How to write a business plan

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How long should a business plan be?

There’s no standard length for a business plan. “It’s more about the quality than the quantity,” Fryling says. “Many people can write a lot and say very little.

“I’ve seen excellent business plans that have just a paragraph and point-form bullets for each element and a few charts. But then I’ve seen people with a 100-page business plan that was absolutely ineffective because they focus on writing a story and making it sound good, but there’s no substance to it.”

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

A business plan isn’t the same as a strategic plan. Companies should have both types of plan.

A strategic plan defines a future desired state for the company and prioritized initiatives to achieve it, including a detailed action plan. The audience is your team. The plan is usually developed through a collaborative process that aligns your team around goals, prioritizes projects to achieve them and defines an action plan to execute the projects.

A business plan, on the other hand, describes how a company currently brings in money and is run day-to-day. It’s often created for an external audience to justify a loan or investment request. Certain elements can also be useful for your management team—for example, information on your marketing and operating activities.

What’s the difference between a business plan and a pitch deck?

A pitch deck is a document that’s used to present your company to new business partners. A pitch deck should allow you to present your start-up and the solutions you offer to investors and lenders in around 10 minutes. 