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Write your business plan

Business plans help you run your business.

A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.

Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.

Pick a business plan format that works for you

There’s no right or wrong way to write a business plan. What’s important is that your plan meets your needs.

Most business plans fall into one of two common categories: traditional or lean startup.

Traditional business plans are more common, use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long.

Lean startup business plans are less common but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically only one page.

Traditional business plan

write traditional plan

Lean startup plan

A lean business plan is quicker but high-level

Traditional business plan format

You might prefer a traditional business plan format if you’re very detail-oriented, want a comprehensive plan, or plan to request financing from traditional sources.

When you write your business plan, you don’t have to stick to the exact business plan outline. Instead, use the sections that make the most sense for your business and your needs. Traditional business plans use some combination of these nine sections.

Executive summary

Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

Company description

Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve.

Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths.

Market analysis

You'll need a good understanding of your industry outlook and target market. Competitive research will show you what other businesses are doing and what their strengths are. In your market research, look for trends and themes. What do successful competitors do? Why does it work? Can you do it better? Now's the time to answer these questions.

Organization and management

Tell your reader how your company will be structured and who will run it.

Describe the  legal structure  of your business. State whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you're a sole proprietor or limited liability company (LLC).

Use an organizational chart to lay out who's in charge of what in your company. Show how each person's unique experience will contribute to the success of your venture. Consider including resumes and CVs of key members of your team.

Service or product line

Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you're doing  research and development  for your service or product, explain it in detail.

Marketing and sales

There's no single way to approach a marketing strategy. Your strategy should evolve and change to fit your unique needs.

Your goal in this section is to describe how you'll attract and retain customers. You'll also describe how a sale will actually happen. You'll refer to this section later when you make financial projections, so make sure to thoroughly describe your complete marketing and sales strategies.

Funding request

If you're asking for funding, this is where you'll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and what you'll use it for.

Specify whether you want debt or equity, the terms you'd like applied, and the length of time your request will cover. Give a detailed description of how you'll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.

Financial projections

Supplement your funding request with financial projections. Your goal is to convince the reader that your business is stable and will be a financial success.

If your business is already established, include income statements, balance sheets, and cash flow statements for the last three to five years. If you have other collateral you could put against a loan, make sure to list it now.

Provide a prospective financial outlook for the next five years. Include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your funding requests.

This is a great place to use graphs and charts to tell the financial story of your business.  

Use your appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, patents, legal documents, and other contracts.

Example traditional business plans

Before you write your business plan, read the following example business plans written by fictional business owners. Rebecca owns a consulting firm, and Andrew owns a toy company.

Lean startup format

You might prefer a lean startup format if you want to explain or start your business quickly, your business is relatively simple, or you plan to regularly change and refine your business plan.

Lean startup formats are charts that use only a handful of elements to describe your company’s value proposition, infrastructure, customers, and finances. They’re useful for visualizing tradeoffs and fundamental facts about your company.

There are different ways to develop a lean startup template. You can search the web to find free templates to build your business plan. We discuss nine components of a model business plan here:

Key partnerships

Note the other businesses or services you’ll work with to run your business. Think about suppliers, manufacturers, subcontractors, and similar strategic partners.

Key activities

List the ways your business will gain a competitive advantage. Highlight things like selling direct to consumers, or using technology to tap into the sharing economy.

Key resources

List any resource you’ll leverage to create value for your customer. Your most important assets could include staff, capital, or intellectual property. Don’t forget to leverage business resources that might be available to  women ,  veterans ,  Native Americans , and  HUBZone businesses .

Value proposition

Make a clear and compelling statement about the unique value your company brings to the market.

Customer relationships

Describe how customers will interact with your business. Is it automated or personal? In person or online? Think through the customer experience from start to finish.

Customer segments

Be specific when you name your target market. Your business won’t be for everybody, so it’s important to have a clear sense of whom your business will serve.

List the most important ways you’ll talk to your customers. Most businesses use a mix of channels and optimize them over time.

Cost structure

Will your company focus on reducing cost or maximizing value? Define your strategy, then list the most significant costs you’ll face pursuing it.

Revenue streams

Explain how your company will actually make money. Some examples are direct sales, memberships fees, and selling advertising space. If your company has multiple revenue streams, list them all.

Example lean business plan

Before you write your business plan, read this example business plan written by a fictional business owner, Andrew, who owns a toy company.

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Business plan templates

From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level.

Big Data Startup Business Plan Template

Big Data Startup Business Plan Template

Create a professional Big Data Startup business plan with our customizable Startup Business Plan Template.

Virtual Assistant Business Plan

Virtual Assistant Business Plan

Strategize your way to success with this customizable AI virtual assistant business plan template.

Virtual Reality (VR) Business Plan

Virtual Reality (VR) Business Plan

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What is a business plan?

A business plan is a document that helps small business owners determine the viability of their business idea. Combining market research and financial analysis, a professional business plan helps startup CEOs and potential investors determine if the company can compete in the target market.

Typically, a good business plan consists of the following:

  • Executive summary
  • Company description
  • Mission statement
  • Product and services
  • Marketing plan
  • Operations plan
  • Management organization
  • Financial plan
  • Conclusion & appendix

Every section involved in a business plan is designed to help startup businesses reach their target market.

A business plan asks founders and entrepreneurs to detail their business strategy in a step-by-step process that makes sense from an operational perspective. This is essential if a startup is seeking a business loan or an investment from a venture capital firm.

However, even small businesses that are already economically viable can benefit from creating a business plan, since it encourages business owners and their management teams to examine their business model and reevaluate the best ways to reach their target customers.

Should I use a business plan template?

Yes.  If you’ve never written one, a business plan can be challenging to write.

Creating a successful plan that you can use to grow your small business can require weeks of market analysis and financial preparation. You may spend time using Microsoft Excel or Powerpoint in order to create documentation which better supports our operational decisions.

However, almost every professional business plan is structured in the same way and most ask for the same information. Because of this, using a business plan template is advisable to save time, money, and effort.

Business plan templates for free

Rather than spending time trying to figure out how to write a business plan , use a free template as a guide to completion.

Business plan templates from PandaDoc can help you reach an effective go-to-market strategy even faster by asking you to provide all the relevant information you need when creating an effective business plan.

Grab a free template to get started!

Frequently asked questions

How many pages should my business plan be.

This depends on the kind of business plan you need to write and how you intend to use the plan that you create.

For example, a plan for a small business seeking potential investors or a business loan will need to provide income statements, cash flow statements, and a balance sheet (usually for a three-year or five-year forecast period).

These financial statements can be omitted if a small business owner isn’t seeking funding and is instead planning to use their business plan as a guiding document for themselves and their management team members.

Some business plans may only run a few pages. Fully-developed business plans can be as long as 50 pages. Much of this depends on the type of business, the operational strategy, and the level of detail that goes into developing the business plan.

Who needs a business plan?

Every business should have a business plan. This is an essential guidance document for any founder or CEO.

Good business plans help a company determine the viability of its place in the market and can help the business develop better strategies for differentiating itself from its competitors.

Business planning also forces business owners to evaluate their marketing strategy, the cost of customer acquisition and retention, and how they plan to grow their business over time.

What is the best business plan template?

Business plans come in all shapes and sizes. The best business plan template for your business is one that you understand and that matches the size and legal structure of your operation.

If you’re a sole proprietor, a business plan template designed for a big corporation probably doesn’t make sense. However, a business plan that helps you build an effective roadmap to grow your business while protecting your intellectual property is a good starting point.

PandaDoc offers specialized business plan templates for common industries along with tips to help you get started with business planning.

Should I hire someone to write my business plan for me?

No. You’ll find freelance writers and business strategy companies out there who are happy to write your business plan for a fee.  These resources can guide you through the process, but you should write (or be heavily involved in) the creation of your business plan.

The reason for this is simple: You know the most about your business, and your business needs you to succeed.

A writer can work with you to make your business plan sound better to investors, and a consultant can help you fill in knowledge gaps — like how to conduct a SWOT analysis — and point out weaknesses in your plan. But, at the end of the day, you need to use the business plan to pitch investors and run your business.

Those ideas and guiding principles aren’t something you can outsource.

Should I use business planning software?

Software isn’t required when creating an effective business plan. Most business planning software is designed to help you navigate the outlining and writing process more effectively.

You don’t need software to write a professional business plan, but a solid template can help you get started. Download a free template from PandaDoc today and take your business to the next level.

Get started with PandaDoc today

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Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Blueprint. Blueprint does not include all companies, products or offers that may be available to you within the market. A list of selected affiliate partners is available here .

Free business plan template (with examples)

Alan Bradley

Sierra Campbell

Sierra Campbell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 3:37 a.m. UTC Feb. 12, 2024

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Featured Image

AzmanL, Getty Images

Starting a business can be a daunting undertaking. As with so many large projects, one of the most difficult challenges is just getting started, and one of the best ways to start is by putting together a plan. A plan is also a powerful tool for communication and can serve as a cornerstone for onboarding new partners and employees or for demonstrating your philosophy and priorities to potential collaborators. 

A solid business plan will not only provide a framework for your business going forward but will also give you an early opportunity to organize and refine your thoughts and define your mission statement, providing a guidepost that can serve as a beacon for your business for years to come. We’ve provided a business plan template below to help guide you in the creation of your new enterprise.

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Business plan template

What should a business plan include?

Regardless of the type of business you own or the products and services you provide, every business plan should include some core elements:

  • Mission statement. The definition and executive summary of your business.
  • Market analysis. A breakdown of the market segment and customers you hope to reach, built through primary (gathered by you) and secondary (gathered from outside sources) research.
  • Organization and logistics. The nuts and bolts of how your business is operated
  • Products or services. What your company provides its customers.
  • Advertising and marketing. How you intend to get your products in front of your customers.
  • Forecasting. Revenue forecasting for partners or potential investors.

Why do you need a business plan?

A business plan is a framework for success. It provides a number of key benefits:

  • Structure. The outline around which to design your business.
  • Operational guidance. A signpost for how to run your business from day to day.
  • Expansion. A vision for the future growth of your enterprise.
  • Definition. A platform to consider every element of your business and how best to execute your plans for them.
  • Collaboration. A synopsis of what’s exceptional about your business and a way to attract funding, investment or partnerships.
  • Onboarding. An efficient summary of your business for new or potential employees.

Business plan examples

We’ve created two fictional companies to illustrate how a business might use a business plan to sketch out goals and opportunities as well as forecast revenue.

Bling, Incorporated

Our first hypothetical example is a jewelry and accessory creator called Bling, Incorporated. A hybrid business that manufactures its products for sale both online and through physical retail channels, Bling’s mission statement is focused on transforming simple, inexpensive ingredients into wearable statement pieces of art. 

Market analysis includes gathering data around sourcing sustainable, inexpensive components, aesthetic trends in fashion and on which platforms competitors have had success in advertising jewelry to prospective customers. Logistics include shipping products, negotiating with retailers, establishing an e-commerce presence and material and manufacturing costs. 

Bling, Incorporated advertises initially through social platforms like TikTok and Facebook, as well as with Google AdSense, with plans to eventually expand to television advertising. Revenue forecasting is structured around a low overhead on the basis of inexpensive materials, no dedicated storefront and broad reach through digital platforms.

Phaeton Custom Cars

Phaeton is a custom car builder and classic car restoration business with a regional focus and reach. Its mission statement defines it as a local, family-owned business serving a community of auto enthusiasts and a broader regional niche of collectors. 

Market analysis breaks down the location and facilities of other competitor shops in the region as well as online communities of regional car enthusiasts likely to spend money on custom modifications or restoration projects. It also examines trends in valuations for custom parts and vintage cars. Logistics include pricing out parts and labor, finding skilled or apprentice laborers and mortgaging a garage and equipment. 

Phaeton advertises in regional publications, at local events and regional car shows and online through Facebook and Instagram, with an emphasis on a social presence highlighting their flashiest builds. Revenue forecasting is built around a growing reputation and high-value commissions.

Frequently asked questions (FAQs)

A business plan may not be a prerequisite for every type of business, but there are few businesses that wouldn’t benefit from one. It can serve as an important strategic tool and help crystalize a vision of your business and its future.

Business plans do just that: they help you plan the future of your business, serve as a platform to brainstorm ideas and think through your vision and are a great tool for showcasing why your business works to potential investors or partners.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Alan Bradley

Alan is an experienced culture and tech writer with a background in newspaper reporting. His work has appeared in Rolling Stone, Paste Magazine, The Escapist, PC Mag, PC Gamer, and a multitude of other outlets. He has over twenty years of experience as a journalist and editor and is the author of the urban fantasy novel The Sixth Borough.

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How to start a small business: A step-by-step guide

How to start a small business: A step-by-step guide

Business Eric Rosenberg

How to Develop a Small Business Financial Plan

By Andy Marker | April 29, 2022

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Financial planning is critical for any successful small business, but the process can be complicated. To help you get started, we’ve created a step-by-step guide and rounded up top tips from experts.

Included on this page, you’ll find what to include in a financial plan , steps to develop one , and a downloadable starter kit .

What Is a Small Business Financial Plan?

A small business financial plan is an outline of the financial status of your business, including income statements, balance sheets, and cash flow information. A financial plan can help guide a small business toward sustainable growth.

Craig Hewitt

Financial plans can aid in business goal setting and metrics tracking, as well as provide proof of profitable ideas. Craig Hewitt, Founder of Castos , shares that “creating a financial plan will show you if your business ideas are sustainable. A financial plan will show you where your business stands and help you make better decisions about resource allocation. It will also help you plan growth, survive cash flow shortages, and pitch to investors.”

Why Is It Important for a Small Business to Have a Financial Plan?

All small businesses should create a financial plan. This allows you to assess your business’s financial needs, recognize areas of opportunity, and project your growth over time. A strong financial plan is also a bonus for potential investors.

