A business plan is a written document about your business, defining it and having some business projections outlining the path it intends to take to make money and grow revenue. As well as helping to clarify the business idea that you have, it brings into focus elements like financing, staffing, revenue targets, and marketing strategies. Business plans aren’t exclusive to startups, either. If you’re regenerating an existing company, a detailed and structured plan is enormously useful. You’ll ideally want to outline the following with your business plan:

• A clear vision and purpose for the business – why is it important?
• A guide for yourself that can be used as a reference throughout the company’s growth.
• An objective outlook on the market potential of what it is your business is doing.

What is a one-page business plan?

The one-page business plan is a simplified version of traditional operational plans that focuses on the core aspects of your business. While it may be a shorter business plan, it still follows the structure of a standard business plan template and serves as a beefed-up pitch document. By starting with a one-page plan, you give yourself a minimal document to build from, making it much easier to elaborate or expand sections into a longer-form business plan.

The benefits of a one-page business plan

There are plenty of good reasons why having a business plan is important for your business’s success—just going through the process is proven to help businesses grow faster, for example. These same reasons extend to the one-page model, but it includes a handful of additional benefits to keep in mind.

Simple presentation — Investors don’t have lots of time to read and one page can get the idea of your business across quickly and succinctly.

Approachable pitch — Having a one-page plan makes it easier to share, even if you’re not pitching in front of investors. You can quickly send it as an email attachment, include it a slide deck and even have it printed off as an easy read for interested parties.

Focus on what’s important — It’s actually a very good exercise to trim it down to the absolute minimum, and doing so forces you to trim needless words and communicate your business idea clearly, with minimal clutter.

You can find a one-page template online on which to base your business plan. Remember to include the following sections to ensure that you have ticked all the necessary boxes:

Write an executive summary - This is the first part of your business plan. Think of it as your elevator pitch. It should include a mission statement, a brief description of the products or services offered, and a broad summary of your financial growth plans.

Describe your company - Your company description should define your business structure — such as a sole proprietorship, partnership or corporation — and include the per cent ownership that each owner has and the extent of each owner’s involvement in the company.

State your business goals - This section spells out exactly what you’d like to accomplish, both in the near term and over the long term. If you’re looking for a business loan or outside investment, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets. 

Describe your products and services - In this section, go into detail about the products or services you offer or plan to offer.

Don't be intimidated

Writing a business plan may seem like a big hurdle, but it doesn’t have to be. You know your business—you’re the expert on it. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think. In fact, it can be much easier to start with a simple, one-page business plan and then come back and build a slightly longer, more detailed business plan later.

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