From startups to established corporations, business plans lay the framework for a company's vision and its financial future. Drafting a business plan is a crucial step in the growth of any business. For small businesses looking to take steps toward funding, creating a business plan can be a daunting task. The required accounting and financial data required alone could result in you spending all your time crunching numbers instead of guiding and growing the business.
\r\nDifferent types of business software and services can help solve this problem. By using a software to guide you through the writing process, or investing in a service that taps into its extensive research network to write your business plan for you, you can save your time and spend your effort on other aspects of your business.
\n"}},{"__typename":"SectionBestPicks","id":"best-picks","isInToc":true,"order":1,"tocTitle":"Best Picks","type":"bestpicks","title":"Best Picks","bestpicks":[{"description":"LivePlan is straightforward, easy-to-use business plan creation software that walks you through each step of the writing process. This web-based program is great for business owners looking to create plans for startups, strategic marketing campaigns or funding proposals. LivePlan is also a good option for business owners who aren't sure what type of business plan they need, because it walks you through the process and proposes templates based on your business's goals.\r\n\r\nThe program is template-based, providing a simple, intuitive way for you to craft your own plan. LivePlan also provides the option to start from scratch. In addition to word processing, LivePlan offers advanced financial services that can automatically calculate financial projections for up to five years. You can import data from QuickBooks, and LivePlan even features a forecast mode that proposes different financial outcomes based on certain scenarios.","tabTitle":"BEST SOFTWARE","fullTitle":"BEST BUSINESS PLAN SOFTWARE","review":{"serviceName":"LivePlan","canonical":"https://staging.business.com/reviews/liveplan/","id":"c0c291c4acc7efdb241e843ad44d7e28","pricing":{"isCapped":null,"isFeatured":false,"primary":false,"selected":"no-monetization","widgetId":"","widget":null,"affiliate":{"cta":null,"link":"http://track.paloalto.com/aff_c?offer_id=2&aff_id=7889&source=bdc|business-plan-software","name":null}},"thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/60418-liveplan-box.jpg"}}},{"description":"BizPlan Builder has an extremely intuitive interface that focuses on professional business plans for securing an SBA loan or other funding strategies. A setup wizard walks you through the writing process, asking business questions and inputting answers directly into the plan. In addition to written responses, BizPlan Builder provides financial tools like calculators, graphs and budget-feasibility tools. You have the option to import data from other accounting programs or Excel.\r\n\r\nThis program also features real-time team collaboration. This allows multiple team members to edit and adjust the business plan simultaneously. Real-time collaboration means that businesses can save time by working on the same plan at the same time. Like LivePlan, BizPlan Builder doesn't provide the ability to create organizational charts.","tabTitle":"Most Intuitive","fullTitle":"MOST INTUITIVE BUSINESS PLAN SOFTWARE","review":{"serviceName":"BizPlanBuilder","canonical":"https://staging.business.com/reviews/bizplan-builder/","id":"b521eee95a0e0b3d705dd981fda6badf","pricing":{"isCapped":null,"isFeatured":false,"primary":false,"selected":"no-monetization","widgetId":"","widget":null,"affiliate":{"cta":null,"link":"https://www.businesspowertools.com/project/bizplanbuilder-small-cloud-business-plan-software-app-template-crowd-fund/","name":null}},"thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/48904-bizplan-builder-box.jpg"}}},{"description":"Wise Business Plans is a writing service that provides in-depth plans for businesses looking to secure venture capitalist investment, SBA loans, E-2 or L-1 visas, and other types of funding. The company works with Fortune 500 companies like UPS. It provides deep dives into industry analysis and growth trends, as well as demographic data about your business's potential market. Wise Business also offers in-depth marketing plans, which include data to support different marketing channels beyond SEO.\r\n\r\nWise Business' turnaround time is between five and 10 days, and you can expect to receive revisions, once they are made, after another five business days. There's also a consulting service for businesses looking for input on an existing plan.","tabTitle":"Most Thorough","fullTitle":"MOST THOROUGH BUSINESS PLAN SERVICE","review":{"serviceName":"Wise Business Plans","canonical":"https://staging.business.com/reviews/wise-business-plans/","id":"fc67c6c764061c48f03279fcfec0f229","pricing":{"isCapped":null,"isFeatured":false,"primary":false,"selected":"no-monetization","widgetId":"","widget":null,"affiliate":{"cta":null,"link":"http://www.wisebusinessplans.com/","name":null}},"thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/60019-wise-business-plans-box.jpg"}}},{"description":"This business plan writing service can draft business plans in two weeks and provides a revision period of up to three weeks after the first draft. With access to 16 research databases and the ability to conduct its own research, Go Business Plans has vast resources to draw from when creating your plan. This is especially helpful for analyzing the industry your business is looking to enter and the competition it will face.