there’s a reason why those who take the time to write out a business plan are 16% more likely to be successful than those who don’t. In other words, business plans work.

What is a business plan, and why does it matter?

In brief, a business plan is a roadmap to success. It's a blueprint for entrepreneurs to follow that helps them outline, understand, and cohesively achieve their goals.

Writing a business plan involves defining critical aspects of your business, like brand messaging, conducting market research, and creating pricing strategies — all before starting the company.

A business plan can also increase your confidence. You’ll get a holistic view of your idea and understand whether it's worth pursuing.

So, why not take the time to create a blueprint that will make your job easier? Let’s take a look at six reasons why you should write a business plan before doing anything else.

Six Reasons You Really Need To Write a Business Plan

• Legitimize your business idea.
• Give your business a foundation for success.
• Obtain funding and investments.
• Hire the right people.
• Communicate your needs.
• It makes it easier to sell your business.

1. Legitimize your business idea.

Pursuing business ideas that stem from passions you’ve had for years can be exciting, but that doesn’t necessarily mean it’s a sound venture.

One of the first things a business plan requires you to do is research your target market. You’ll gain a nuanced understanding of industry trends and what your competitors have done, or not, to succeed. You may find that the idea you have when you start is not likely to be successful.

That may feel disheartening, but you can always modify your original idea to better fit market needs. The more you understand about the industry, your future competitors, and your prospective customers, the greater the likelihood of success. If you identify issues early on, you can develop strategies to deal with them rather than troubleshooting as they happen.

It’s better to know sooner rather than later if your business will be successful before investing time and money.

2. Give your business a foundation for success.

Let's say you’re looking to start a clean beauty company. There are thousands of directions you can go in, so just saying, “I’m starting a clean beauty company!” isn’t enough.

You need to know what specific products you want to make, and why you’re deciding to create them. The Pricing and Product Line style="color: #33475b;"> section of a business plan requires you to identify these elements, making it easier to plan for other components of your business strategy.

You’ll also use your initial market research to outline financial projections, goals, objectives, and operational needs. Identifying these factors ahead of time creates a strong foundation, as you’ll be making critical business decisions early on.

You can refer back to the goals you’ve set within your business plan to track your progress over time and prioritize areas that need extra attention.

All in all, every section of your business plan requires you to go in-depth into your future business strategy before even acting on any of those plans. Having a plan at the ready gives your business a solid foundation for growth.

When you start your company, and your product reaches the market, you’ll spend less time troubleshooting and more time focusing on your target audiences and generating revenue.

3. Obtain funding and investments.

Every new business needs capital to get off the ground. Although it would be nice, banks won’t finance loans just because you request one. They want to know what the money is for, where it’s going, and if you’ll eventually be able to pay it back.

If you want investors to be part of your financing plan, they’ll have questions about your business’ pricing strategies and revenue models. Investors can also back out if they feel like their money isn’t put to fair use. They’ll want something to refer back to track your progress over time and understand if you’re meeting the goals you told them you’d meet. They want to know if their investment was worthwhile.

The Financial Considerations section of a business plan will prompt you to estimate costs ahead of time and establish revenue objectives before applying for loans or speaking to investors.

You’ll secure and finalize your strategy in advance to avoid showing up unprepared for meetings with potential investors.

4. Hire the right people.

After you’ve completed your business plan and you have a clear view of your strategies, goals, and financial needs, there may be milestones you need to meet that require skills you don’t yet have. You may need to hire new people to fill in the gaps.

Having a strategic plan to share with prospective partners and employees can prove that they aren’t signing on to a sinking ship.

If your plans are summarized and feasible, they’ll understand why you want them on your team, and why they should agree to work with you.

5. Communicate your needs.

If you don’t understand how your business will run, it’ll be hard to communicate your business’s legitimacy to all involved parties.

Your plan will give you a well-rounded view of how your business will work, and make it easier for you to communicate this to others.

You may have already secured financing from banks and made deals with investors, but a business’ needs are always changing. While your business grows, you’ll likely need more financial support, more partners, or just expand your services and product offers. Using your business plan as a measure of how you’ve met your goals can make it easier to bring people onto your team at all stages of the process.

6. It makes it easier to sell your business.

A buyer won’t want to purchase a business that will run into the ground after signing the papers. They want a successful, established company.

A business plan that details milestones you can prove you’ve already met can be used to show prospective buyers how you’ve generated success within your market. You can use your accomplishments to negotiate higher price points aligned with your business’ value.

A Business Plan Is Essential

Ultimately, having a business plan can increase your confidence in your new venture. You’ll understand what your business needs to succeed, and outline the tactics you’ll use to achieve those goals.

Some people have a lifetime goal of turning their passions into successful business ventures, and a well-crafted business plan can make those dreams come true.

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8 Reasons Why Your Internet is Slow (and How to Fix It)

Expert tips to banish slow internet speeds

Tired of endless buffering circles, slow downloads, and laggy browsing? Slow internet today means slow everything, but who has an extra afternoon to sacrifice to the tech troubleshooting gods? Fortunately, it’s very possible there’s a quick and easy fix for your sluggish home network.

Your slow internet speeds are probably caused by one of these eight very common network issues. You can fix most of these issues yourself; some only take a few minutes—we’ll start with those. It is possible that you have a more complicated issue on your hands; we’ll go over these instances, too, and provide you with some additional in-depth troubleshooting resources.

Fed up with slow internet? Check out your other options.

Enter your zip code below to see if a faster plan is available in your area.

Jump to: Why is your internet so slow? | How to fix your slow internet connection  | Other reasons your internet is slow | More ways to speed up slow internet | FAQ

Why is your internet so slow?

We provide more detail on each of these potential internet slowdown causes further down the page. Click on an issue to auto-scroll to the solution.

Here are the most common reasons for a slow internet connection:

1. You need to restart your modem and router Equipment restarts are hands down the most effective internet troubleshooting solution. This should always be your first step.

2. Your home network is congested Congestion happens when you overload your internet connection with more traffic than it can handle. To fix it, you can either lower your internet usage or upgrade to a faster plan.

3. You need a stronger Wi-Fi signal You experience a weak Wi-Fi signal when you’re too far from your router, when the signal is forced to pass through obstructive materials, or when other Wi-Fi networks and electronic devices introduce interference. You can fix it by extending your Wi-Fi range, choosing a better spot for your router, or adjusting your router’s settings.

4. Your network cables are damaged or loose Damaged or even loose Ethernet and coaxial cables can cause major slow downs and interruptions. Your cables may not be connected probably or damaged from excess stress, kinks, or even chewing from pets.

5. You need to update your devices It’s not always your internet connection that’s causing the slowdowns, it could be one or more of your devices. If your slowdowns are limited to certain devices, you should start your troubleshooting efforts with those devices rather than your internet connection; sometimes, they just need a simple restart or an update.

6. You have high latency High latency causes your internet to feel sluggish and is particularly frustrating with highly time-sensitive activities like gaming and video calls.

7. Your provider’s network is congested Provider networks can get overloaded the same way your home network can: too much traffic and not enough bandwidth.

8. Your provider is throttling your connection Your ISP may be intentionally slowing down your connection for a number of reasons.

How Much Internet Speed Do I Need?

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Answer 6 questions and get a personalized internet speed recommendation!

How many people in your household use the internet/WiFi on a daily basis?

How many devices in your home connect to the internet, including tablets, gaming consoles, and smart devices?

How many people in your household work from home?

What video quality do you use for streaming TV and movies?

How intensely does your household participate in online gaming?

Does your household download large files from the cloud or via the internet?

Our minimum speed recommendation for you:

How to fix a slow internet connection

1. you need to restart your modem and router.

As the golden rule of internet troubleshooting, an equipment restart should always be your first step. It’s quick, easy, and effective.

The restart process is the same for a modem, router, or gateway (modem/router combo unit):

Step 1: Unplug the power cable from the back of the modem, router, or gateway.

Step 2: Wait 60 seconds.

Step 3: Plug the power cable back into the back of the equipment.

Step 4: Wait for the equipment to reboot (this can take up to 20 minutes).

