writing service plan

How to Write a Good Service Plan in Case Management

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The Purpose of Contingency Planning

Starting a career counseling business, goals & objectives of senior care management care plans.

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Children and adults in crises rely on social workers to help them solve problems and cope with everyday living situations. Social workers create a case for each new client and develop a plan of services needed by the client. Case management duties fall to social workers in a variety of settings ranging from healthcare facilities and schools to government agencies. An effective service plan is a critical component of case management and can make a significant difference in the lives of your clients.

Start With a Thorough Interview

The more information you can get from your clients, the more in-depth your service plan can be. You’ll understand the needs of your client best when you uncover your clients' strengths and weaknesses, get a complete history and learn the details of the current situation. Your clients should participate in the service plan creation, and being open and forthcoming in the initial interviews plays a significant role in that involvement.

Develop Intermediate and Long-Term Goals

An effective service plan works backward in that you first write the goals of the plan and then fill in the services that will allow your client to reach those goals. For example, if permanent housing is one of your goals, you’ll first need to identify income sources and arrange for temporary shelter, which could serve as an intermediate goal. As you strive to fulfill the final goal, you’ll fill in the plan with other steps such as attaining job training and employment or setting up your client on a waiting list for public housing.

Build Concurrent Plans

Along with solving the immediate problem and building steps to achieve the goals you’ve created, you should be aware of concurrent themes that must be addressed in the service plan. For example, if addiction is an underlying cause of the homelessness you’re addressing, then substance abuse treatment may be in order. If mental health issues arise in your evaluations, you may need to build in counseling or medical interventions as part of the complete service plan to prevent future problems.

Create Definitive Steps for Implementation

A thorough service plan is built of many steps that you and your client have identified as vital to success. Write each step in the plan and engage the client in the implementation of each step with timelines and results recorded for each step. For example, forms and applications for aid may be required to apply for various services you’ve identified as vital. Your service plan may provide a week for the client to obtain and turn in those forms. Appointments must be made and kept, all duly noted in the service plan. Include instructions for the client in the plan as well as which steps you will assist in completing.

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Linda Ray is an award-winning journalist with more than 20 years reporting experience. She's covered business for newspapers and magazines, including the "Greenville News," "Success Magazine" and "American City Business Journals." Ray holds a journalism degree and teaches writing, career development and an FDIC course called "Money Smart."

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How to Write a Good Service Plan in Case Management

by Kenya Lucas

Published on 1 Jan 2021

Many small businesses offer case management in their everyday work -- such as community-based health clinics and private senior facilities. No matter your company’s focus, case management involves several key activities, including assessing clients’ needs and strengths, creating a service plan and monitoring individuals as they make progress toward goals. Good service plans are clear, concise, individualized and coordinated with clients, other staff members and external partners. Review and update all plans on a regular basis.

Listing Client Information

A service plan begins with identifying information for a client. List her first, middle and last name -- confirming all spellings. Contact data, such as her address and telephone number, may be separately filed. Add additional information to the service plan that allows you to uniquely track each case. In this way, for example, you avoid duplicate plans for people who have the same name. One option is to enter the client’s Social Security number -- which might also be needed for administrative purposes. Another is to use an arbitrary identification number.

Outlining Goals and Objectives

This section addresses all of the issues a client presents to you. Translate these needs and challenges into goals he can achieve with the support of your services. Draw from the client’s language whenever possible. For instance, he presents the issue, “I get anxious all of the time.” You go on to ask him what he would like to accomplish by addressing his anxiety. His response is, “I’ll be able to finish the things I start -- I won’t use fear as an excuse to give up on commitments so easily.” You therefore list the goal: “Decrease anxiety to allow me to complete more commitments.” Go on to list measurable objectives such as: “Volunteer for one agency activity, devoting at least two hours per week over a three-month period.”

Specifying Actions

Add a section to your service plan that specifies actions to pursue all goals. This information commonly appears in a table or grid format. Each activity is associated with a goal – though a goal may have more than one activity. Briefly and simply state the activity. Note a target date, responsible party and progress or outcomes. A sample activity is: “Enroll in a smoking-cessation program.” A deadline of “Feb.15, 2014” is set. The responsible party is “Jim Taylor.” Progress is noted as “Jim came to our Jan. 15 meeting with a printout of possible programs from his online research. We identified the most convenient options. I will also investigate referrals.”

Signing and Dating

It’s important to have all relevant parties sign and date a service plan. This not only creates client buy-in but executes the plan from an administrative standpoint. In some cases, a person who has legal authority on behalf of your client will sign the document. Your signature, as case manager, is required. A supervisor’s signature is also standard to ensure oversight. Add a note to the plan if a client, or her legal guardian, refuses to sign.

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How to Create a Customer Service Plan

Digital library > defining and serving a market > customer service, “how to create a customer service plan”.

The fight for market share grows ever fiercer. How can you win and keep customers when the price wars never end? Provide better service! To do it most effectively, you’ll need a plan.

What is Customer Service?

"As the Interactive Age arrives, every enterprise will have to learn how to treat different customers differently." — Enterprise One To One , by Don Peppers and Martha Rogers (Currency Doubleday, 1997).

How does your company meet a customer’s needs?

If you started a business 10 years ago, you’d probably give an indirect answer. You might say that by gaining market share and managing sales and distribution, you could satisfy your customers. If buyers’ needs were met, your business would presumably grow and prosper.

Today, however, meeting the needs and expectations of customers requires that you know your customers — as individuals. That means consistently collecting their input, removing barriers to communicate with them, and taking steps to foster a long-term relationship with them rather than just a limited, transactional one. If potential customers grow overwhelmed, confused, or simply can’t find what they want, your high level of service is the "ace in the hole" that’ll keep them from fleeing.

In creating and evaluating your customer service plan, avoid too much internal analysis. Instead, defer to customers’ perceptions of efficiency, responsiveness, and courtesy. Your own hunches, biases, or interpretations shouldn’t interfere with the unfiltered knowledge that your customers can provide. They are your ultimate judges.

