Introduction to Business Planning Paper. Types of Business Plan Models

Types of Business Plan Models
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Types of Business Plan Models
A plan is an essential element in every business that intends to have an impact on the competitive market. For entrepreneurs, planning makes sure that the business has a sense of direction while at the same time making maximum utilization of available resources to meet the objectives and visions of the business. Every company will use at least two types of business plan in its lifecycle. This paper reviews four types of business plans, their strengths, and weaknesses and then compares the strategic business plan model to that of Apple Inc. and explains how strategic planning can be utilized in the implementation of electronic medical records (EMRs) in primary care for effective workflows.
Start-up plan
Start-up plans are the most common types of business plans. Startup business plans cover the essentials of starting a business which includes the source of revenue, suppliers, and raw materials, number of employees, and products and services to be offered. Startup business plan is essential in the sense that they outline the lifespan of the business by describing all the resources required and how the plan will be executed. According to Gaskill (1994), effective startup planning can help the company in envisioning the problems that the company will face and help make necessary adjustments before starting the business. Despite these advantages, startup plans often fail to provide a full picture of the practical challenges that the business will face. They only offer a theoretical view of what to be expected. This may mislead the business as the theoretical changes often occur once the company has become operational.
Operational business plan
Unlike the startup plan, operations plan focuses on internal processes and activities of the firm. They specify the roles and responsibilities of employees, the time of carrying out activities, and the flow of responsibilities among different departments in the firm. In a busy organization, operational planning relies on different plans such as strategic plans of the organization for effective functioning. The advantage of operations planning is that it sets out the roles and responsibilities of each employee in the firm, making sure that there is no confusion or collision in carrying out tasks. If followed correctly, operations planning can help the business in realizing its short-term and long-term goals. The operations model may be ineffective in meeting the long-term goals of the firm as it often focuses on day-to-day activities in the firm. Additionally, operations planning can only be successful in a firm with clear goals and visions.
Internal business plan
Internal business plans are not meant for external stakeholders such as competitors, suppliers, or clients. Internal business plans focus specific individuals in the firm. They are often precise and directed to particular people in the organization. The advantage of internal business plans is that they may be used for developing strategic plans for the firm. Unlike the strategic plan model, internal planning can be an essential tool for realizing short-term goals in decision-making. This is because the method can narrow down...