2. Your home network is congested

Your slow speeds might be the result of trying to do too much at once on your internet connection. Think of your internet connection as a road directly to your house. One car’s worth of people (or internet data) can reach your house at a time. If there are three cars trying to get there, they have to line up to get to your house. And if more cars arrive as the others are waiting to reach your house, you get a traffic jam.

Here’s how you can tell if you need to upgrade your internet plan:

Use our internet speed test to see if you’re getting the speed advertised by your ISP. If your results are close to your plan speed, consider upgrading.

Download speed 000 Mbps

Upload speed 000 Mbps

Latency (ping) 00 ms

Jitter 00 ms

You can also fix home network congestion by dialing back your internet usage. Thankfully, there are severa l easy ways to do this that don’t include yelling at everyone to get off the internet so you can attend a Zoom meeting.

Here are a few tips on how to manage your home network traffic:

Use QoS settings to prioritize certain online activities

Many routers have a quality of service (or QoS) component that allows you to prioritize certain types of traffic on your home network. For example, you can make sure your streaming data always gets first access to available bandwidth for smooth playback.

Not all routers have adjustable QoS, but if your router does, you’ll find the controls in your router’s web interface. If you need help accessing your router’s settings see our guide on how log into your router .

Prune your internet connections

There may be some devices connected to your network that you rarely use—if at all. Even if you’re not actively using these devices, it still uses bandwidth for updates and other background services. Your router may even have a limited number of devices it can connect to simultaneously, and start kicking some of them off the network when you go over the limit.  

One simple way to take stock of all the devices using your network is to load your router’s web interface and view the network map. You will see all connected devices, whether they’re active or not, so you can block the ones you never use. Some routers have an app you can use instead of a web interface.

Another method is to change the Wi-Fi password, but that only applies to wireless devices . Once you do , you must manually reconnect every device .

Stagger bandwidth-hogging activities

If your connection can’t handle everyone online at once, stagger your internet activities so everyone gets a chance at an uninterrupted connection.

Also, make sure to schedule big downloads (like computer and game updates) during times when other people won’t be online.

Put visitors on a guest network

You can create a second guest network using your router’s web interface or mobile app. A guest network allows you to limit how much bandwidth guests can use, and what services and websites they can access . It also provides improved security by preventing guests’ devices from mingling with your devices, so there’s no worry about guests spreading malware to everything you use. Our guide on how to set up guest Wi-Fi covers a few different ways to establish a second network.

3. You need a stronger Wi-Fi signal

Walls, distance, and interference from other Wi-Fi networks can weaken your Wi-Fi signal. Weaker Wi-Fi signals mean slower speeds and frequent disconnects . 

You can tell if signal interference and weak Wi-Fi signals are your issue by looking at your devices Wi-Fi meter . For fast connection, we recommend ensuring you have at least three bars of signal strength.

To fix weak Wi-Fi, first, check your router’s placement. Y ou want to make sure your router is in a central and elevated location and away from things that can affect your Wi-Fi signals (like walls, Bluetooth speakers, etc.). Sometimes, even moving your router a few feet can make a big difference. See our guide on choosing the best spot for your router . We also have a walkthrough on how to move your router to another room , which may be required to get adequate Wi-Fi coverage throughout your home. 

If that doesn’t work, you might need to replace your router with one designed for longer ranges or better coverage—or you can add an extender to your network to stretch Wi-Fi signals into a previously unreachable area . 

Check out our guides on how to extend your Wi-Fi range and long-range routers if you need better Wi-Fi coverage.

4. Your networking cables are loose or damaged

Loose or damaged networking cables can degrade your internet signal, introduce signal interference, or even cutoff your bandwidth altogether. The first step to make sure everything is connected properly.

Start with your Ethernet cables, which look like and oversized phone line and are used to connect devices directly to your router and connect your router to your modem (unless you have an internet gateway, which is both a modem and a router). Check that the cable is fully inserted in the sockets on the modem, router, and any devices connected directly to your router; it should make an audible click when it plugged in; if it doesn’t, the plastic spring clip is worn and the cable should be replaced. Also, check for any kinks, tears, chew marks, or any other obvious sign of wear and tear. If you see damage, replace the cable, there’s no fixing it. If you have an internet gateway instead of a modem and router and you use Wi-Fi for all your devices, it’s possible you’re not even using any Ethernet cables in your home network.

Next, check the cable that delivers internet signal to your modem or gateway. If you have cable internet, it will be a coaxial cable. If you have fiber, it could be a fiber-optic cable or Ethernet cable. Check that the coaxial cable is screwed on hand-tight to the back of the modem or gateway. And again, look for any signs of damage; if you spot damage, you need to replace the cable.

5. You have high latency

Latency is the time data takes to make a round trip from your device to the destination and back. A high latency creates noticeable lag: an extended duration between your physical actions and the results displayed on your screen. This can be particularly frustrating with online gaming or video calls. 

High latency is difficult to work around. It depends partially on your physical distance from internet servers, network congestion between you and the servers , and your internet provider’s infrastructure—things that are mostly beyond your control. Internet type can also play into latency as well. 

For example, satellite internet has high latency because all your data must travel to space and back, both coming and going to your device. Newer types of internet, including fiber and 5G mmWave , have lower latency because they can handle faster signals. 

If you’re looking to lower your latency for a better connection, check out our report on the fastest ISPs . It dives into which internet services have the best tested speeds and lowest average latency.

6. Your devices need an update or are outdated

The problem might not be with your internet connection—it might be with the device you use . Your computer, tablet, phone, or gaming console could need an update or be too old to process today’s Wi-Fi speeds.

For example, the old (but much loved) PlayStation Vita handheld console supports up to 150 Mbps per second because it uses a Wi-Fi 4 radio. That speed can decrease based on the router it connects to and the security protocol it uses. The Vita will never see speeds beyond that 150 Mbps limit.

If you have speed issues on a desktop or laptop, make sure you have the latest OS and networking updates. Then, try power cycling the device. This clears the memory of any junk, refreshes your connection, and cleans out unnecessary processes and temporary files. Speed issues tend to happen due to an overworked processor, and a quick power cycle—shutting it down completely for 30 seconds—will “clear its head.”

Other things that can slow down your devices include the following:

• Too many open applications
• Too many open browser tabs
• Outdated software
• Outdated drivers
• The operating system needs to reboot to install updates
• Patch downloads
• App downloads

Avoid overwhelming your computer’s CPU by closing unused applications and browser windows. Keep your device’s operating system up to date by allowing auto-updates, and keep your antivirus definitions current.

7. Your provider’s network is congested

Your ISP is also susceptible to network congestion. It’s similar to congestion on your home network but on a larger scale.

If the congestion gets particularly bad, your internet provider may throttle internet speeds in your area to reduce traffic for the network.

Unfortunately, large-scale network congestion is out of your control, but you can try to work around it by s cheduling big downloads during non-peak hours, like in the middle of the night.

When dealing with heavy ISP slowdowns that don’t resolve, the only real fix is switch ISPs. Luckily, there are lots of new services available, like 5G home internet, Satellite, and new fiber developments. If you’re craving a shiny new ISP, run your zip code in the search bar below; chances are you have some new ISP options.

8. ISP throttling

Internet providers can throttle your speeds, causing a slow connection . We’ll go over throttling briefly here, but you can get a more in-depth look at the subject in our guide to network throttling .

We’ve already discussed a few circumstances where a provider might throttle your speeds—like if you go over your data cap or if there’s too much congestion in the network. But your provider might also slow you down if it flags your internet activity as potentially illegal or if it generally doesn’t want you to do a specific type of activity (like torrenting). 

To see if your provider is throttling your internet, run a speed test normally and then run it again using a VPN. If your speeds improve with the VPN, congratulations! You’re throttled.

Other factors that affect your speed

Your internet plan’s maximum speed.

Internet speeds are measured in megabits per second (Mbps) . This refers to your connection’s total bandwidth, not the actual time data uses to make a round trip to a website and back—that’s called latency.