Customer Service as a Competitive Advantage

With even small businesses investing heavily in technology — from database software to Web site development — traditional feature and cost advantages no longer provide a sustainable competitive advantage. More fast-growth companies are focusing on quality of service to distinguish themselves from the rest. They are talking to their customers to determine what’s important to them and how they can further add value. Smart companies now strive to be an extension of their customers, thereby fostering more loyal buyers who’re less apt to change vendors.

Benefits of an Effective Customer Service Initiative

Here’s how you and your business can benefit from a customer service plan:

5 STEPS TO CREATE YOUR CUSTOMER SERVICE PLAN [ top ]

While there’s no single blueprint for an effective customer service program, here are fivesteps that you can take:

Step 1: Assess Your Customer Service Quotient

In order to establish an effective customer service plan, you need a starting point. Use this self-assessment to map out your strategy. For each statement, rate your business based on the following scale:

        1—Are you kidding?         2—Hardly ever         3—Sometimes         4—Usually         5—It’s our way of life!

Source: Adapted from Forum Corporation’s Self-Test for a Customer-Driven Company

Now evaluate how well your organization focuses on customer satisfaction. Low scores suggest opportunities for improvement.

Step 2: Understand Your Customers’ Requirements

Sources of Customer Information

Once you launch a business, you might assume you know your customers’ requirements. You figure that your company’s small size lets you stay close to your buyers. But as you grow, you may need to conduct a more thorough analysis. Here’s how to tell:

If you answered no to any of these questions, that shows you may want to gathercustomer information more aggressively. Here’s where to look:

Surveys and focus groups are popular methods for gathering information oncustomer needs. Surveys are written questions given to individuals; focus groupsare oral questions posed to groups. A broad questionnaire or focus group maygive you lots of information, but you need to devise clear objectives from theoutset so that you’re ready to act on what you learn.

As you review your internal data, your employees’ input, and the feedback you collect from vendors, identify the top three customer service issues that arise and compare them with the top three questions, comments, or complaints you’ve heard directly from your buyers. Do you find any overlap? Any surprises?

The Best Kind of Data

More is not necessarily better when it comes to customer data, but getting the right information is critical. Seek these elements in the data you measure:

Step 3: Create Your Customer Vision and Service Policies

When a Washington Post reporter returned from the 1999 PhoCusWright conference on the Internet travel business, he wrote about his experience watching a panel of 12 executives who run big online travel sites. When these CEOs were asked to declare his or her company’s "key distinguishing asset," only two of the 12 mentioned something they deliver to customers.

That’s a stark reminder of how few Internet executives understand and appreciate the role of the customer. An effective customer service plan must be built on a customer-centered vision for your company.

A vision consists of a vivid picture of an ambitious, desirable future state that’s linked to the customer and improves on the status quo in some important way, according to Richard Whiteley, an author and management consultant.

Your vision is what you want your company to become, what you want it "to grow up to be." A client-centered vision takes its direction from the customer and performs two critical functions:

When you craft a vision that spells out what the company seeks to become, you guide all your employees to make better decisions. After all, an employee who knows where the business is headed will probably make more effective decisions that reinforce that goal.

How do you create a vision? It’s easy. Vision statements need not be elaborate. Two examples:

Keep your vision concise. The shorter, the better. That helps you reduce the odds of misunderstanding. In their startup excitement, many entrepreneurs mistakenly write wordy paragraphs that run so long, no one really knows what the vision really means.

When creating a vision, you must decide how you want your company to evolve overtime. Use this exercise to "see" the future:

  Customer-friendly Policies

Clear, straightforward customer-friendly policies should accompany your vision. While some bigger, bureaucratic companies use their policies as a weapon ("I’m sorry, Mr. Customer, but that’s our rule"), entrepreneurial firms can and should show more flexibility to please buyers.

Some well-intentioned entrepreneurs fall into the trap of adopting policies that clash with customer needs and expectations. If you left a job at a large organization, for example, you may enact certain rules or safeguards in your new business because "that’s the way I’ve done it before."

Take an inventory of your company’s policies. Do they facilitate customer satisfaction or do they only erect barriers and cause customer frustration? If you’re having difficulty identifying these "unfriendly" policies, review your customers’ comments and complaints.

A quick scan of the feedback will direct you to some of the most troublesome policies. Reassess whether such rules are necessary. What would happen if you eliminated such policies? As long as such a move wouldn’t jeopardize legal compliance or cause some other severe problem, then toss it out!

In some cases, you’ll discover some necessary policies that your customers may not like, but that you’re legally bound to keep in force. You can’t do much about these except make them as "friendly" as possible. For instance, if you’re cleaning health-care facilities, and your insurance company restricts you from disposing of certain medical wastes, let your customers know.

At the same time, investigate if there’s a compromise you can make, such as disposing of the waste once it has been properly contained.

Meanwhile, keep your "friendly" necessary policies and strengthen them, if possible. Use customer-friendly policies as a competitive edge to retain your current customers and attract new ones.

Step 4: Deal Effectively With Your Customers

Once you’ve established your customer-centered vision and created customer-friendly policies, you’re ready to sharpen your skills in dealing with your customers. These skills can be segregated into two areas: communication skills and problem-solving skills.

Communication Skills

How you communicate to your customers is just as important as what you say. Follow these guidelines:

Every time a customer interacts with your company, the message should beconsistent: you want to provide top service. If a customer calls and gets lostresponding to dozens of touch-tone commands (think of the I.R.S. help line), youmust simplify the system. Testing a customer’s patience gives them a reason toleave and never return.

It all begins with the proper mind-set: A customer-focused organization is not in business to deliver a product or service, but to enable people to enjoy the benefits of its product or service. A temporary employment agency is in business not to fill job vacancies with temporary personnel, but to help their customers enjoy the benefits that their service provides — immediate placement of highly-skilled individuals. It’s a subtle but vital difference.

Here are some questions you can ask customers to show your eagerness to help:

To ensure you communicate effectively with customers, list three specific stepsyou and your employees can take to improve in each of these areas:

Build rapport with customers:

Show appreciation:

Seek ways to help customers:

Listen attentively:

Establish a long-term relationship:

Problem-solving Skills

Your customer service plan should include guidelines for your employees to problem-solve. When you take responsibility for a snafu, you can turn a negative customer into a raving fan. Studies show that if a problem is resolved quickly, 98 percent of your customers will buy again and even tell others of their positive experience.

