What are the 4 types of business plans?

Operations Management

Motivational speaker for CEOs Mack Story stated on LinkedIn that operational strategies are about how things should proceed. There are established guidelines for completing the mission.

This kind of planning often outlines how the business is run on a daily basis. Operational plans are frequently referred to as ongoing or single-use plans. Plans for one-time events and activities are called single usage plans (such as a single marketing campaign). Ongoing plans comprise policies for tackling issues, rules for particular laws, and procedures for a step-by-step process for achieving specific goals.

Planning Strategically

"Strategic plans are all about why things need to happen." It involves long-term, big-picture thinking. Casting a vision and establishing a mission are the initial steps at the highest level.

A high-level perspective of the entire company is a component of strategic planning. It serves as the organization's fundamental framework and will guide long-term choices. The time frame for strategic planning can range from the subsequent two years to the following ten years. A strategic plan should include a vision, purpose, and values statement.

Planning for emergencies

When something unexpected occurs or a change is required, contingency plans are created. These plans are sometimes referred to as a particular kind of planning by business experts.

Planning for contingencies might be useful in situations where a change is necessary. Although managers should account for changes when engaging in any of the major planning activities, contingency planning is crucial in situations where changes cannot be anticipated. Contingency planning becomes more crucial to engage in and comprehend as the business environment becomes more complex.

Feasibility Business Plans

Two key considerations concerning a potential business endeavor are addressed by a feasibility business plan: who, if anyone, will buy the service or product a company wishes to market, and can the venture be profitable. Feasibility business plans often have sections detailing the need for the product or service, the target market, and the necessary funding. A feasibility plan concludes with suggestions for the future.