Your business plan represents the roadmap for your business, enabling you to develop and implement strategies that are in line with your business objectives. This ensures your operations are efficient and targeted towards achieving your goals without wasted expenditure along the way.

Often, however, the extent of detail and inclusions required for a business plan can be confusing, with a vast array of options available from a 3-page template plan to a lengthy 50-100 page custom plan. Determining which option is right for your business can be difficult and can leave many business owners unsure about which path to take. Below we outline the differences between template and custom business plans, to help you identify which is best for you, your business and objectives.

Template Business Plans

A template business plan can provide you with a general outline of the basic components that are necessary for a business plan. These usually range from 15 to 20 pages in length and can be a great guide for getting an idea off the ground. Template business plans are readily available online, some available as free resources and others sold at a low cost.

While they are great for quick turnaround and low cost, the main downside to using template business plans is that they provide a very general format. Even with the numerous industry-specific examples that are available online, they don’t take into account the unavoidable truth that what applies to one business, doesn’t necessarily apply to another. Additionally, not every business owner’s background is in business, and often there can be a lot of confusion when trying to ‘fill the gaps’ under the template headings – especially if they aren’t all relevant to that business.

With that said, templates can be a great option for students to use for university assignments and for entrepreneurs starting out on a shoestring budget.

Custom Business Plans

Custom business plans are exactly that, custom. They are developed based on a deep understanding of the business and the market in which it operates, in line with the business’ goals and objectives. These business plans typically go into a lot more detail and are therefore much more comprehensive than a template plan, with the length of the document varying greatly depending on the business and objectives that it is addressing.

Unless you have a sound business background, it is usually advised to seek out the services of an expert business consultant to help craft your custom business plan. This ensures that the end result is backed by sound business knowledge and research, and covers all of the requirements to meet your objectives (i.e. includes all information that the bank needs to see to approve financing applications). As would be expected, engaging an expert to deliver a custom higher quality business plan does require a higher investment and so may not be the best choice for entrepreneurs starting out. However, if you are applying for funding or have other specific objectives that you need to meet, the outcomes are certainly worth the investment.

When making the call as to which path to go down, it’s important to consider the objectives and purpose behind having a business plan and subsequently, the investment that you are willing to make in order to achieve that. If you’re still unsure, speaking to a consultant can be a great way to gain further clarity. An initial chat shouldn’t cost you anything, depending on who you go to, and they should be able to advise you as to which option will be best suited to your current situation and desired objectives.

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Whilst there’s no doubt that business plans can sometimes fail, the reasons for this are usually linked to the development or execution of the plan, rather than the notion of business planning itself.

By the same token, we also see business owners “scared” into writing a business plan, pushed along by the old adage that “businesses don’t plan to fail, they fail to plan.”

So the question then becomes, why do some business plans reap great outcomes for the company, and others fall in a heap?

Reload Consulting’s IMF approach to business planning looks at three core elements in determining whether a business plan will be successful or not.

Innovation

Arguably the most critical element of any business plan is innovation. If the business plan you’re writing doesn’t change anything if it doesn’t propose something that sets you apart from your competitors, then why did you bother writing it in the first place?

Innovation also doesn’t need to involve massive R&D expenditures, or involve a complete company-wide shift in market alignment, but can simply be something that is different. This can mean something different to what you’re doing now, or something different to what your competitors are doing.

Momentum

The second part of making a business plan successful is momentum. Even whilst you’re still writing the plan, there needs to be “quick wins” that occur along the way to create momentum.

If you sit around waiting to completely finish the plan before starting to implement anything, then it’s more than likely it will never be fully implemented.

Flexibility

You’d be surprised by the number of times I’ve heard business owners say the words “but that’s not what it says to do in the business plan” or “the business plan says we don’t need to do that until later this year.”

A business plan is normally written at a given point in time, using the best available information to lay out the game plan for the business moving forward. However, sometimes things need to change, either because an opportunity comes along that’s too good to pass up or a new threat emerges that must be dealt with quickly.

Either way, the successful business plans are those that are flexible enough to be modified if the game changes.

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Most people understand the basics of a business plan and the process, however often expensive consultants try to “make one size fits all” as their mantra by rolling out templates or telling their clients they should read a book and all will be OK.

Unfortunately, this doesn’t work for a business plan as every business and organisation is different in size, staff numbers, marketing budgets and growth strategies.

We have seen some of the smallest start up’s being the most growth-focused and cash ready businesses around, willing to push the boundaries and take a risk.

Then we also see (in the majority I might add) businesses that are stable and supporting staff costs and marketing budgets already. They are sometimes wary of fast risky growth and make sure they plan out what they do next.

For every client though, we are focused on outcomes and results. Throughout the business planning process, we ensure that we provide a personalised and structured business plan service, with the very best business consulting and business advice delivered at all times.

Business planning outcomes will often include:

• A clear business plan, vision and mission
• Outstanding profitability and more growth
• More sales and leads with better customer retention incorporating thorough research
• Greater cost reduction
• Scalable and robust IT systems specifically for their needs
• Exceptional marketing techniques, strategies and campaigns
• A greater understanding of their unique “points of difference”
• Any other business help and business advice

Without these, your business plan may not be the investment it should be.

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