But the longer the problem drags on, the more frustrated a customer becomes. So how do you address problems quickly? Use this four-step process:

Gather the facts. Let the customer speak without interrupting. Listen withoutgetting defensive. Repeat your understanding of the problem to ensure you’ve gotit right. Examples:

After you understand the problem, you’re ready to identify what triggered it. First, find out what actions the customer took. Then review with the customer what should have happened had everything run smoothly. Conclude by isolating what went wrong.

Before you suggest possible solutions, ask your customer for ideas. You maylearn exactly what you need to do to fix everything. Agree on a course of actionby hashing out options and working together to finalize the best one.

Step 5: Educate Your Staff

Now that you’ve learned to assess your customer service quotient, understand your customers’ requirements, create a customer-centered vision, and communicate well with customers, you need to educate your staff on how to carry out your customer service plan.

This involves two steps: communicate and train.

Don’t make this the only time that you talk to your staff about the importance of customers. Work it into your everyday management of the business.

THE FINAL PIECE OF YOUR CUSTOMER SERVICE PLAN [ top ]

When finalizing your plan, step into your customer’s shoes. Imagine what it’s like for a buyer who does business with your company.

Like an airline pilot preparing for take off, create a checklist so that you can confirm you’re ready to "fly right" and provide the kind of positive experience that will please your customers.

Here’s an example:

RESOURCES [ top ]

Sprint’s Customer Service Plan Pro software walks you through the steps to create a customer service plan.

Market-Based Management: Strategies for Growing Customer Value and Profitability , 3rd edition, by Roger J. Best. (Prentice Hall, 2002).

What Customers Value Most: How to Achieve Business Transformation by Focusing on Processes That Touch Your Customers by Stanley A. Brown. (John Wiley & Sons, 1996).

Enterprise One to One: Tools for Competing in the Interactive Age by Don Peppers and Martha Rogers, Ph.D. (Doubleday, 1999).

Customers.Com: How to Create a Profitable Business Strategy for the Internet & Beyond by Patricia B. Seybold. (Times Books, 1998).

The Customer Driven Company: Moving from Talk to Action by Richard C. Whiteley. (Perseus, 2000).

Best Practices in Customer Service by Ron Zemke and John A. Woods. (AMACOM, 1999).

--> Web sites

" Developing Effective Customer Access Strategy ," by Brad Cleveland. Customer Interface 15:10 (November-December, 2002), 16+.

" Make No Mistake? " by Michael Schrage. Fortune 144:13 (December 24, 2001), 184.

" Cleaning Up the Customer Experience with Online Knowledge Bases ," by Ramesh Jayaraman and Rohit Kumar. Customer Inter@ction Solutions 20:4 (October 2001), 28.

" Tough Customers ," by Chris Penttila. Entrepreneur 29:5 (May 2001), 94-97.

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Service Plan

Other plans, such as home simple business plan and project plan , can be found in the site. Feel free to go to the home page and search for a specific plan example . All samples are available for download by clicking on the individual download link buttons below the sample. Scroll down the page to see more service plan examples.

Service Plan Template

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Service Marketing Plan Template

Cleaning Service Business Plan Template

In purchasing new product or equipment, one does intend to question whether an additional cost of a service plan is worth the money. Service plans offer unique advantages to the consumer and often is a form of added security in purchasing a product.

Customer Service Action Plan Template

Delivery Service Business Plan Template

Health Service Plan

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Customer Service Plan

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Individual Service Plan

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Food Service Plan

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What Is a Service Plan?

A service plan is a contract or policy that comes in addition to purchasing a product for an added fee.

How to Write a Service Plan

In writing a service plan, it is important to consider the following points:

• As with any customer or consumer related process, it is important to get a good idea of what the clients think or need from the business. Conducting interviews that provide information from the get go of things greatly help in shaping up your service plan.
• From the interviews, you should be able to get enough information to develop intermediate and long term service plans. Intermediate service plans answer immediate client servicing needs but long term needs should be addressed to help avoid further issues.
• Create and define clear steps in executing the service plan. It is important to get the client’s participation in terms of timeliness for servicing. Engaging the client assures you of timely scheduling of service plans.

Business plan examples in pdf and doc are also found in our site. Be sure to search for an individual example in our home page. Every sample can be downloaded via the download link button below each sample.

Transportation Service Plan

Size: 175 kB

National Service Plan

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Size: 806 kB

Appliance Service Plan

Size: 242 kB

How Does a Service Plan Work?

Service plans vary depending on the product or item that needs to be serviced. Some items may be sent out for repair, repaired on site, or just make a replacement for the particular item or product.

Free business plan examples can be found in other pages of this site. Just go to the home page and search for the particular example. All samples provided can be downloaded through their individual download links seen below the samples.

Why Is a Customer Service Plan Important?

A customer service plan is important in assessing a customer’s perception and expectation of your business. It can act as a road map in fulfilling the needs of the customers and bringing your state of customer service to a higher level.

An effective customer service plan creates a big, loyal and happy customer base. Through the customer service plan, customers are guaranteed a comfortable and very satisfactory experience.

Action plan examples are also found in the site. Just search for a particular example on the home page. All samples provided for are made to be referenced in the making of your own plan. Be sure to click on the samples to get full access to the files.

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Business plan writing help and services for hire, will you review my plan and make changes.

Our review-only service just includes feedback, but if you decide you'd like to engage in our full plan writing service after participating in a review, we'll give you a discount.

What if I already started writing my plan?

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Do you do market research? What does that include?

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Is my plan writer an expert in my industry?

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Small Business Definitions

What is a business plan.

In its simplest form, a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals. At its heart, a business plan is just a plan for how your business is going to work, and how you're going to make it succeed. Read our full article on "What is a business plan" here.

What is in a business plan?

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though.

The opportunity section answers these questions: What are you actually selling and how are you solving a problem (or "need") for your market? Who is your target market and competition?