Mark Daoust

Mark Daoust , the President and CEO of Quiet Light Brokerage, Inc., explains why a financial plan is important for small businesses: “It can sometimes be difficult for business owners to evaluate their own progress, especially when starting a new company. A financial plan can be helpful in showing increased revenues, cash flow growth, and overall profit in quantifiable data. It's very encouraging for small business owners who are often working long hours and dealing with so many stressful decisions to know that they are on the right track.”

To learn more about other important considerations for a small business, peruse our list of free startup plan, budget, and cost templates .

What Does a Small Business Financial Plan Include?

All small businesses should include an income statement, a balance sheet, and a cash flow statement in their financial plan. You may also include other documents, such as personnel plans, break-even points, and sales forecasts, depending on the business and industry.

Ahmet Yuzbasioglu

  • Balance Sheet: A balance sheet determines the difference between your liabilities and assets to determine your equity. “A balance sheet is a snapshot of a business’s financial position at a particular moment in time,” says Yüzbaşıoğlu. “It adds up everything your business owns and subtracts all debts — the difference reflects the net worth of the business, also referred to as equity .” Yüzbaşıoğlu explains that this statement consists of three parts: assets, liabilities, and equity. “Assets include your money in the bank, accounts receivable, inventories, and more. Liabilities can include your accounts payables, credit card balances, and loan repayments, for example. Equity for most small businesses is just the owner’s equity, but it could also include investors’ shares, retained earnings, or stock proceeds,” he says.
  • Cash Flow Statement: A cash flow statement shows where the money is coming from and where it is going. For existing businesses, this will include bank statements that list deposits and expenditures. A new business may not have much cash flow information, but it can include all startup costs and funding sources. “A cash flow statement shows how much cash is generated and used during a given period of time. It documents all the money flowing in and out of your business,” explains Yüzbaşıoğlu.
  • Break-Even Analysis: A break-even analysis is a projection of how long it will take you to recoup your investments, such as expenses from startup costs or ongoing projects. In order to perform this analysis, Yüzbaşıoğlu explains, “You need to know the difference between fixed costs and variable costs. Fixed costs are the expenses that stay the same, regardless of how much you sell or don't sell. For example, expenses such as rent, wages, and accounting fees are typically fixed. Variable costs are the expenses that change in accordance with production or sales volume. “In other words, [a break-even analysis] determines the units of products or services you need to sell at least to cover your production costs. Generally, to calculate the break-even point in business, divide fixed costs by the gross profit margin. This produces a dollar figure that a company needs to break even,” Yüzbaşıoğlu shares.
  • Personnel Plan: A personnel plan is an outline of various positions or departments that states what they do, why they are necessary, and how much they cost. This document is generally more useful for large businesses, or those that find themselves spending a large percentage of their budget on labor.
  • Sales Forecast: A sales forecast can help determine how many sales and how much money you expect to make in a given time period. To learn more about various methods of predicting these figures, check out our guide to sales forecasting .

How to Write a Small Business Financial Plan

Writing a financial plan begins with collecting financial information from your small business. Create income statements, balance sheets, and cash flow statements, and any other documents you need using that information. Then share those documents with relevant stakeholders.

“Creating a financial plan is key to any business and essential for success: It provides protection and an opportunity to grow,” says Yüzbaşıoğlu. “You can use [the financial plan] to make better-informed decisions about things like resource allocation on future projects and to help shape the success of your company.”

1. Create a Plan

Create a strategic business plan that includes your business strategy and goals, and define their financial impact. Your financial plan will inform decisions for every aspect of your business, so it is important to know what is important and what is at stake.

2. Gather Financial Information

Collect all of the available financial information about your business. Organize bank statements, loan information, sales numbers, inventory costs, payroll information, and any other income and expenses your business has incurred. If you have not already started to do so, regularly record all of this information and store it in an easily accessible place.

3. Create an Income Statement

Your income statement should display revenue, expenses, and profit for a given time period. Your revenue minus your expenses equals your profit or loss. Many businesses create a new statement yearly or quarterly, but small businesses with less cash flow may benefit from creating statements for shorter time frames.

Income Statement

4. Create a Balance Sheet

Your balance sheet is a snapshot of your business’s financial status at a particular moment in time. You should update it on the same schedule as your income statement. To determine your equity, calculate all of your assets minus your liabilities.

Balance Sheet

5. Create a Cash Flow Statement

As mentioned above, the cash flow statement shows all past and projected cash flow for your business. “Your cash flow statement needs to cover three sections: operating activities, investing activities, and financing activities,” suggests Hewitt. “Operating activities are the movement of cash from the sale or purchase of goods or services. Investing activities are the sale or purchase of long-term assets. Financing activities are transactions with creditors and investments.”

Cash Flow

6. Create Other Documents as Needed

Depending on the age, size, and industry of your business, you may find it useful to include these other documents in your financial plan as well.

Breakeven Point

  • Sales Forecast: Your sales forecast should reference sales numbers from your past to estimate sales numbers for your future. Sales forecasts may be more useful for established companies with historical numbers to compare to, but small businesses can use forecasts to set goals and break records month over month. “To make future financial projections, start with a sales forecast,” says Yüzbaşıoğlu. “Project your sales over the course of 12 months. After projecting sales, calculate your cost of sales (also called cost of goods or direct costs). This will let you calculate gross margin. Gross margin is sales less the cost of sales, and it's a useful number for comparing with different standard industry ratios.”

7. Save the Plan for Reference and Share as Needed

The most important part of a financial plan is sharing it with stakeholders. You can also use much of the same information in your financial plan to create a budget for your small business.

Janet Patterson

Additionally, be sure to conduct regular reviews, as things will inevitably change. “My best tip for small businesses when creating a financial plan is to schedule reviews. Once you have your plan in place, it is essential that you review it often and compare how well the strategy fits with the actual monthly expenses. This will help you adjust your plan accordingly and prepare for the year ahead,” suggests Janet Patterson, Loan and Finance Expert at  Highway Title Loans.

Small Business Financial Plan Example

Small Business Financial Plan Dashboard Template

Download Small Business Financial Plan Example Microsoft Excel | Google Sheets

Here is an example of what a completed small business financial plan dashboard might look like. Once you have completed your income statement, balance sheet, and cash flow statements, use a template to create visual graphs to display the information to make it easier to read and share. In this example, this small business plots its income and cash flow statements quarterly, but you may find it valuable to update yours more often.

Small Business Financial Plan Starter Kit

Download Small Business Financial Plan Starter Kit

We’ve created this small business financial plan starter kit to help you get organized and complete your financial plan. In this kit, you will find a fully customizable income statement template, a balance sheet template, a cash flow statement template, and a dashboard template to display results. We have also included templates for break-even analysis, a personnel plan, and sales forecasts to meet your ongoing financial planning needs.

Small Business Income Statement Template 

Small Business Income Statement Template

Download Small Business Income Statement Template Microsoft Excel | Google Sheets

Use this small business income statement template to input your income information and track your growth over time. This template is filled to track by the year, but you can also track by months or quarters. The template is fully customizable to suit your business needs.

Small Business Balance Sheet Template 

Small Business Balance Sheet Template

Download Small Business Balance Sheet Template Microsoft Excel | Google Sheets

This customizable balance sheet template was created with small businesses in mind. Use it to create a snapshot of your company’s assets, liabilities, and equity quarter over quarter. 

Small Business Cash Flow Statement Template 

Small Business Cash Flow Template

Download Small Business Cash Flow Template Microsoft Excel | Google Sheets

Use this customizable cash flow statement template to stay organized when documenting your cash flow. Note the time frame and input all of your financial data in the appropriate cell. With this information, the template will automatically generate your total cash payments, net cash change, and ending cash position.

Break-Even Analysis Template 

Break Even Analysis Template

Download Break-Even Analysis Template Microsoft Excel | Google Sheets

This powerful template can help you determine the point at which you will break even on product investment. Input the sale price of the product, as well as its various associated costs, and this template will display the number of units needed to break even on your initial costs.

Personnel Plan Template  

Personnel Plan Template

Download Personnel Plan Template Microsoft Excel | Google Sheets

Use this simple personnel plan template to help organize and define the monetary cost of the various roles or departments within your company. This template will generate a labor cost total that you can use to compare roles and determine whether you need to make cuts or identify areas for growth.

Sales Forecast Template

Sales Forecast Template

Download Sales Forecast Template Microsoft Excel | Google Sheets

Use this customizable template to forecast your sales month over month and determine the percentage changes. You can use this template to set goals and track sales history as well.

Small Business Financial Plan Dashboard Template

Small Business Financial Plan Dashboard Template

Download Small Business Financial Plan Dashboard Template Microsoft Excel | Google Sheets

This dashboard template provides a visual example of a small business financial plan. It presents the information from your income statement, balance sheet, and cash flow statement in a graphical form that is easy to read and share.

Tips for Completing a Financial Plan for a Small Business

You can simplify the development of your small business financial plan in many ways, from outlining your goals to considering where you may need help. We’ve outlined a few tips from our experts below:

Jesse Thé

  • Outline Your Business Goals: Before you create a financial plan, outline your business goals. This will help you determine where money is being well spent to achieve those goals and where it may not be. “Before applying for financing or investment, list the expected business goals for the next three to five years. You can ask a certified public accountant for help in this regard,” says Thé. The U.S. Small Business Administration or a local small business development center can also help you to understand the local market and important factors for business success. For more help, check out our quick how-to guide on writing a business plan .
  • Make Sure You Have the Right Permits and Insurance: One of the best ways to keep your financial plan on track is to anticipate large expenditures. Double- and triple-check that you have the permits and insurances you need so that you do not incur any fines or surprise expenses down the line. “If you own your own business, you're no longer able to count on your employer for your insurance needs. It's important to have a plan for how you're going to pay for this additional expense and make sure that you know what specific insurance you need to cover your business,” suggests Daost.
  • Separate Personal Goals from Business Goals: Be as unbiased as possible when creating and laying out your business’s financial goals. Your financial and prestige goals as a business owner may be loftier than what your business can currently achieve in the present. Inflating sales forecasts or income numbers will only come back to bite you in the end.
  • Consider Hiring Help: You don’t know what you don’t know, but fortunately, many financial experts are ready to help you. “Hiring financial advisors can help you make sound financial decisions for your business and create a financial roadmap to follow. Many businesses fail in the first few years due to poor planning, which leads to costly mistakes. Having a financial advisor can help keep your business alive, make a profit, and thrive,” says Hewitt.
  • Include Less Obvious Expenses: No income or expense is too small to consider — it all matters when you are creating your financial plan. “I wish I had known that you’re supposed to incorporate anticipated internal hidden expenses in the plan as well,” Patterson shares. “I formulated my first financial plan myself and didn’t have enough knowledge back then. Hence, I missed out on essential expenses, like office maintenance, that are less common.”

Do Small Business Owners Need a Financial Planner?

Not all small business owners need a designated financial planner, but you should understand the documents and information that make up a financial plan. If you do not hire an advisor, you must be informed about your own finances.

Small business owners tend to wear many hats, but Powell says, “it depends on the organization of the owner and their experience with the financial side of operating businesses.” Hiring a financial advisor can take some tasks off your plate and save you time to focus on the many other details that need your attention. Financial planners are experts in their field and may have more intimate knowledge of market trends and changing tax information that can end up saving you money in the long run. 

Yüzbaşıoğlu adds, “Small business owners can greatly benefit from working with a financial advisor. A successful small business often requires more than just the skills of an entrepreneur; a financial advisor can help the company effectively manage risks and maximize opportunities.”

For more examples of the tasks a financial planner might be able to help with, check through our list of free financial planning templates .

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Whether you’re a long-time business owner or starting to think about  launching a business , to-do lists pile up fast, and determining how to write a business plan—much less following a business plan template—often feels overwhelming.

But nearly 70% of business owners who have been there and done that  recommend writing a business plan  before starting a business. When done right, business plans have enormous payoffs. In fact, a  wealth of data  now exists on the difference a written business plan makes, especially for small or growing companies.

First, know your audience

Start with a clear picture of the audience your plan will address. Is it a room full of angel investors? Your local bank’s venture funding department? Or is it you, your leaders, and your employees?

Defining your audience helps you determine the language you’ll need to propose your ideas as well as the depth to which you need to go to help readers conduct due diligence.

Once you’ve got your audience in mind, you can start your business plan, which should include:

  • Executive summary
  • Company description
  • Market research and growth potential
  • Competitive analysis
  • Product or service description
  • Marketing/sales strategy
  • Business financials
  • Organization and management
  • Funding request

Executive summary

1. Executive summary

Even though it appears first in the official plan, write this section last so you can condense essential ideas from the other nine sections. For now, leave it as a placeholder. 

What is an executive summary?

The executive summary lays out all the vital information about your business within a relatively short space. An executive summary is typically one page or less. It’s a high-level overview which summarizes the other sections of your plan.

How do I write an executive summary?

This executive summary focuses on what’s often called the value proposition or unique selling point: an extended motto aimed at stakeholders.

You can follow a straightforward problem/solution format or this fill-in-the-blanks framework:

  • For [ target customers ]
  • Who are dissatisfied with [ current solutions ]
  • Our [ offering ] solves [ key customer problems ]
  • Unlike [ competing product ], we have [ differentiating key features ]

This framework isn’t meant to be rigid, but serves as a jumping-off point.

An illustration explaining the "who, what, and why" questions to ask when figuring out how to write a business plan.

2. Company description

Your company description should contain three elements:

  • Mission statement

These elements give context to the bigger picture, letting investors know the company’s purpose so your goals make sense as well.

What is a mission statement?

