business plan new year

How to Create a Profitable Annual Business Plan [+Free Template]

Published: February 09, 2023

The beginning of a new quarter is the perfect time to start planning the next year for your business. Start the next year or quarter off on the right foot by creating an annual business plan for your company.

Q4 often brings a flurry of business-related activity. And while all this activity helps fill the pipeline, it can distract you from reflecting on past performance and preparing for the year or quarter ahead.

Fortunately, you can write an annual business plan at any time of the year. Start your plan now to set your team up for success.

What is an annual business plan?

An annual business plan is just that — a plan for you and your employees to help achieve the company’s goals for the year. Think of an annual business plan as the guide to complete all of your company’s overall goals outlined in your initial business plan.

The first business plan you wrote for your business is the blueprint and the annual business plan is the detailed instructions to keep your business running long-term.

Usually, an annual business plan contains a short description of your company, a marketing analysis, and a sales/marketing plan.

Because an annual business plan is for the year, you’ll want to review your business at the end of four consecutive quarters and revise your plan for the next four quarters.

Why is annual business planning important?

Even though the fourth quarter might be a busy time of year, don’t put off creating an annual business plan.

Not only will your annual business plan keep you on track, it will also help you map out a strategy to keep your employees accountable. You can then more easily achieve the overall goals of your business.

Here are some reasons why it’s well worth creating an annual business plan for your company.

You can measure your success.

An annual business plan is the best way to measure your success. And I’m referring to the collective “you” here because it takes the entire company or all of your employees to make new business efforts effective.

An annual plan not only sets expectations for you but also for others within your company who need to contribute to the business’s success.

You can reflect on the past and plan ahead.

Creating an annual business plan allows you to reflect on the past 12 months.

As you reflect on the previous year, you’ll be able to get a good idea of what your business is capable of doing and set accurate, attainable projections based on previous numbers.

You’ll define your business goals.

Your annual business plan will shed some light on what the heck you do at your company. For those who are not routinely involved in new business, it can seem like a black hole of mystery.

Sharing your plan — whether to an executive committee, department heads, or even the entire staff — adds clarity and gives everyone something to aim for.

You can impress your boss.

If you head a department that could benefit from an annual business plan, don’t wait to be asked before you start writing. Get on your CEO’s schedule to review your outline and discuss your intentions for putting this plan together.

Sometimes the hardest part is getting started. You can get the ball rolling with the basic template that follows.

Annual Business Plan Template

Each section of your annual business plan will help tell the story of your company and clearly define your company’s goals for the year.

Let’s take a look at each section of the annual business plan template .

Executive Summary

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5 Steps to Make a Business Plan for the New Year

It’s time to make an action plan for the new year! Can you believe it?! I feel like this year flew by, but then again, I say that every year! My team and I recently sat down to make our business plan for the new year, and it prompted me to pull the curtain back and show you exactly how I plan everything out in my business. This process is the key factor in turning my $100,00 a year business into making over a million dollars each year. So pull out your chart paper, sticky notes, and markers, and let’s get planning!

Step 1: Decide What Your Plan For the New Year MUST Include

The first step in making your business plan for the new year is getting clear on your priorities. If you listen to this podcast episode on planning for the new year, you’ll know that I call this your “Heck Yes” list. Write down the top ten things that you will say “Heck Yes!” to this year.

At the top of my list is babies and family and personal development. Before I even dip my toe into the business, I need to make sure I have dates and times blocked off for family and personal development. So when I’m making a plan for the new year, I know that I will be blocking off six weeks when my baby is due and any other important family events I want to prioritize.

If you’re having trouble deciding what is on your “Heck Yes” list, here are a few more that are on my plan for the new year. I base everything else I do in my business around my program launches, so that’s next on my list. Then, I prioritize email marketing, blogging, The CEO Teacher Podcast, and social media. I’m also taking this year to focus on affiliate marketing, which goes on the list too!

Step 2: Put Your “Heck Yeses” on Your Plan for the New Year First

Now that you have your “Heck Yes” list, it’s time to sit down and put those items on your plan for the new year. I have four large calendars each year in my business – one for each quarter. You may hear them called Q1, Q2, Q3, and Q4. These quarterly calendars each include three months of the year. So, when you’re planning out your Q1 (Quarter 1) calendar, you’ll be adding in all of your priorities in January, February, and March. Seeing the whole quarter at a glance, you can make important decisions and be proactive when creating your business marketing plan for the new year.

I will put what’s most important on my yearly calendar, and then I will focus on the details (social media, emails, blogging, and more) each quarter. This is what works best for my team and me, but you have to decide the best way to plan for the new year for you!

Step 3: The Best Way to Plan is to be as Detailed as Possible

As I mentioned above, I start my business plan for the year with a birds-eye-view to ensure the essential pieces are in place. But then, we get as detailed as possible when my team creates our quarterly calendars. We’ll note when we need to send specific emails , what I’m posting on Instagram, the content of my blog posts.

When you can get super detailed and plan out every piece of content, every launch, every part of your marketing strategy?! That’s when you’ll win! Once it’s down on paper, we MAKE IT HAPPEN. So, write it down and MAKE IT HAPPEN! It’ll take more time now, but I promise you’ll thank me later!

Step 4: What Every Business Plan for the New Year Should Include

Now that you have your content and priorities in your plan for the new year, it’s time for the SECRET SAUCE. This is the IT factor that will set you apart from everyone else – HYPE. I see it all of the time… a teacher makes a new product line or launches a program that they’re excited about, but they don’t get the sales they’re hoping for. There are many reasons why, but one of the big reasons is they didn’t build enough HYPE.

Can I tell you a secret?! I start building hype for my launches almost TWO MONTHS before I open cart. Yup. It’s not a random thing that I think about three days before I release it. If you want to become an industry leader, you have to start thinking like one. There are tons of hype mechanisms out there, and I encourage you to try several and find what works for you and your audience.

Hype is what your plan for the new year is missing, so think about how you could build momentum before you announce your next TPT product line or course launch. What could you do to get your community excited to purchase? Think about Nike, for example. They release a small number of pairs of shoes in a particular style, and the hype is so big that they sell out in SECONDS! Teacher friend, you can make this happen for you too. Think outside the box to make the new year the best one yet!

Step 5: Take Massive Action to See Your Plan Through

Are you ready for a little tough love?! The only thing standing between you and your success in the new year is YOU! It’s time to stop letting limiting beliefs and distractions get in your way. One of my favorite quotes is, “Action brings clarity, and clarity produces results.” Don’t make this beautiful, color-coded business plan for the new year just to let it collect dust by February. Be persistent and do what’s necessary to see your plan through. Stop letting the people you follow on Instagram influence how you run your business . Put your blinders on, keep taking massive action, and do the dang thing! I know you can do it. It may be hard, you may have to make sacrifices, but it will be so worth it in the end!

I believe in you. It’s our year, so let’s make it happen by taking massive action! Are you in?! Let me know by sharing your plan for the year on Instagram and tagging me @kaysemorris ! I can’t wait to see it and cheer you on!

[…] suit with everything else in our businesses. So, what do you need most as a teacher blogger? Consistency. This means that you should be posting regularly. That could be once a month, once every two weeks, […]

[…] 5 Steps to Make a Business Plan for the New Year […]

[…] habits. How are you going to get ready for what’s to come when you have no idea what it might be? Get your plan in place. What are your Heck Yeses, your non-negotiables? Set your goals so together we can take massive […]

[…] Create a business plan that provides potential customers with a snapshot of your tutoring services. Organize your offers with an easy-to-understand method or framework. Create a business hub (or website) to share with your audience. Include links to get on your schedule. We love Calendly as an option. That way you can schedule and receive payments at the same time. […]

4 Comments on 5 Steps to Make a Business Plan for the New Year

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

LLC Formation

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

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

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

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

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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New Year business planning

Table of Contents

Set goals for the year

Measure your success so far, pick your priorities, consider changes in the market, using countingup in the new year.

If you want to improve on the way your company performed this year, or you have new ideas on business management that you’ve been waiting to implement, you might want to use the new year as your signal to change things. The new year is a great time to refocus your business, but you have to be sure you’re doing things correctly so you can start next year strong.

This article will help you with your new year business planning and provide a few things you should consider when writing your plans and strategies. We’ll cover a variety of topics, including:

A vital feature of your business plan for the new year should be setting a few goals. Ask yourself what you would like to achieve for the year, but make sure your answers are specific. This means avoiding goals like ‘grow the business’ or ‘make more money’. Instead, it’s better if your goals relate to a particular department or area of your business.

For instance, if you want to increase your company’s income, consider setting some sales goals . Look into ways you can increase sales of a particular product or service, or check if you need to invest more into marketing to convince more customers to buy your goods.

An important thing to remember is the difference between goals and objectives . A goal is a long-term target: it should help point your business activities in the right direction, but they usually don’t go into details about the methods involved. Expanding your network is a good goal, but consider how you’d actually expand your network. This is where objectives come in.

An objective is more specific, measurable and has some sort of deadline. To achieve your overall goal, it’s smart to break it down into smaller objectives. For example: as part of your goal of expanding your network, you might set yourself the objective of attending two networking events in the new year so you can meet more contacts.

If you want to succeed in the new year, you’ll need to define what success means to you and your company. A big part of working out this definition is to assess your progress so far, which means measuring the success of your business .

There are many different methods you can use to measure your success, but the simplest are the ones that involve calculating your income and comparing it to the income of previous years or months.

For instance, to measure the success you had last year, you could compare your total income for each month and work out the percentage increase or decrease from month to month. This will help you set goals for the new year, as you could aim to maintain that same percentage or increase it.

If your main aim isn’t income-based, you might want to measure the success of a project you completed in 2021 instead. This can be a little harder than measuring the success of your business overall, especially if you don’t want to focus on income, profits, or similar statistics. It’s still possible, though: look at things like client feedback to measure the success of your project. This helps you determine what you did wrong and what to continue doing in the new year.

When you’re putting together a high-quality business plan for the new year, a small but essential detail to add is where you’re going to start. A list of tasks, goals, and targets is useless if you don’t know what you will tackle first.