In the execution chapter of your business plan, you'll answer the question: how are you going to take your opportunity and turn it into a business? This section will cover your marketing and sales plan, operations, and your milestones and metrics for success.

Investors look for great teams in addition to great ideas. Use the company and management chapter to describe your current team and who you need to hire. You will also provide a quick overview of your legal structure, location, and history if you're already up and running.

Your business plan isn't complete without a financial forecast . We'll tell you what to include in your financial plan, but you'll definitely want to start with a sales forecast, cash flow statement, income statement (also called profit and loss), and your balance sheet.

If you need more space for product images or additional information, use the appendix for those details.

Read our full article "How to Write a Business Plan — the Comprehensive Guide" for more information, here.

Why is a business plan important?

There are many reasons why it is important to have a business plan. A business plan is essential if you're seeking a loan or investment, can help you make big spending decisions with confidence and is a solid foundation for ongoing strategic planning and prioritization. Read our full article on "8 Reasons Having a Business Plan is Important" here.

What is a business plan writer/consultant?

A business plan writer/consultant is a business and financial expert who can help guide you through the process of creating a business plan and do much of the labor involved in creating it. They will work with you to understand your business model, do market research, create financial projections and offer guidance as all of those pieces are brought together in a full business plan document.

How to pick a business plan writer/consultant?

Picking a business plan writer or business plan consultant is an important decision — you'll want to find someone dedicated to your success, with experience in your industry or field and that is in it for the long haul. Read our full article on "Things to Look for When Hiring a Business Plan Writer" here.

Why should you pay someone to write your business plan?

You don't have time. Starting a business is time consuming. Oftentimes people have to juggle a regular 9-5 job while working on starting their business. That doesn't leave a lot of time for a big writing project. Hiring a professional to write your business plan can help you give you time to focus on the tasks that are critical to getting your business off the ground.

You want to make sure it is done right, the first time. You only get one chance to make a first impression. Hiring a professional to write your plan for you can give you the peace of mind that your plan is the best it can be when you present it to potential lenders or investors.

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• What We Charge

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Our Proven Engagement Process

Interviews with management team, conduct strategic market research, develop financial projections, business plan documentation, draft review call, editing process & final delivery, expect the absolute best, experienced consultants.

We partner you with a team of senior consultants who have helped entrepreneurs in over 100 industries. No salespeople, junior analysts, or outsourced vendors.

Strategic Advisory Process

We don’t just document your ideas onto paper. As your consultants, we brainstorm, research, and recommend the best strategies to launch and grow your business.

Fully Customized. No Templates.

No templates or long questionnaires. We work with you to strategize your business and build a customized plan to represent your unique vision.

Cost Effective & Results Driven

We understand that time is money. We guarantee the highest quality work at the most competitive price, handling all business plan writing and research so you have more time to focus on launching and growing your business.

Over $1 Billion in Funding Raised

We understand the requirements of financial institutions, angel investors, and institutional capital partners. Our clients also get access to our investor and bank network, that we have built over multiple years.

Growth Strategy Implementation

The business plan is just step one in our process. We can help you through every stage of growth. Including creating a website, generating leads, implementing effective marketing campaigns, bookkeeping, and a lot more.

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We have access to more than 15 reputable market research databases at our disposal, including IBISWorld, Euromonitor, Hoovers, Mintel, Statista, Freedonia, Frost & Sullivan, Forrester, and First Research.

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We offer professionally developed business plans at competitive prices. We provide the highest quality business plans in the industry at rates that are half of the price that some of our competitors charge.

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Our business plans have helped over 5,000+ companies across 150 industries acquire over $3 Billion in debt and equity funding. We build well-researched, comprehensive business plans that provide you with the highest probability of approval. 

Includes your company’s general ownership, incorporation information, operational timelines, and key hiring needs.

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Starting a Business | Buyer's Guide

6 Best Business Plan Writing Services

Published October 21, 2020

Published Oct 21, 2020

WRITTEN BY: Blake Stockton

This article is part of a larger series on Starting a Business .

A well-written, well-researched business plan is vital to the success of a new business or venture. It can attract investors and help you get a bank loan. Not every businessperson has the time or expertise to craft a winning business plan. Fortunately, there are companies with decades of experience that will assist. We evaluated several and found the six below to be the best business plan writing services available.

Top 6 Business Plan Writing Services

How we evaluated business plan writing services.

All the business plan writing services we evaluated had MBA writers and years of experience in many industries. To distinguish the best, we examined the following:

• Price: Most do not list prices, although customer quotes put many of them in the $3,000 range.
• Expertise: We considered years in service, qualifications of the writing and management teams, and industries served.
• Types of Business Plans: Some companies focus only on plans for funding or strategic planning. Others offered more specific plans like visa business plans. Still, others narrowed their focus more tightly. Some also offer pitch decks and presentation-ready formats.
• Turnaround Time: The average business plan turnaround time was two weeks, with additional time for revisions. Always ask about how much time you get for revisions and if there are additional costs involved.
• Additional Services: Several of these companies offer additional services to help you succeed. If you are considering mentorship or know you’ll need some assessment, having one of these companies build your plan could give you a head start in building a relationship.

Bargain Business Plan: Best Overall Business Plan Writing Service

Bargain Business Plan is one of the least expensive business plan services we reviewed. Still, it offers experienced writers and a wide range of plans that includes immigration and visa plans. Overall, it has excellent reviews from customers. You can view samples of their well-designed plans. It’s the only service that provides flat-rate pricing as well.

Visit Bargain Business Plan

Bargain Business Plan Pricing

• Bargain: $1,599. For startup businesses with simple business models looking to apply for small business loans or seeking a blueprint for development
• Economical: $1,999. For startup and existing businesses with a more complex operation, such as restaurants and child care centers
• Optimum: $2,799. For businesses seeking government grants, investments from venture capitalists, and funding through the SBA’s CDC/504 Loan Program
• L-1 Visa: $1,999
• E-2 Visa: $2,199
• EB-5 Visa: $3,499
• Consultations: Free

Bargain Business Plan Services

• Detailed Business Plans: All plans include custom written business plans with market analysis, financial projections, and marketing plans. Higher-level plans offer more details, and each plan is designed for its specific purpose. For example, SBA loan versus visa.
• Quick Turnaround: Drafts are done in seven to 10 days, with 14 days of unlimited revisions.
• Experience: Bargain Business Plan has served 900 industries over the past 12 years and has worked with 500 partners and 10,000 customers. For immigration business plans, they work with immigration experts across the country. User reviews praise their expertise and attention to detail as well as share successes.

