The Art of the Business Plan

A house is in the process of being constructed. A department of an investment firm is in the process of launching a new marketing strategy. A game a chess is being played between two players pondering their next move.

What do all these scenarios have in common? If you guessed a plan, then you're right! A business plan is a document that outlines key factors of a firm and how it operates. It's highly recommended to write a business plan before or even after starting your business as this greatly improves your odds of running a business.

There are two different business plans you can write: Traditional Business Plans and Lean Startup Plans.

• A traditional business plan details a very thorough plan and business structure

• A lean business plan is an abridged (usually one page) plan compared to the traditional plan - best suited for businesses with a simple structure or if you want to establish a plan quick.

Each type of plan has its own pros and cons.

For more information and how to craft a business plan, visit the SBA.gov website