A mission statement is your company’s reason for existing. It’s more than what you do or what you sell, it’s about why exactly you do what you do. Effective mission statements should be:

  • Inspirational to make others believe in your vision
  • Emotional to captivate readers and grab their interest

Throughout each part of your plan, less is more. Nowhere is that truer than your mission statement. Think about what motivates you, what experiences led you to start the business, the problems you solve, the wider social issues you care about, etc.

How do you describe a company’s history?

Don’t worry about making your company history a dense narrative. Instead, write it like you would a profile:

  • Founding date
  • Major milestones
  • Location(s)
  • Number of employees
  • Executive leadership roles
  • Flagship products or services

Then, translate that list into a few short paragraphs.

Why do business objectives matter?

Business objectives give you clear goals to focus on. These goals must be SMART:

They must also be tied to key results. When your objectives aren’t clearly defined, it’s hard for your team to work toward a common purpose. What’s worse, fuzzy goals don’t inspire confidence from investors and other stakeholders.

business plan template for finance

3. Market research & potential

Outline your ideal potential customer as well as the actual and potential size of your market. Target markets identify demographic information like:

By getting specific, you’ll illustrate expertise and generate confidence. If your target market is too broad, it can be a red flag for investors.

The same is true with your market analysis when you estimate its size and monetary value. In addition to big numbers that encompass the total market, drill down into your business’s addressable market—meaning, local numbers or numbers that apply the grand total to your specific segments. You may even map your customer’s journey to get a better understanding of their needs and preferences.

Internal business plan vs external business plan

4. Competitive analysis

Competitive research begins with identifying companies that currently occupy the market you’re looking to enter. The idea of carving out time to learn about each potential competitor you have may sound overwhelming, but it will be an extremely useful exercise.

Answer these questions about your most significant competitors:

  • Where do they advertise?
  • What kind of press coverage do they get?
  • How good is their customer service?
  • What are their sales and pricing strategies?
  • How do they rank on third-party rating/review platforms?

Spend some time thinking about what sets you apart. If your idea is truly original, be prepared to explain the customer pain points you see your business solving. If your business doesn’t have any direct competition, research other companies that provide a similar type of product or service.

Next, create a table or spreadsheet listing your competitors (competitor analysis table) to include in your plan.

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5. Product or service description

Describe the benefits, production process, and life-cycle of your offering, and how it’s better than your competitors.

When describing benefits, focus on:

  • Unique features
  • Translating features into benefits
  • Emotional and practical payoffs to your customers
  • Intellectual property rights or any patents that protect differentiation

For the production process, answer how you:

  • Create existing and new products or services
  • Source raw materials or components
  • Assemble them through manufacturing
  • Maintain quality control and quality assurance
  • Receive and deliver them (supply chain logistics)
  • Manage your daily operations, like bookkeeping and inventory

Within the product life cycle portion, map elements like:

  • Time between purchases
  • Up-sells, cross-sells, and down-sells
  • Future plans for research and development

How to distinguish your business plan from competitors

6. Marketing and sales strategy

Your marketing plan can be the difference between selling so much that growth explodes or getting no business at all. Growth strategies are a critical part of your business plan.

You should briefly reiterate topics such as your:

  • Value proposition
  • Ideal target markets
  • Existing customer segments

Then, add your:

  • Launch plan to attract new business
  • Growth tactics for established businesses to expand
  • Retention strategies like customer loyalty or referral programs
  • Advertising and promotion channels such as search engines, social media, print, television, YouTube, and word of mouth

You can also use this section of your business plan to reinforce your strengths and what differentiates you from the competition. Be sure to show what you’ve already done, what you plan to do given your existing resources, and what results you expect from your efforts.

Business plan template download

7. Business financials

If you’re just starting, your business may not yet have financial data , financial statements, or comprehensive reporting. However, you’ll still need to prepare a budget and a financial plan.

If your company has been around for a while and you’re seeking investors, be sure to include:

  • Income statements
  • Profit and loss statements
  • Cash flow statements
  • Balance sheets

Other figures that can be included are:

  • How much of your revenue you retain as your net income
  • Your ratio of liquidity to debt repayment ability
  • How often you collect on your invoices

Ideally, you should provide at least three years’ worth of reporting. Make sure your figures are accurate and don’t provide any profit or loss projections before carefully going over your past statements for justification.

Avoid underestimating costs

Costs, profit margins, and sale prices are closely linked, and many business owners set sale prices without accounting for all costs. New business owners are particularly at risk for this mistake. The cost of your product or service must include all of your costs, including overhead. If it doesn’t, you can’t determine a sale price to generate the profit level you desire.

Underestimating costs can catch you off guard and eat away at your business over time.

Example of financials

Given the high degree of specificity required to accurately represent your business’s financials, we suggest using one of our free Excel templates and entering your own data:

  • For new businesses: Start up budget template
  • For existing businesses: Income statement template

Once complete, create a big picture representation to include here as well as in your objectives in step two.

8. Your organization & management

Your business is only as good as the team that runs it. Identify your team members and explain why they can either turn your business idea into a reality or continue to grow it. Highlight expertise and qualifications throughout —this section of your business plan should show off your management team superstars.

You should also note:

  • Roles you still need to hire to grow your company
  • The cost of hiring experts to assist operations

To make informed business decisions, you may need to budget for a bookkeeper , a CPA, and an attorney. CPAs can help you review your monthly accounting transactions and prepare your annual tax return. An attorney can help with client agreements, investor contracts (like shareholder agreements), and with any legal disputes that may arise.

Ask your business contacts for referrals (and their fees), and be sure to include those costs in your business plan.

9. Funding request

When outlining how much money your small business needs, try to be as realistic as possible. You can provide a range of numbers if you don’t want to pinpoint an exact number. However, be sure to include a best-case scenario and a worst-case scenario.

Since a new business doesn’t have a track record of generating profits, it’s likely that you’ll sell equity to raise capital in the early years of operation. Equity means ownership—when you sell equity to raise capital, you are selling a portion of your company.

Most small business equity sales are private transactions. The investor may also expect to be paid a dividend, which is a share of company profits, and they’ll want to know how they can sell their ownership interest. Additionally, you can raise capital by borrowing money, but you’ll have to repay creditors both the principal amount borrowed and the interest on the debt.

If you look at the capital structure of any large company, you’ll see that most firms issue both equity and debt. When drafting your business plan, decide if you’re willing to accept the trade-off of giving up total control and profits before you sell equity in your business.

The founder can access cash by contributing their own money into the business by securing a line of credit (LOC) at a bank or applying for QuickBooks Capital . If you raise cash through a LOC or some other type of loan, it needs to be paid off ASAP to reduce the interest cost on debt.

10. Appendix

Finally, assemble a well-organized appendix for anything and everything readers will need to supplement the information in your plan. Consider any info that:

  • Helps investors conduct due diligence
  • Gives context and easy access to you or your employees

Useful details to cover in an appendix include:

  • Deeds, local permits, and legal documents
  • Certifications that bolster your credibility
  • Business registries and professional licenses pertaining to your legal structure or type of business
  • Patents and intellectual properties
  • Industry associations and memberships
  • State and federal identification numbers or codes
  • Key customer contracts and purchase orders

Your appendix should be a living section of the business plan, whether the plan is a document for internal reference only or an external call for investors.

Make your business plan stand out

Investors have little patience for poorly written documents. You want your business plan to be as attractive and readable as possible.

  • Keep it brief.  A typical business plan can range from 10 to 20 pages. As long as you adequately cover the essentials, less is more.
  • Make it easy to read.  Divide your document into distinct sections, so that investors can quickly flip between key pieces of information.
  • Know your margins.  List every cost your business incurs, and make sure that you’re assigning those costs to each product or service that you sell.
  • Proofread.  Double-check for typos and grammatical errors. Then, triple-check. Otherwise, you might risk your credibility.
  • Invest in quality design and printing.  Proper layout, branding, and decent printing or bookbinding give your business plan a professional feel.
  • Be prepared in advance.  Have everything ready to go at least two weeks ahead so you have time to make revisions in case of a last-minute change.

Updating your business plan

It’s a good idea to periodically revisit your business plan, especially if you are looking to expand. Conducting new research and updating your plan could also provide answers when you hit difficult questions.

Mid-year is a good time to refocus and revise your original plans because it gives you the opportunity to refocus any goals for the second half of the year. Below are three ways to update your plan.

1. Refocus your productivity

When you wrote your original business plan, you likely identified your specific business and personal goals. Take some time now to assess if you’ve hit your targets.

If you only want to work a set number of hours per week, you must identify the products and services that deliver the returns you need to make that a reality. Doing so helps you refocus your productivity on the most lucrative profit streams.

Also, use what you’ve achieved and the hard lessons you’ve learned to help you re-evaluate what is and isn’t working.

2. Realign with your goals

Do a gut check to determine whether all of your hard work is still aligned with your original goals and your mission statement. Ask yourself these questions:

  • Are my goals still relevant?
  • Am I still focused on the big picture?
  • Where do I want to be a year from now?
  • Will my existing plan still take me where I want to go?

These questions may be tough to answer at first glance, but they reveal your ties to your goals and what most likely needs to change to achieve new wins.

3. Repurpose your offerings

If your time has become more focused on small projects rather than tangible growth and building a valuable client list, consider packaging your existing products or services differently. Can you bundle a few things together?

You must deliberately manage your revenue streams, and that might require shuffling things around a little to focus on what is working for you.

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Download our free template to build your business from the ground up, considering all the important questions that will help your investors and employees. Fill it in or use it as one of your business plan examples. Happy pitching!

Business plan FAQ

A business plan is a comprehensive road map for your small business’s growth and development. It communicates who you are, what you plan to do, and how you plan to do it. It also helps you attract talent and investors.

Investors want to know you have:

  • Product-market fit:  Have you done the research to determine the demand for your product or service?
  • A solid team in place:  Do you have the people you need to support your goals and objectives?
  • Scalability:  Can you grow sales volume without proportional growth in headcount and fixed costs?

A  templated business plan  gives investors a blueprint of what to expect from your company and tells them about you as an entrepreneur.

You need a business plan because the majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan. Not only does a business plan help you focus on concrete objectives, but it gives outside parties reassurance that you’ve planned ahead.

According to  research :

  • Businesses with a business plan  grow 30% faster  than those without
  • Owners with business plans are  2x as likely  to grow, get investments, or secure loans than those without
  • Entrepreneurs with a business plan have a  129% increased likelihood  of growing beyond the startup phase and a  260% increased likelihood  of growing from “idea” to “new business”

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2 Essential Templates For Starting Your Business. Available as an interactive PDF or a Google Docs template.

With this business plan template, you'll be able to:

  • Write a company description that sells your story
  • Plan for the future: lay out goals and metrics for success
  • Describe your product line in detail and plan for how to stand out from competitors
  • Consider any legal formalities that require attention when starting your business
  • Put together necessary financial projections to make a strong start
  • Create your buyer persona and determine your product/marketing fit

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Available as a one-page interactive PDF and a full template on both Google Docs and Microsoft Word!

Whether you’re starting a business or drafting a formalized document with  your current business goals, it’s important to clearly defi ne the scope of all aspects of the venture — from mission, to target customers, to fi nances, and beyond.

When just starting out, it can be tempting to think of a business plan as simply your company’s name and a description of your product or service. But in reality, planning a business involves thinking through a lot more details.

In this business plan template we’ll guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and fi nancial logistics. We've included a  plain text, designed , and  completed example version of this template. 

Frequently Asked Questions (FAQs)

How do you write a business plan.

A business plan is a formal written document that you can use to identify the purpose of your company, make important decisions about your future and help grow your company. HubSpot's free business plan templates provides guidance to establishing your company mission, customer research, competition, and a business strategy to profitability.

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A business plan is a written document that outlines the company's goals, strategy and implementation. The format of the plan varies depending on the type of organization (e.g., for-profit or nonprofit) and size, but most plans share some common features such as an overview, executive summary, and financial information.

What is the best business plan template?

A great business plan template clearly defines the scope of the venture -- from mission, to target customers, to finances, and beyond. HubSpot's business plan template will guide you through the steps of writing company and product descriptions, setting sales and marketing goals and plans, and thinking through legal and financial logistics.

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If you're thinking about starting a business, you'll need to do some research first. You can't just start a business without doing any market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. After that, write your business plan so that you know how much money and time it will take for the project to succeed. Use HubSpot's free business plan template today!

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How to Prepare a Financial Plan for Startup Business (w/ example)

Financial Statements Template

Free Financial Statements Template

Ajay Jagtap

  • December 7, 2023

13 Min Read

financial plan for startup business

If someone were to ask you about your business financials, could you give them a detailed answer?

Let’s say they ask—how do you allocate your operating expenses? What is your cash flow situation like? What is your exit strategy? And a series of similar other questions.

Instead of mumbling what to answer or shooting in the dark, as a founder, you must prepare yourself to answer this line of questioning—and creating a financial plan for your startup is the best way to do it.

A business plan’s financial plan section is no easy task—we get that.

But, you know what—this in-depth guide and financial plan example can make forecasting as simple as counting on your fingertips.

Ready to get started? Let’s begin by discussing startup financial planning.

What is Startup Financial Planning?

Startup financial planning, in simple terms, is a process of planning the financial aspects of a new business. It’s an integral part of a business plan and comprises its three major components: balance sheet, income statement, and cash-flow statement.

Apart from these statements, your financial section may also include revenue and sales forecasts, assets & liabilities, break-even analysis, and more. Your first financial plan may not be very detailed, but you can tweak and update it as your company grows.

Key Takeaways

  • Realistic assumptions, thorough research, and a clear understanding of the market are the key to reliable financial projections.
  • Cash flow projection, balance sheet, and income statement are three major components of a financial plan.
  • Preparing a financial plan is easier and faster when you use a financial planning tool.
  • Exploring “what-if” scenarios is an ideal method to understand the potential risks and opportunities involved in the business operations.