Why We Like Bargain Business Plan

Startups don’t always have a big budget for business plans, but it can be a key document for achieving success. Bargain Business Plan offers custom, well-researched, and beautifully designed business plans at excellent prices. The willingness to revise is a big plus as well.

Optimal Thinking: Best Plan Writing Service for Startup and Growing Companies

Optimal Thinking says it best works on business plans for “early stage and existing businesses expanding organically or via acquisition.” It claims a 92% success rate with its business proposals. In addition, it offers other programs to help businesses succeed.

Visit Optimal Thinking

Optimal Thinking Pricing

Varies anywhere from $5,000 to $30,000, depending on plan and scope. Call for a quote.

Optimal Thinking Services

• Expertise: Optimal Thinking has team members who are senior business executives, MBA writers, and industry experts in financing, operating, and marketing companies of all sizes. It  also has 27 years’ experience in writing business plans.
• Plans address potential roadblocks: Optimal Thinking helps ensure success by anticipating potential business challenges, such as restrictive government regulations, economic issues, or market industry changes. Then, it includes ways to work around or through these issues.
• Additional Programs: The company offers mentorship, employee motivation programs, and business assessments of communications, resources, opportunities, and more.

Why We Like Optimal Thinking

Optimal Thinking works with large companies such as Red Bull and Warner Brothers. Its writers have extensive experience in financials and business. Applying that knowledge to a business plan, even for a startup, means you will get not only a well-written and well-researched plan but also one that is informed by their years of expertise. This is also a company you can build a relationship with—get coaching and assistance in other areas of your business.

Wise Business Plans: Best Business Plan Writing Service for Specialized Plans

Wise Business Plans has one of the widest varieties of plans of the providers we reviewed. Its business plans are well-researched and thought out, as well as beautifully designed. It works to make sure your ideas and the plan are sound and offer additional services to help you with execution, including funding referrals.

Visit Wise Business Plans

Wise Business Plans Pricing

Pricing varies, though users have quoted prices around $3,000. To get a specific quote, call for a consultation. After the first revision, Wise Business Plans charges $199 per revision.

Wise Business Plans Services

• Investor Business Plan
• Bank Business Plan
• Strategic Business Plan
• Nonprofit Business Plan
• Franchise Business Plan
• L-1 Business Plan
• E-2 Business Plan
• EB-5 Business Plan
• EB-5 Regional Centers
• Merger And Acquisition Business Plan (M&A)
• Private Placement Memorandums (PPM)

It also offers professional feasibility studies, PowerPoint presentations, pitch decks, and straight market research.

• Bookkeeping Services
• Graphic Design Services
• Logo Design
• Flyer and Brochure Design Services
• Business Printing Services
• Concierge Services
• Business Consulting Services for Startup Company
• Website Design
• Business E-books Resources
• Small Business Marketing Services
• Experience: Wise Business Plans hires MBA writers, financial and market analysts, and graphics designers. The company has done thousands of business plans in over 400 industries.

Why We Like Wise Business Plans

Wise Business Plans has a reputation for doing more than creating a plan for you. It challenges you to make sure your assumptions and ideas are the best they can be. Reviewers on its Facebook page praise the quality of the final product, noting especially the graphics.

Pro Business Plans: Best Business Plan Writing Service for Startups & Canadian Visas

Pro Business Plans gets props for the focus of its plans. While all the services we reviewed will build custom business plans, Pro Business Plans is one of the few that has plans that specifically focus on specific issues. It also has industry experts in finance/accounting and immigration.

Visit Pro Business Plans

Pro Business Plans Pricing

Pricing varies—call for a consultation.

Pro Business Plans Services

• Focus: Pro Business Plans offers the usual range of business plans: SBA/bank, investment, L-1, E-2, EB-5. However, it also has plans specifically for nonprofits, startups, and the Canadian visa (PNP) program. It also has a pure market analysis product if your goal is to understand your industry before launching your business or expanding into a new area.
• Experience: Many Pro Business Plans team members come from major accounting firms or have extensive experience working in venture investment capital. The company has served over 900 industries and has over 500 partners, including contacts in the visa application process.
• Fast Turnaround: You can get your business plan drafted in four to seven calendar days, with seven days of close collaboration to get all the details polished.

Why We Like Pro Business Plans

In addition to the variety of plans and experience of the writers, what impressed us about Pro Business Plans was that users said they often went beyond simply writing the plan, providing advice and coaching during the process. Other reviews praised its market and financial research.

Go Business Plans: Best Business Plan Writing Service for Visa Business Plans

While Go Business Plans can work with any industry, its business consultants have had notable success with E-2, EB-5, and L-1 visa business plans. It can create business plans for investors, Small Business Administration (SBA) loans, and strategic and internal planning.

Visit Go Business Plans

Go Business Plans Pricing

Go Business Plans does custom pricing within the range of $2,000 to $10,000.

Go Business Plans Services

• Customized templates: The writers create custom plans. First, they schedule a one-hour interview with you for the basics, then conduct market research, financial analysis, and company and industry analysis, and compare you to the competition. They work with you to ensure it meets your expectations as well as SBA standards.
• Advice and Assistance: Go Business Plans brainstorms and researches business strategies to advise you and can help with creating a website, generating leads, implementing marketing, and other services.
• Immigration/Visa Business Plans: Go Business Plans has helped entrepreneurs from over 100 countries get their visas. It has drafted plans for 300 lawyers and over 1200 applicants. It works directly with your lawyer to make sure the plan and the legal applications are consistent as well.
• Extensive market research: The business consultants have access to over 15 market research databases, including some of the top-tier ones like IBISWorld, Euromonitor, Hoovers, Mintel, Statista, Freedonia, Frost & Sullivan, Forrester, and First Research.

