Advantages and Disadvantages of Using a Business Plan Template
Advantages:
– Templates provide general guidance on the information needed and how to organize it, so you don’t find yourself staring at a blank page when you start.
– You can find specialized templates if you know a specific type of business plan you need, such as traditional, lean, or industry-specific plans.
– There are many free templates available online, which can be useful for comparing formats and features, or enhancing your own template.
Disadvantages:
– General and non-customized templates: Templates usually contain only basic information, and a lot of work will be required to customize the template for your business. For example, you will need to reformat and refine the text and fill in the tables.
– Lack of financial guidance: You will need sufficient knowledge of the industry to apply the financial models to your own business, as well as math skills to create formulas and calculate figures.
– Additional skills required: It requires some degree of technical savvy to integrate charts and graphs, merge data from spreadsheets, and keep everything updated.
Do I Need a Simple or Detailed Business Plan?
A corporate business plan for a large entity can be hundreds of pages long. However, for small businesses, it’s best for the plan to be short and concise, especially if you are presenting it to banks or investors. About 35 to 50 pages should be sufficient, and there can be additional space for images, equipment, logos, or business locations. The audience will prefer thorough research and analysis over lengthy and drawn-out descriptions.
How to Use a Business Plan Template
A business plan template is divided into several sections as shown in the table of contents. You can copy each section into your own document, and you may need to add or remove sections or make adjustments to suit your specific needs.
When finished, make sure it is formatted attractively and printed and bound professionally. You want to present your business plan with the best possible impression. Make it appealing—something people want to pick up and browse through.
Title Page
Enter your business information, including the legal name and address. If you already have a company logo, you can add it to the top or bottom of the title page.
Business Plan for “Name of
Source: https://www.thebalancemoney.com/entrepreneur-simple-business-plan-template-4126711
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