Providers usually advertise their internet speeds as “up to” a certain number of megabits per second, and there’s usually some fine print that says those speeds are not guaranteed. Internet providers are mostly in the clear legally if your internet doesn’t actually perform up to the highest advertised bandwidth.

Realistically, you may pay for 400 Mbps per month, but you may not see that maximum due to hardware issues between your internet provider’s operator—a device that communicates with multiple modems—and your physical internet connection. Utility pole connections, your buried cable, and so on all play a major factor in how your connection performs.

If you need a refresher on internet speeds and what they mean, check out our guide to internet speeds .

Your upload and download speeds

You upload and download data every day, whether you’re on a smartphone or a laptop. For instance, when you access a website, you upload a request to that website and then download temporary files from the site to view it in your browser.

If you don’t have issues with streaming on Netflix or downloading files but are still experiencing some symptoms of slow internet speeds, your issue might actually be with your upload speed.

Cable, DSL, and satellite providers give customers way less upload bandwidth than download bandwidth because most people request much more information from the internet than they send. Upload speed is typically an issue for heavy uploaders—like Twitch streamers , people who work with video or audio , or those who often have to share large files. 

The best way to improve upload speeds is to switch to a fiber plan. Fiber-optic internet connections often give customers upload speeds equal to their download speeds. If you don’t know what kind of speeds you really need , check out our recommendations for upload and download speeds .

Your internet connection type

There are a few different technologies internet providers use to deliver your connection, like cable, fiber, satellite, or DSL. Your internet connection type p lays a huge factor in your overall speeds.

Satellite internet transfers internet signals from a base station to a satellite to a receiver at your home. Because all your information must travel such a long distance both ways, satellite internet can have very high latency compared to other types of internet, which slows things down. 

DSL internet uses phone lines to carry data. It can’t handle the same amount of bandwidth as cable or fiber. DSL internet tops out at just over 100 Mbps, and its electrical signals tend to degrade in quality over long distances. 

Cable internet is faster than DSL because it uses coaxial cables that have a higher bandwidth than phone cables . Speeds can reach up to 1,200 Mbps.

Fiber-optic internet is one of the newest types of internet, and it’s the best wired connection you can get. Fiber uses light pulses to send your internet data, so it has lower latency than other internet types as a whole. It can also carry much more bandwidth than cable or DSL, offering speeds up to 5 ,000 Mbps. It’s less prone to network congestion and offers equally high download and upload speeds.

Overall, DSL and cable are the most common internet types while fiber is newer but scarce. Satellite is best for rural areas where the other three types can’t reach.

More ways to speed up a slow internet connection

We provide some quick tips below to help speed up your internet connection. But if you’re ready to get to the bottom of your internet speed issues with some thorough troubleshooting, see our internet troubleshooting guide .

First, know your plan speed

You need to know how much speed you pay for each month and compare that number against the speed you’re actually getting now . Look on your paper bill or log in to your online account to see your plan’s advertised maximum speed.

Next, run a speed test and compare

Running a series of speed tests while connected to different points in your network can help you figure out where your speeds are slowing down. We’ll break the testing process down into two sections.

Part 1: Test the modem

Your first speed test is to see if you’re getting the correct speeds to your home compared with what you’re supposed to get from your internet provider . To get the most accurate results for your initial speed test, unplug your router from the modem and connect a computer to the same port on the modem using an Ethernet cable. If you have a wireless gateway, just plug it into one of the Ethernet ports.

Warning: We don’t recommend browsing the internet for extended periods of time without using a router. Your router has some excellent built-in security features that protect your network from viruses and malware.

This first test should give you results that are close to the speeds promoted with your plan. If not, try to track this issue over multiple days and times of day to establish a pattern. Contact your internet provider to talk about why you’re not getting the correct speeds if you continue to see lower than expected results . 

Part 2: Test the router

If your modem isn’t the issue, the next step is to test the router. Plug the router back into the modem and run multiple speed tests using your wireless devices, and wired devices plugged into the router’s Ethernet ports.

If you see a vast difference between the modem and router tests, then your router is causing your connection slowdowns—or the Ethernet cable tethering your router to the modem.

Keep in mind that not all wireless devices experience identical speeds. Their connections depend on the hardware inside no matter what router you use, so a budget Samsung phone will have slower Wi-Fi speeds than an expensive wireless card plugged into your desktop.

To troubleshoot router problems, follow these steps:

Step 1: Unplug the router’s power , wait 30 seconds, and then plug it back in.

Step 2: Make sure all cables are connected securely and that all ports work.

Step 3: Update your router’s firmware. You can do this by logging in to your router’s web interface or mobile app . (Your ISP likely does this automatically, but it’s worth checking.)

Step 4: Reposition your router .

Step 5: Move wireless connections to the best Wi-Fi band .

Step 6: Change Wi-Fi channels in your router’s interface to find one that’s less crowded.

Step 7: Try a factory reset by pressing the reset button located on the back of your router.

If none of these steps work, you may need to upgrade to a newer or more powerful router. Internet tech advances rather quickly, and if your router is more than a few years old, it might be time to get yourself something more modern .  If you’re looking for router-buying guidance, we have recommendations for the best long-range routers , the best modem and router combos , and the best routers for Xfinity .

Check for Wi-Fi dead zones

Wi-Fi problems can stem from multiple factors . It could be your router’s range, a crowded frequency channel or band, or signal interference caused by physical obstructions and other electronics. 

You already know that you should place your router at a central and elevated location for the best coverage, so we’ll assume that you’ve already done that and pointed your antennas in the right direction.

Go to different areas of your house with a computer or smartphone and watch the Wi-Fi signal strength indicator. If you notice a lot of dead zones, you may need to move your router again (if they happen in areas where you normally need Wi-Fi) or invest in something to boost your Wi-Fi signal to that particular area. You can also make a Wi-Fi heatmap if you want to get more precise with it. 

If you have more than a couple of issues with Wi-Fi dead zones, we recommend upgrading to a mesh networking kit . They usually ship with at least two nodes—one that connects to your modem and another that communicates directly with the first unit—to create a ”blanket” of coverage. There’s no centralized point, and you can easily add more nodes to extend coverage. Moreover, devices seamlessly switch between nodes as you move about the home or office.

If you prefer to stick with the traditional router, you could add a Wi-Fi extender or powerline adapter , However, we still prefer mesh router kits versus the router/extender setup .

Reorganize your Wi-Fi connections

If you’ve already pruned your Wi-Fi connections of unnecessary devices , it’s time to make sure all active connections are on the correct Wi-Fi band. 

Most modern routers offer two Wi-Fi bands, which each create their own visible Wi-Fi network. By default, these are usually labeled with their frequency bands, but it might be different if you’ve changed your Wi-Fi network’s name. 

These bands operate on two different frequencies: 2.4 GHz and 5 GHz. The 2.4 GHz frequency band has a better range, but it’s slower and more susceptible to signal interference from other electronics. The 5 GHz band is faster but can’t travel as far. 

Basically, you want to use the 5 GHz band for most bandwidth-heavy applications like streaming or gaming. Devices that don’t need that much speed—like smart home devices— should use the 2.4 GHz band instead .

Typically, you can change the Wi-Fi band each device uses by logging in to the correct Wi-Fi network on each device. However, some routers broadcast only one network name and automatically selects the best frequency band for your device. This can be problematic if you really need the faster 5 GHz connection, but the router forces your device to use the 2.4 GHz band.

Change your Wi-Fi band’s channel

Changing your router’s channel is a standard troubleshooting suggestion, but it may not work, and here’s why.

All three frequency bands are divided into small 20 MHz channels, and routers combine these channels to make larger ones. Most modern Wi-Fi 5 and Wi-Fi 6 devices use 80 MHz channels when they connect to the 5 GHz band for the most speed, so routers use these by default.

The thing is, routers only list the smaller channels, so you may run a Wi-Fi diagnostics app and see that channel 36 is clear for you to use, but in reality, it’s probably being used by a neighboring network that, like yours, combines channels 36, 40, 44, and 48 to create one 80 MHz channel.