Why We Like Go Business Plans

This business plan writing service offers expertise at competitive prices, and according to past customers, is willing to go the extra mile to help ensure success. Many customers of its business plans went on to use its other services such as website development.

LivePlan: Best Business Plan Writing Software for DIY

Rather than a consulting service that writes the plans for you, LivePlan is a software that helps you build a business plan. Plans start at $20 per month, and prices decrease if you purchase a six-month or annual plan. It offers additional tools to monitor your company’s progress, as well. This is the right choice for the entrepreneur on a budget or one who has done the research and needs a software to help them put it into an attractive format for presentation.

Visit LivePlan

LivePlan Pricing

LivePlan has a pay-as-you-go system but discounts for multiple months. Your first month is only $10, and it offers a 60-day money-back guarantee.

• $20 per month, for monthly plans (First month $10)
• $18 per month for six months
• $15 per month for 12 months

LivePlan Features

• Ease of use: Start by filling out the questionnaire and follow the instructions to create a basic plan. The software creates the financial tables, charts, and reports. Choose from 10 themes to create a professional-looking report that is SBA-approved.
• Integrations: Sync to your QuickBooks or Xero to create reports or update sections. Export plans to Word or PDF, or put it in PowerPoint to make a slideshow presentation.
• Tools that go beyond the business plan: LivePlan offers real-time performance dashboards to track budgets and goals. Benchmark data shows you how you are faring compared to others in your industry or location. Create and track milestones for measuring your progress as you grow.
• Help features and examples: If you are blocked or unsure how to create a part of your plan, you can access over 500 examples in all types of industries and watch expert tutorials. Have a problem with the software? Reach support by phone, email, or chat.

Why We Like LivePlan

LivePlan offers an economical way for businesses that are comfortable with their data to create professional business plans for investors or banks. Additionally, it lets you create as many as you wish, so you can customize your plans for your audience or need or update them as your company grows. With budgeting and forecasting tools, it also helps you execute your business plan so your company can succeed.

Other Business Plan Writing Services Worth Considering:

• Cayenne Consulting: Cayenne provides a highly qualified team of writers and has experience not only in business plan writing but also in other investment materials and private placements. It’s a good service for those looking for funding.
• Growthink: This company has highly qualified and educated writers with extensive international experience. It is good for international businesses and business plans for strategic planning and mergers or acquisitions.
• Masterplans: This company is more expensive than most on our list (prices ranging from $10,000 to $49,999) but is a highly reputable company that has created over 18,000 business plans for SMBs to multimillion-dollar investment projects.
• Way2markit: This company provides business plans for investing, franchises, nonprofits, banks/SBA loans, and more. It also provides other business services from idea development to website design.
• Freelance: You can find qualified business plan writers on freelance sites like Upwork. They may be less expensive. Before hiring anyone, be sure to check their qualifications and portfolio.

Bottom Line

Business plans are not cheap to create, but they can pay off by getting additional investment, secured loans, visas, or a clear direction for your company’s growth. For research purposes, be sure to know which type of business plan is right for your company. Each of the six business plan writing services reviewed offers decades of experience, high-quality reports, and reasonable prices.

Learn more about How to Start a Business in our complete guide.

About the Author

Find Blake On LinkedIn Twitter

Blake Stockton

Blake Stockton is a staff writer at Fit Small Business focusing on how to start brick-and-mortar and online businesses. He is a frequent guest lecturer at several undergraduate business and MBA classes at University of North Florida . Prior to joining Fit Small Business, Blake consulted with over 700 small biz owners and assisted with starting and growing their businesses.

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

How to Write a Cleaning Service Business Plan + Free Sample Plan PDF

Elon Glucklich

7 min. read

Updated February 17, 2024

Free Download: Cleaning Service Business Plan Template

With busy schedules and job demands, not everyone has time to clean up after themselves. 

That’s why nearly 10 percent of Americans hired residential cleaning services as of 2020, and the demand for cleaners is rising. And despite a resistance to return to the office, commercial cleaning remains a $100 billion industry . Building owners still need pristine spaces if a lease or sale opportunity arises.

If you’re getting into the cleaning industry, or trying to grow your existing business, you’ll need to do some upfront work. That’s where a business plan comes in. This article will help you ensure that you’re meeting the right market opportunity, and that your business brings in enough revenue to be profitable long-term. If you need a bank loan or investment , a business plan will be crucial.

Are you looking for a free, downloadable cleaning service sample business plan PDF to help start your own business plan, Bplans has you covered.

• What should you include in a cleaning service business plan?

Keep your plan concise, and focus only on the most important sections for your business. Your plan will likely include some or all of these sections:

• Executive summary
• Market analysis
• Products and services
• Marketing and sales strategy
• Company overview
• Financial plan

It’s especially important for a cleaning service business plan to consider the wide range of services and related products you may offer. Your business might provide specialized cleaning services, or sell eco-friendly cleaning products along with cleaning homes or office spaces.

You’ll need to detail your strategies for promoting each of these products and services to maximize the revenue you generate from each client.

Here’s an example of a cleaning service business plan outline.

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• The 8 elements of an effective cleaning service business plan

1. Executive summary

The executive summary is a broad overview of your plan. Without going over one to two pages, outline all of the components of your cleaning service business. 

Include a mission statement in your executive summary. This simple, action-oriented statement explains your company’s purpose. Maybe your goal is to grow into your area’s leading residential cleaning service. Or to expand the market for eco-friendly cleaning solutions. It summarizes what your company does for customers, employees, and owners. It also helps someone reading your business understand in greater detail what sets your business apart from competitors, and how it will be profitable.

If you’re writing your plan for a bank or investor, they will start with the executive summary. So it’s where you’ll want to make a good first impression. Try to draw them in right away by showing you have a clear value proposition.

2. Market analysis

The market analysis section is where you make the case that your business can generate enough demand to be successful. To do that, you’ll need to thoroughly assess your market, identifying key trends in the region’s home or commercial real estate sectors that might indicate a need for your services.

Evaluate the size of your potential market , including residential and commercial segments. You should also analyze the competition . Start by identifying the number of existing providers and their service offerings, and highlight any gaps you observe in the market that your business can fill.