To decide the order in which you’ll work through your business plan, you need to work out a method for prioritisation. Different things are important to different businesses, and you’ll want to figure out what’s especially important to your business.

The best way to do this is to look at your achievements in 2021: determine what went right and what went wrong. If your marketing was phenomenal, but your production was slow and inefficient, you should prioritise the parts of your plan that will improve how you produce goods.

Prioritising tasks is the key to improving your time management . Time management is all about spending your time wisely, so it’s better to do important tasks before nonessential ones.

The only thing you can ever guarantee about a new year is that it’ll be different from the last one. One of the big differences that a business may want to investigate is the changes within the market they sell their products to

Changes in the market are important because of how customers influence a business . If your target market seems to be changing the way they shop, or wants different things from the products they buy, you’ll need to be able to adapt to these changes. If you think your consumers are likely to change their behaviour in the new year, put measures in place to make the most of these changes.

Another part of your market is your competitors. A big part of your business plan in the new year might be adjusting your marketing or sales strategy to account for a greater number of competitors.

Whatever next year might hold for your company, it’s a good idea to move forward with a clear understanding of your finances. One of the easiest ways to achieve this is to use the Countingup app.

Countingup is the business current account with built-in accounting software that allows you to manage all your financial data in one place. With features like automatic expense categorisation, invoicing on the go, receipt capture tools, tax estimates, and cash flow insights, you can confidently keep on top of your business finances wherever you are.

You can also share your bookkeeping with your accountant instantly without worrying about duplication errors, data lags or inaccuracies. Seamless, simple, and straightforward!

Find out more here .

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How to Write a Business Plan: Step-by-Step Guide + Examples

Determined female African-American entrepreneur scaling a mountain while wearing a large backpack. Represents the journey to starting and growing a business and needi

Noah Parsons

24 min. read

Updated July 29, 2024

Download Now: Free Business Plan Template →

Writing a business plan doesn’t have to be complicated.

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

The basics of business planning

If you’re reading this guide, then you already know why you need a business plan .

You understand that planning helps you:

Raise money
Grow strategically
Keep your business on the right track

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow.

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals.

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business.

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create.

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan.

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

A summary of the problem you are solving
A description of your product or service
An overview of your target market
A brief description of your team
A summary of your financials
Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service.

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business.

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market.

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.”

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market.

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers.

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service.

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics.

The best place to start with a marketing plan is with a positioning statement .

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning.

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy .

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services.

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer.

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process.

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like.

Depending on how your business is structured, your operations plan may include elements of the business like:

Supply chain management
Manufacturing processes
Equipment and technology
Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains.

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

A description of each task
The proposed due date
Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap.

Possible milestones might be:

Website launch date
Store or office opening date
First significant sales
Break even date
Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

Conversion rates
Customer acquisition costs
Profit per customer
Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality.

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before?

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

Sole proprietor
Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided?

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter.

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast.

A typical financial forecast in a business plan includes the following:

Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business.

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

Company logo
Business name
Value proposition (optional)
Business plan title
Completion and/or update date
Address and contact information
Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity.

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers.

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project.

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure.

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it.

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template.

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses.

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples .

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started.

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality.
Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas.

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

Did you meet your sales goals?
Is spending following your budget?
Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets.

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees.

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

Write a brief executive summary
Describe your products and services.
Conduct market research and compile data into a cohesive market analysis.
Describe your marketing and sales strategy.
Outline your organizational structure and management team.
Develop financial projections for sales, revenue, and cash flow.
Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

1. Not taking the planning process seriously.
Having unrealistic financial projections or incomplete financial information.
Inconsistent information or simple mistakes.
Failing to establish a sound business model.
Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

How will your business make money?
Is there a need for your product or service?
Who are your customers?
How are you different from the competition?
How will you reach your customers?
How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

Use AI to help write your plan
Common planning mistakes
Manage with your business plan

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7 New Years Small Business Resolutions for 2023

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure .

For most small businesses, some big questions loom for the upcoming year:

How do I capitalize on new technologies?
How do I protect against economic uncertainty?
What do I need to do to boost my bottom line?

Making the right small business resolutions can help you find actionable solutions to these questions. We’ve designed our resolution suggestions with these questions in mind.

Seek out automation solutions

Your time is worth a lot to your business. It’s important to remember that when you’re considering a pricey monthly fee for a new piece of automation software . Many business owners waste their precious time performing tasks that a machine could perform more efficiently and at a reduced cost.

Best of all, automation is usually cheaper than hiring an employee. Automation solutions give you a middle step between doing everything yourself and hiring someone else to do it for you. You might want to try accounting automation software, for example, before hiring an accountant.

Be on the lookout for solutions that automate your business practices in 2023. Technology is only going to get more efficient as time passes. We’ll have our finger on the pulse of software innovations throughout the year, so check back in and see what we’ve discovered.

Build a better website

If your business is rocking a website designed from a Weebly template in 2005, it might be time to brush away the dust and freshen up your look .

Of course, your need to spruce up the company site will largely depend on how much you use your website or want to use it in 2023. It’s no secret that a strong site can keep customers coming back for more and help drive loads of sales.

If you’re looking to create a website that’s also a conversion machine, 2023 is the year to invest in a quality web developer. You could also take on this task yourself with a modern website builder.

By signing up I agree to the Terms of Use and Privacy Policy .

Take your social media game to the next level

TikTok is a smashing success in the modern social scene, but many modern businesses look the other way. Sure, Facebook is a tried and true place for social media marketing, but it’s sort of like an old car—it doesn’t look very pretty, but it gets you where you need to go.

The next year is a great time to either bring your business onto a more relevant platform or rethink your current social strategy on another popular platform. Whatever you do, don’t let your social status sink into the depths. With so many businesses killing it on social media, there’s no excuse for falling behind.

Rethink your point-of-sale

A trusty card reader is a brick-and-mortar’s best friend. But sometimes your best friends can grift you—especially when those best friends are an old-school POS system.

Many POS systems on the market today charge insanely cheap processing costs while still offering top-tier software solutions like inventory management and automated accounting.

If it’s been a while since you looked into the modern POS landscape, we highly recommend taking a tour. You just might save a ton of money and make your life easier with great business tools.

Improve employee experience

These days employees are working from home, finding a better balance between work and life, and enjoying holistic benefit packages that make life more enjoyable. With unemployment so low, the expectations of employees keep increasing.

To attract top talent, you must create a top-tier employee experience . By offering lots of flexibility and balance to your workers, they will reward you with a more profound commitment to their work—because they like working for you.

Employees who feel trapped and limited by your business expectations will search elsewhere for opportunities.

Commit to more sustainable business practices

It’s time to face some hard facts. Forcing all your employees to drive to work every day is pumping lots of pollution into the air and adding to already congested roads. Even if you can’t eliminate the office, you can reduce employee commuter emissions by offering work-from-home days.

There are also many other ways to reduce, reuse, and recycle. For instance, you can use more sustainable materials to build your products. You can partner with factories trying to reduce their carbon footprint, and invest in charities working to keep the planet green.

Whatever you do, it’s worth making a difference. We'd all be much better off if every business committed to making a few small sustainable changes this year.

Take a good hard look at your business plan

Businesses love to make plans, but it’s crucial to reflect on the plans you made in 2022 and evaluate how they went.

You may be surprised to find items you didn’t expect to work paid off in the end. Or maybe you’ll see some of your classic strategic approaches didn’t work out. By identifying those goals and plans that worked well and the ones that didn’t, you’ll be able to evolve your strategy more effectively.

Effective strategic evolution allows your business to grow more rapidly and adjust to the market more smoothly, which is something you need to succeed in 2023.

Square is the best free point-of-sale system on the market. From invoicing to inventory tracking, Square gives you all the features you need to boost your POS experience.

The takeaway

Hopefully, the suggestions above will give you a huge advantage in 2023. Frankly, we researched and designed our resolutions to do just that. Nothing makes us happy like seeing our small business friends making a killing.

Fair and personalized business loans are the best ways to invest in your business. Check out our suggestions for the best business loans of the year.

Planning for the New Year: How to Set and Hit Your Goals

December 07, 2023

The end of the year is fast approaching, and it’s an excellent time to reflect on how far you’ve come, fine-tune your goals, and start planning for the new year. Take the opportunity to reflect on what you’ve learned — from your successes to things that didn’t quite work out as planned — and apply these newfound learnings to your business. Key takeaways from the past year will provide you with direction for new goal setting and implementation.

Planning for the new year will give you a renewed sense of purpose in your business. It will serve as a reminder of why you started your business and give you the motivation to hit the ground running in the new year.

To get started with planning your goals for the upcoming year, it’s important to first reflect on the past 12 months. Start by reviewing your business plan for the year and consider what worked for you and what didn’t. Ask yourself why you were able to reach some of your goals and not others. You can gain clarity by asking yourself questions such as:

Where did I see success?
What didn’t go to plan?
Did I achieve the goals I set for your business last year? Why or why not?

Take note of what information you can gather from different tools that can also assist in your review:

Website analytics
Social media insights
Practice Better Reports & Analytics
Client feedback

Determine Your New Goals & Objectives

Once you’ve reviewed the past year, you’ll be ready to determine what you’d like to focus on achieving in the upcoming year.

Take note of both the quantitative and qualitative aspects of your business when considering your goals. Use your dreams as inspiration, but ensure the goals you set for yourself are attainable and actionable.

1. Quantitative Outcomes

Quantitative outcomes are objective, measurable, and numerical in nature. They aren’t influenced by your personal feelings or opinions. Consider reviewing the following quantitative information when planning for the new year:

Your income (monthly, quarterly, and annually)
Month-over-month growth
The number of services, packages, and programs booked and purchased
The performance of new services and programs launched
The number of cancellations or no-shows
Growth on your social media platforms
Conversion ratios of prospective clients
Repeat business and referrals

2. Qualitative Outcomes

Qualitative outcomes are more subjective and refer to the quality of something. These aspects of your business can typically be observed but not directly measured. As a business owner, these are important considerations when thinking about the culture of your business and the type of work environment you foster when planning for the new year:

Did your schedule feel manageable?
How were your stress levels throughout the year?
Did you feel in flow and aligned?
Did your business feel authentic to you?