If that’s the case, your best bet is to select one of the higher 5 GHz channels (if they’re available to you) and hope for the best. Most standalone routers allow you to change the channel in the web interface or mobile app, but you usually can’t change the channel on a mesh system.

Check connected devices

As we mentioned before, sometimes the issue isn’t with your internet connection— it’s with the smartphone, computer, or tablet you’re using to access the internet . It may need a reboot, it may be outdated, or you have too many apps and programs open, bogging down the device’s processor.

Manage your network

If you’ve made it this far and you’re still experiencing problems with slow internet speeds, run through the tips in the home network traffic section of this post if you haven’t already. 

Your speed issues most likely stem from your internet provider’s reliability or the traffic on your own home network. Even if you’ve organized and trimmed down your number of connected devices, you could still not have enough bandwidth at certain times of day to cover everything your network has to handle. The only solution to this is to either use the internet less or get a faster internet plan.

Check out every provider and plan in your area to see if you can get better speeds for a better deal.

Quick fixes for slow internet speeds (and why they work)

Before we dive in, download our internet speed test. Measuring your internet speed and knowing how it compares to the speeds you pay for is an important part of diagnosing a slow connection.

Fix #1: Power cycle your modem and router (or wireless gateway)

Your modem and router work hard , and sometimes they need to refresh with a quick power cycle. Simply pull the plug on both units, wait 30 seconds, and then plug the modem back into the wall outlet. Once it properly boots, do the same with the router.

In the case of a wireless gateway, pull the plug, wait, and plug it back in.

Draining both units of power allows them to clear the system memory, clear up any local communication issues, and reestablish fresh connections. Moreover, a power cycle allows the modem to resync with your internet provider’s operator—a device that communicates with multiple modems. It also refreshes your router’s public IP address.

Overall, a power cycle can really give your internet speeds a boost on your side of the modem.

Fix #2: Move your router to another location

Many people hide their routers or wireless gateways in closets, behind furniture , or down in basement s . Don’t be one of those people unless you want excessively bad Wi-Fi.

Instead , put as few physical barriers between your router and your devices as possible. Walls, floors, ceilings , doors, large furniture, and similar obstructions can barricade your Wi-Fi signals and reduce connection speeds , especially over longer distances. 

Certain signals from other devices can also interfere with your wireless speeds. These include microwaves, Bluetooth speakers, baby monitors, and cordless phones.

For the best Wi-Fi coverage, place your router in a central, elevated location, or at a location where you use Wi-Fi the most, like in a home office .

Be sure to use your router’s external antennas ( if present ) to get better Wi-Fi coverage. Most router antennas broadcast Wi-Fi signals in an outward circle perpendicular to the antenna’s position . For instance, if the antennas are positioned vertically, the Wi-Fi signals broadcast horizontally in all directions.

That said, if you live in a one-story house, keep the antennas vertical. If you live in a multistory house, position at least one antenna horizontally so the Wi-Fi signals reach the additional floors.

Fix #3: Use the internet during off-peak hours

If you know there’s a big download in your future— the latest version of macOS or a 100 GB update for an Xbox Series X game—you might want to schedule a time when you don’t need to do anything else online. The early morning hours are ideal when everyone is asleep and no other downloads currently hog your bandwidth.

Operating systems tend to wait until the early morning hours when you’re fast asleep. Game updates, meanwhile, typically require you to manually start the download. Other updates aren’t quite so accommodating with your schedule.

If your internet gets too slow to stream during certain peak hours, download the content earlier in the day (or again, in the middle of the night) so you’ll be ready to binge watch all of Avatar: The Last Airbender without buffering -related interruptions.

Fix #4: Upgrade your internet plan

You may need a faster plan if more people live with you now, if you transitioned to working from home, or if you generally use the internet more than you did before. Enter your zip code below to find a speedier plan that’s available in your area .

How do I know if I need a faster internet plan?

What is type of internet plan is the fastest.

Fiber internet is the fastest type of internet connection you can get. Many residential fiber-optic internet plans offer speeds up to 5,000 Mbps. There are even some fiber plans that offer 10,000 Mbps of bandwidth. Additionally, fiber internet offers symmetrical speeds, meaning your upload speeds are just as fast as your download speeds—a handy feature for activities like zoom calls, twitch streaming, and uploading large files.

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Author - Austin Aguirre

Austin worked as a broadband technician installing and troubleshooting countless home internet networks for some of the largest ISPs in the U.S. He became a freelance writer in 2020 specializing in software guides. After graduating with a BS in technical communication from Arizona State University, he joined the team at HighSpeedInternet.com where he focuses on home network improvement and troubleshooting.

Editor - Cara Haynes

Cara Haynes has been editing and writing in the digital space for seven years, and she's edited all things internet for HighSpeedInternet.com for five years. She graduated with a BA in English and a minor in editing from Brigham Young University. When she's not editing, she makes tech accessible through her freelance writing for brands like Pluralsight. She believes no one should feel lost in internet land and that a good internet connection significantly extends your life span.

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Why the U.S. Is Forcing TikTok to Be Sold or Banned

Lawmakers in numerous countries have expressed concerns that TikTok, which is owned by the Chinese company ByteDance, may expose sensitive user data.

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By Sapna Maheshwari and Amanda Holpuch

Concerns that the Chinese government could access sensitive user data through the short-form video app TikTok, which is owned by the Chinese company ByteDance, have prompted the U.S. government to pass legislation banning the social media platform unless it is sold to a government-approved buyer.

After President Biden signed into law legislation that gives ByteDance up to a year to divest from TikTok, the company sued the federal government in a case that is likely to end up in front of the Supreme Court.

Here’s why the pressure has been ratcheted up on TikTok.

It all comes down to China.

Lawmakers and regulators in the West have increasingly expressed concern that TikTok and its parent company, ByteDance, may put sensitive user data, like location information, into the hands of the Chinese government. They have pointed to laws that allow the Chinese government to secretly demand data from Chinese companies and citizens for intelligence-gathering operations.

They are also worried that China could use TikTok’s content recommendations to fuel misinformation, a concern that has escalated in the United States during the Israel-Hamas war and the presidential election. Critics say that TikTok has fueled the spread of antisemitism.

TikTok has long denied such allegations and has tried to distance itself from ByteDance, which is considered to be one of the world’s most highly valued start-ups .

Have any other countries banned TikTok?

Yes, India did in 2020 , costing ByteDance one of its biggest markets. The government there cracked down on hundreds of Chinese-owned apps , claiming in part that they were secretly transmitting users’ data to foreign servers.

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How to Use Instagram for Business and Drive Results in 2024

Everything you need to know about using Instagram for business — from setting up your account to creating a winning strategy.

Table of Contents

Is your business still “like”-ing the idea of using Instagram, rather than confidently sliding into the DMs of the platform’s full potential? It’s high time to stop scrolling and start strategizing.

If you’re wondering how to use Instagram for business in 2024 , we’ve got you covered. In this guide, we’ll share the top strategies to help your brand thrive on the ever-evolving platform.

Bonus: Claim your free pack of 15 creative Instagram post templates made by Hootsuite’s professional graphic designers. Easily customize them in Canva, and start getting more engagement today.

How to set up Instagram for business in 4 steps

Using Instagram for business is a bit different than using a personal account. But don’t worry, it’s not rocket science! Follow these 4 simple steps to get your brand up and running on Instagram.

1. Switch to an Instagram business account

Before you start using Instagram for business, you need to create an Instagram account for business. It’s free and anyone can do it.