3. Cleaning services and products

This section should detail the cleaning services and products you offer. These may include various residential and commercial cleaning services, like standard cleaning, deep cleaning, specialized disinfection services, or eco-friendly cleaning options.

If you plan to use specific cleaning products or specialized equipment, also detail these. Emphasize any services or products that set your business apart from the competition, like allergen-free cleaning services for homes or exclusively green cleaning products.

4 . Marketing and sales strategy

Your marketing and sales strategy is how you put your market research into action to attract and retain customers for your cleaning service.

Start by identifying the most effective marketing channels for reaching your target market, such as online advertising, social media , local flyers, or partnerships with real estate agencies.

To reach the broadest customer base possible, outline your digital and traditional marketing strategies. Discuss the importance of a strong online presence, including a user-friendly website and active social media profiles to build brand awareness and credibility. 

You should also provide information about your pricing strategy , and whether you’ll offer special promotions or loyalty programs to encourage repeat business and referrals.

5. Milestones

The milestones section is where you outline the key objectives for your business and timelines for achieving them. This section can be short, with individual milestones listed as bullet points.

Milestones could include securing initial funding, acquiring necessary licenses, launching your marketing campaign, reaching a certain number of clients, or hitting revenue targets. Be sure to list when you expect to achieve each milestone, and which members of your team will be responsible for reaching them.

6. Company overview

The company summary gives a brief overview of your cleaning business. Include the legal structure , target service area, and history of your business if it already exists.

If you’re writing your plan because you’re seeking funding for your business from a bank, clearly state how much you’ll need, how you plan to use it, and how it will benefit the business. Funding uses could include purchasing new equipment to expand your services, or hiring additional staff to widen your service area.

You can also include a brief management team section covering your key employees, their roles, responsibilities, qualifications, and experience. 

If you plan to contract with cleaning crews instead of hiring employees, describe how this arrangement will work and why you think it will benefit your business.

7. Financial plan and forecasts

Your financial plan should present detailed financial projections, including revenue , costs , and profitability .

If you’re a new business, list your startup costs , including initial equipment, supplies, licensing, and marketing investments. Also, outline your funding sources, such as loans, investments, or personal savings going into the business.

Include a cash flow statement , income statement , and balance sheet . The financial statements and projections should demonstrate your cleaning service’s potential to generate sustainable profits over the long term.

8. Appendix

The appendix is an optional section for you to add supporting information or documents that don’t fit within the plan. This could include market research data, lease agreements, employee contracts, or licensing and permit documents.

• Writing an effective cleaning service business plan: Key considerations

When writing your cleaning service business plan, focus on these areas to increase your likelihood of success.

1. Offer diverse service offerings

The cleaning industry caters to a wide array of customer needs, from residential homes with regular upkeep, to commercial spaces that need specialized sanitation. Offering services to the broadest customer base you can manage will help you expand your share of the market .

2. Pricing strategy  

Your pricing strategy is vital to balance attracting and retaining customers to ensure your business remains profitable. 

Extensive market research into competitors should help you understand what represents a competitive pricing structure in your target area. Offering flexible pricing models, like flat rates for certain services or discounts for recurring appointments, can also appeal to a broader customer base. Just make sure your forecasts show that you’ll generate more revenue from repeat business through any discounts you decide to offer.

3. Protect your reputation

Trust and reputation are crucial in the cleaning service industry, where small mistakes can cost you customers. Consider in your marketing plan whether your branding and customer feedback policies emphasize your commitment to quality work and reliable service. And make sure to check how your business is being reviewed online.

4. Professional training and standards

To achieve a reputation as a high-quality cleaning service, your standards as a business owner need to trickle down to your employees. The operations section of your plan should include training your workers on the latest cleaning techniques, customer service best practices, and safety protocols to ensure your team meets those high standards you’ve set.

5. Online marketing and presence

We touched on this in the marketing and sales strategy section, but strong online and social media presences are fairly low-cost tactics for reaching new customers. Consider how much a professionally designed website that’s search engine optimized, active social media engagement, and strategic online advertising might increase your visibility.

• Download your cleaning service sample business plan PDF

Download this cleaning service sample business plan PDF for free right now, or visit Bplans’ gallery of more than 550 sample business plans if you want more options.

Don’t get hung up on finding a sample business plan that exactly matches your cleaning service. Whether you’re setting up a boutique eco-friendly cleaning service or a broad-scale commercial cleaning operation, the core elements of your business plan will largely be consistent.

There are plenty of reasons cleaning service business owners can benefit from writing a business plan — you’ll need one if you’re seeking a loan or investment.

Even if you’re not seeking funding, thinking through every aspect of your business will help you ensure you’re not overlooking anything critical as you grow.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Elon is a marketing specialist at Palo Alto Software, working with consultants, accountants, business instructors and others who use LivePlan at scale. He has a bachelor's degree in journalism and an MBA from the University of Oregon.

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What is a one-pager? Examples, rules, template

Communication is key to being a great product manager, and one of the most common questions we get is, “What are you working on next?”

A one-pager is a great way to align the various departments in your business and ensure that your products have the support they need to be successful.

What is a one-pager?

A one-pager is a succinct and strategic document, typically restricted to a single page, designed to provide a comprehensive overview of a product, project, or idea to foster alignment and clarity among stakeholders.

Unlike lengthy traditional business documents, a one-pager distills the essence of the matter in a clear, concise manner, making it an essential tool for efficient communication and decision-making in fast-paced business environments.

Presenting key details, objectives, and the value proposition in a condensed format enables stakeholders from various departments to swiftly grasp the essence of the initiative and rally behind it.

How are one-pagers used in product management?

Put yourself in the shoes of a head of sales: a product manager comes up to you and says, “Oh, by the way, we’re launching this big new feature tomorrow. Just thought I’d let you know.”

Your first reaction would probably be to express frustration; only finding out about a new feature the day before release means that you’re now pressured to come up with all of the documentation and training for the team to support this new feature in one day. Have we got the right marketing materials? How do we sell this thing? What does it even do?

There are still so many unanswered questions that it’s unlikely this feature will get the support it needs to succeed. This is a surefire way to frustrate everyone involved in building your product.