What a successful business looks like will vary depending on the practitioner, so whether you want to focus your goals on the qualitative aspects of your business, the quantitative, or a combination of both, there is no right or wrong focus when it comes to goal planning.

Map Out Your Goals

Implementing a strategic plan can turn your desires and dreams into real goals that are ready to be put into action. Once you’ve determined what you’d like to achieve, it’s important to further break down your goals into smaller action steps.

A strategic approach to consider is the SMART goals for creating well-defined objectives : Specific, Measurable, Attainable, Relevant, and Time-Bound. This is a formula for ensuring your goals are actionable and can be followed through on.

Specific : Use as much fine detail and precise wording as possible when crafting your goals. Vague goals do not set the stage for easy strategizing and implementation. Specificity will help your goal be more effective.
Measurable : Adding a quantifying aspect to your goal makes it much easier to track progress and success. To make a goal as impactful as possible, incorporate numbers that can help act as progress benchmarks.
Attainable : Goals should inspire you and push you out of your comfort zone. While they should challenge you, they should also be realistic and within reach.
Relevant : This is your opportunity to evaluate whether or not your goal is truly important to you and your business. Ask yourself, if you follow through with your goal, what impact will this have on your business? Is the goal aligned with your overall vision?
Time-Bound : Objectives tied to a deadline will reduce the opportunity to procrastinate and keep you moving forward in a timely fashion. Time-bound goals should include a plan of when you’d like to have the entire goal accomplished and deadlines for your broken down, smaller tasks. You can consider what can be accomplished weekly, monthly, or quarterly to contribute to your annual goals.

Breaking down your broader goals into smaller actionable tasks will ensure efficiency and accountability and can help you turn your dreams into reality as you start planning for the new year. Consistent small steps add up to big wins! Smaller tasks will also make it easier to roadmap and create a timeline.

Starting with small, easier-to-implement tasks will also provide quick wins that can boost your sense of progress and help build momentum. This momentum will build so you have the confidence and motivation to take on bigger tasks along the way.

Work backward to break down your goals. Start at the end and think of all the steps it will take along the way to get you to your end goal. When working backward to map out your tasks, identify roadblocks you’ve experienced in the past or are anticipating encountering. This will allow you to be proactive in your approach rather than reactive as hurdles and other challenges present themselves along the way.

Create a Follow-Through Plan

Now that you’ve mapped out your goals for the year ahead, it’s important to implement a clear follow-through plan so you can stay on track when planning for the new year. There are many accountability exercises and strategies to consider:

Understand your why : Why does it matter for you to achieve this particular goal? What will it mean to your business and you personally? Getting clear on the “why” will reinforce your goals and remind you why you started in the first place as the new year’s motivation and buzz wears off.
Use the task feature : Take it further by creating Tasks within Practice Better for the action steps you’ve broken down your bigger goals into. Tasks can be set for yourself as a practitioner, with a due date, and will be on the first page you see when you log into your Practitioner Portal. This will provide a visual reminder to keep your goals top of mind.
Write down your goals : Find a place to track or write down your goals so you can easily remind yourself of what you are working towards. Keeping them somewhere you will see every day will allow your goals to stay top of mind and keep you apprised of what you need to focus on at all times.
Schedule your goals: Input target deadlines for your goals into your calendar. These scheduled reminders will keep you on the path you’ve mapped out for yourself and keep you accountable to your deadlines. Consider adding monthly and quarterly reminders in your calendar to regularly review your progress.
Have an accountability partner : An accountability partner is someone you can check in with and who provides you with support and motivation. Consider asking a colleague or friend and sharing your goals with them, and plan to check in with one another regularly.
Celebrate along the way : Plan to celebrate small wins along the way to maintain momentum and motivation.

The end of the year is a great opportunity for reflection and strategizing on how to reach new heights in your business. Reviewing your business to date, determining your goals, and mapping out an accountability plan will ensure you are planning for the new year with your best foot forward!

Editor’s note: This post was originally published on November 10, 2020, and has been revamped for accuracy and comprehensiveness.

Practice Better is the complete practice management platform for nutritionists, dietitians, and wellness professionals. Streamline your practice and begin your 14-day free trial today.

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New Year Business Planning Guide

The beginning of the year is a great time to evaluate your business strategy and plan for what you want to get accomplished in the upcoming 12 months. We’ve compiled a New Year Business Planning Guide to help you start your new year with a bang.

Table of Contents

Whether it’s in business strategy or operational protocol, we have articles to help you grow in your personal and business development. So relax, grab a coffee or tea, and read through our collection of articles to inspire and empower you for the new year.

New Year Business Trends

What Your Competition Might Learn About You This Year
Magnificent Marketing – New Trends You Need to Capitalize On
The FUD Factor – Fear, Uncertainty, Doubt – How to Sell Like a Winner
Today’s Business: Is “Going Green” an Advantage?

Work/Life Balance

7 Success Habits to Jumpstart Your Day
Lifestyle/Balance: Separate Your Home Office from Family
Motivational Tactics
Balancing Your Business for Ultimate Success

New Year’s Checklist

Setting Strategic Goals for the New Year
Making the New Year Budget
4 Ways to Raise Funds for New Projects
Hot Ways to Start the New Year
“Create Your Marketing Plan in 5 Easy Steps”
“I Don’t Need a Business Plan”

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De-cluttering Your Office
7 Tips to Keep Your Business Organized
6 Steps to an Organized Office
Converting or Remodeling for a Home Office

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How to create a successful annual business plan

Here is what you need to know to create an effective and comprehensive annual plan for your department or company:

What is the purpose of annual planning?

An annual plan acts as a roadmap for your company. Annual planning allows you to go into a new fiscal or calendar year with specific and measurable goals set, budgets finalized, and a plan for how to measure progress on and achieve your company’s organizational and financial goals. Through this process, you develop the vision of where you hope that your company will be at the end of the year and the map of how you will get there.

You can also use annual planning to set goals and plans for individual departments or teams within an organization. Create marketing plans, human resource plans, and more to keep each segment of your business on track, reset your goals, and get your teams aligned towards common goals and initiatives. Since trends, consumer habits, and other factors change frequently, it’s good to create a fresh one-year plan each year.

Annual plans complement strategic planning while providing more short-term (one year) goals that are often tied to financial goals as well as the annual budget. Strategic plans often have more overarching goals that work to advance the company’s mission over three years or longer. Your annual plan will likely include goals that play into these longer-term goals in your company’s strategic plan.

Evaluating existing and prior year goals

Start your process by evaluating your current starting point. Take time to look back at last year’s annual plan and evaluate whether you achieved your set goals or fell short in certain areas. Attempt to determine why you fell short on specific goals and what steps you could take to prevent a repeat of that issue. This will help you set realistic goals for the new year.

This is also a great time to review your company’s:

Mission statement. This is a statement that describes the purpose of your organization. What does your business do and what does it hope to accomplish?

Core values. These are the principles, beliefs, and values that your organization’s culture is built on. These values shape how you do business, and as such, should shape your annual plan.

Strategic plan. Your strategic plan should detail your business plan and long-term goals while taking market conditions into consideration. Your annual plan should complement your overall strategic plan.

Financial reports. Review the prior year’s budget reconciliation, cash flow statements, and year-end reporting. If you have access to budgets or financial forecasts for the upcoming year, review them now. If not, they’ll need to be created later in the annual planning process.

Keep all of these documents handy, as you may need to reference them as you move through the annual planning process.

Create an updated SWOT analysis

It’s also time to update or create a SWOT Analysis chart for your company. A SWOT analysis is typically depicted as a four-quadrant square with the following quadrants:

Strengths. List out the things that your company already does well and your internal strengths. Perhaps you have a large Instagram following with a strong network of influencers promoting your product. Maybe you have unique branding, patents, or technology that set you apart from competitors. This section is your highlight reel from prior years and can also include strengths like new products or developments being released in the new year.

Weaknesses. Now it’s time to consider what can be improved. List out your company’s internal areas of weakness. A good way to identify weaknesses is to look at customer feedback. Do customers like your product but complain about the processing and delivery times? A weakness can also be staffing-related such as high turnover or taking too long to fill open positions. A common marketing weakness may be lack of media mentions or ranking low in Google search results for your product or business type.

Opportunities. These are external opportunities that you can take advantage of in the coming year. Are there new trends or technologies that could boost the success of your business? Is it time to start marketing your products to Gen Z? Are there changes in government regulations or laws going into effect in 2022 that could have a positive impact on your business?

Threats. Explore potential external threats to your company’s growth and success in the coming year. Maybe the current supply chain problems mean that you will have manufacturing or delivery delays in 2022. There could also be legal changes that negatively impact your business. Threats could also come in the form of major competitors or market saturation. Knowing what may threaten your success will help you build a plan to overcome these challenges, so be thorough with your market analysis.

After creating a company-wide SWOT analysis, consider breaking things down even further and creating a SWOT analysis on specific aspects or segments of your business.

For example, a marketing SWOT chart can help you identify what you need to adjust in your marketing strategy for the new year. Many businesses, especially small businesses, may have strong Facebook and Instagram accounts but weaknesses in the area of SEO. Reaching new audiences and market segments through TikTok may be an opportunity if your business has not jumped onto the platform yet. A new year is a great time to do a SWOT and update your ideal customer or target demographics to evaluate opportunities for expansion.

Goal setting with SMART goals

It’s a good idea to start off the new year by setting goals for your employees, departments, and the company overall. This creates trackable metrics to measure your company’s success at each level throughout the year. The best way to create goals is to use the SMART goal system.

Specific. Aim to make your goals specific and to identify who will be involved in the goal. A general goal would be to increase brand awareness. Specific goals would be growing your LinkedIn following to 10,000, obtaining 10 media mentions, or ranking one the first page of Google results for a specific target keyword. Within each of those specific goals you could identify who is responsible for them; a social media manager, PR or media relations team member, an SEO consultant, or in a small business, it may just be a digital marketing manager. Regardless, it’s helpful to define who is involved and who will oversee progress.

Measurable. Define how you will measure the success of each goal. What metric will you use to track progress towards the goal?