Here’s how to switch your existing Instagram account to a business account:

• From your profile, tap the hamburger (three lines) menu icon in the upper-right corner.
• Tap Settings and privacy . Then, scroll down until you see the Account type and tools menu.
• Next, click Switch to a professional account to change the account you’re logged into into an Instagram business account.
• Tap Continue (you may need to tap it multiple times as Instagram previews the available features of a professional account).
• Select a Category and use the slider to choose whether to show it on your profile, then tap Done .
• Choose Business (unless it makes sense for you to choose Creator ), and tap Next .
• Use the slider to opt in or out of promotional emails from Instagram for professional accounts, then tap Next .
• Add or edit relevant contact details, then use the slider to choose whether to show your contact information on your profile, then tap Next (or tap Don’t use my contact info to skip this step).
• If you plan to connect your Instagram business account with a Facebook business page, follow the prompts to connect your account to your Facebook Page. This is technically optional, but it’s necessary in order to use Instagram shopping features or run ads on Instagram .
• Next, you’ll be prompted to add additional features to your account, like telling Instagram your goals, adding details to your portfolio, and growing your audience. If you want to save this for later, tap the X in the top left corner to close this window and return to your profile.

If you’re interested in making an Instagram account for business simply sign up for a new Instagram account , and convert it to an Instagram business account.

You can have up to five Instagram accounts , so go ahead and keep your personal Instagram account personal if that’s what you prefer. Learn more about the difference between Instagram business and creator accounts .

2. Add business information to your bio

In 150 characters or less, your Instagram bio should describe your brand and showcase your brand voice . We’ve got a full guide to creating an effective Instagram bio for business (complete with templates), but here’s a quick video to walk you through the basics:

Also be sure to make the most of the other components of your Instagram business profile:

• Profile pic: Most brands use their logo. Your profile photo displays as 110 x 110 pixels (cropped to a circle), but it’s stored at 320 x 320, so that’s the size you should upload.
• Link in bio: Link to your website, your latest blog post, a current campaign or a Link Tree .
• Contact information: If you didn’t add contact info during your account creation, you can do so at any time by tapping Edit profile . Instagram will then add a Contact button to your profile.
• Action buttons: If relevant, you can add a button that allows customers to book or reserve appointments or to order food. To use this feature, you need an account with one of Instagram’s partners . Tap Edit profile , then scroll down to Action Buttons.
• Story highlights and covers: Instagram Story highlights are another way to maximize your profile real estate by providing more information about your brand, products, or services. Organize Stories into saved collections, then add some polish with Highlight covers.

Create. Schedule. Publish. Engage. Measure. Win.

3. Connect your product catalog

To tag products in Instagram content, or to run certain kinds of Instagram ads, you need to create a product catalog. You can do this in Meta’s Commerce Manager.

• Head to Commerce Manager and click Start Now , then select Create a catalog and click Get started again.
• Select Ecommerce , then click Next.
• If you have a shop on an ecommerce platform like Shopify or BigCommerce, click Connect to an ecommerce platform and follow the prompts to create your catalog. Otherwise, click Upload product info , name your catalog and click Next.
• Click View catalog to open your catalog, then Add items to start adding products.

We’ve got a whole post on using Commerce Manager if you’d like more details on how this tool works.

4. Turn on Instagram shopping

Once your catalog is full of products, it’s time to turn on Instagram’s shopping features.

• Go to the Get started page.
• Select Get started .’
• Click Create a shop , then Get started , then Next.
• Review the pre-selected sales channels and add or subtract accounts as needed.
• Choose the account/sales channel you want to connect your shop to. If you’re already selling on Shopify or another partner platform, change your Checkout method to reflect this . When everything is set up, click Next.
• Next, choose the countries you want to ship your products to. Note that Instagram Shopping is not available everywhere. You can choose from available countries in the drop-down menu.
• Add in your business email . This is where you’ll get any communication about your Instagram Shop.
• Select your business portfolio or create a new one. Click Next .
• Select the catalog you want to use for your shop and click Next . To select a catalog, it must meet catalog eligibility requirements for shops. You can’t switch this catalog later. Note: If you don’t have a catalog already, you won’t see this step.
• Look over your shop details, review and agree to the Seller Agreement and click Finish setup to complete creating your shop.

We’ve got a full blog post explaining everything you need to know about Instagram Shopping if you want to focus on this particular aspect of using Instagram for business.

How to use Instagram for business: 8 strategies

Standing out as a business on Instagram can be, well, tough. Use these Instagram for business tips to make it easier.

1. Research your audience

A good social media strategy starts with a sound understanding of your audience.

Instagram’s audience demographics give you an overall picture of who uses the platform. For example, 18-34-year-olds represent the largest ad audience on the site.

However, that doesn’t mean your specific audience on Instagram will be made up of 18-to-34-year-olds. For example, looking at the audience insights for my own Instagram account, I can see that my audience skews older than the Instagram average:

You can find demographic information on your existing audience using Instagram Insights , Meta Business Suite , or Hootsuite Analytics . But, if you’re just getting started using Instagram for business, you might not have a large enough following to gain meaningful insights here yet.

In that case, take a look at the demographics of your audience on other social channels and of your existing customer base. While this won’t translate exactly to Instagram, it should give you a sense of who’s interested in your business and what you have to say.

Understanding your audience puts you in a better position to create targeted content and business captions for Instagram that resonate. Since audience research is an important foundation for your content strategy, we’ve got a whole post dedicated to helping you find your target market .

2. Figure out your content mix

Now that you know who your audience is, you need to determine what to share with them. Rather than posting random content whenever the mood strikes, you need to develop a content strategy that speaks to your audience and keeps them engaged, all while contributing to real business goals .

While you should certainly post some promotional content to get people excited about your products and drive sales, you also need to provide content that builds community and sparks engagement.

That might mean including user-generated content or other curated resources , sharing insider expertise about your industry, or joining in on a trending meme. (But tread carefully here—only join in on trends that are appropriate for your brand voice.)

i am wearing a disguise pic.twitter.com/HlWFQb8P22 — no name (@nonamebrands) October 31, 2022

Look for opportunities to develop themes or regular installments that you can build into a series. “Content buckets” allow you to check certain boxes without having to overthink creation. The more planning you do upfront, the better you’ll be able to produce regular content and respond to last-minute or unplanned events.

3. Schedule your content in advance

From Reels to Stories to posts, there are many options when it comes to Instagram content.

The best way to create a unified strategy is to schedule your content across all Instagram surfaces (and other social platforms) using a content calendar . Or, take it up a level and schedule all your content to publish automatically at the right time using a tool like the Hootsuite Publisher . Yes, you can even schedule Stories and Reels in advance.

The added advantage here is that you can create your content in dedicated blocks of time and schedule it to post at the best time for your audience . Even if that time is outside business hours, on the weekend, or in the middle of the night.

4. Tag products

When you share content about your products on Instagram, tagging makes it much easier for people to learn more or buy. You can tag up to 20 products in a photo feed post.

Source: Tory Burch

To tag products, create your Instagram post or Reel as usual. Then, on the final screen before posting, tap Tag products . You can tag products from your own shop or someone else’s, which creates great opportunities for collaboration and cross-promotion.

In Stories, you can tag products using the Product link sticker.

Source: Pat McGrath

5. Track your results (and learn from wins and losses)

With an Instagram for business account, you have access to the platform’s built-in analytics tools to help you understand how well different types of content perform.

There are several other analytics tools available, including Hootsuite’s , that can track longer time frames, automate reporting and make it easier to compare Instagram metrics across other social media platforms.

No matter which social media marketing tools you use, the important thing is to check in regularly to learn what kind of content resonates best with your target audience. You’ll start to see patterns about what generates the most engagement, as well as what kinds of social media content increase views beyond your existing follower base. ( Hint: Try Instagram Reels .)

Use these lessons to hone your content strategy over time.

6. Treat Instagram as a customer service channel

Success on Instagram requires you to engage with your followers rather than just blast content out and hope someone likes it. One important component of this two-way communication is monitoring your DMs for questions, comments, and customer service requests.

Instagram business accounts have access to a couple of DM features that make managing customer service easier on the platform. First, your inbox is divided into Primary and General tabs to make it easier to keep track of your messages. And second, you can create saved replies to commonly asked questions that you can access via keyboard shortcuts.

Hootsuite Inbox makes it even easier to manage your DMs by allowing you to assign messages to the appropriate team members . Or, create templated replies to common questions to save your team time and effort.

Manage all your messages stress-free with easy routing, saved replies, and friendly chatbots. Try Hootsuite’s Inbox today.