\r\n\r\nGo Business Plans also offers in-depth consulting for businesses looking for more input. The company has a host of experts at its disposal and can tap into its extensive resources to provide advanced strategic planning. Businesses can use this service on a long-term basis, usually ranging from four to six weeks. This could include a review of your existing business plan.","tabTitle":"Best Service","fullTitle":"BEST BUSINESS PLAN SERVICE","review":{"serviceName":"Go Business Plans","canonical":"https://staging.business.com/reviews/go-business-plans/","id":"8546f3dbc752046fd3a4265072d31111","pricing":{"isCapped":null,"isFeatured":false,"primary":false,"selected":"no-monetization","widgetId":"","widget":null,"affiliate":{"cta":null,"link":"http://www.gobusinessplans.com/","name":null}},"thumbnail":{"path":"https://staging.business.com/images/rz/5e4c15169c658a36078b456a/go_business_plans_logo.png"}}},{"description":"The Plan Writers offers a variety of services for drafting a business plan for funding, like SBA loans, angel investment or venture capital investment. The Plan Writers will critique existing plans as well at no additional cost. The company is experienced with helping companies go public and can create feasibility plans.\r\n\r\nThe Plan Writers offers services outside of business plan writing, like management consulting. It has a short revision period, with a nine- or 10-day turnaround time and a one- or two-day revision time. This quick revision period allows you to adjust and quickly modify your business plan. The Plan Writers also includes design services in the plan, plus a lot of other features and extra services at no extra cost. This makes The Plan Writers a great option for businesses looking to leverage a service beyond business plan writing.","tabTitle":"Best Critique","fullTitle":"BEST CRITIQUE FOR EXISTING BUSINESS PLANS","review":{"serviceName":"The Plan Writers","canonical":"https://staging.business.com/reviews/the-plan-writers/","id":"4f1259ce3e82974214592079dcbb0aac","pricing":{"isCapped":null,"isFeatured":false,"primary":false,"selected":"no-monetization","widgetId":"","widget":null,"affiliate":{"cta":null,"link":"http://www.planwriters.net/","name":null}},"thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/60017-the-plan-writers-box.jpg"}}}]},{"__typename":"SectionMoreCoverage","id":"","isInToc":false,"order":2,"tocTitle":"","type":"morecoverage","isActive":null,"title":"More Coverage","articles":[]},{"__typename":"SectionOurApproach","id":null,"isInToc":false,"order":3,"tocTitle":null,"type":"ourapproach","isActive":null,"ourapproach":{"isClonable":false,"servicesConsidered":"0","servicesTested":"0","servicesSelected":"0","linkText":"How we evaluate products and services","linkUrl":"mailto:editor@business.com"}},{"__typename":"SectionWidget","id":"","isInToc":false,"order":4,"tocTitle":"","type":"widget","title":"","widget":{"widgetId":"10745"}},{"__typename":"SectionContainer","id":"pricing","isInToc":false,"order":5,"tocTitle":"Pricing","type":"container","title":"Pricing","container":{"isBuyingGuide":false,"html":"\nBusiness plan writing software will generally be less expensive than an actual business plan writing service. Some programs are primarily web-based and can be purchased for a low, recurring monthly fee. Others are desktop programs that can be purchased for a one-time flat price.
\r\nBusiness plan services' costs will vary based on the features your business needs. These companies generally charge a writing fee, and then added features cost extra.
\n"}},{"__typename":"SectionContainer","id":"state-of-the-industry","isInToc":true,"order":6,"tocTitle":"State of the Industry ","type":"container","title":"State of the Industry","container":{"isBuyingGuide":false,"html":"\nThe value of a business plan has been a widely debated topic, as some companies have achieved success without laying out a firm framework. Whether your business needs a business plan depends largely on your short-term goals as a company. For startups still finding their footing, it may be a bit too early to lay out a rigid plan that could end up constraining the company. If you're looking to map out your business's growth so you can secure investment, then you need a business plan. Data supports this, with statistics indicating that businesses with business plans are twice as likely to secure funding and subsequently grow their business. According to surveys, 64 percent of businesses that completed a plan experienced growth, while only 43 percent of businesses that didn't draft a plan experienced growth.
