Vector of three overlapping circles representing how each business plan format overlaps and differs from the rest.

The Different Types of Business Plans Explained

Tim Berry | Mar 8, 2023

Business plans go by many names: Strategic plans, traditional plans, operational plans, internal plans, growth plans, and many others.

Different situations may call for different types of plans. And an effective business plan will match its intended use. Knowing how a particular type of plan works will help you build a better roadmap for the future of your business.

Your business planning options

Let’s go over some of the most common business plan formats and walk you through the process of how to choose the right option for your business.

How to write a business plan

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Writing a business plan can be quick and simple. Follow this step-by-step guide to create a great business plan that you’ll actually use.

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Start with a one-page plan

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Outline all of your important business details with a brief and focused document that’s incredibly easy to update and expand. You may even find that it’s all you need to run your business.

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Growth plan

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A hybrid planning option that adapts the one-page business plan into an ongoing strategic tool for business optimization and growth by tying your forecasts and financial performance closely to your overall strategy.

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Internal plan

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Are you not presenting your plan to anyone outside your business? Opt for an internal plan that works great for startups and ongoing management by removing the more formal sections from other plan types.

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5-year business plan

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Some investors or stakeholders may request a long-term plan that stretches out up to five years. Learn why this type of planning isn’t useful and how to account for the future without wasting your time.

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Nonprofit business plan

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While a nonprofit business plan isn’t all that different from a traditional plan—there are unique considerations around fundraising, partnerships, and promotions that must be made.

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Lean plan

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The lean plan is a faster, easier, and more efficient business plan designed to help startups better manage their strategy, tactics, milestones, and operations. Complete it quickly and update based on performance.

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What type of business plan do you need?

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With so many business plan options available—which one should you choose? To find the best plan type for your business, work through the following exercise to review and compare each format.

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