Why is Financial Planning Important to Your Startup?

Poor financial planning is one of the biggest reasons why most startups fail. In fact, a recent CNBC study reported that running out of cash was the reason behind 44% of startup failures in 2022.

A well-prepared financial plan provides a clear financial direction for your business, helps you set realistic financial objectives, create accurate forecasts, and shows your business is committed to its financial objectives.

It’s a key element of your business plan for winning potential investors. In fact, YC considered recent financial statements and projections to be critical elements of their Series A due diligence checklist .

Your financial plan demonstrates how your business manages expenses and generates revenue and helps them understand where your business stands today and in 5 years.

Makes sense why financial planning is important to your startup, doesn’t it? Let’s cut to the chase and discuss the key components of a startup’s financial plan.

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business plan template for finance

Key Components of a Startup Financial Plan

Whether creating a financial plan from scratch for a business venture or just modifying it for an existing one, here are the key components to consider including in your startup’s financial planning process.

Income Statement

An Income statement , also known as a profit-and-loss statement(P&L), shows your company’s income and expenditures. It also demonstrates how your business experienced any profit or loss over a given time.

Consider it as a snapshot of your business that shows the feasibility of your business idea. An income statement can be generated considering three scenarios: worst, expected, and best.

Your income or P&L statement must list the following:

  • Cost of goods or cost of sale
  • Gross margin
  • Operating expenses
  • Revenue streams
  • EBITDA (Earnings before interest, tax, depreciation , & amortization )

Established businesses can prepare annual income statements, whereas new businesses and startups should consider preparing monthly statements.

Cash flow Statement

A cash flow statement is one of the most critical financial statements for startups that summarize your business’s cash in-and-out flows over a given time.

This section provides details on the cash position of your business and its ability to meet monetary commitments on a timely basis.

Your cash flow projection consists of the following three components:

✅ Cash revenue projection: Here, you must enter each month’s estimated or expected sales figures.

✅ Cash disbursements: List expenditures that you expect to pay in cash for each month over one year.

✅ Cash flow reconciliation: Cash flow reconciliation is a process used to ensure the accuracy of cash flow projections. The adjusted amount is the cash flow balance carried over to the next month.

Furthermore, a company’s cash flow projections can be crucial while assessing liquidity, its ability to generate positive cash flows and pay off debts, and invest in growth initiatives.

Balance Sheet

Your balance sheet is a financial statement that reports your company’s assets, liabilities, and shareholder equity at a given time.

Consider it as a snapshot of what your business owns and owes, as well as the amount invested by the shareholders.

This statement consists of three parts: assets , liabilities, and the balance calculated by the difference between the first two. The final numbers on this sheet reflect the business owner’s equity or value.

Balance sheets follow the following accounting equation with assets on one side and liabilities plus Owner’s equity on the other:

Here is what’s the core purpose of having a balance-sheet:

  • Indicates the capital need of the business
  • It helps to identify the allocation of resources
  • It calculates the requirement of seed money you put up, and
  • How much finance is required?

Since it helps investors understand the condition of your business on a given date, it’s a financial statement you can’t miss out on.

Break-even Analysis

Break-even analysis is a startup or small business accounting practice used to determine when a company, product, or service will become profitable.

For instance, a break-even analysis could help you understand how many candles you need to sell to cover your warehousing and manufacturing costs and start making profits.

Remember, anything you sell beyond the break-even point will result in profit.

You must be aware of your fixed and variable costs to accurately determine your startup’s break-even point.

  • Fixed costs: fixed expenses that stay the same no matter what.
  • Variable costs: expenses that fluctuate over time depending on production or sales.

A break-even point helps you smartly price your goods or services, cover fixed costs, catch missing expenses, and set sales targets while helping investors gain confidence in your business. No brainer—why it’s a key component of your startup’s financial plan.

Having covered all the key elements of a financial plan, let’s discuss how you can create a financial plan for your startup.

How to Create a Financial Section of a Startup Business Plan?

1. determine your financial needs.

You can’t start financial planning without understanding your financial requirements, can you? Get your notepad or simply open a notion doc; it’s time for some critical thinking.

Start by assessing your current situation by—calculating your income, expenses , assets, and liabilities, what the startup costs are, how much you have against them, and how much financing you need.

Assessing your current financial situation and health will help determine how much capital you need for your startup and help plan fundraising activities and outreach.

Furthermore, determining financial needs helps prioritize operational activities and expenses, effectively allocate resources, and increase the viability and sustainability of a business in the long run.

Having learned to determine financial needs, let’s head straight to setting financial goals.

2. Define Your Financial Goals

Setting realistic financial goals is fundamental in preparing an effective financial plan. So, it would help to outline your long-term strategies and goals at the beginning of your financial planning process.

Let’s understand it this way—if you are a SaaS startup pursuing VC financing rounds, you may ask investors about what matters to them the most and prepare your financial plan accordingly.

However, a coffee shop owner seeking a business loan may need to create a plan that appeals to banks, not investors. At the same time, an internal financial plan designed to offer financial direction and resource allocation may not be the same as previous examples, seeing its different use case.

Feeling overwhelmed? Just define your financial goals—you’ll be fine.

You can start by identifying your business KPIs (key performance indicators); it would be an ideal starting point.

3. Choose the Right Financial Planning Tool

Let’s face it—preparing a financial plan using Excel is no joke. One would only use this method if they had all the time in the world.

Having the right financial planning software will simplify and speed up the process and guide you through creating accurate financial forecasts.

Many financial planning software and tools claim to be the ideal solution, but it’s you who will identify and choose a tool that is best for your financial planning needs.

business plan template for finance

Create a Financial Plan with Upmetrics in no time

Enter your Financial Assumptions, and we’ll calculate your monthly/quarterly and yearly financial projections.

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Start Forecasting

4. Make Assumptions Before Projecting Financials

Once you have a financial planning tool, you can move forward to the next step— making financial assumptions for your plan based on your company’s current performance and past financial records.

You’re just making predictions about your company’s financial future, so there’s no need to overthink or complicate the process.

You can gather your business’ historical financial data, market trends, and other relevant documents to help create a base for accurate financial projections.

After you have developed rough assumptions and a good understanding of your business finances, you can move forward to the next step—projecting financials.

5. Prepare Realistic Financial Projections

It’s a no-brainer—financial forecasting is the most critical yet challenging aspect of financial planning. However, it’s effortless if you’re using a financial planning software.

Upmetrics’ forecasting feature can help you project financials for up to 7 years. However, new startups usually consider planning for the next five years. Although it can be contradictory considering your financial goals and investor specifications.

Following are the two key aspects of your financial projections:

Revenue Projections

In simple terms, revenue projections help investors determine how much revenue your business plans to generate in years to come.

It generally involves conducting market research, determining pricing strategy , and cash flow analysis—which we’ve already discussed in the previous steps.

The following are the key components of an accurate revenue projection report:

  • Market analysis
  • Sales forecast
  • Pricing strategy
  • Growth assumptions
  • Seasonal variations

This is a critical section for pre-revenue startups, so ensure your projections accurately align with your startup’s financial model and revenue goals.

Expense Projections

Both revenue and expense projections are correlated to each other. As revenue forecasts projected revenue assumptions, expense projections will estimate expenses associated with operating your business.

Accurately estimating your expenses will help in effective cash flow analysis and proper resource allocation.

These are the most common costs to consider while projecting expenses:

  • Fixed costs
  • Variable costs
  • Employee costs or payroll expenses
  • Operational expenses
  • Marketing and advertising expenses
  • Emergency fund

Remember, realistic assumptions, thorough research, and a clear understanding of your market are the key to reliable financial projections.

6. Consider “What if” Scenarios

After you project your financials, it’s time to test your assumptions with what-if analysis, also known as sensitivity analysis.

Using what-if analysis with different scenarios while projecting your financials will increase transparency and help investors better understand your startup’s future with its best, expected, and worst-case scenarios.

Exploring “what-if” scenarios is the best way to better understand the potential risks and opportunities involved in business operations. This proactive exercise will help you make strategic decisions and necessary adjustments to your financial plan.

7. Build a Visual Report

If you’ve closely followed the steps leading to this, you know how to research for financial projections, create a financial plan, and test assumptions using “what-if” scenarios.

Now, we’ll prepare visual reports to present your numbers in a visually appealing and easily digestible format.

Don’t worry—it’s no extra effort. You’ve already made a visual report while creating your financial plan and forecasting financials.

Check the dashboard to see the visual presentation of your projections and reports, and use the necessary financial data, diagrams, and graphs in the final draft of your financial plan.

Here’s what Upmetrics’ dashboard looks like:

Upmetrics financial projections visual report

8. Monitor and Adjust Your Financial Plan

Even though it’s not a primary step in creating a good financial plan, it’s quite essential to regularly monitor and adjust your financial plan to ensure the assumptions you made are still relevant, and you are heading in the right direction.

There are multiple ways to monitor your financial plan.

For instance, you can compare your assumptions with actual results to ensure accurate projections based on metrics like new customers acquired and acquisition costs, net profit, and gross margin.

Consider making necessary adjustments if your assumptions are not resonating with actual numbers.

Also, keep an eye on whether the changes you’ve identified are having the desired effect by monitoring their implementation.

And that was the last step in our financial planning guide. However, it’s not the end. Have a look at this financial plan example.

Startup Financial Plan Example

Having learned about financial planning, let’s quickly discuss a coffee shop startup financial plan example prepared using Upmetrics.

Important Assumptions

  • The sales forecast is conservative and assumes a 5% increase in Year 2 and a 10% in Year 3.
  • The analysis accounts for economic seasonality – wherein some months revenues peak (such as holidays ) and wanes in slower months.
  • The analysis assumes the owner will not withdraw any salary till the 3rd year; at any time it is assumed that the owner’s withdrawal is available at his discretion.
  • Sales are cash basis – nonaccrual accounting
  • Moderate ramp- up in staff over the 5 years forecast
  • Barista salary in the forecast is $36,000 in 2023.
  • In general, most cafes have an 85% gross profit margin
  • In general, most cafes have a 3% net profit margin

Projected Balance Sheet

Projected Balance Sheet

Projected Cash-Flow Statement

Cash-Flow Statement

Projected Profit & Loss Statement

Profit & Loss Statement

Break Even Analysis

Break Even Analysis

Start Preparing Your Financial Plan

We covered everything about financial planning in this guide, didn’t we? Although it doesn’t fulfill our objective to the fullest—we want you to finish your financial plan.

Sounds like a tough job? We have an easy way out for you—Upmetrics’ financial forecasting feature. Simply enter your financial assumptions, and let it do the rest.

So what are you waiting for? Try Upmetrics and create your financial plan in a snap.

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Frequently Asked Questions

How often should i update my financial projections.

Well, there is no particular rule about it. However, reviewing and updating your financial plan once a year is considered an ideal practice as it ensures that the financial aspirations you started and the projections you made are still relevant.

How do I estimate startup costs accurately?

You can estimate your startup costs by identifying and factoring various one-time, recurring, and hidden expenses. However, using a financial forecasting tool like Upmetrics will ensure accurate costs while speeding up the process.

What financial ratios should startups pay attention to?

Here’s a list of financial ratios every startup owner should keep an eye on:

  • Net profit margin
  • Current ratio
  • Quick ratio
  • Working capital
  • Return on equity
  • Debt-to-equity ratio
  • Return on assets
  • Debt-to-asset ratio

What are the 3 different scenarios in scenario analysis?

As discussed earlier, Scenario analysis is the process of ascertaining and analyzing possible events that can occur in the future. Startups or businesses often consider analyzing these three scenarios:

  • base-case (expected) scenario
  • Worst-case scenario
  • best case scenario.

About the Author

business plan template for finance

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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Access our collection of user-friendly templates for business planning, finance, sales, marketing, and management, designed to assist you in developing strategies for either launching a new business venture or expanding an existing one.

You can use the templates below as a starting point to create your startup business plan or map out how you will expand your existing business. Then meet with a  SCORE mentor to get expert business planning advice and feedback on your business plan.

If writing a full business plan seems overwhelming, start with a one-page Business Model Canvas. Developed by Founder and CEO of Strategyzer, Alexander Osterwalder, it can be used to easily document your business concept.

Download this template to fill out the nine squares focusing on the different building blocks of any business:

  • Value Proposition
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  • Key Activities
  • Key Resources
  • Key Partners
  • Cost Structure
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For help completing the Business Model Canvas Template, contact a SCORE business mentor for guidance

From creating a startup budget to managing cash flow for a growing business, keeping tabs on your business’s finances is essential to success. The templates below will help you monitor and manage your business’s financial situation, create financial projections and seek financing to start or grow your business.

This interactive calculator allows you to provide inputs and see a full estimated repayment schedule to plan your capital needs and cash flow.

A 12-month profit and loss projection, also known as an income statement or statement of earnings, provides a detailed overview of your financial performance over a one-year period. This projection helps you anticipate future financial outcomes by estimating monthly income and expenses, which facilitates informed decision-making and strategic planning. 

If you’re trying to get a loan from a bank, they may ask you for a personal financial statement. You can use this free, downloadable template to document your assets, liabilities and net worth. 

A Personal Financial Statement is a

Marketing helps your business build brand awareness, attract customers and create customer loyalty. Use these templates to forecast sales, develop your marketing strategy and map out your marketing budget and plan.

How healthy is your business? Are you missing out on potential growth opportunities or ignoring areas of weakness? Do you need to hire employees to reach your goals? The following templates will help you assess the state of your business and accomplish important management tasks.

Whether you are starting your business or established and looking to grow, our Business Healthcheck Tool will provide practical information and guidance.

Learn how having a SCORE mentor can be a valuable asset for your business. A SCORE mentor can provide guidance and support in various areas of business, including finance, marketing, and strategy. They can help you navigate challenges and make important decisions based on their expertise and experience. By seeking out a SCORE mentor, you can gain the guidance and support you need to help grow your business and achieve success.