7. Automate content creation

The average Instagram business account posts 1.55 times per day on the main feed.

That’s a lot of content!

Luckily, manual content creation is now a thing of the past. These days, it’s easy to speed up content creation processes like copywriting and graphic design with the help of generative AI tools .

OwlyWriter AI is Hootsuite’s latest generative AI tool, free to all Hootsuite users. Use OwlyWriter to generate quick social media captions , and get inspiration for your posts across platforms.

You can also leverage outside tools like ChatGPT, Dall-E, Midjourney, and more. But, because OwlyWriter is oh-so convenient in your Hootsuite dashboard, we recommend starting there. Check out our blog on the best AI content creation tools here .

Always remember, content generated by AI should always be seen as a starting point, not a finished product . Be sure to check over any AI generated content for accuracy, brand voice, style, and tone before posting.

OwlyWriter AI instantly generates captions and content ideas for every social media network. It’s seriously easy.

8. Elevate your grid aesthetics

Looking to make your Instagram grid stand out from the crowd? With Hootsuite’s Instagram Grid integration , you can make a totally aesthetic Instagram grid in just a few clicks.

Here’s how it works:

• Seamless planning: Planning your grid layout has never been easier. With Instagram Grid, you can visualize how your posts will look together , ensuring a cohesive and visually appealing grid.
• Drag-and-drop simplicity: Want to rearrange your grid? No problem. With easy-to-use drag-and-drop functionality , you can experiment with different layouts until you find the perfect arrangement.
• Scheduled posts: Say goodbye to last-minute scrambling. With Hootsuite, you can schedule your grid posts in advance , ensuring that your grid remains active and engaging even when you’re busy.
• Curate like a pro: Discover and curate high-quality content right from the Hootsuite dashboard. Whether it’s user-generated content, AI hashtag suggestions , or trending topics, we’ve got the tools you need to keep your grid fresh and relevant.
• Track your success: With Hootsuite’s analytics dashboard, you can track engagement metrics and understand what resonates with your audience. Use these insights to refine your grid strategy and drive even more engagement.

FAQs about using Instagram for business

Is instagram for business free.

It’s free to set up an Instagram business account, promote your business, and even set up an Instagram shop.

The only fees for Instagram business accounts are ad costs if you choose to run Instagram ads , and selling fees if you use Commerce Manager to allow your customers to check out and complete their purchase within the Meta platform.

There is also no fee to use Instagram Shopping to tag products and direct users to your website to buy them.

What is the difference between personal and business Instagram?

The difference between personal and business Instagram accounts is pretty straightforward. Personal accounts are great for sharing your daily life and connecting with friends and family. But, if you’re running a business or want to promote or sell a product, a business account on Instagram offers tools like analytics, shopping, and advertising to help you reach your goals.

What is the best time to post on Instagram for business?

The best time to post on Instagram for your business depends on who you’re trying to reach and what you’re sharing. Mornings generally bring the most engagement for brand accounts, though certain industries, like real estate, retail, or entertainment accounts, may see more success posting in the evening.

Check out our comprehensive guide on the best times to post on every social network to learn more.

How does Instagram work for business?

By switching your personal profile to a business account, you unlock a treasure trove of tools to boost your business. Get free access to features like Instagram Insights, which lets you peek into who’s engaging with your business on Instagram, or Commerce Manager, which lets you tag and sell products directly on Instagram. It’s like having your own personal business assistant right at your fingertips!

What are the disadvantages of using Instagram for business?

While business Instagram accounts are a great way to sell products and be seen, there are a few drawbacks to consider.

First, increased competition among businesses on the platform can make it tough to secure organic reach. Second, managing a business account requires consistent effort, and eventually you may want to consider hiring a social media manager . Third, unlike personal accounts, where updates are more flexible, business profiles carry the weight of reputation and customer perception. Be sure to read up on managing social media crises before you get started.

Save time managing Instagram for business using Hootsuite. From a single dashboard, you can schedule and publish posts, carousels, Stories, Reels, and ads directly to Instagram — and engage your audience, measure performance, and handle all your other social media profiles. Try it free today.

Easily create, analyze, and schedule Instagram posts, Stories, Reels, and Threads with Hootsuite. Save time and get results.

Become a better social marketer.

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Hannah Macready is a freelance writer with 12 years of experience in social media and digital marketing. Her work has appeared in publications such as Fast Company and The Globe & Mail, and has been used in global social media campaigns for brands like Grosvenor Americas and Intuit Mailchimp. In her spare time, Hannah likes exploring the outdoors with her two dogs, Soup and Salad.

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• Business plans

Develop an emergency management plan

On this page

Why you need an emergency management plan

• Download our emergency management and recovery plan template

Develop your emergency management plan

In Australia, natural disasters such as floods, fire and even earthquakes can strike without warning. During an emergency, your main aim is to ensure your business continues operating. By carefully researching and planning before an emergency happens, you’ll be ready to act quickly and effectively.

Our emergency management plan template includes 3 plans to help you before, during and after an emergency:

• The continuity plan – helps you prepare your business for an emergency by identifying risks to critical areas and how to best protect them.
• The emergency action plan – helps you and your staff know what to do during an emergency situation.
• The recovery plan – guides your business’s recovery after an emergency.

Download our emergency management plan template

Our template guides you through the process of creating a solid, well-structured emergency management plan that's tailored to your business.

Emergency management and recovery plan template

Our template steps you through the process of creating your plan with links to extra information if you need it.

You may want to check out our tips below before you start.

1. Understand the plan sections

Prepare your continuity plan.

To prepare your business for an emergency, identify critical areas of your business and ways to protect them. Consider the following important areas of your business.

Products or services

List your most important or most profitable products or services. Describe current arrangements to provide each one and what you’d do if these arrangements failed – your back up options for an emergency.

Key customers

List important customers and how you’d contact them in an emergency to tell them what has happened.

Record the insurance policies you currently hold to cover your business risks.

Visit Insurance for more information.

Property and infrastructure

Record how you make your property infrastructure less vulnerable to damage. Is your property secured with alarms, security personnel or video surveillance from unlawful entry? Do you have fire retardant or flood resistant building materials? Are leaf litter, grass and gutters maintained regularly to minimise fire risk?

Business continuity strategies

Identify temporary office accommodation you could quickly access in an emergency situation. Record other strategies you’ll consider to help maintain business as usual. For example, a virtual office service, an e-commerce website or e-marketplace. Visit Buying and selling online for more information.

Staff training

List your staff, their relevant skills and strengths, and any cross-training requirements that would help you to continue business in an emergency.

Information backup

Record how you protect your business information such as customer records, financial records and contact lists. Explain your back up procedures.

Prepare your emergency action plan

You should include the following in the emergency action plan.

Emergency contacts

List your local emergency services numbers and any additional contacts you'll need to phone in an emergency. These should include the local state emergency, police, fire and ambulance services.

Emergency procedures

Briefly outline your emergency evacuation procedures. It may be useful to attach a copy of your detailed emergency procedures and floor plan with the location of emergency exits, emergency kit and safety equipment clearly marked.

Provide a schedule for emergency evacuation drills.

Emergency kit

Record where your emergency kit is located or stored. Make sure:

• your staff know where it is
• it's clearly visible and labelled.

List the contents of your emergency kit and the date each item was last checked.

Emergency team roles and responsibilities

Communication is essential when making emergency planning procedures. Consider allocating a person/people to be responsible for any emergency situation. Set clear roles and responsibilities and provide appropriate training.

Prepare your recovery plan

Complete this section after an emergency happens. You should include the following in the recovery section of an emergency management plan.

Business impact assessment

Assess the damage to your business. List the main damage, its impact on your business, and what you’re going to do about it. Assign responsibility for any tasks you've identified.

Recovery contacts

List all of the organisations or people that will be essential to the recovery of your business.

Insurance claims

List any insurance policies you have claimed for and record discussions you have with insurers about your claims.

Market assessment

Based on your assessment of the damage to your business and/or surrounding area, list any areas of your market that have changed.