Attainable. Your goals should be realistic. They can be somewhat ambitious, but avoid including stretch goals that are unlikely to be achieved within the year with your anticipated staffing levels, budget, and level of consumer awareness. Of course, start-ups would love to score a major investor or have their company go viral and generate a huge amount of buzz with consumers, but unless you have reason to believe either of those is on the horizon, leave out goals that depend on unrealistic or unpredictable events. Also, leave goals that will take several years for your strategic plan.

Relevant. The goals that you set for this year should be relevant to your company’s vision, mission, and long-term objectives. This is why it’s helpful to start the process by looking at your mission statement, vision, and strategic plan.

Time-bound. All goals should have a clearly defined time frame including a specific deadline date. For annual planning, the timeframe may be one year, or you can break your goals down into monthly or quarterly goals and adjust the deadlines as such.

You’ll likely end up with a decently long list of goals for your company. As mentioned in the Specific criteria, breaking down your goals and defining who is responsible for them is important. Try to create goals that span the major business functions of your company such as product, operations, marketing, HR, and leadership . Set company-wide goals and then break them down by teams and later by individual contributors to ensure that everyone knows what goals they need to accomplish in order to help the business meet its overall yearly goals.

Budgeting and financial considerations

An important aspect of annual planning is financial planning. A good business plan should take financial constraints, budgets, and financial goals into consideration and plan accordingly. If you are a start-up and plan to go through a round of fundraising or have other major changes such as going public with an IPO, include those in your annual planning.

Your annual plan should include financial projections for the year. These projections will help you plan for financing needs, changes in cash flow, and evaluate the best timing for new projects or hiring. You’ll want to create sales forecasts to project your expected income. It’s also wise to forecast your anticipated expenses for things like labor, materials. supplies, and overhead.

You’ll also want to verify that you will be able to allocate the funds needed to accomplish the SMART goals that you created earlier. At this point, you may need to revise some of your goals to ensure that they are achievable within your financial constraints. Those that require a larger budget may need to be scaled down or saved for next year.

Contingency planning

Hopefully everything will go as planned, but it’s always good to have a contingency plan in place in case something goes awry. After all, we’ve all seen how unexpected challenges can derail business operations over the past two years.

Plan for potential emergencies or alternate scenarios. Does your annual business plan rely on covid conditions improving in 2022? Create a contingency plan in case there are more hiccups than expected during reopening or the return to the office.

Consider how your business could best handle supply chain issues, unexpected cash flow problems, and major IT or security concerns. If your headquarters is in an area prone to natural disasters such as wildfires or hurricanes, you should always have a plan in place for the safety of your staff, files, as well as assets that would be difficult to replace.

Putting it all together

There are a number of annual business plan templates available online that you can use to craft your final report. Larger companies often use specialized software for their annual business plan. If you plan to use the goals created during the annual planning process for performance management , a software solution may be best so that department leads and individual employees can track their goals throughout the year.

The report should open with an executive summary, although this is actually the last piece that you’ll typically want to write. The executive summary should act as an introduction to and a summary of the full report. Tailor it to your audience depending on whether the plan will be shared with employees, investors, or others.

A description of the product or services including new products, the team, and the company at present may also be included.

Then comes the meat of the report where you explain the goals you’ve created and your plan for achieving and measuring them. Your full report may be separated into marketing planning, financial planning, HR planning for organizational improvement, and other relevant sub-sections. This is where the zoomed-in SWOT analyses and department-level SMART goals will come in handy.

The report should leave the reader with a clear picture of what you will achieve and how you will do it.

7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

Executive summary. An introductory overview of your business.
Company description. A more in-depth and detailed description of your business and why it exists.
Market analysis. Research-based information about the industry and your target market.
Products and services. What you plan to offer in exchange for money.
Marketing plan. The promotional strategy to introduce your business to the world and drive sales.
Logistics and operations plan. Everything that happens in the background to make your business function properly.
Financial plan. A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
Executive summary

Your executive summary is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this free business plan template , the executive summary is four paragraphs and takes a little over half a page:

A four-paragraph long executive summary for a business.

Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

Business structure. This section outlines how you registered your business —as an LLC , sole proprietorship, corporation, or other business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
Nature of the business. “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
Industry. “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
Background information. “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
Business objectives. “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
Team. “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your mission statement may also make an appearance here. Passionfruit shares its mission statement on its company website, and it would also work well in its example business plan.

Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan.

Here’s an example SWOT analysis for an online tailored-shirt business:

A SWOT analysis table showing strengths, weaknesses, opportunities and threats

You’ll also want to do a competitive analysis as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

Target customers
Unique value add or what sets their products apart
Sales pitch
Price points for products
Shipping policy
Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

An example products and services section from a business plan

Marketing plan

It’s always a good idea to develop a marketing plan before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand Nature’s Candy’s financial plan breaks down predicted revenue, expenses, and net profit in graphs.

A sample bar chart showing business expenses by month

It then dives deeper into the financials to include:

Funding needs
Projected profit-and-loss statement
Projected balance sheet
Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

Executive summary: truncated
Market analysis: summarized
Products and services: summarized
Marketing plan: summarized
Logistics and operations plan: summarized
Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

Market analysis: in-depth
Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

Market analysis: comprehensive outlook
Products and services: for launch and expansion
Marketing plan: comprehensive outlook
Logistics and operations plan: comprehensive outlook
Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

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Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
Contents: Your content should include details about the products and services you provide, your target market, and your competition.
Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

A business plan is a document detailing a company's business activities and strategies for achieving its goals.
Startup companies use business plans to launch their venture and to attract outside investors.
For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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Annual Planning: Plan Like a Pro In 5 Steps (+ Template)

Get ready to take your strategic annual planning game to the next level! This process is essential for companies who want to set a clear direction for the future and ensure everyone is working towards the same goal.

But, let's be real, executing a killer strategic plan is easier said than done. That's why we're here to help you.

In this article, we'll dive into the nitty-gritty of annual planning and cover all the tips and tricks you need to know. From involving the right people to communicating your plan like a pro, we've got you covered.

We'll also share some common pitfalls to watch out for and provide real-life examples to help bring it all to life.

So, whether you're a seasoned planning pro or just starting out, get ready to learn how to make your annual strategic planning a total success!

In this article, you’ll discover:

What Is Annual Planning?

The Benefits of The Annual Planning Process

5 Steps To Build A Highly Effective Annual Plan

The only annual planning template you need in 2024.

7 Mistakes to Avoid When Conducting Annual Strategic Planning

Build And Execute Your Annual Plan With Cascade 🚀

Free Template Download our free Strategic Planning Template Download this template

Annual planning is about turning long-term business goals into short-term action plans for the year ahead. It contains insights from past performance and a clear roadmap with a timeline. This yearly plan should be realistic and achievable, while also being ambitious enough to move the business forward.

Annual planning is your opportunity to take the previous year’s wins, knocks, and lessons and adjust your strategy to help your business grow consistently and become better.

Boilerplate definition aside, imagine if IBM still focused on building business-centric PCs, BMW still only made airplane engines, or Tata focused on producing steel. They wouldn’t be the companies they are today.

Annual planning and regular reviews help you proactively adapt to changes and steer your organization in the right direction to get the business results you want by the end of the year or toward your vision in the future.

The Benefits Of The Annual Planning Process

Whether it’s your IT, supply chain , pricing, marketing, operations , or sales strategy—improving, pivoting, or optimizing your annual planning approach from one year to the next year is non-negotiable. The annual planning process will help you assess the effectiveness of your business strategies and make adjustments to keep up with customer needs and market trends.

An effective annual planning process for the new year can offer:

Strategic clarity: Annual strategic planning helps define and align goals, mission, and values, leading to more focused and effective decision-making across all levels of the organization. This in turn sets a clear and consistent direction for future initiatives, maximizing the organization's potential to achieve success.
Focus: By regularly reviewing and updating its strategic plan , your organization stays focused on long-term objectives instead of being constantly sidetracked by day-to-day operations.
Benchmark performance: An annual strategic planning process helps you measure and track progress on key strategic initiatives , and evaluate the progress made compared to last year.
Gaps and opportunities: By regularly reviewing your strategic plan, your teams will identify gaps and opportunities for improvement and innovation, which can help you stay ahead of your competition.
Resource allocation: By aligning your strategic plan with your budget, you can allocate resources that will support your goals and cut costs from misaligned initiatives.
Engagement and buy-in: Involving key stakeholders in the strategic planning process will increase engagement and buy-in across your organization, leading to a more cohesive and motivated team.

A clear and execution-ready annual plan that focuses on the big picture and pays attention to the details can be the glue that binds your teams together. And this is crucial if you want to reach this year’s goals with greater speed and efficiency. Plus, it’s much better than the alternative of just winging it and hoping for the best!

📚 Recommended read: How To Create An Effective Annual Operating Plan (+Template)

Don’t get us wrong—creating and managing a yearly planning process can be a daunting task. But, with the right approach, you'll be able to get it right and start executing faster. Here's how to do annual planning the right way:

1. Analyze your performance and identify opportunities

Before you set goals , you should do an analysis of your company's current performance, market, and competitors to see where you stand.

Here are some tools you can use in the process:

SWOT analysis
PESTLE analysis
Porter’s Five Forces
Competitive analysis
Financial performance of the previous year
Gap analysis

A better understanding of your current performance can help you make data-driven decisions in the next steps of the planning process.

Want to make it fail-proof? Don’t forget to include key stakeholders who will be involved in the day-to-day execution of your annual plan.

Here’s who should be included in the analysis process:

Executive leadership: They are responsible for setting the overall direction and strategy for the organization.
Department heads and team leaders: They can offer insights into team capabilities and resources. They can provide insight into the specific needs and challenges of their teams and ensure that their operational plans align with the annual plan.
Employees: Employees often have valuable insights and ideas that can help improve the plan. By involving them in the planning process, you can tap into this wealth of knowledge and potentially identify new opportunities or challenges that may not have been considered otherwise.
Customers: Customer feedback is critical to understanding the needs and priorities of the target market.
Suppliers and partners: Depending on the nature of the business, it may be beneficial to involve suppliers and partners in the strategic planning process. They can provide valuable insights into industry trends and potential challenges.