SCORE offers free business mentoring to anyone that wants to start, currently owns, or is planning to close or sell a small business. To initiate the process, input your zip code in the designated area below. Then, complete the mentoring request form on the following page, including as much information as possible about your business. This information is used to match you with a mentor in your area. After submitting the request, you will receive an email from your mentor to arrange your first mentoring session.

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Business Plan Template for Finance Teams

Business Plan Template for Finance Teams

Crafting a solid business plan is the cornerstone of financial success for any company. Finance teams play a crucial role in this process, analyzing numbers, projections, and strategies to ensure profitability and growth. ClickUp's Business Plan Template for Finance Teams is designed to streamline and simplify this complex process, empowering your team to:

  • Develop comprehensive financial goals and projections
  • Evaluate the viability and profitability of new ventures or expansion initiatives
  • Collaborate seamlessly with other departments to align financial strategies

With ClickUp's user-friendly template, your finance team can create a powerful business plan that sets your company up for long-term success. Start planning with confidence today!

Business Plan Template for Finance Teams Benefits

When finance teams use a business plan template, they gain several benefits that help them effectively plan and analyze their financial strategies. These benefits include:

  • Streamlining the process of creating a comprehensive and well-structured business plan
  • Providing a clear framework for financial goal setting and tracking
  • Enabling accurate financial forecasting and budgeting
  • Facilitating thorough analysis and evaluation of potential business opportunities
  • Enhancing collaboration and communication within the finance team and with other departments
  • Ensuring alignment between financial strategies and overall business objectives
  • Supporting informed decision-making and risk management
  • Increasing credibility and confidence when presenting the business plan to stakeholders.

Main Elements of Finance Teams Business Plan Template

When it comes to financial planning, ClickUp's Business Plan Template for Finance Teams has you covered with its comprehensive features:

  • Custom Statuses: Track progress with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring everyone stays on top of their tasks and objectives.
  • Custom Fields: Utilize fields like Reference, Approved, and Section to add important details and categorize sections of your business plan for easy reference and organization.
  • Custom Views: Explore different perspectives with views such as Topics, Status, Timeline, Business Plan, and Getting Started Guide to visualize and manage your business plan effectively.
  • Collaboration Tools: Foster teamwork by leveraging features like task assignments, comments, and notifications, ensuring seamless collaboration and communication across your finance team.

How To Use Business Plan Template for Finance Teams

Crafting a comprehensive business plan for finance teams can be a complex task. However, by following these six steps using the Business Plan Template in ClickUp, you can create a detailed plan that aligns with your team's financial goals and objectives.

1. Define your financial objectives

Before you begin drafting your business plan, establish clear financial objectives for your team. Are you aiming to increase revenue, reduce costs, or improve profitability? Clearly defining your goals will help shape the rest of your business plan.

Use Goals in ClickUp to set and track your team's financial objectives.

2. Analyze your current financial situation

Assess your current financial position by gathering and analyzing relevant financial data. This includes revenue, expenses, cash flow, and any other financial metrics that are important to your team.

Use the Table view in ClickUp to organize and analyze your financial data.

3. Identify key strategies and tactics

Based on your financial objectives and analysis, outline the strategies and tactics that will help you achieve your goals. These could include cost-cutting measures, revenue-generating initiatives, or process improvements.

Use tasks in ClickUp to document and assign ownership of each strategy and tactic.

4. Develop financial forecasts

Create financial forecasts that project your team's future performance. This should include revenue projections, expense forecasts, and cash flow projections. These forecasts will help you understand the financial impact of your strategies and tactics.

Use the Dashboards feature in ClickUp to visualize and track your financial forecasts.

5. Implement financial controls and monitoring

Establish financial controls to ensure that your team is on track to achieve its objectives. Implement regular monitoring and reporting processes to track financial performance against your forecasts. This will allow you to identify any deviations and take corrective actions as needed.

Use Automations in ClickUp to set up alerts and reminders for financial monitoring tasks.

6. Review and update your business plan

Regularly review and update your business plan to reflect any changes in your team's objectives or market conditions. This ongoing process will ensure that your plan remains relevant and effective in guiding your finance team towards success.

Use recurring tasks in ClickUp to schedule regular reviews and updates of your business plan.

By following these six steps using the Business Plan Template in ClickUp, you can create a comprehensive and effective business plan for your finance team.

Get Started with ClickUp’s Business Plan Template for Finance Teams

Finance teams can use this Business Plan Template to streamline the process of creating and managing comprehensive financial plans for their organization.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid business plan:

  • Use the Topics View to organize different sections of your business plan, such as Executive Summary, Financial Projections, and Market Analysis
  • The Status View will help you track the progress of each section, categorizing them as Complete, In Progress, Needs Revision, or To Do
  • Utilize the Timeline View to set deadlines for each section and visualize the overall timeline of your business plan
  • Navigate the Business Plan View to get a comprehensive overview of your entire plan, including all sections and their statuses
  • Refer to the Getting Started Guide View to access helpful tips and instructions on how to effectively use the template
  • Customize the Reference custom field to include relevant links or documents for each section
  • Use the Approved custom field to indicate which sections have been reviewed and approved
  • The Section custom field allows you to categorize each section based on its purpose or topic
  • Update statuses, custom fields, and progress as you work through each section to keep your team informed and on track
  • Monitor and analyze your business plan to ensure it aligns with your organization's financial goals and objectives.
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Financial management

Keeping your finances in check is easy to start-and maintain- when you use an excel budget planning template in your financial management routine. customize an excel template to suit your unique financial management needs, whether you're balancing the books of a small business or keeping track of your household budget..

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Budget your personal and business finances using these templates

Manage your finances using Excel templates. Stay on track for your personal and business goals by evaluating your income and expenses. Use these templates to add in pie charts and bar graphs so that you can visualize how your finances change over time. Create infographics that show what categories are included in your budget and the types of factors that incorporate each category. Download your financial management template so that you can access it and edit it as you need.

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21 project management templates to organize any workflow

Hero image with an icon of a Gantt chart for product roadmaps and project management

I recently went on a 20-hour road trip that involved stuffing three adults, two dogs, a baby, and two grandparents' worth of Christmas gifts into a Subaru Forester. 

While turning said compact SUV into Mary Poppins' handbag, I realized the only way to make it work was to abide by a structure I could replicate when we had to unload at hotels along the way.

That's what project management templates are to project managers: replicable systems of organization that keep everything efficiently structured.

If you're one of those people packing all those tasks and teams into a single, unified, potentially 4WD structure, these downloadable templates should help you set a workflow foundation.

What are project management templates?

In our case, these are shareable spreadsheets that can be customized and inserted into processes across various project types. They give people (you) effective starting places for building out repetitive processes, so you don't have to start from scratch every time. 

While project managers in particular may use them most, other team leads could find them useful for iterative processes within HR, financial, sales, and marketing teams.

Project management template example

To illustrate, here's an example of a project management template in action:

A marketing executive for a software company uses a project plan template to start every new campaign proposal. This template summarizes the goals, tasks, timelines, and budget, so they can submit a structured proposal to get approval from stakeholders before kicking off the campaign.

Project management planning templates

These project management planning templates can be used for a wide range of project types. Use these for basic plan proposals, briefs, organization, and even management role descriptions.

1. Project management template

 Mockup showcasing Zapier's project management template

That's it; the search is over. If you're looking for a one-stop project management template, you can probably just stop here. This baby has it all: project names, color-coded priority markers, description fields, deliverable timelines and progress, and hour tracking. 

Best for: Effectively organizing multiple projects in one place

2. Project plan template

Mockup showcasing Zapier's project plan template

For those who like to apply a little structure to new projects (generally a key characteristic of most project managers), this project plan template has you covered. Designed for general use, it's got fields for overall timelines, individual task timelines, goals, and resource expense tracking. 

Best for: Showing what you plan to do, how long it'll take, and how much it'll cost

3. Gantt chart project plan template

Mockup showcasing Zapier's Gantt chart template

If Gantt is your chart of choice, this is the template for you. This project scheduling spreadsheet visualizes your project, so you can easily see where tasks and phases stand at a glance. Just fill it in with your dates and task names, update the dates, and let the spreadsheet do the rest of the heavy lifting.

Best for: Visually tracking project progress and timelines

4. Project proposal template

Mockup showcasing Zapier's project proposal template

For those who need a more formal, standardized method of kicking off projects, a template for a project proposal makes sense. By clearly laying out your project's timelines, budget, purpose, methodologies, and risks, you can help ensure stakeholder buy-in is—like the plastic topper holding suitcases and baby toys on top of a Subaru—secured.

Best for: Outlining project concepts for early buy-in

5. Business project proposal template

Mockup showcasing Zapier's business project proposal template

If you need a slightly less detailed project proposal for business use cases, this document should help. This simpler version of our project proposal template includes fields for an executive summary, multiple goals, a task roadmap, a schedule, a budget, and necessary resources.

Best for: Simplified project proposals for business use cases

6. Project brief template

Mockup showcasing Zapier's project brief template

Whether you need a document to submit a project for approval or just like the clarity of starting projects with a concise summary, a project brief covers your bases. This simple project management template has only a few fields that give a very basic, high-level overview of a project that's either under consideration or underway.

Best for: Succinctly summarizing an upcoming or in-progress project

7. Agile feature rollout Kanban board template

Mockup showcasing Zapier's agile feature rollout template

Agile teams are their own animal, and they get their own Kanban board template to match. This highly detailed spreadsheet even has drag-and-drop functionality to mirror typical Kanban software functionality as projects progress through feature rollout phases. To use this one, check out more detailed spreadsheet DIY instructions .

Best for: Agile teams with structured feature rollouts

8. Construction project template

Mockup showcasing Zapier's construction project template

If you're looking to plan a construction project, try this template. A variation on the general project management spreadsheet, this one has simplified fields for timelines with day totals, cost estimates, and customizable dropdowns for assigning tasks to relevant contractors and personnel.

Best for: Planning projects in construction or with multiple contractors

9. Project manager planner template

Mockup showcasing Zapier's project manager planner template

For team leads looking to lasso multiple projects and team members into a single, easy-to-review document, this project manager planner template could be your rope. (Pardon the rodeo metaphor—I come from a cow town.) This simple template can be organized by filters, like task, date, assignee, and project status, to give you an instant look at who's doing what, when, and for how long. 

Then, fill in the assignee block as you go to keep track of utilization by period. I recommend using this as a recurring template with a structured timeline: start it fresh by week, month, sprint, or project.

Best for: Organizing tasks and tracking team member utilization

Budgeting and financial templates

Though some of the project management planning templates above include fields for projecting budgets, they may not allow for the kind of granularity you need for more detailed budgeting or expense reporting. That's where these come in.

10. Project budget allocation template

Mockup showcasing Zapier's project budget allocation template

For a more detailed look at the likely costs of executing a project, you'll need a project budget allocation template. This form is dedicated solely to communicating the estimated costs and allocated amounts for specific items within a project to give all stakeholders a more transparent financial picture.

Best for: Calculating and communicating budgets for specific items in a project

11. Resource management project plan template

Mockup showcasing Zapier's resource management template

When you're planning a project, you also need to plan for expenses. This resource management plan template can serve as your one-stop shop for all things project budget so you can break resources down into quantities and estimates.

Best for: Detailed estimates for individual resources

12. Timesheet template

Mockup showcasing Zapier's timesheet template

Most of these templates are for bigger-picture planning and documentation from the manager's perspective, but managers are just one piece of the project puzzle. This timesheet template should help your team members track the time they spend working on a daily basis.

Best for: Tracking individual working time

13. Timesheet invoice template

Mockup showcasing Zapier's timesheet invoice template

While the timesheet template is designed for general clocking in and out, this invoice is perfect for drilling into individuals' time spent on specific tasks, so you can stay on top of—and ideally under—budgets.

Best for: Individual time and cost logging by task

14. Project-based invoice template

Mockup showcasing Zapier's project-based invoice template

If you want your teams to submit time and incurred costs on completed projects and tasks without having to clock in and out manually, a simpler project-based invoice template is probably more your speed. 

Best for: Reporting the costs of completed projects and tasks

Sales and marketing templates

All the templates up to this point should be great options for generalists, but sales and marketing projects tend to have their own unique workflows. These templates may not apply to all project managers, but they should help sales and marketing managers and team leads stay on top of their projects.

15. Sales dashboard template

Mockup showcasing Zapier's sales dashboard template

As your completed projects stack up, it'll be worth your while to see how those projects are performing. This—quite frankly, very impressive—sales dashboard spreadsheet gives you a high-level, real-time view of individualized performance by team member. While it's geared toward sales performance tracking, it can also be formatted to show accrued expenses by individual, project, or team.

Best for: Visualizing accrued revenues or expenses

16. Social media calendar template

Mockup showcasing Zapier's social media calendar template

Take it from someone who gets anxious at the thought of social media posting: social media can be complicated. But it doesn't have to be if you use this calendar template to help align teams on content scheduling. This should help you get a clear picture of upcoming holidays and track posting patterns, so you can maximize your efforts with less anxiety. (I'll stick to making drafts and then deleting them.)

Best for: Organizing social media content schedules

17. Content calendar template

Mockup showcasing Zapier's content calendar template

If your content marketing operation tends toward robusticity, this is the template you didn't know you've been waiting for (and probably the last occasion I'll ever have for using the word "robusticity"). Use this template to keep all your content ducks in a row, whether you're recording podcasts, filming ads, writing blog posts, or even just hiring someone to do all the above for you.