\r\nThere are two main ways to build a business plan: either by using software or outsourcing to a plan writing service. DIY software walks business owners through the plan writing process with setup wizards and questions about the business. In addition to word processing, business plan software includes powerful finance and accounting tools so you can crunch numbers quickly to create multi-year projections.
\r\nBusiness plan writing services, on the other hand, do all the heavy lifting for you. With turnaround times ranging from 10 days to a few weeks, services will review your company's data, conduct research and draft your plan. Once it's finished, there is usually a revision period where your company can review and propose edits to the plan.
\r\nAnother perk of different types of business plan software and services is they provide extensive resources for your company to use as you draft your plan. Some services can source 16 different research databases in addition to conducting their own research to ensure that sections on the market and industry your business is entering are accurate. Others will provide independent consulting, edit an already existing plan and pair your business with experts to help you grow different areas of your business. These resources can be a big help with not only drafting a business plan but also with establishing a company vision and framework.
\n"}},{"__typename":"SectionContainer","id":"negotiation-tips","isInToc":true,"order":7,"tocTitle":"Negotiation Tips","type":"container","title":"Negotiation Tips","container":{"isBuyingGuide":false,"html":"\nThe first big decision to consider is whether you want to draft your own plan or outsource it to a third-party service. There are advantages and disadvantages to each, so consider the following when thinking about what's best for your business.
\r\nTime – Depending on how quickly you need your business plan, different services offer different turnaround times. This can range from 10 days to up to six weeks. The time it takes for revisions to be returned is important as well. Some companies can get them back within a week, while others can take up to two weeks. This can make creating your business plan a multi-week process. Business plan software puts your business plan in your own hands, so you are responsible for how long the writing process takes.
\r\nResources – Each writing service or software offers different resources. If your business is young and in need of guidance, some writing services offer consulting and other options to help your business grow. If your plan needs extensive research on things like market conditions,software offers access to research materials, while writing services have access to different databases.
\r\nDepth of service – Software and services offer different tools for creating your plan. Services may include rush jobs, printing, design services and even sample plans for you to review before deciding whether to hire the company. Software offers more research-oriented resources, like business tips, investor information and market analysis. While these features are usually built into business plan writing services as well, research-oriented software allows the business owner (you) to review and adjust research on their own.
\r\nHaving a clear picture about the purpose of your business, its goals, and how it will operate is critical not only for your understanding of these issues, but more importantly to get potential lenders and investors to buy in.
\r\nThankfully, you don't have to go to business school (or hire someone who did) to create a business plan. You can download a free business plan template and customize it to your needs.
\r\nFree Download: Putting It On Paper: Free Business Plan Template [DOWNLOAD]
\r\n1. SCORE
\r\nThe nonprofit business mentorship program offers free templates for both startup and established businesses, as well as planning tools for nonprofits. Their startup business plan is made up of a narrative along with financial worksheets. The template includes over 150 questions to establish the body of your business plan and can be answered in any order. The executive summary, however, should be completed last. The goal of this completed template is to provide you with a fluid narrative.
\r\n2. BPlans.com
\r\nThis site offers a free, basic template to download. The BPlan free template offers an organized guideline to creating your business plan and takes you through the steps to get your business plan \"investor-ready and SBA-approved.\" If that's not in-depth enough for you, then you can buy their Business Plan Pro software or use LivePlan, an online business plan creator with built-in formulas for financial planning, videos from experts and the opportunity to collaborate with colleagues.
\r\n3. Office.com
\r\nThe Microsoft Office site offers a gallery of templates, including business plan checklists, financials, presentations and marketing. These templates are useful if you want a specific template, rather than a general business plan. In addition, there is a PPT for business presentations for when you are ready to showcase your business to potential investors.
\r\n4. Free-Plan
\r\nOffers a comprehensive Word-based document that contains a detailed framework for building your business plan, including sample text, tables and charts, as well as a manual with section-by-section assistance. Free-Plan is ideal for new and established businesses looking to expand and in need of a business plan for internal or external use. Their micro-plan is designed for startups and very small businesses.
\r\n5. U.S. Small Business Administration
\r\nThis site allows you to fill out a template online, with instructions on what to include in each section. Next to each category, tips and examples are provided as an additional resource. After completing the template, you can generate your business plan and save it to your computer as a Word document.
\r\n6. BizGym.com
\r\nThis online business planner allows you to fill out a template on the site section by section, tracks your progress on the plan, and allows you to share the plan once it's completed. BizGym's recent update offers a collaborative platform with multiple pricing options, including a free \"Inventor\" plan. Through this application, you can access resources such as a deck builder, budget builder and pivot plan.
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