👉Bonus tip: Don't let analysis paralysis slow you down! Set a timeline, prioritize data, make informed decisions, and don't overthink it. Move into the execution phase as fast as possible. Adapt later.

2. Formulate your strategy

The data and insights from Step 1 should inform the formulation of your strategy for the coming year. At this point, you should have a clear sense of direction and objectives that your company wants to achieve in the coming year.

💡 To identify and formulate your strategy, consider the following questions with your team:

What is the business problem that we are trying to solve?
What are our core strategic objectives , and how will we measure success?
What are our key strategic initiatives, and how will we prioritize them?
What are our key performance indicators , and how will we track progress?
Are there potential risks , and how will we mitigate them?
What resources will we need, and how do we allocate them?

Answering these questions will help you test the validity of your strategy and identify any potential gaps or risks that need to be addressed. In this way, you'll build a solid foundation for your annual plan and increase the chances of its successful execution.

3. Build your annual plan

Next, you’ll need to turn your strategy into a detailed roadmap that outlines the steps you’ll take to achieve your annual strategic objectives and goals.

It’s like taking a map from a broad view of the journey to a more detailed look that zooms in on the roads and landmarks you’ll need to follow to reach your destination.

📝Your annual plan should include the following:

🔎 Focus areas: The specific areas of the company or its operations that need improvement.
📌Goals and objectives: Specific outcomes the company wants to achieve in its yearly plan.
📈Measures: Deliverables and KPIs to track progress toward your company’s goals and objectives.
📤Actions: Specific actions or projects to achieve goals and objectives.
😎Owners: Individuals or teams responsible for implementing the actions.
📆Due dates: Specific deadlines and milestones throughout the year.
💰Budget: Allocating the resources to achieve goals and objectives.

👉Here’s how Cascade can help you:

Cascade’s strategic planning feature gives your annual planning process a standardized and structured approach that includes all the key elements for success. It helps you set high-level annual goals, break them down into smaller initiatives, and assign owners to drive accountability.

4. Create tight alignment with your teams

If the leadership team’s job is to set high-level company priorities to frame key strategic initiatives, then it’s up to specific business functions or teams to chart out the path to reach those strategic goals .

The first step in ensuring strategic alignment is to clearly communicate the plan to all employees. This can be done through regular meetings, company-wide presentations, and other forms of communication, such as a central location for your annual plan that is easily accessible to your stakeholders.

The key is to make sure that everyone understands the goals and objectives of the plan and how their work fits into the bigger picture.

With Cascade , you can link your annual strategic plan to individual departmental or team plans in a single source of truth. As a result, it's easier to ensure that everyone in the organization is aligned with the goals and objectives and monitor the progress being made toward those goals.

An example of the Cascade alignment view is where you can see how each plan aligns with the company's annual plan and drill down to evaluate performance.

5. Monitor progress and adjust your plan

Gone are the days of static, set-in-stone strategic plans! It's time to embrace flexibility and be willing to make changes as needed. Your annual plan is a flexible, dynamic roadmap that should be adjusted as circumstances change or new information becomes available. The key is to stay focused on your goals and objectives, and be ready to pivot when needed .

Here are some steps that you can take to monitor the annual plan and adapt as needed:

Set up a system for tracking progress: This can be done using a variety of tools, including spreadsheets, strategy reports , strategic planning software , or status reports .
Establish regular review meetings: These meetings can be weekly, monthly, or quarterly, depending on the needs of your organization. The key is to make sure that progress is regularly reviewed and that any issues are identified and addressed in a timely manner.
Monitor key metrics: Track the most important KPIs that will help you quickly catch underperforming areas and evaluate the success of your annual plan and business strategies.

If you want to be a savvy business leader, you need to always be monitoring progress, the business environment, and adjusting your plans accordingly. So, let's ditch the rigidity and embrace the flexibility of modern strategic planning and strategy execution!

With Cascade’s powerful data visualization, you can connect multiple data sources from spreadsheets, project management tools, or business intelligence tools in a single place. You'll be able to uncover powerful insights and deliver accurate reports to help stakeholders make better decisions.

Plus, Cascade's drill-down capabilities allow you to easily explore and interact with your data to gain deeper insights in real time.

Ready for some serious annual planning made easy-peasy? We've got just the thing for you—our annual planning template ! This bad boy is like your own personal planning sidekick, packed with all the goodies you need to align your teams, monitor performance, and rock this year.

Think of it as a one-stop shop for all your annual planning needs. It’s pre-filled with examples that can guide you through the planning process, or you can customize it with your own information.

It’s a great alternative if you want to get out of messy and ineffective spreadsheets. Plus, it's got a super simple layout, so you won't be bogged down by a bunch of unnecessary features. This template can help, regardless of whether you work at a startup or an enterprise-sized company. And no matter the industry you’re in.

Don't believe us? Give it a try! We guarantee it'll make your annual planning process a whole lot smoother and its execution a whole lot faster. So what are you waiting for?

Sign up for a free forever plan with Cascade, add the annual planning template to your profile, and level up your game. It’s that simple.

👉 Click here to get instant access to your annual planning template.

7 Mistakes To Avoid When Conducting Annual Strategic Planning

Alright, before you dive deep into your yearly planning session, let's talk about the elephant in the room: planning and execution mistakes . In this section, we're diving into some of the most common blunders made during the annual planning process, so you can dodge them like a boss.

Lack of stakeholder engagement: Failing to involve critical stakeholders in the planning process can lead to a siloed plan that doesn’t align with the organization's capacities, needs, and priorities.
Unrealistic goals: Be sure your planning is grounded in your situation's realities and consider your organization's resources, skills, and timelines. This is why it’s crucial that you consult with various stakeholders when planning and executing your strategy. If you need a goal-setting framework, you can check OKRs (Objectives and Key Results). Or take a look at these 5 best strategic planning models to help you set SMART goals.
Lack of flexibility: View your plan as a flexible roadmap, not a rigid set of rules, and be prepared to adapt as the business environment changes. The “perfect plan” doesn’t exist. As 76% of corporate strategy leaders report significant pivots in strategic plans happening more frequently, you need to be ready to expect the unexpected.
Lack of resources: An annual plan that doesn’t consider your team member’s knowledge and skill sets won't result in tangible outcomes. Additionally, ensure that your business has the necessary resources and that your annual plan won’t cause a cash flow crunch.
Inadequate communication: Clear and transparent communication is crucial for success, so communicate plans to all stakeholders and ensure they understand the goals and how they fit into the organization's overall strategy.
Lack of follow-through: Nobody wins if your teams aren’t hitting goals, and your strategy is just a document collecting dust. According to Cascade’s Strategy Report , less than 20% of team members review progress weekly. Set up regular progress reviews and take corrective actions as needed. Ignore this pitfall, and you’ll set your strategy up for failure.
Misalignment between business strategy and team goals: Strategy execution is a team sport, and everyone needs to be on the same page. Share annual business goals with your team leaders and their team members. Let them set their team goals independently, give them feedback, and ensure buy-in early on.

Ready to tackle your annual planning with confidence?

Remember, the key to success is having a clear plan in a single source of truth, organization-wide alignment, and being flexible enough to adapt when necessary.

And as a final reminder, don't forget to check out our annual planning template! It's the perfect tool to help you structure your plan, get your teams aligned with your strategic priorities, and keep track of your progress so you can adapt quickly if needed.

So don't miss out, book a demo with one of our strategy experts or sign up today for free , and let's get started!

6 Steps To Successful Strategy Execution & Best Practices

McKinsey GE Matrix: Importance & How To Use It (2024)

How To Be More Strategic: 7 Tips & Best Practices For Leaders

Red Ocean Vs Blue Ocean Strategy Overview + Examples

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6 steps for operations leaders to build a better annual plan

An effective annual plan is critical to keep your teams, departments, and company together, working toward the same goals.

As an operations leader, you oversee how your organization runs its business. By reviewing how your company performed in the past year, you and your operations teams can identify which strategies worked—and which fell short—to build an effective annual plan designed to maximize the impact of every department.

Here’s what you need to know about building a successful annual plan.

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Annual plans drive clarity and accountability

With an annual plan, departments can start the year off with a strong understanding of the overall vision and how their work contributes to larger business goals. Without an overarching plan, it can be difficult to understand how a specific project or initiative moves the business forward.

Clear goals establish benchmarks for project progress

Your annual plan shouldn’t be a set-it-and-forget-it goal. Rather, periodically check project progress against your annual plan so you can see how your operations teams are doing. Doing this throughout the year will not only give you a sense of how your teams are tracking towards their overall goals—it can also help you understand if they’re ahead or behind schedule, and adjust accordingly.

If you notice that a specific initiative is not on track to meet the strategic goals outlined in your company’s annual plan, you can use this data to pivot and double down on—or divest from—specific initiatives.

Establish concrete goals for a specific time period

The more specific your goal, the more concrete your action plan. Providing detailed and specific goals gives your employees a clear understanding of what work to prioritize and what deliverables they’re responsible for.

Make sure your goals are measurable, as well. Clear KPIs and OKRs demonstrate how tangible work connects back to larger business goals.

6 steps for annual business planning

The annual planning process often takes place near the end of the calendar year or at the end of your company’s fiscal year. As you get closer to annual planning time, consider these six steps of the annual planning process.

1. Reflect on previous strategies—and develop new ones

Before your business can start planning for next year, ask yourself, your stakeholders, and your operations teams: How did we perform against the strategies laid out in last year’s annual plan?

No matter the answer, use these recent data points to steer your decision-making when building your next annual plan. That could mean doubling down on big programs or initiatives born in the last year—or going a different direction entirely.

A well-built annual plan factors in reflection on what did and didn’t work—and improves off of it.

2. Transform your business’s greatest needs into goals

After reflecting on last year’s performance, hone in on the most significant growth and improvement opportunities. Use this for guidance as you construct company- and department-wide goals.

It helps to have a consistent framework for goals across the business, to accelerate the goal-setting process and ensure greater understanding of goals within all corners of the organization.

The exact goal framework you use will depend on your company, but a few good ones to consider are:

The Objectives and Key Results (OKR) method , which helps your business set goals using the framework “I will [objective] as measured by [key result].”

Key Performance Indicators (KPIs) , which use leading and lagging indicators to track how you’re performing towards your goals.