Marketing strategy

Detail your marketing strategy after the emergency. If your business is reopening, how will you get the message out? What channels will you use to target customers? Make sure you consider any changes in the market.

For example, you might consider a targeted marketing effort (such as a social media campaign) to let people know your business is reopening.

2. Prepare your supporting documentation

After you‘ve completed your continuity, action and recovery plans, list and attach copies of supporting documentation, such as:

• detailed emergency procedures
• evacuation maps
• insurance information.

3. Review your emergency management plan

Regularly review your emergency management and recovery plan. It's also important to update your plan each time your staff change, or if you move to a new business location.

Practice your emergency action plan with your staff. You may find there are things missing or steps you need to change. This is your opportunity to make sure your emergency procedures are as efficient as possible.

If you’re in an emergency situation, check our page on what to do in an emergency.

Learn more about preparing your business for an emergency., was this page helpful, thanks for sharing your feedback with us..

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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.

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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.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

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Best Tips for Creating Your Business’s Disaster Plan

Learn how to build a disaster recovery plan for your business.

Table of Contents

You never want to imagine the worst happening to your business – but what if it does? A natural disaster may seem unthinkable, but as a business owner, thinking about the impacts of one needs to be part of your job. Help secure your company’s future by creating business continuity and disaster recovery plans.

What are business continuity plans and disaster recovery plans?

While there are differences between a business continuity plan (BCP) and a disaster recovery plan (DRP), some companies merge them into one plan.

“A business continuity plan is a defined, documented strategy designed to help business owners and their employees prepare for any event that may disrupt business operations, including natural disasters , single-building fires or floods, supplier outages, and more,” said Mick Whittemore, vice president of IT at Paychex.

A DRP, sometimes referred to as a disaster recovery policy, describes how to resume business operations quickly and is typically applied to details-level planning of an organization’s IT infrastructure and applications. The DRP should allow your IT team to recover enough data and system functionality to operate the business again.

These plans apply to both physical disasters, such as weather events, and virtual ones, like cyberattacks. In either instance, your business needs to be equipped to minimize the consequences.

Do you need both a BCP and DRP?

To ensure your business can continue operating after a disaster, you need both a BCP and DRP. Your BCP and DRP work together to make sure all potential vulnerabilities are addressed so you can maintain continuity by keeping unaffected operations going while working on recovering to restore affected ones.

“With the proper planning, the loss can be a bit less devastating, and in some cases, you could even prevent certain damaging situations from happening,” said Jay Shelton, senior vice president of executive risk at Assurance. “A disaster restoration and business continuity plan can significantly reduce the effects of a loss.”

Why are disaster recovery plans important?

You can’t always avoid disasters, but you can prepare for them. Disaster recovery plans help recover what is lost, whether that is data from a cloud data center, physical property (e.g., office space in a hurricane) or something else.

Consider this scenario: A hurricane hits your region, flooding your data center. How will you get operations back up and running in a timely manner? What if you can’t? The longer your business is out of commission, the harder it will be for your company to survive. A thorough disaster recovery plan properly executed can mitigate the damage. Such a plan may not only save you money but also help ensure your company’s reputation emerges from the disaster unscathed.

How do you create a disaster recovery plan?

To create a disaster recovery plan, you first need to decide what approach or strategy will form the framework of your policy.

• Data center disaster recovery: With this approach, your business’s data is stored onsite. Your DRP should specify what the critical assets are and ensure there are redundancies in place (e.g., generators) to protect your company’s data.
• Cloud-based disaster recovery: Here, your company’s data is stored in an offsite location where it is not vulnerable to damage or loss.
• Virtualization disaster recovery: Virtualization creates a virtual version of IT resources (e.g., your servers, applications and networks), which are stored with a host. Virtualization cuts the time in performing a full restoration of your system. In the event of a fire, for example, you wouldn’t need to reconstruct a server.
• Disaster recovery as a service: With this method, providers can host and run a secondary hot site (a type of backup) for your data. In addition, they can rebuild and ship servers to your business.

Please note that due to the complexity of disaster planning, our advice is for small and midsize businesses only. If you work for a big company that has a lot of moving parts, we recommend contacting a disaster recovery specialist.

What’s included in a disaster recovery plan?

Once you’ve decided on your disaster recovery plan’s approach, begin tackling the specific components to build the plan. A good DRP should include the following elements.

A planning team: Establish a planning team of employees or volunteers who are responsible for the development of the plan.

A leadership execution team: Throughout your plan, specify who is responsible for executing the plan and assign a lead. In some cases, the entire company will be accountable, but to keep execution organized, always have a disaster recovery plan lead.

Goals and objectives: Identify goals and objectives for what your plan will accomplish. Establish answers to questions like, “Where do we relocate?” and “Whom should I partner with?” Your primary goal should be to have a solution for the issue.

Capabilities and hazards: Gather information about current capabilities and possible hazards and emergencies. Consider what the worst-case scenario would be. Also, consider something most businesses don’t think about – the recovery point objective, or RPO. RPO is the age of the files that need to be recovered from backup storage so your operations can continue as usual. The age of your files will affect your data backup strategy. Due to the complexity of this subject, consult an IT expert for assistance.

Action plans: Each type of possible disaster (such as fire, flood, earthquake or hacking) should have its own action plan. Each action plan should list the procedures to follow. In addition to an action plan, it’s essential to have a long-term recovery plan in place.

Written documentation: Include backup protocols and systems to ensure everyone on your team knows what needs to be done and can follow the outlined plan. Address the below questions so your plan is simple and easy to follow:

• Who are the team members responsible?
• What is the specific type of threat?
• What is the likelihood of it happening?
• What impact would it have on the business?
• What are the recovery objectives?
• What are the required response steps?
• What recovery and repair might be required?
• What follow-up is required?

Employee training: All staff members, from management to maintenance, should understand your company’s disaster recovery plan. Integrate plans into company operations and employee trainings.

Testing and re-evaluation: Your disaster recovery plan is not complete after you create the initial plan. Testing and re-evaluation are critical parts of ensuring your policy will be effective. See where there is room for improvement, then weigh different plans of action to ensure disasters are handled in the best way possible.

How and when should employees be trained for disaster recovery?

Employee knowledge is integral to creating a successful business continuity plan and disaster recovery plan.

“Employees need to be informed about their roles and responsibilities in support of any recovery effort,” said Whittemore. “They should be trained when the BCP is first developed and then refreshed every year as the document is updated.” 

Many companies use simulation exercises or drills to implement parts of the plan to ensure critical infrastructure is working. E-learning tools can be helpful as well, but the best practice is to simulate the plan at least once a year.

While existing employees benefit from training at the time the plan is created and during regular simulations, incoming employees need to be informed about the process too. New hires should be trained on the plan once they’re onboarded. You can even make it part of your onboarding checklist .

What happens if your disaster recovery plan goes wrong or isn’t followed?

If your disaster recovery efforts don’t go according to plan, your company could immediately lose money. It could keep losing money until the disaster is resolved – or your business is forced into bankruptcy. 

For example, let’s say you haven’t taken advantage of quick cybersecurity tips and fall victim to a cyberattack. This would be a digital and financial disaster: According to IBM , the average cost of a data breach in 2022 is $4.35 million. With a disaster recovery plan in place, you would quickly reactivate your IT systems and avoid or minimize losses. 

But without a disaster recovery plan – or with a team that doesn’t follow it or carry it out correctly – you could be hundreds of thousands, if not millions, of dollars in the hole. The longer you remain unable to provide your services, the more your customers will seek them elsewhere. That long-term revenue and customer loyalty loss can be hard to recoup.

Creating a DRP and BCP to keep your business stable

A disaster can happen at any time, especially when you’re not expecting it. When you create a disaster recovery plan and business recovery plan and train your team on them, you lessen the chances of disasters sidelining your business. It’s frustrating not to know when these disasters might be coming and how bad they’ll be. Preparing before there’s even a hint of a threat can help you keep the worst outcomes at bay. 

Max Freedman contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article. 

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What is a Business Plan? Definition and Resources

9 min. read

Updated May 10, 2024

If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan — or at least the very basic components of one.