Best for: Organizing content-related tasks and timelines

18. Marketing project proposal template

Mockup showcasing Zapier's marketing project proposal template

Sure, all project proposals have the same basic foundation: goals, timelines, projected expenses, slick color-coding, etc. But this marketing-specific project proposal template is specially formulated to help marketing team leads get buy-in, so they can prove the impact and import of their impending campaign.

Best for: Securing buy-in for marketing projects

19. Sales project proposal template

Mockup showcasing Zapier's sales project proposal template

Designed to flexibly include either B2C or B2B use cases, this sales-oriented project proposal template will help sales team leads prove viable ROI for their initiatives. Fill it out with pain points, timelines, and descriptions to show this sales project is worthwhile for all parties involved.

Best for: Outlining sales proposals with quotes

20. Marketing communication plan

Mockup showcasing Zapier's marketing communication plan template

Every great marketing campaign starts with one thing (along with money, personnel, time, software…): a plan. This communication plan template will set you up for success with an easy-to-follow reference document that aligns all team members on dates, projects, and contacts.

Best for: Creating a simple reference for aligning marketing teams

21. Annual marketing strategy calendar template

Mockup showcasing Zapier's annual marketing strategy calendar template

For those marketing team leads who like to think ahead—so, all marketing team leads—an easily editable calendar is your best friend. This spreadsheet is separated by tab to help you organize campaign timelines, project start and end dates, and relevant milestones, so you can ensure all projects line up with greater team goals and availability.

Best for: Organizing high-level annual strategy

Benefits of using a project management template

Can you manage a project without a template? Sure. But you can also try to cook Julia Child's coq au vin on your own—or you could just use her recipe.

The obvious reason for using any template is simplicity, but there's a lot more to gain than just time and effort. Here's why you should consider using a project management template like one of the above:

Workflow standardization: Incorporating standardized templates into workflows ensures all stakeholders know what to expect and keeps procedures consistent.

Scalability: As shareable and iterable assets, templates scale easily and ensure processes stay standardized as teams grow.

Improved organization: When you use templates with preset fields, you know every document is labeled, searchable, and includes the information you expect.

Transparency: With clearly outlined timelines, budgets, tasks, resources, and workflows, templates give everyone a clear idea of what's entailed in each element of their unique processes.

Automation: The best thing about templates is that they can be integrated with automation triggers, so they can be shared, filled, and delivered automatically.

Automating your project management templates

Now that you've got a truckload (compact-SUV-load doesn't quite have the same ring) of project management templates at your disposal, you can make them even more powerful with automation.

You can use Zapier to create no-code automations, so your Google Sheet template can talk to all the other apps you use. Here are some examples to get you started, but you can connect Google Sheets to thousands of other apps with Zapier.

Send emails via Gmail when Google Sheets rows are updated

Google Sheets logo

Send Slack messages whenever Google Sheets rows are updated

Slack logo

Or you can use Zapier's simple project plan template to keep track of everything in one app.

Zapier is a no-code automation tool that lets you connect your apps into automated workflows, so that every person and every business can move forward at growth speed. Learn more about how it works .

Templates alone can be hugely helpful when managing projects. But when you add automation to the mix, you can make them even more powerful, creating more structured workflows that seamlessly incorporate the tools your team depends on.

Related reading:

The best free project management software

How project management automation makes your job easier

How to streamline project management with automation and AI

How to make the most of your project management software

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Bryce Emley picture

Bryce Emley

Currently based in Albuquerque, NM, Bryce Emley holds an MFA in Creative Writing from NC State and nearly a decade of writing and editing experience. His work has been published in magazines including The Atlantic, Boston Review, Salon, and Modern Farmer and has received a regional Emmy and awards from venues including Narrative, Wesleyan University, the Edward F. Albee Foundation, and the Pablo Neruda Prize. When he isn’t writing content, poetry, or creative nonfiction, he enjoys traveling, baking, playing music, reliving his barista days in his own kitchen, camping, and being bad at carpentry.

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Financial Services Business Plan

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Green Investments

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Green Investments (GI) is a financial service company that focuses on stocks of environmentally responsible companies. The Washington-based L.L.C. is lead by Sarah Lewis and Steve Burke. GI uses financial research purchased from Bear Stearns and in-house environmental responsibility analysis to make recommendations to clients.

Services GI has developed a criteria-based marker system which is easy and effective in evaluating a wide range of different companies on their environmental impact. Only financially prudent/performing companies are evaluated, ensuring that its recommendations make both financial and environmental sense.

Competitive Edge GI will leverage the proprietory evaluation system to quickly gain market share. The system is convenient and based on extensive research, providing a streamlined overview of the environmental performance of the companies.

Market GI will concentrate on the unserved niche of environmental investing within the financial services market. GI faces indirect competition from environmentally responsible mutual funds, which do a similar job in assessing a company’s environmental performance but do not allow for investing in individual equity.

Management Team GI is lead by two experienced managers, Sarah Lewis, and Steve Burke. Sarah has a masters degree in environmental studies and has worked for the Environmental Protection Agency where she was responsible for preparing environmental impact statements. Steve has an MBA and has worked for Salomon Smith Barney where he developed an extensive amount of networking contacts.

GI addresses a previously ignored niche of the financial services market. GI will generate $230,000 and $261,000 in sales in year two and three respectively.

Financial services business plan, executive summary chart image

1.1 Objectives

  • To become the premier environmental investment firm.
  • Attract more people into making investments based on environmental actions of the prospective companies, in effect raising the awareness of and supporting investments in companies that act on environmental concerns.
  • Continue to drive down the costs associated with investment research as it relates to environmental criteria.

1.2 Mission

Green Investments’ mission is to become the premier financial service organization that makes investment in companies with outstanding environmental records and practices. Green Investments, through comprehensive research and well thought out and verifiable marker criteria will be able to identify sound environmental investments. By offering the highest level of services, Green Investments will succeed as a company as well as have a positive impact on our environment.

1.3 Keys to Success

  • Develop a workable, accurate set of environmental markers for a wide range of environmental impacts a company faces.
  • Purchase high-quality financial performance investment research, recognizing that there is no value added for Green Investments doing this research themselves.
  • Price the service so that there is a good profit margin while remaining competitive.

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Company summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">.

Green Investments is a Washington-based financial service company that is concentrating on the niche of environmentally responsible companies. The company is owned by Steve Burke and Sarah Lewis. It has been formed as a L.L.C.

2.1 Start-up Summary

The following equipment will be needed for start up:

  • Phone system (5 line).
  • Workstation computers (4), back end server, DSL Internet connection, and laser printer.
  • Office furniture, meeting room and waiting room furniture.
  • Monthly service charge for Bears Stearns software.
  • Fax machine, copier, lighting, and assorted office supplies.

2.2 Company Ownership

Steve Burke and Sarah Lewis equally own Green Investments. While they initially were going to create a S Corporation as the business formation, they decided to form as a L.L.C. as a means to avoid double taxation found with a corporation yet realizing the benefits of personal liability avoidance.

Green Investments is a financial service company that offers investment advice specifically for stocks. GI purchases fiscal performance research from Bear Stearns, one of the highest respected firms in the market. In addition to solid financial performance criteria, GI has developed a set of environmental markers by which it can analyze and grade the attractiveness of the environmental impact that a company has.

As mentioned earlier, the economic performance of a company is rated by the financial firm Bear Stearns. Green Investments purchases Bear Stearns research based on recognition that there is no value added to do this research. The confidence of the research is quite high because of the firm performing it. If Bear Stearns’ research or another firm of comparable quality was not available Green Investments would have to rethink the decision to farm out this research.

Green Investments has developed a comprehensive set of environmental markers for which a company and their environmental impact can be evaluated. The following areas are evaluated:

  • Energy usage
  • Water usage
  • Recycling program
  • Paper consumption and procurement
  • Chemical cleaning usage
  • Ground maintenance impact
  • Formal environmental policy
  • Recycling rate

All of the markers include current, next stage, and long run benchmarks.

Green Investments takes the list of recommended investments from Bear Stearns and then applies environmental marker criteria to narrow the list down. The result is a list of possible investments (stocks) that are recommended because of their fiscal and environmental performance. Green Investments attempts to make evaluations of companies in a wide range of sectors allowing the customer to make the choice as to what type of company/industry that they would like to invest in.

Green Investments’ service charge is similar to a typical brokerage fee system based on a percentage. While Green Investments is a bit more expensive than other standard financial services companies because of the additional research required, the variance is not that material, particularly to customers that want good performing stocks but only want to invest with environmentally sound companies.

Several recent well respected studies indicate that “green” stocks are not inherently under performing. Actually it is just the reverse, companies that make decisions with environmental considerations in mind generally perform better.

Market Analysis Summary how to do a market analysis for your business plan.">

Green Investments has identified two distinct groups of target customers. These two groups of customers are distinguished by their household wealth. They have been grouped as customers with <$1 million and >$1 million in household wealth. The main characteristic that makes both of these groups so attractive is their desire to make a difference in the world by making investment decisions that take into account environmental factors.

The financial services industry has many different niches. Some advisors provide general investment services. Others will only offer one type of investments, maybe just mutual funds or might concentrate on bonds. Other service providers will concentrate on a specific niche like technology or socially responsible companies.

4.1 Market Segmentation

Green Investments has segmented the target market into two distinct groups. The groups can be differentiated by their difference in household wealth, households of <$1 million and >$1 million.

  • <$1 million (household worth): These customers are middle class people who have a concern for the environment and are taking personal action through their choosing of stock investments based on companies with both strong economic and environmental performance records. Because these people do not have an over abundance of money they choose stocks that are of moderate risk. Generally, this group has 35%-45% of their portfolio in stocks, the remaining percentages in other types of investments.
  • >$1 million (household worth): These customers are upper middle class to upper class. They have amassed over $1 million in savings and are fairly savvy investors (themselves or the people they hire). These people are generally concerned about the rate of return of their investments but also have environmental concerns.

Some characteristics that are shared by both target segments include:

  • Vehicles are chosen with environmental concerns in mind. This means they are unlikely to own a SUV, they may in fact be one of the first adopters of the new hybrids (gas/electric vehicles).
  • Many of the people commute by bike, car pool or use public transportation when possible.
  • Active recyclers, both at work as well as at home.
  • Retail purchases are made with environmental concerns in mind.
  • A higher percentage of these people relative to the general population are vegetarians.
  • For recreational sports, particularly outdoor sports, the people are more likely to enjoy hiking, XC skiing, and other human powered activities instead of golf, downhill skiing, snowmobiling, and jet skiing, all sports that are destructive to the environment.

Financial services business plan, market analysis summary chart image

4.2 Target Market Segment Strategy

Green Investments has chosen the previously mentioned target market segments because of the ideological beliefs and the fact that these beliefs translate into the customer groups needing services that Green Investments can provide. While the people can always purchase shares of an environmentally responsible mutual fund, a way that they can exercise their beliefs, mutual funds are just one type of investments. The downside of investments are their relatively low rate of return (relative to good stocks) and the inability to receive personalized service and the ability to make custom choices beyond the type of mutual fund.

Therefore, Green Investments has chosen these specific customer segments because it is a market group that has unmet needs. These groups have the money and willingness for an environmental investment, yet their only current choice is a mutual fund. Green Investments has chosen to distinguish the two market segments by household worth since this characteristic provides useful behavioral information regarding the different people.

4.3 Service Business Analysis

Green Investments participates within the financial service industry. This multi-billion dollar ($14.8) industry services a wide range of people and companies with financial services such as investments. There are many different types of investments offered including but not limited to:

  • Treasury bills
  • Stocks, mutual funds
  • Insurance policies

Within the industry, customers are served by a wide range of service providers including:

  • Large national firms such as Merrill Lynch or Charles Schwaab
  • Individual firms
  • Online brokers

Buying decisions are often based on who you know or familiarity that the person may have with a specific company. Most of the service providers can provide a similar menu of investment options.

Fee structures vary from firm to firm. Many are percentage based on the amount of money the client investments. Some firms charge hourly rates while other firms charge a quarterly management fee. The fee structures are set in stone for some service providers while others take a more flexible approach and are willing to work with the customer to set up special arrangements.

4.3.1 Competition and Buying Patterns

Green Investments has no direct competitors that offer environmentally sound stock investment services. All of the current environmental investment options are mutual fund based. Examples of this type of mutual funds include Janus, Citizen Funds, Sierra Club Environmental Fund, and Portfolio 21.

Other competitors that Green Investments faces are the typical range of financial advisors. These indirect competitors provide customers with a wide range of different investment options. They could always place an investment order for a specific company, but these specific competitors do not do any independent research on the environmentalism of different companies.

Strategy and Implementation Summary

Green Investments will leverage its sustainable competitive edge of independent environmental research based on a custom set of criteria based markers for an objective measure of a company’s dedication to environmentalism. The competitive edge will be marketed by using the mantra of “think globally, act locally.” This marketing slogan will encourage people to do their part in regards to helping the environment through responsible investing. The sales campaign will rely on metrics that indicate environmental investments can and do outperform the S&P 500 Index.

5.1 Competitive Edge

Green Investments’ competitive edge is the environmental marker criteria that when applied indicates which economic performing companies with solid environmental commitments. The markers are effective for extremely valuable for several reasons:

  • Meaningful: They are based on extensive research, providing a streamlined overview of the environmental performance of the companies.
  • Context-based: Allows a high degree of comparability with similar businesses.
  • Convenient: Far easier to use than large scale internal audits.

The key here is the fact that an objective, easy to apply, and accurate measurement system has been developed to provide environmental analysis for any company that has the markers applied to them. No one else offers this type of service as an information source for the decision making process of stock investments.

5.2 Marketing Strategy

“Think globally, act locally.” This well known and concise mantra simply suggests everyone should do their part. Green Investments services allows people to make investments based on their conscience. So many people want to do good but are unsure how to. Green Investments’ services allows people to do the right thing, with no real cost relative to the other options. Green Investments’ returns are better than the S&P 500 Index.