The SMART goals framework , which helps ensure the goals your organization sets are specific, measurable, achievable, realistic, and time-bound.

3. Create an action plan to maximize impact

The next step is to create an action plan for your business to achieve the goals outlined in step three. Your action plan should outline the list of steps your teams need to take to accomplish their goals. Think of an action plan like the map you’ll use to arrive at your final destination.

From there, delegate the work laid out in the action plan to specific teams and departments. Connecting the work that your operations teams complete to larger company goals makes it easier for each team to understand the impact their work has on the business.

4. Ensure the annual plan is everyone’s plan

Not everyone can be involved in building the annual plan for your company—but every team member should feel like their work is seen and accounted for in the plan.

As the annual plan comes together, meet with leaders and employees across the business to ensure varying perspectives and priorities are factored into the final product. This step is critical for getting buy-in and generating excitement across the business.

You don’t want to be in a position where you’re just telling everyone what the annual plan is—you want to bring every department along for the journey and get them excited about what they’re working toward in the coming year. Consider conducting a presentation to not only share the company plan and why this plan matters, but also to outline timelines and how departments will use it to achieve the company’s goals.

5. Execute your strategy, monitor metrics, and adjust as needed

At this point, your organization’s annual plan is completed, but nothing is ever fully set in stone. As the year progresses, make sure you’re continually monitoring success metrics and KPIs. If the results of your strategies are not behaving as you expected them to, it’s important to adjust so your business will still hit the goals outlined in your annual plan.

6. Repeat again for next year

At the end of the year, it’s time to start the process over again. Align with your strategic plan, look back at the past year’s results, and create another plan to achieve those business goals.

What does a good annual plan include?

Effective annual plans should contain components that are essential for completing the work outlined in the plan itself, and context for why this plan will be effective. Here are a few examples of components you would find in an annual plan:

Reports of the previous year’s performance: Your company’s annual plan for the upcoming year should be based on the data from the previous year’s performance. This provides context for your teams as to what they’re capable of doing within one calendar year.

Budget estimates: A common KPI investors track is return on investment (ROI). Knowing how much money different teams are spending makes it easier for your organization to calculate ROI and adjust strategies. Providing budget estimations also gives departments the context they need for the amount of resources they have at their disposal for the year.

Clear and specific goals: Annual plans should use the SMART goal framework so that your company can easily measure progress and report back on it later.

Important milestones: Your business can accomplish a lot of work within one year—but to do that, each department needs to know how they're doing. Milestones operate like checkpoints, giving teams and departments a sense of direction and an idea of how they're pacing against annual goals.

Project buffers and contingency plans: Unexpected things happen all the time, and it’s better to be prepared than caught off guard. Develop a contingency plan for how your organization will get back on track in the event of an unexpected roadblock. Also set aside some resource buffers, such as a small portion of your company’s budget, to accommodate for unexpected expenses.

Gear up for next year

After a year of hard work, it’s time to reflect back and plan for more great things in the future. While annual planning takes time, collaboration, and thoughtful strategy, the efforts show in the form of your business success.

Still have questions? We have answers.

What is annual planning.

Annual planning is the act of developing a strategy for the upcoming year based on the learnings from the current year’s performance. This provides an opportunity for your operations teams to iterate on strategy from the past year and incorporate those learnings into your upcoming plans.

In essence, your annual plan should contain:

The goals your business needs to achieve

A strategy for how your organization will hit those goals

Clear tactics for what each department will work on

Any important milestones that benchmark progress

What’s the difference between annual planning and strategic planning?

Strategic planning and annual planning are both important business planning methods that help set your team's strategy for the future. However, the scale of these planning strategies are different.

Strategic planning is the long-term strategy for your business. This encompasses a basic roadmap of how business should develop within three to five years. You will use your strategic planning process to inform your annual plan.

Annual planning represents all of the goals and strategies that you want your business to achieve, similar to a strategic goal. The main difference here is that an annual plan only encompasses one calendar year, instead of a few years. If you think of it like a pie, annual planning is just one slice of the larger strategic plan pie.

When should your operations teams start annual planning?

Begin your annual planning process during Q4, so you can begin day one of Q1 with your plan in hand. If that’s not an option, do your annual planning as close to the start of the new year as possible.

There are two benefits to planning earlier. First off, you’ll beat the end-of-year crunch, and avoid the stress that traditionally comes with the end of the year. Additionally, if you run an efficient annual planning process with your leadership team, your operations teams will still be free to execute on high-impact projects throughout Q4.

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More From Forbes

How to set effective new year’s goals for 2022.

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Digital marketing expert at NUVEW , helping businesses expand their online presence through custom website design and development & SEO.

Every year, business leaders set goals for the new year. These goals are typically ambitious, and that’s probably true for you as well. Yet how many times have you set a New Year’s resolution just for it to fizzle out after January ends? If your resolutions rarely come to fruition, it’s time to rethink the way you create goals. No matter what your goal is — you want to onboard new clients, decrease turnover, bring new technology into your office, etc. — it’s important to take the right approach.

As you set big goals for next year, make a solid plan so they become a reality. Increase your success with these tips on setting effective goals the right way.

Tangible Goals Means Real Results

A major predictor of a goal’s success is how founded it is in reality. While it’s natural to have big dreams for your company, assess your plans to see how realistic they are based on your current situation.

Whenever you think of the best-case scenario, outline the steps it would take to achieve that. A realistic goal is one grounded in tangible, solid data. Lack of quantification can make your goal — and the path it takes to get there — obscure. Without a clear route, the process is more prone to fall apart.

Setting realistic expectations is a matter of identifying what you want and creating a solid plan. Ultimately, you want to identify the change you’d like to see and create achievable steps to lead you to that goal. You may do this in writing, using a calendar or some other tool that helps you visualize your plan:

1. State what you want to achieve in the simplest terms possible.

2. Identify strengths and weaknesses. What is your current team capable of? How will you overcome any potential pitfalls?

3. Examine your resources. Utilize apps or programs that can help you organize and stay on track. Technology offers many ways to visually see progress in the forms of timetables, charts and reports.

By clearly outlining the goal and your plan, you can transform an intangible idea in your head into a real, obtainable agenda.

Accountability

Starting a goal may feel easy at first, but as the months go on and you encounter obstacles, it can be all too easy to give up. Follow through on your promises. Hold yourself and your employees accountable.

Many times, we drop things when the going gets tough. You need an incentive. The mind needs something to sense as a reward, and these work fine even if they are self-created.

There are a few ways to make sure you stay on track, such as by having an accountability partner. Reporting to another individual holds you accountable for your progress, and vice versa. Another idea is to use visual tools, which physically represent your progress. Whiteboards, magnets, incentive sheets and other visual aids let you see your progress at a glance. You can also make a digital spreadsheet to track progress remotely. These tools make it easier to gauge how far you’ve come — and harder to make excuses.

Follow Approach-Oriented Goals

Before you set off toward your New Year’s goal, be sure you’re getting started with the right footing. Studies show that approach-oriented goals are tied to long-term success, while avoidance-oriented goals can have the opposite of the intended effect. What this means is rather than framing your goal from a negative standpoint, view goals through a positive lens. Consider the wording you use to describe your goal. Instead of telling yourself, “I must accomplish this goal or I will fail,” think of what you can realistically achieve using your current resources. Performance anxiety is real and can cause you to overlook important details, so reviewing your goals and ensuring they are solid is key to success.

This sentiment is true for business goals, too. For instance, let’s imagine a restaurant owner who wants to build an outdoor patio for additional seating, which could boost business and lead to internal growth. Someone with an avoidance-oriented mindset may be afraid to start the project, thinking that failing to grow their restaurant once they have the space to do so would indicate their food is unfavorable compared to competitors. Instead, an approach-oriented mindset focuses on the potential benefits, such as the appeal of eating outdoors on a summer evening. A business leader with the latter mindset is more likely to succeed thanks to positive internal motivation.

Identify Pitfalls

We often think of a new year as a fresh start. As you look at the future with high hopes, don’t forget to turn to the past to see what you’ve learned.

Many times, we learn more in retrospect, so look back to see what ruined your progress. Whether it’s self-sabotage or something not immediately within your control, list pitfalls and build a plan. Identify core causes and eliminate them, or find a workaround if the former isn’t possible. A full assessment can point you toward roadblocks.

What causes you to fail to meet your goals? It could be due to unexpected challenges along the way. For instance, if you tend to overextend your expectations, break the large goal into smaller steps that can be achieved each week or month. Compare long term to short term. What is obtainable now? It’s easy to overshoot and focus on the big picture, but doing so makes it harder to see what needs to be done currently. See what you can do each week, and set small goals rather than one large overarching one.

Set Yourself Up for Success

The start of a new year is a new opportunity. Rather than reserving yourself for another year of failed resolutions, get off on the right footing by thinking critically about your goals. Building a plan prepares you to overcome any rough patches and gives you time to organize. With these tips, you and your team can tackle anything that happens in the upcoming year.

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The Sydney Morning Herald

Small business

Businesses show surprising confidence despite inflation woes

By sumeyya ilanbey, save articles for later.

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A surprising number of Australian companies have indicated they are confident about the state of the economy despite inflationary pressures and high interest rates, which have caused many businesses to collapse in the past 12 months.

National Australia Bank, the country’s largest business bank, interviewed 700 small- and medium-sized enterprises and found 60 per cent planned to invest to grow their business next year – a positive signal for the economy.

Sixty per cent of businesses surveyed by NAB say they plan to grow their business in 2025. Credit: Penny Stephens

“We’re starting to see the emergence of a two-speed economy,” said Krissie Jones, NAB’s executive general manager for small business in her first interview since taking over the role a month ago.

“Some businesses are thriving, some businesses are struggling, but there’s a positive sentiment. The Australian economy, whilst it has been challenged, is really resilient and really impressively. These small business customers can adapt quickly.”

Although the economy is sluggish, with corporate insolvency rates in the last financial year jumping 40 per cent, inflation remaining sticky, interest rates staying high and unemployment slowly rising, business confidence is starting to grow, according to both NAB and the Commonwealth Bank of Australia.