The origin of formal business plans is murky. But they certainly go back centuries. And when you consider that 20% of new businesses fail in year 1 , and half fail within 5 years, the importance of thorough planning and research should be clear.

But just what is a business plan? And what’s required to move from a series of ideas to a formal plan? Here we’ll answer that question and explain why you need one to be a successful business owner.

• What is a business plan?

A business plan lays out a strategic roadmap for any new or growing business.

Any entrepreneur with a great idea for a business needs to conduct market research , analyze their competitors , validate their idea by talking to potential customers, and define their unique value proposition .

The business plan captures that opportunity you see for your company: it describes your product or service and business model , and the target market you’ll serve. 

It also includes details on how you’ll execute your plan: how you’ll price and market your solution and your financial projections .

Reasons for writing a business plan

If you’re asking yourself, ‘Do I really need to write a business plan?’ consider this fact: 

Companies that commit to planning grow 30% faster than those that don’t.

Creating a business plan is crucial for businesses of any size or stage. It helps you develop a working business and avoid consequences that could stop you before you ever start.

If you plan to raise funds for your business through a traditional bank loan or SBA loan , none of them will want to move forward without seeing your business plan. Venture capital firms may or may not ask for one, but you’ll still need to do thorough planning to create a pitch that makes them want to invest.

But it’s more than just a means of getting your business funded . The plan is also your roadmap to identify and address potential risks. 

It’s not a one-time document. Your business plan is a living guide to ensure your business stays on course.

Related: 14 of the top reasons why you need a business plan

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What research shows about business plans

Numerous studies have established that planning improves business performance:

• 71% of fast-growing companies have business plans that include budgets, sales goals, and marketing and sales strategies.
• Companies that clearly define their value proposition are more successful than those that can’t.
• Companies or startups with a business plan are more likely to get funding than those without one.
• Starting the business planning process before investing in marketing reduces the likelihood of business failure.

The planning process significantly impacts business growth for existing companies and startups alike.

Read More: Research-backed reasons why writing a business plan matters

When should you write a business plan?

No two business plans are alike. 

Yet there are similar questions for anyone considering writing a plan to answer. One basic but important question is when to start writing it.

A Harvard Business Review study found that the ideal time to write a business plan is between 6 and 12 months after deciding to start a business. 

But the reality can be more nuanced – it depends on the stage a business is in, or the type of business plan being written.

Ideal times to write a business plan include:

• When you have an idea for a business
• When you’re starting a business
• When you’re preparing to buy (or sell)
• When you’re trying to get funding
• When business conditions change
• When you’re growing or scaling your business

Read More: The best times to write or update your business plan

How often should you update your business plan?

As is often the case, how often a business plan should be updated depends on your circumstances.

A business plan isn’t a homework assignment to complete and forget about. At the same time, no one wants to get so bogged down in the details that they lose sight of day-to-day goals. 

But it should cover new opportunities and threats that a business owner surfaces, and incorporate feedback they get from customers. So it can’t be a static document.

Related Reading: 5 fundamental principles of business planning

For an entrepreneur at the ideation stage, writing and checking back on their business plan will help them determine if they can turn that idea into a profitable business .

And for owners of up-and-running businesses, updating the plan (or rewriting it) will help them respond to market shifts they wouldn’t be prepared for otherwise. 

It also lets them compare their forecasts and budgets to actual financial results. This invaluable process surfaces where a business might be out-performing expectations and where weak performance may require a prompt strategy change. 

The planning process is what uncovers those insights.

Related Reading: 10 prompts to help you write a business plan with AI

• How long should your business plan be?

Thinking about a business plan strictly in terms of page length can risk overlooking more important factors, like the level of detail or clarity in the plan. 

Not all of the plan consists of writing – there are also financial tables, graphs, and product illustrations to include.

But there are a few general rules to consider about a plan’s length:

• Your business plan shouldn’t take more than 15 minutes to skim.
• Business plans for internal use (not for a bank loan or outside investment) can be as short as 5 to 10 pages.

A good practice is to write your business plan to match the expectations of your audience. 

If you’re walking into a bank looking for a loan, your plan should match the formal, professional style that a loan officer would expect . But if you’re writing it for stakeholders on your own team—shorter and less formal (even just a few pages) could be the better way to go.

The length of your plan may also depend on the stage your business is in. 

For instance, a startup plan won’t have nearly as much financial information to include as a plan written for an established company will.

Read More: How long should your business plan be?  

What information is included in a business plan?

The contents of a plan business plan will vary depending on the industry the business is in. 

After all, someone opening a new restaurant will have different customers, inventory needs, and marketing tactics to consider than someone bringing a new medical device to the market. 

But there are some common elements that most business plans include:

• Executive summary: An overview of the business operation, strategy, and goals. The executive summary should be written last, despite being the first thing anyone will read.
• Products and services: A description of the solution that a business is bringing to the market, emphasizing how it solves the problem customers are facing.
• Market analysis: An examination of the demographic and psychographic attributes of likely customers, resulting in the profile of an ideal customer for the business.
• Competitive analysis: Documenting the competitors a business will face in the market, and their strengths and weaknesses relative to those competitors.
• Marketing and sales plan: Summarizing a business’s tactics to position their product or service favorably in the market, attract customers, and generate revenue.
• Operational plan: Detailing the requirements to run the business day-to-day, including staffing, equipment, inventory, and facility needs.
• Organization and management structure: A listing of the departments and position breakdown of the business, as well as descriptions of the backgrounds and qualifications of the leadership team.
• Key milestones: Laying out the key dates that a business is projected to reach certain milestones , such as revenue, break-even, or customer acquisition goals.
• Financial plan: Balance sheets, cash flow forecast , and sales and expense forecasts with forward-looking financial projections, listing assumptions and potential risks that could affect the accuracy of the plan.
• Appendix: All of the supporting information that doesn’t fit into specific sections of the business plan, such as data and charts.

Read More: Use this business plan outline to organize your plan

• Different types of business plans

A business plan isn’t a one-size-fits-all document. There are numerous ways to create an effective business plan that fits entrepreneurs’ or established business owners’ needs. 

Here are a few of the most common types of business plans for small businesses:

• One-page plan : Outlining all of the most important information about a business into an adaptable one-page plan.
• Growth plan : An ongoing business management plan that ensures business tactics and strategies are aligned as a business scales up.
• Internal plan : A shorter version of a full business plan to be shared with internal stakeholders – ideal for established companies considering strategic shifts.

Business plan vs. operational plan vs. strategic plan

• What questions are you trying to answer? 
• Are you trying to lay out a plan for the actual running of your business?
• Is your focus on how you will meet short or long-term goals? 

Since your objective will ultimately inform your plan, you need to know what you’re trying to accomplish before you start writing.

While a business plan provides the foundation for a business, other types of plans support this guiding document.

An operational plan sets short-term goals for the business by laying out where it plans to focus energy and investments and when it plans to hit key milestones.

Then there is the strategic plan , which examines longer-range opportunities for the business, and how to meet those larger goals over time.

Read More: How to use a business plan for strategic development and operations

• Business plan vs. business model

If a business plan describes the tactics an entrepreneur will use to succeed in the market, then the business model represents how they will make money. 

The difference may seem subtle, but it’s important. 

Think of a business plan as the roadmap for how to exploit market opportunities and reach a state of sustainable growth. By contrast, the business model lays out how a business will operate and what it will look like once it has reached that growth phase.

Learn More: The differences between a business model and business plan

• Moving from idea to business plan

Now that you understand what a business plan is, the next step is to start writing your business plan . 

The best way to start is by reviewing examples and downloading a business plan template. These resources will provide you with guidance and inspiration to help you write a plan.

We recommend starting with a simple one-page plan ; it streamlines the planning process and helps you organize your ideas. However, if one page doesn’t fit your needs, there are plenty of other great templates available that will put you well on your way to writing a useful business plan.

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

• Reasons to write a business plan
• Business planning research
• When to write a business plan
• When to update a business plan
• Information to include
• Business vs. operational vs. strategic plans

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