The marketing effort will concentrate on Green Investments’ ability to empower people to make a substantial difference in this world while getting a great return on their money. Green Investments will use magazine advertisements and community based marketing (networking, sponsorship and participation in seminars) to increase visibility for Green Investments and the services offered. The advertisements will be a steady way that people will become aware of the investment options as well as some visibility for the company itself. The community involvement implicitly accepts the premise that good business relies on networking (inter relationships, both business and personal) to be a significant source of business and good will. Green Investments will participate in numerous on-topic events and seminars that will display them as experts as well as give them a podium to describe the different services.

5.3 Sales Strategy

The sales strategy will rely on using quantitative evidence the recommended companies outperform the S&P 500 Index. In 1999-2001, Green Investments’ chosen companies outperformed the index by 2.4%. This is a significant amount. The sales strategy will concentrate on that by making smart green investments, you can achieve better then average returns on your money. A sales packet will be assembled and distributed to prospective customers that shows the better than average historic returns that Green Investments recommended companies enjoy.

5.3.1 Sales Forecast

The sales forecast is being done in a conservative fashion to avoid any inflated expectations that might not be able to be obtained. The first several months will be slow. Green Investments has projected steady, incremental growth in sales. This can be explained as a function of the increased proficiency in terms of sales for Green Investments as well as an increased awareness of Green Investments by the target customers. Please review the following table and chart for numerical and graphical representations of the future year’s sales forecasts.

Financial services business plan, strategy and implementation summary chart image

5.4 Milestones

Green Investments has identified several milestones which will act as ambitious yet achievable goals for the organization. By establishing the goals, the need to reach them will develop an implicit incentive for all organizational members to work hard to achieve the milestones.

  • Business plan completion: The business plan is the roadmap for the organization. There is value in the process of the writing of the business plan, forcing the writers to analyze a multitude of issues.
  • First account of over $1 million invested: This would be a significant amount of money for an individual account and the organization will strive to achieve many of these customers.
  • Profitability: An eventual necessity.
  • Revenue of $250,000: With the achievement of this milestone and the previous one, there will be a clear reaffirmation that the business model is successful.

Financial services business plan, strategy and implementation summary chart image

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Green Investments will be lead by the founding team of Sarah Lewis and Steve Burke. Sarah has an undergraduate and Masters in environmental studies from the University of Burlington. After Sarah obtained the degrees she moved to Washington DC where she worked for the Environmental Protection Agency (EPA) for four years, performing environmental impact statements for a variety of industries, companies, and projects. Sarah was also a project manager for Janus in their evaluation department where they performed company wide environmental assessments of companies that were perspective investments for the fund.

The other member of Green Investments management team is Steve Burke. Steve hails from a financial background. Steve has an undergraduate degree in Finance from Seattle University and a MBA from the University of Washington. After school Steve went to work for Salomon Smith Barney in their investment department for eight years.

7.1 Personnel Plan

  • Sarah: Company research, development of markers, sales.
  • Steve: Sales, accounting and finance, account management, and marketing.
  • Account manager: Customer support for their investment accounts.
  • Administrative assistant: Assorted odd and ends.
  • Bookkeeper: Handles the day to day accounts receivables and payable duties.
  • Research assistant: Assisting Sarah on her research.

The positions will be phased in on an as needed basis. Please review the following chart for personnel forecasts.

Financial Plan investor-ready personnel plan .">

The following sections will outline important financial information.

8.1 Important Assumptions

The following table details important Financial Assumptions.

8.2 Break-even Analysis

The Break-even Analysis is shown in the following table and chart.

Financial services business plan, financial plan chart image

8.3 Projected Profit and Loss

The following table will indicate Projected Profit and Loss.

Financial services business plan, financial plan chart image

8.4 Projected Cash Flow

The following table and chart will indicate Projected Cash Flow.

Financial services business plan, financial plan chart image

8.5 Projected Balance Sheet

The following table will indicate the Projected Balance Sheet.

8.6 Business Ratios

The following table indicates Business Ratios found within the industry of financial services as well as ratios specific to Green Investments. Please note that while there are some similarities between the general financial service industry and Green Investments, GI is more unusual in that they do their own assessment of companies, beyond typical research.

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Sample Car Dealership Business Plan

how to start a car dealership business

Writing a business plan is a crucial step in starting a car dealership. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring car dealership business owners, having access to a sample car dealership business plan can be especially helpful in providing direction and gaining insight into how to draft their own car dealership business plan.

Download our Ultimate Car Dealership Business Plan Template

Having a thorough business plan in place is critical for any successful car dealership venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A car dealership business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document. The car dealership business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your car dealership as Growthink’s Ultimate Car Dealership Business Plan Template , but it can help you write a car dealership business plan of your own.

Example – DriveDream Motors

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

Welcome to DriveDream Motors, your newest destination for all automotive needs in the vibrant heart of San Diego, CA. As a beacon of quality and reliability in the local car dealership scene, we are dedicated to elevating the vehicle purchasing experience. Our extensive range includes brand-new models directly from manufacturers and pre-owned vehicles that meet our stringent quality and reliability standards. Beyond sales, we provide a comprehensive array of automotive parts and accessories, positioning us as a one-stop shop for our customers. Our strategic location in San Diego ensures convenience for anyone visiting us, making their car buying journey as smooth as possible.

Our trajectory towards becoming the leading car dealership in San Diego is paved with key success factors and notable achievements. Leveraging the vast experience of our founder, who has previously steered a dealership to success, we have a solid foundation in business strategy and customer service excellence. Our competitive edge is further sharpened by offering a superior and diverse vehicle selection, exceeding customer expectations. Since launching on January 5, 2024, we have successfully established a compelling brand identity, secured a prime location, and are continuously building towards our vision with every milestone achieved.

The Car Dealership industry in the United States, with a valuation surpassing $1 trillion, presents a lucrative opportunity for DriveDream Motors. Expected to grow at a steady CAGR of 3% in the coming years, factors such as increasing consumer disposable income and a surge in demand for vehicles lay a fertile ground for our success. Particularly, the trend towards online car shopping aligns with our strategy to invest in a robust digital presence, enabling us to cater to a broader audience and secure a competitive advantage in the San Diego market.

DriveDream Motors is committed to serving a diverse clientele in San Diego, including families in search of reliable transportation, individuals looking for an upgrade, and military personnel stationed in the area. Recognizing the city’s commitment to sustainability, we also cater to eco-conscious buyers with a selection of electric and hybrid vehicles. By tailoring our inventory and services to these key segments, we ensure a broad appeal and meet the varied needs of our community.

Our competitors, such as North Park Auto Sales, Car Czar Auto Sales, and Branco Motors, each bring their strengths to the San Diego car dealership market. However, DriveDream Motors sets itself apart by offering an unmatched selection of superior quality vehicles and a wider variety of options, catering to the diverse preferences of the San Diego community. Our commitment to excellence in customer service and our extensive range of vehicles, from eco-friendly models to luxury sports cars, places us in a unique position to provide an unparalleled shopping experience.

DriveDream Motors has crafted a comprehensive marketing strategy that spans both digital and traditional platforms. Our product and service offerings range from new and used cars to automotive parts and customization accessories, catering to all automotive needs with competitive pricing. We leverage social media, SEO, and email campaigns to engage potential customers, complemented by community events and strategic partnerships for broader reach. Our focus on exceptional customer service and an innovative referral program are key to transforming customers into brand ambassadors, ensuring our growth in the competitive San Diego market.

Our operational blueprint focuses on maintaining a streamlined inventory system, conducting daily vehicle inspections, and leveraging a robust CRM. Key milestones include securing a prime location, completing necessary legal formalities, and launching a comprehensive marketing campaign. We prioritize continuous staff training and strive for excellence in customer service to enhance the buying experience. Our goal is to achieve initial sales targets and foster continuous improvement through customer feedback, adapting to market trends to ensure long-term success.

At the helm of DriveDream Motors is Isabella Lee, our President, whose extensive experience in the automotive industry and proven leadership skills form the backbone of our operations. Isabella’s strategic vision and passion for the automotive sector are instrumental in guiding our dealership towards achieving its ambitious goals, making her an invaluable asset to our team and driving us toward lasting success in the San Diego market.

Welcome to DriveDream Motors, a new and vibrant Car Dealership dedicated to serving the wonderful community of San Diego, CA. As a local business, we recognize the gap in the market for high-quality car dealerships within the area, and we’re here to bridge that gap. Our commitment lies in providing exceptional service and a diverse selection of vehicles to cater to every taste and need.

At DriveDream Motors, our offerings span across various categories to ensure we meet our customer’s expectations. We deal in both new and used cars, providing an extensive range of options for our buyers. Additionally, we understand the importance of maintaining your vehicle, which is why we also supply automotive parts and accessories. Our goal is to be your one-stop-shop for all your automotive needs.

Located in the heart of San Diego, CA, DriveDream Motors is perfectly positioned to serve the local community and beyond. Our strategic location allows us to connect with our customers easily and provide them with the convenience they deserve.

Our edge over the competition is clear. DriveDream Motors is spearheaded by a founder with a proven track record of success in running a car dealership. This experience is invaluable to us and is a pillar of our confidence in the success of our venture. Moreover, our commitment to offering better cars and a wider variety than our competitors puts us in a unique position to meet the diverse needs of our customers.

Since our establishment on January 5, 2024, as a Limited Liability Company, DriveDream Motors has hit several milestones. We’ve crafted a logo that resonates with our brand identity, chosen a company name that reflects our mission and vision, and secured an ideal location that promises a bright future for our dealership. These accomplishments are just the beginning of our journey towards becoming the leading car dealership in San Diego, CA.

The car dealership industry in the United States is a vast and thriving market. According to recent research, the industry generated approximately $1.1 trillion in revenue in 2019. This indicates the significant size and financial importance of car dealerships within the country. Moreover, the industry employs over 1.1 million people, making it a crucial source of job opportunities and economic growth.

Market projections suggest that the car dealership industry in the United States will continue to experience steady growth in the coming years. It is expected to have a compound annual growth rate (CAGR) of 3.7% from 2020 to 2027. The increasing demand for vehicles, coupled with the rise in disposable income and favorable financing options, are some of the factors contributing to the positive market outlook.

The trends in the car dealership industry bode well for DriveDream Motors, a new car dealership serving customers in San Diego, CA. One notable trend is the growing preference for electric and hybrid vehicles. As more consumers prioritize eco-friendly transportation options, DriveDream Motors can capitalize on this trend by offering a wide range of electric and hybrid models. Additionally, the shift towards online car shopping is another opportunity for the dealership. By providing a seamless online purchasing experience and offering virtual vehicle tours, DriveDream Motors can attract tech-savvy customers who value convenience and efficiency.

Below is a description of our target customers and their core needs.

Target Customers

DriveDream Motors will target a diverse range of customers, with a primary focus on local residents in San Diego. This segment includes both families seeking safe and reliable transportation and individuals looking for their first car or an upgrade. The dealership will tailor its inventory and services to meet the varied needs and preferences of this core demographic, ensuring a broad appeal.

Furthermore, DriveDream Motors will also aim to attract military personnel stationed in the San Diego area. The city’s significant military presence offers a unique customer base that requires dependable vehicles for both personal and professional use. Special promotions and financing options will be designed to cater to the needs of this segment, recognizing their service and providing value-added benefits.

Another important customer segment includes eco-conscious buyers interested in electric and hybrid vehicles. San Diego’s commitment to sustainability and its environmentally aware population make this an ideal target market for DriveDream Motors. The dealership will offer a selection of eco-friendly vehicles, along with information and incentives to encourage sustainable automotive choices.

Customer Needs

DriveDream Motors understands the essential need for high-quality cars among residents who value reliability, performance, and aesthetics in their vehicles. Customers can expect an inventory that meets rigorous standards, ensuring each car is not only visually appealing but also mechanically sound. This commitment to quality is the cornerstone of the dealership’s promise to its customers.

In addition to vehicles, DriveDream Motors recognizes the importance of offering top-tier car parts and accessories. Customers seeking to enhance their driving experience or maintain their cars in peak condition can find everything they need under one roof. The dealership prioritizes the availability of genuine, high-quality parts and accessories, catering to the specific needs of car enthusiasts and everyday users alike.

Moreover, DriveDream Motors appreciates the importance of providing a holistic customer experience. From the moment customers step into the dealership, they can expect attentive service tailored to their individual needs. Whether it’s finding the perfect car, securing financing options, or seeking advice on vehicle maintenance, the team is dedicated to ensuring satisfaction at every turn.

DriveDream Motors’s competitors include the following companies:

North Park Auto Sales specializes in offering a wide variety of used cars, including sedans, SUVs, and trucks, catering to a broad demographic looking for quality vehicles at competitive prices. Their price points vary widely, accommodating budget-conscious buyers as well as those seeking luxury pre-owned vehicles. Located in the heart of San Diego, they serve customers across the metro area, capitalizing on a prime location that attracts a diverse clientele. Key strengths include a vast inventory and strategic positioning, while a potential weakness might be the lack of new vehicle sales, limiting options for customers seeking the latest models.

Car Czar Auto Sales focuses on providing customers with a curated selection of used vehicles, emphasizing quality and reliability. Their products range from economy cars to premium SUVs, with price points designed to meet the needs of mid to high-end buyers. Operating out of a single location in San Diego, Car Czar Auto Sales targets local residents seeking vehicles that offer a blend of performance and value. A major strength is the personalized customer service and a rigorous vehicle selection process. However, their limited geographical reach and inventory might be seen as weaknesses compared to competitors with multiple locations and broader selections.