Michael Vacy-Lyle, CBA’s head of business banking, said while retail and hospitality businesses were still struggling, companies with a turnover of between $5 million and $50 million were “very robust”.

“We need to remember they went into this cycle with very healthy balance sheets, a lot of cash deposits, very low gearings of debt,” Vacy-Lyle said. “They’re using their cash balances to support working capital and have started to borrow again. We’re honestly seeing some of the strongest pipelines of lending in that [cohort] we’ve ever seen.”

NAB’s business insights survey shows plans to step up investment was strongest in Queensland and Victoria, driven by the finance and insurance industries, as well as property and business services.

Jones said while businesses continued to find economic conditions difficult, they could see light at the end of the tunnel and were making plans to “springboard for that growth”.

Almost two-thirds of businesses planning to grow were looking to invest in hiring, retaining and training staff, with many focused on the latter two. With unemployment rising to 4.2 per cent in July and expected to peak at 4.6 per cent, according to NAB, employers were still expressing a desire to retain staff.

Dean Pearson, the head of behavioural and industry economics at NAB, said organisations were more likely to cut employees’ hours than making them redundant, fuelling concerns of rising underemployment.

“There’s no doubt that when unemployment rises, job mobility will be slow,” Pearson said. “They’ll be more concerned about keeping their job, and that gives employers more bargaining power that was diluted during the pandemic [when many employees were switching jobs and companies].”

NAB reported equipment finance to small business was up 11 per cent on the June quarter, while CBA this month said its lending balance in the 2024 financial year grew 11 per cent to $145 billion.

CBA’s business bank posted a cash profit of $3.8 billion, up 4 per cent. NAB will release its full-year results in November.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning .

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What We Know About Kamala Harris’s $5 Trillion Tax Plan So Far

The vice president supports the tax increases proposed by the Biden White House, according to her campaign.

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Kamala Harris, in a lavender blazer, speaking into two mics at a lectern with a crowd of people seated behind her.

By Andrew Duehren

Reporting from Washington

In a campaign otherwise light on policy specifics, Vice President Kamala Harris this week quietly rolled out her most detailed, far-ranging proposal yet: nearly $5 trillion in tax increases over a decade.

That’s how much more revenue the federal government would raise if it adopted a number of tax increases that President Biden proposed in the spring . Ms. Harris’s campaign said this week that she supported those tax hikes, which were thoroughly laid out in the most recent federal budget plan prepared by the Biden administration.

No one making less than $400,000 a year would see their taxes go up under the plan. Instead, Ms. Harris is seeking to significantly raise taxes on the wealthiest Americans and large corporations. Congress has previously rejected many of these tax ideas, even when Democrats controlled both chambers.

While tax policy is right now a subplot in a turbulent presidential campaign, it will be a primary policy issue in Washington next year. The next president will have to work with Congress to address the tax cuts Donald J. Trump signed into law in 2017. Many of those tax cuts expire after 2025, meaning millions of Americans will see their taxes go up if lawmakers don’t reach a deal next year.

Here’s an overview of what we now know — and still don’t know — about the Democratic nominee’s views on taxes.

Higher taxes on corporations

The most recent White House budget includes several proposals that would raise taxes on large corporations . Chief among them is raising the corporate tax rate to 28 percent from 21 percent, a step that the Treasury Department estimated could bring in $1.3 trillion in revenue over the next 10 years.

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Understanding Tax Planning for Business Startups

As a business startup, traversing the complex landscape of tax planning can be a formidable task. With numerous regulations and laws to comply with, it's easy to get overwhelmed. However, understanding tax planning is vital for startups, as it directly impacts their financial performance and overall success. By grasping the fundamentals of tax obligations, business structure, and funding options, startups can minimize tax liabilities and optimize deductions. But, where do you start?

Table of Contents

Understanding Business Tax Obligations

Every business entity, regardless of its size or structure, is obligated to comply with relevant tax laws and regulations, which necessitates a thorough understanding of its tax obligations to avoid potential penalties and maintain superior financial performance. Failure to comply can result in severe consequences, including fines, penalties, and even criminal prosecution. It is vital for businesses to familiarize themselves with the tax laws and regulations governing their operations, guaranteeing accurate and timely filing of tax returns and payment of taxes due.

The Tax Authority is responsible for enforcing tax laws and regulations, and it is imperative for businesses to maintain open and transparent communication with the authority to avoid any potential disputes or issues. Regular tax audits are conducted by the Tax Authority to verify compliance, and businesses must be prepared to provide accurate and complete documentation to support their tax returns. A thorough understanding of tax obligations and compliance with tax laws and regulations is vital for businesses to avoid potential penalties and maintain a positive financial standing.

Choosing the Right Business Structure

The selection of a suitable business structure is a critical decision that can substantially impact a company's tax obligations, liability, and overall financial performance. This decision is a crucial aspect of entity formation, as it determines the type of taxes owed, the level of liability protection, and the ease of ownership transfer. When choosing a business structure, startups should consider their specific needs and goals, as well as the level of structural flexibility required.


Sole Proprietorship	Pass-through taxation	Limited
Partnership	Pass-through taxation	Varies
Corporation	Double taxation	High

A sole proprietorship, for instance, offers pass-through taxation but limited liability protection. A corporation, on the other hand, provides high liability protection but is subject to double taxation. By carefully evaluating these factors, startups can select a business structure that aligns with their objectives and minimizes tax liabilities. Ultimately, choosing the right business structure is essential for ensuring long-term financial success and structural flexibility.

Tax Implications of Funding Options

Businesses must also consider the tax implications of their funding options, as the choice of financing can substantially impact their tax obligations and overall financial performance. The type of funding chosen can affect the business's tax liabilities, cash flow, and ultimately, its profitability. For instance, equity financing through Venture Capital or Angel Investors can result in tax-efficient structures, such as pass-through entities, which can minimize tax liabilities.

However, debt financing through loans or credit can lead to tax-deductible interest expenses, but may also increase the business's taxable income. To navigate these complexities, startups should consider the following key factors:

Tax treatment of funding : How will the funding option affect the business's taxable income and tax liabilities?
Entity structure : Will the funding option impact the choice of entity structure, such as a C corporation or pass-through entity?
Cash flow implications : How will the funding option affect the business's cash flow and ability to meet its tax obligations?

Claiming Business Expenses and Deductions

In order to minimize their tax liabilities and optimize profitability, entrepreneurs must accurately identify and claim all eligible business expenses and deductions. Effective expense tracking and deduction strategies are essential in this process. By claiming legitimate business expenses, startups can reduce their taxable income, resulting in lower tax liabilities.


Office Expenses	Stationery, rent, utilities	Claim as operating expenses
Travel Expenses	Flights, accommodation, meals	Keep receipts and logbooks
Equipment Expenses	Computers, software, machinery	Depreciate over time
Professional Fees	Legal, accounting, consulting	Claim as operating expenses

Managing Payroll Taxes and Compliance

When managing payroll taxes and compliance, businesses must prioritize accuracy and timeliness to avoid penalties and maintain smooth operations. This involves fulfilling payroll tax obligations, meeting compliance requirements, and adhering to tax filing deadlines. By doing so, businesses can maintain a clean tax record, avoid costly mistakes, and focus on growth and development.

Payroll Tax Obligations

Every employer is responsible for accurately calculating, withholding, and remitting payroll taxes to avoid penalties and maintain compliance with federal and state regulations. Failure to comply can result in severe consequences, including fines, penalties, and even criminal prosecution. As a business startup, it is vital to understand payroll tax obligations to guarantee seamless operations and avoid legal issues.

Payroll taxes include federal income taxes, Social Security taxes, and Medicare taxes. Employers must also consider state and local taxes, which vary depending on the location. To maintain compliance, employers should:

Accurately calculate tax rates : Understand the current tax rates and guarantee accurate calculations to avoid under or overpayment.
Withhold taxes correctly : Withhold the correct amount of taxes from employee wages and salaries.
Remit taxes on time : Timely remit withheld taxes to the relevant authorities to avoid penalties and interest.

Benefits administration is also a vital aspect of payroll tax obligations. Employers must accurately report and manage employee benefits, such as health insurance, retirement plans, and other fringe benefits. By understanding payroll tax obligations, business startups can guarantee compliance and avoid costly mistakes.

Compliance Requirements Met

Effective payroll tax management necessitates a thorough understanding of compliance requirements, including timely filing of tax returns, accurate reporting of employee earnings, and prompt payment of taxes due. To maintain compliance, businesses must keep accurate and detailed records, including employee data, payroll transactions, and tax payments. This record keeping is crucial for audit preparedness, as it allows businesses to easily retrieve and provide necessary documentation in the event of an audit.


Timely Filing of Tax Returns	File tax returns on time to avoid penalties and interest
Accurate Reporting of Employee Earnings	Report employee earnings accurately to guarantee correct tax withholding
Prompt Payment of Taxes Due	Pay taxes due on time to avoid penalties and interest
Record Keeping	Maintain accurate and detailed records of employee data, payroll transactions, and tax payments

| Audit Preparedness | Guarantee readiness for audits by maintaining organized and easily retrievable records

Tax Filing Deadlines

Six critical tax filing deadlines dictate the payroll tax management calendar, guaranteeing businesses stay compliant with federal and state regulations. Missing these deadlines can lead to penalties, fines, and even legal action. A well-planned tax calendar helps businesses stay on track and avoid costly mistakes.

To facilitate timely filing, businesses should mark the following deadlines on their tax calendar:

January 31 : Deadline for submitting Form W-2 to employees and Form 1099 to independent contractors.
April 30 : Deadline for filing Form 941, Employer's Quarterly Federal Tax Return, for the first quarter.
October 31 : Deadline for filing Form 941 for the third quarter.

Additionally, businesses should be aware of the option to file for extensions in case of unforeseen circumstances. Filing Extensions can provide an additional 30-90 days to file tax returns, giving businesses a buffer to manage their tax obligations. By understanding these critical deadlines and incorporating them into their tax calendar, businesses can guarantee compliance and avoid costly penalties.

