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Business Plan Templates - Good choice or bad?

Business plan templates – Good choice or bad? –  I’m often asked about using templates to create a business plan. Are they a good option or not? To provide a well-rounded answer, I’d need to delve into specifics. Nonetheless, here’s a general take that might serve as a starting point.

Understanding the Purpose of Your Business Plan

Before deciding on a template, it’s crucial to pinpoint the purpose of your business plan. Are you crafting it to secure financing or as a strategic guide for your venture? Typically, there are two main types:

Type One: For Outside Funding

This persuades banks or investors to provide financing. If your goal is outside funding, a template may help prompt you to include key information. But first, research the criteria of your specific potential funders. A targeted plan is more compelling.

Type Two: Internal Strategy Plans

If your business plan’s goal is to internally steer your company towards success, I advise avoiding templates. Success depends on clearly defining your vision and implementing processes to achieve it. Templates don’t help with these unique factors.

Three keys for an effective internal plan:

  • Articulate your vision and passion. In turbulent times, purpose matters.
  • Design practical systems and processes to fulfill your vision.
  • Create an accountability structure to drive implementation. Don’t let the plan sit on a shelf.
In summary, templates can provide a useful starting point, especially for funding plans. But crafting a customized strategic plan based on your specific situation is best. With the right vision and implementation, your business can thrive.

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