Branco Motors takes a unique approach by specializing in electric and hybrid vehicles, catering to environmentally conscious consumers seeking sustainable transportation options. They offer competitive pricing on a range of eco-friendly cars, positioning themselves as a go-to dealership for customers prioritizing green technology. Situated in a convenient San Diego location, Branco Motors appeals to a niche market within the city and its surrounding areas. Their key strength lies in the specialized focus on electric and hybrid vehicles, addressing growing consumer interest in sustainability. However, this specialization might also be a weakness, as it could limit their appeal to a broader audience not yet ready to transition to electric or hybrid vehicles.

Competitive Advantages

At DriveDream Motors, we pride ourselves on offering an unparalleled selection of superior vehicles that surpass our competitors in both quality and variety. Our commitment to excellence ensures that every car on our lot meets rigorous standards of performance, safety, and comfort, allowing our customers to shop with confidence. We understand the diverse needs and preferences of our clientele in San Diego, and by providing a wider range of options, we cater to every taste and requirement. Whether you’re in the market for a sleek sedan, a robust SUV, or an eco-friendly electric vehicle, our extensive inventory promises something for everyone, making us a one-stop destination for car buyers seeking the best.

Beyond our exceptional vehicle offerings, our competitive edge is further sharpened by our unparalleled customer service and tailored purchase experiences. We believe that buying a car should be as enjoyable as driving one, which is why our team goes above and beyond to ensure a seamless and personalized buying process. From offering expert advice without the pressure to sell, to crafting flexible financing options that fit various budgets, we prioritize the needs and satisfaction of our customers above all else. This customer-centric approach not only sets us apart from the competition but also fosters lasting relationships with our clientele, establishing DriveDream Motors as a trusted name in the automotive industry in San Diego.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

DriveDream Motors caters to a diverse clientele, offering an extensive range of products and services designed to meet the needs of car buyers and owners alike. From those in the market for a brand-new vehicle to individuals seeking reliable automotive parts and accessories, DriveDream Motors ensures a comprehensive shopping experience. The dealership prides itself on its commitment to quality, customer service, and competitive pricing.

At the forefront of DriveDream Motors’ offerings are new cars. Customers can explore a wide selection of the latest models from various manufacturers. Whether one is looking for a compact car, an SUV, or a luxury sedan, DriveDream Motors provides a variety of options to suit different preferences and budgets. The average selling price for new cars at the dealership hovers around $35,000, with fluctuations depending on the make, model, and included features.

In addition to new vehicles, DriveDream Motors also specializes in used cars. This segment caters to buyers seeking quality vehicles at more affordable price points. The dealership meticulously inspects each used car to ensure reliability and customer satisfaction. The average selling price for used cars is approximately $20,000, though this can vary significantly based on the car’s age, condition, and mileage.

Beyond vehicle sales, DriveDream Motors offers an array of automotive parts. For those looking to replace or upgrade parts of their vehicle, the dealership stocks genuine parts that guarantee compatibility and performance. Customers can expect to find parts at an average price point of $150, although more specialized or high-performance parts may carry a higher price tag.

Lastly, DriveDream Motors provides customers with a selection of automotive accessories. These range from aesthetic enhancements to practical additions that improve the functionality and comfort of one’s vehicle. Accessories are competitively priced, with an average cost of $100. This allows customers to personalize their vehicles without breaking the bank.

Throughout its product and service offerings, DriveDream Motors remains dedicated to delivering value, quality, and a positive shopping experience. Whether customers are in the market for a new or used vehicle, or simply looking to maintain or customize their existing car, DriveDream Motors stands ready to serve the automotive needs of the San Diego community.

Promotions Plan

DriveDream Motors embraces a comprehensive marketing strategy to attract customers, with online marketing at the forefront of its efforts. By leveraging the power of the internet, the dealership ensures widespread visibility across multiple digital platforms. This approach includes utilizing social media channels, where engaging content will captivate potential buyers and foster a strong community around the brand. Furthermore, DriveDream Motors will invest in search engine optimization (SEO) to ensure its website ranks high in search results, making it easier for customers to find them when searching for new cars in San Diego, CA.

In addition to online marketing, DriveDream Motors will employ a variety of other promotional methods. Email marketing campaigns will keep subscribers informed about the latest deals, new inventory arrivals, and exclusive events. The dealership also plans to host test-drive events, allowing customers to experience the thrill of driving their dream cars firsthand. These events will not only serve as an excellent opportunity for direct engagement but also help to build lasting relationships with the community.

Local partnerships with businesses and community organizations will further amplify DriveDream Motors’ presence in San Diego. By collaborating on events and promotions, the dealership will tap into established networks, reaching a broader audience. DriveDream Motors will also explore traditional advertising avenues such as radio and local newspapers to ensure a well-rounded promotional strategy that connects with customers across different media.

To enhance customer experience and satisfaction, DriveDream Motors will implement a referral program. Satisfied customers will receive incentives for referring friends and family, creating a word-of-mouth marketing effect that is both authentic and powerful. This strategy acknowledges the value of personal recommendations in the automotive industry and leverages it to attract new customers.

Lastly, DriveDream Motors will ensure its sales team is well-trained in customer service excellence. By providing outstanding service, the dealership aims to generate positive reviews and testimonials, further bolstering its reputation in the local market. Online reputation management will be a key focus, with the team actively responding to reviews and feedback to maintain a positive image.

Overall, DriveDream Motors will employ a multi-faceted promotional strategy that combines online marketing with traditional advertising, community engagement, and exceptional customer service. This approach will not only attract customers but also build a strong, loyal customer base in San Diego, CA.

Our Operations Plan details:

  • The key day-to-day processes that our business performs to serve our customers
  • The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of DriveDream Motors, there are several key day-to-day operational processes that we will perform.

  • Inventory Management: Regularly update and manage the inventory of cars, ensuring a diverse selection of vehicles that meet the needs and preferences of our customer base.
  • Customer Service: Provide exceptional customer service by greeting customers promptly, understanding their needs, and guiding them through the car selection process with expertise and empathy.
  • Sales Process: Conduct the sales process efficiently, from test drives to explaining financing options, ensuring a smooth and transparent experience for the customer.
  • Vehicle Maintenance: Perform regular maintenance and thorough inspections on all vehicles to ensure they are in excellent condition before sale.
  • Marketing and Promotions: Execute marketing strategies and promotions to attract new customers and retain existing ones, including social media campaigns, email marketing, and community events.
  • Financial Management: Monitor daily financial transactions, including sales, expenses, and profits, to ensure the dealership operates within its budget and achieves its financial goals.
  • Staff Training: Provide ongoing training and development for all staff members to enhance their product knowledge, sales techniques, and customer service skills.
  • Compliance: Ensure compliance with all local, state, and federal regulations related to car sales, including licensing and environmental regulations.
  • Feedback and Reviews: Encourage and collect customer feedback and online reviews to assess the dealership’s performance and identify areas for improvement.
  • Partnerships: Establish and maintain partnerships with local businesses, financial institutions, and car manufacturers to enhance the dealership’s offerings and reputation.

DriveDream Motors expects to complete the following milestones in the coming months in order to ensure its success:

  • Securing a Prime Location: Finalize the lease or purchase of a strategically located lot that is easily accessible, visible, and appealing to potential customers in San Diego, CA. This location should also provide ample space for displaying cars and customer parking.
  • Obtaining Licenses and Permits: Complete all necessary legal formalities to operate a car dealership in California, including obtaining a dealer’s license, a business license, and any other local permits required for operation.
  • Building and Showroom Setup: Design and set up an inviting showroom and customer service area. This includes purchasing or leasing office equipment, setting up IT infrastructure for inventory management, customer relationship management (CRM), and financial accounting systems.
  • Inventory Acquisition: Establish relationships with car manufacturers and/or used car suppliers to acquire a diverse and appealing inventory that meets the needs and preferences of the local market.
  • Staff Hiring and Training: Hire a skilled team, including sales personnel, finance officers, and service technicians. Provide them with comprehensive training to ensure high levels of customer service and knowledge about the cars being sold.
  • Marketing and Branding Efforts: Develop and implement a strong marketing plan to build brand awareness and attract customers. This should include digital marketing, local advertising, and hosting launch events to generate buzz in the community.
  • Launch Our Car Dealership: Officially open DriveDream Motors with a grand opening event aimed at generating sales leads and establishing relationships with potential customers in the community.
  • Establishing Service and Maintenance Offerings: Set up a service department to offer maintenance and repairs, which can provide an additional revenue stream and help build long-term customer relationships.
  • Achieving Sales Targets: Focus on reaching the initial revenue goal of $15,000/month. This involves closely monitoring sales activities, refining marketing strategies, and possibly adjusting inventory based on customer demand and feedback.
  • Customer Feedback and Continuous Improvement: Implement a system for collecting customer feedback and regularly review this feedback to make necessary adjustments to the business model, customer service, and inventory offerings. This continuous improvement will help in adapting to market changes and customer preferences, thereby reducing business risks.

DriveDream Motors management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Isabella Lee, President

With a proven track record of leadership and achievements, Isabella Lee brings a wealth of experience to DriveDream Motors. Having previously managed a car dealership, Isabella possesses a deep understanding of the automotive sales industry, including market dynamics, customer relationship management, and operational efficiencies. Her hands-on experience in dealership management has equipped her with the insights necessary to drive sales, improve customer satisfaction, and navigate the complexities of the automotive market. Isabella’s leadership skills, combined with her ability to strategize and execute effectively, make her an invaluable asset to DriveDream Motors, positioning the company for long-term success and growth.

To realize our growth objectives, DriveDream Motors requires $925,000 in funding. This investment will be allocated towards capital improvements, including location buildout and the acquisition of essential equipment, and operational expenses such as inventory procurement, marketing initiatives, and staff salaries. This financial foundation is crucial for establishing our presence in the market, attracting a diverse customer base, and achieving our goal of becoming the leading car dealership in San Diego, CA.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Car Dealership Business Plan Example PDF

Download our Car Dealership Business Plan PDF here. This is a free car dealership business plan example to help you get started on your own car dealership plan.  

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I'm a financial planner — I have 4 tips for my business owner clients looking to open a business bank account

Our experts choose the best products and services to help make smart decisions with your money ( here's how ). In some cases, we receive a commission from our partners ; however, our opinions are our own. Terms apply to offers listed on this page.

  • Legally protecting yourself in case of an audit is the No. 1 reason to use a business bank account.
  • Different banks will offer different levels of convenience, and they'll come with different fees.
  • Fraud detection and other security features are especially important for protecting your business.

Insider Today

When starting a business, it can be overwhelming thinking about all the things you need to do and consider. However, it is essential that you do not overlook the value of opening a business bank account — usually both a business checking account and a high-yield business savings account .

As a CPA and financial planner, one of the first things I tell all my business owner clients to do is to keep their personal and business transactions separate. While there are a multitude of reasons you should have a separate bank account for your business, legal protection is certainly the most important.

If you experience an audit, it is important to have an easy way to track your business expenses and income. When business finances are commingled with personal finances, it becomes nearly impossible to provide a clear financial trail.

When choosing a business bank account, there are several important factors to consider. Here are four things I tell my business owner clients to consider when choosing a business bank account.

1. Access to banking services and customer service

When it comes to running a business, a variety of banking services can help you effectively manage your business finances. Beyond just opening a business bank account, you want to ensure that the financial institution you choose can provide access to services such as a checking account, savings account, business loans , wire transfers, fraud prevention services, a notary, checkbooks, business credit cards , online and mobile banking, and bill payment services.

If you want more one-on-one attention from a banker, consider opening an account with your local bank or credit union. You may also prefer a physical branch if you plan to make daily deposits or withdrawals of cash or checks.

This may be more challenging to do with an online bank. Many online banks may offer deposits and withdrawals, but their ATM network may not be as large as a well-known brick-and-mortar bank. For this reason, some small business owners open an account at their local bank where they have their personal accounts and know the level of customer service they will receive.

Consider opening your business checking and savings accounts at different financial institutions so that you can have access to both better banking services at a physical branch and higher interest rates at an online bank.

2. Terms and fees (including minimum balance)

The fees associated with business bank accounts can vary widely depending on the financial institution. Some of the most common fees to be aware of include monthly maintenance fees, overdraft fees , wire transfer fees, minimum balance fees, and ATM fees.

You may find that online banks charge fewer fees than brick-and-mortar banks, but you must consider this in conjunction with the other features.

Seek an account with reasonable fees that can accommodate your business.

3. Ease of paying contractors

Some business bank accounts, especially online accounts, offer free invoicing and bookkeeping software/features.

If you use accounting software (such as QuickBooks) to manage your business finances, accessing a business bank account that offers integration features may be desirable. Trust me, this will make your or your accountant's life much easier.

In addition, some accounts allow integrations with payroll and tax preparation software. This will help to make the process of paying contractors with 1099s more seamless.

4. The bank's security offerings

One of the most important things you should consider when choosing a business bank account is security. There are certain features that you want to look for to make sure your account is protected.

First, you want to make sure that the bank you choose is FDIC-insured (or NCUA-insured if a credit union). In addition, you want to make sure that the institution has additional layers of security such as multi-factor authentication and fraud detection services, which include account monitoring and alerts for suspicious activity.

Ensure that whatever bank you choose offers the best security features to protect your business from fraud.

When choosing a bank account, consider all the various banking features offered by different financial institutions to find the one that best suits your business's financial needs. Also, remember that your decision is not permanent. It is easy to switch banks if necessary.

Watch: The 3 most important things you need to know about starting a business

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    Once you've got your audience in mind, you can start your business plan, which should include: 1. Executive summary. Even though it appears first in the official plan, write this section last so you can condense essential ideas from the other nine sections. For now, leave it as a placeholder.

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    A business plan template is a structured framework for entrepreneurs and business executives who want to create business plans. It comes with pre-arranged sections and headings that cover key elements like the executive summary , business overview, target customers, unique value proposition, marketing plans, and financial statements.

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