Minimizing Tax Liability Strategies

By implementing effective tax planning strategies, businesses can substantially reduce their tax liability and allocate more resources to core operations and growth initiatives. One approach is to leverage tax havens, which are jurisdictions with lower or no tax rates, to minimize tax liability. This can be achieved by setting up subsidiaries or branches in these jurisdictions, allowing businesses to take advantage of more favorable tax regimes. Another strategy is entity consolidation, which involves combining multiple business entities into a single entity, thereby reducing tax liabilities and simplifying tax compliance. This approach can help eliminate inter-company transactions, reduce tax rates, and increase flexibility in tax planning. Additionally, entity consolidation can facilitate more efficient use of tax losses and credits, further minimizing tax liability. By adopting these strategies, businesses can optimize their tax structure and allocate more resources to driving growth and profitability. Effective tax planning is crucial for startups looking to amplify their financial performance and achieve long-term success.

Year-Round Tax Planning Essentials

Effective year-round tax planning requires a proactive approach to guarantee ongoing tax compliance and mitigate potential penalties. Quarterly estimated payments are a critical component of this strategy, as they enable businesses to manage their tax obligations throughout the year rather than facing a large bill at tax time. By prioritizing these vital tasks, business owners can optimize their tax position and maintain financial stability.

Ongoing Tax Compliance

Maintaining ongoing tax compliance is a critical component of year-round tax planning, as it enables businesses to proactively identify and address potential tax liabilities, optimize tax savings, and avoid costly penalties and interest. By staying on top of tax obligations, startups can minimize the risk of a tax audit and ensure they are taking advantage of all available deductions and credits.

To ensure ongoing tax compliance, businesses should:

Maintain a compliance calendar : A calendar that tracks key tax filing deadlines, payment due dates, and other important tax-related milestones.
Keep accurate and detailed records : Accurate and detailed records are essential for preparing tax returns, responding to audits, and identifying areas for tax savings.
Stay informed about tax law changes : Tax laws and regulations are constantly changing, and businesses must stay informed to ensure they are in compliance with all applicable laws and regulations.

Quarterly Estimated Payments

Making timely quarterly estimated payments is a crucial aspect of year-round tax planning, as it enables businesses to avoid penalties and interest associated with underpayment of taxes. The IRS requires businesses to make quarterly estimated tax payments if they expect to owe more than $1,000 in taxes for the year. These payments are due on April 15, June 15, September 15, and January 15 of the following year.

To guarantee timely payments, businesses should establish a payment schedule that aligns with their cash flow. This involves estimating their tax liability based on their current income and projected earnings. By setting aside funds for taxes on a regular basis, businesses can avoid cash flow constraints and reduce the risk of underpayment penalties. A well-planned payment schedule can also help businesses avoid last-minute scrambles to gather funds, reducing financial stress and uncertainty. By prioritizing quarterly estimated payments, businesses can maintain a healthy cash flow, minimize tax liabilities, and focus on growth and development.

Frequently Asked Questions

Can i deduct business expenses from my personal tax return?.

As a self-employed individual, you can deduct business expenses on Schedule C, not on your personal tax return. Instead, claim itemized deductions on Schedule 1, ensuring accurate separation of personal and business expenses for maximum tax savings.

How Do I Handle Tax Implications of International Business Operations?

When conducting international business operations, entities must navigate complex tax implications. Foreign Entities engaged in Digital Commerce must consider territorial tax regimes, withholding taxes, and transfer pricing to guarantee compliance and minimize tax liabilities.

What Are the Tax Consequences of Converting a Hobby to a Business?

When converting a hobby to a business, tax consequences arise. Seek a Tax Professional to determine the suitable Business Entity structure, ensuring proper income reporting, expense deductions, and potential self-employment tax implications.

Can I Set up a Tax-Deferred Retirement Plan for My Business?

As a business owner, you can establish a tax-deferred retirement plan, such as a Solo 401k, allowing you to contribute up to 20% of net self-employment income, providing a flexible and advantageous Retirement Option for your future financial security.

How Do I Correct Errors on Previously Filed Business Tax Returns?

To correct errors on previously filed business tax returns, initiate the Amendment Process by filing Form 1040X or 1120X, depending on entity type, and conduct Prior Year Reviews to identify and rectify discrepancies, ensuring accuracy and compliance.

New parents could get $6,000 for the first year of their child's life and a restored child tax credit under Kamala Harris' economic plan

Vice President Kamala Harris released economic proposals ahead of a North Carolina campaign speech.
They include a $6,000 credit for new parents in their child's first year.
She also proposed restoring the child tax credit, which has faced GOP opposition in Congress.

Vice President Kamala Harris has a new plan to cut taxes for parents and working families.

Ahead of Harris' speech in North Carolina on Friday, her campaign released details of her economic policy platform going into the election. The proposals are aimed at lowering housing and renting costs, helping states cancel medical debt , implementing a federal ban on price gouging , and cutting taxes for Americans.

They include restoring the enhanced child tax credit — which was hiked to $3,600 per child under the American Rescue Plan in 2021 — and instituting a new credit for young families.

Per Harris-Walz campaign officials, Harris' proposal includes a $6,000 credit for middle- and lower-income families with children in their first year of life; a fact sheet says this period may be costly for families who have to forfeit pay to take time off to care for newborns.

As a campaign official noted, Harris has also expressed support for paid leave in campaign remarks . The US is the sole country in the Organization for Economic Cooperation and Development with no paid leave.

The fact sheet said Harris and her vice-presidential pick, Tim Walz, "fulfill their commitment to fiscal responsibility, including by asking the wealthiest Americans and largest corporations to pay their fair share—steps that will allow us to make necessary investments in the middle class, while also reducing the deficit and strengthening our fiscal health."

UMaine News

Molly Graham: Helping new Black Bears bridge the gap between high school and college

Molly Graham put the Girl Scout motto “Be Prepared” to work this summer as she helped plan the 2024 Business Bridge Week for incoming first-year students.

A lifelong member of the Girl Scouts, Graham credits the organization with her drive and passion to help others. “Be a sister to every Girl Scout” is the message she lives by. It was during a Girl Scout leadership conference at the University of Maine when she decided she wanted to study finance. As a ninth grader, she met women leaders from all industries and particularly enjoyed learning about being a financial advisor.

“I was inspired by how the speaker volunteered her time to give back to her community,” Graham said. “She taught financial skills pro bono to help others. That’s what I want to do. I want a career that is forward facing, helps people and fosters relationships.”

As a first-generation college student from Lincoln, Maine, Graham is proud to be on the road to becoming the first in her family to earn a college degree. She has spent her summer before her sophomore year working full time for the Maine Business School. She is one of two students who worked alongside staff to plan and execute New Student Orientation and Business Bridge Week.

A mandatory orientation, Business Bridge Week is designed for incoming first-year business students. The six-day event kicks off the week before classes start and is tailored to ease the transition to college by helping new students acclimate to campus and build meaningful connections with their peers, faculty and staff.

Graham, who participated in Business Bridge Week last year, is thrilled to have the opportunity to make the event impactful for new MBS students.

“Bridge Week was amazing for me,” she said. “I was terrified to go to college. My parents and I had no idea how to navigate the transition from high school to college. It was incredibly stressful. If it wasn’t for bridge week and the MBS community, I probably would have dropped out of school.”

Instead, Graham thrived during her first year with MBS. Bridge Week gave her the space, time and confidence to realize she didn’t need to have all the answers the second she stepped foot on campus. She participated in all the Bridge Week programming, meeting a multitude of students each day. She took advantage of the MBS Mini Organization Fair to sign up for three student organizations and made lifelong memories careening down the Penobscot River in a whitewater raft.

Graham also made meaningful relationships with MBS staff and the MBS Student Ambassadors who lead Bridge Week orientation. She was inspired by the ambassadors, who led social and academic events held in the Business Living Learning Community (LLC) in Somerset Hall. She applied and was accepted to be an MBS Ambassador during her second semester at UMaine.

“These older students became my mentors,” she said. “I want to be that person for someone else.”

Graham is also part of Team Maine, a leadership team that works exclusively with Enrollment Management in recruiting the next class of Black Bears. The majority of first-year business students live in the Business LLC, and Graham was no exception.

“I loved living in the LLC!” she said. “That’s why I decided to be a resident assistant during my sophomore year.”

She will also be a peer leader, directing first-year students during the Friday cohort sessions of their Intro to Business class. All first-year students are enrolled in the course in their first semester. They attend lectures on Mondays and Wednesdays and are split into small cohorts led by MBS Peer Leaders on Fridays. Their goal is to practice real-world business concepts and solve problems using the principles they’re learning in their lectures.

Graham said she looks forward to welcoming the new business students and seeing all of her hard work come to fruition.

“The Maine Business School is all about community. Bridge Week is all about making new friends and getting comfortable with campus. That’s the reason I decided to come to UMaine. I want to help these new students expand their community and feel welcomed like I did,” she said.

Incoming students are bound to run into Graham at some point during their first year at UMaine. That could be at Bridge Week, in their Intro to Business cohort, in the MBS Student Success Center, in their residence hall as she leads programming or in the Alfond Arena cheering on the Men’s Hockey Team. They may also see her at the American Marketing Association, MBS Corps or SPIFFY (Student Portfolio Investment Fund).

Her advice to incoming first-year students is simple: get involved. She took advantage of all the personal and professional development opportunities MBS had to offer, including the Bear Treks trip to Bangor and Boston, getting her professional headshot taken and interviewing for the on-campus employment opportunities that sparked her passions.

“Don’t be afraid to just show up and try something new,” she said. “There are opportunities all around you — don’t wait for a personal invitation. Just show up!”

Contact: Melanie Brooks, [email protected]

UMaine Today Magazine
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How to Create a Profitable Annual Business Plan [+Free Template]

What is an annual business plan?

Why is annual business planning important?

You can measure your success.

You can reflect on the past and plan ahead.

You’ll define your business goals.

You can impress your boss.

Annual Business Plan Template

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5 Steps to Make a Business Plan for the New Year

Step 1: Decide What Your Plan For the New Year MUST Include

Step 2: Put Your “Heck Yeses” on Your Plan for the New Year First

Step 3: The Best Way to Plan is to be as Detailed as Possible

Step 4: What Every Business Plan for the New Year Should Include

Step 5: Take Massive Action to See Your Plan Through

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