Did you know that business plans come in not one, but two categories? More often than not, when we think of a business plan we think of a traditional format. This means a hefty document, about 30 to 40 pages in length, written three to five years out that outlines every detail that can contribute to the success of the business.
A lean startup plan, on the other hand, requires less time and detail to put together, but must be able to communicate the future of the business in an articulate manner.
Which type of business plan should you draft for your startup? If you’re not sure whether one format is preferable over the other, read on.
A traditional plan skewers towards being more lengthy and detailed than those in lean startup format; it’s essentially a blueprint that gives you a glimpse into the future of your startup.
Inside every traditional business plan, you’ll need to cover the following areas:
If you need to write a business plan quickly or if your business is fairly simple and straightforward to explain, your format of choice is likely a lean startup plan. This is less of an intensive blueprint and more of a quick summary—sometimes no longer than one page!
No matter how short and sweet your structure is, a lean startup plan should contain the following elements:
The good news about writing a business plan? There’s room for editing. If you’re not satisfied with the format or need to make changes, you can always revise the document. There’s also the option to switch formats—if you start off with a lean plan, but want to shift to a more traditional plan, and vice versa.
Regardless of the format, the important thing is to be concise and critical about your business from the beginning. Your business plan works to align your team towards a common vision for the company and evaluate its feasibility as objectively and critically as possible. Having this kind of document contributes to the success of the business and positions you as a confident CEO.
CA Sharmila Kumari is a Finance Director and Global Head of Finance at Routeget Technologies, a large Information Technology company in the USA. Her focus is on Internet, digital media, and software companies. She was also a corporate and M&A partner at the accounting firm Finkarts, with experience in startups, mergers and acquisitions, and venture capital.
Sharmila (“CA Sharmila“) entered college on a scholarship. Later, she transferred to Ranchi University in Jharkhand, India where she received her Bachelor’s degree in Commerce. This was followed by a Masters in Commerce from Kolhan University, and Chartered Accountancy from The Institute of Chartered Accountants of India.
CA Sharmila has a love for media – particularly television. In addition to her love for television, Sharmila has a passion to bring an common people service programme, through which she provides free legal and financial service to poor.
CA Sharmila Kumari is a Finance Director and Global Head of Finance at Routeget Technologies, a large Information Technology company in the USA. Her focus is on Internet, digital media, and software companies. She was also a corporate and M&A partner at the accounting firm Finkarts, with experience in startups, mergers and acquisitions, and venture capital.
Sharmila (“CA Sharmila“) entered college on a scholarship. Later, she transferred to Ranchi University in Jharkhand, India where she received her Bachelor’s degree in Commerce. This was followed by a Masters in Commerce from Kolhan University, and Chartered Accountancy from The Institute of Chartered Accountants of India.
CA Sharmila has a love for media – particularly television. In addition to her love for television, Sharmila has a passion to bring an common people service programme, through which she provides free legal and financial service to poor.
Our website uses cookies to enhance your browsing experience, analyze site traffic, and personalize content. By continuing to use our website, you consent to our use of cookies in accordance with our Cookie Policy. You can adjust your cookie settings at any time through your browser. For more details, please refer to our Cookie Policy.