As a product manager, there are many different departments that you have to interact with — engineering, sales, customer support, implementation, marketing, etc. — and you need a way to quickly get all of these disparate departments aligned on what you’re doing so they can support the product development process effectively.

A one-pager enables you to distribute a single, concise document that everyone can read and understand to know what’s being worked on. If anyone has a question about the new feature, they can just quickly and easily refer to this document to understand exactly what you’re delivering and why.

What a one-pager isn’t

To better understand what a one-pager is, it’s good to review what it isn’t.

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A one-pager is not a:

Project plan

Product requirements document (prd), business case.

Project plans are a relic of the old waterfall way of working — that is, having a specific project plan created by a project manager, with timelines and Gantt charts to show what specific deliverables will be completed and when. These tend to be very static documents and don’t mesh well with the modern way of product development.

Product requirements documents (PRDs) tend to follow a priority system, such as MoSCoW, detailing the specifics of both the feature and functionality. These can be many pages long and are generally used word-for-word as a guide for the engineering team to deliver a new solution.

PRDs are often fairly immutable. They are written upfront and then pushed into the delivery cycle. This is essentially a rebranded version of a project plan.

A business case generally is a larger, more formal document that outlines financial investment and returns for a product as well as target markets, competition, financial projections, and marketing strategies for a feature. Generally, this type of document is used to get buy-in from an executive team for a long-term project that’s delivered using waterfall.

All of these forms of documentation are outdated and don’t work well in conjunction with modern software development practices. They’re all too slow and cumbersome to be useful, and they tend to be extremely prescriptive with their descriptions. That’s where the idea of the one-pager comes in.

Popular one-pager models

There are a few different ways you can frame a one-pager. One traditional way is to create a succinct PRD, but as we discussed earlier, this type of documentation is outmoded. Even the mere mention of the word “requirements” can be enough to set a poor precedent for the business (think “customer requirements” for a contract deal).

So what are some alternative, more modern models we can turn to?

The Amazon press release

The shape up pitch document, the lean canvas.

According to Ian McAllister , a Director at Amazon , they use the idea of ‘working backwards’ and start with an internal press release announcing the product. This document gives a high-level view of what the new product will do and how it’s better than previous or alternative solutions. He also mentions that there should be no technical speak or specifications as this is a document that should be targeted at the customers who will use the product, and not just to engineers who might be building it.

Some of the benefits of the press release are that it’s easy to manipulate, understandable by a wide range of audiences, and forces the Product Manager to articulate the benefits and customer problems in a very narrow scope. The fact that this is designed to be a short document also means that it’s easily editable before any technical work gets completed, to make sure that the end result will actually deliver the right level of value to customers that the PM expects.

As with anything, there are also downsides to this approach, one of which is that the press release might corner the engineering team into trying to solve a problem that is technically extremely complex, I’ve seen this happen when someone comes up with a fantastic idea and everyone agrees that it would be a game-changer only to get to the engineering team and find out that you’d have to invent completely new technology to enable it – this could be either complex or even impossible depending on the situation.

The Shape Up methodology calls for using a pitch document  to present at the betting table for assessment. They describe the pitch as follows:

The purpose of the pitch is to present a good potential bet. It’s basically a presentation. The ingredients are all the things that we need to both capture the work done so far and present it in a form that will enable the people who schedule projects to make an informed bet.

Here is an example of what a pitch document looks like:

The key elements inside the pitch document are:

• Problem — The raw idea, a use case, or something we’ve seen that motivates us to work on this
• Appetite — How much time we want to spend and how that constrains the solution
• Solution — The core elements we came up with, presented in a form that’s easy for people to immediately understand
• Rabbit holes — Details about the solution worth calling out to avoid problems
• No-go — Anything specifically excluded from the concept: functionality or use cases we intentionally aren’t covering to fit the appetite or make the problem tractable

Again, there are positives and negatives to this type of one-pager. It is a clear and succinct document that can be shared among the team to gain alignment quickly. It also helps you consider the potential pitfalls of the project and set limits on what you’re going to work on (using the “no-go” section).

The negatives are that this type of document might not have enough of the business side of the proposition to convince other departments of the relevance of the problem to the overall business objectives.

A Lean Canvas is a single, visual document that outlines all the critical aspects you need to consider when moving from a potential idea to a mature business:

The Lean Canvas has become quite synonymous with one-pagers. It sounds great on paper (pun intended), but it’s showing its age a bit when compared to the slightly more modern alternatives listed above.

There is also the obvious fact that a lean canvas tends to be landscape on an A3 page, which is stretching the whole concept of a one-pager in general.

There are also some superfluous sections in the Lean Canvas that can be removed to make it more streamlined, specifically the “unfair advantage,” “early adopters,” “cost structure,” and “revenue streams” information. Those are more business-specific and don’t need to be part of a product development one-pager.

4 rules for creating one-pagers

From the examples above, there are many different ways to approach the one-pager, but it’s important to follow a few key rules:

• Keep it to one page! If you find yourself spilling onto page two, then you need to spend more time understanding the problem so you can articulate it more concisely
• What is the customer’s problem?
• How is this problem related to our business objectives?
• What are our solution options?
• How will we measure success?
• The one-pager is a living document. Always be looking to make it more effective.
• Share this document early and often within your business to make sure all departments get a chance to add their input, as well as to maintain strong alignment between all your teams

How to create a one-pager (3 steps)

So the question you’re probably asking is: ‘What’s the best one-pager for me?’

As with everything, it depends. Whichever model you decide to use as a template, it’s important to follow some simple rules when creating a one-pager for your business. It’s likely that the one-pager you developed for a business that you worked at previously can’t be used exactly the same way at the next business, which is where the idea of a living document comes into play.

Being able to use some core ideas and guiding principles means you can create a new one-pager that fits in wherever you end up working, no matter the structure. The steps below serve as a good starting point and template when creating your own one-pagers:

• Answer key questions
• Share early and often
• Create a living document

1. Answer key questions

• What is the customer problem we’re trying to solve?
• What’s the current solution (if any)?
• How does this relate to our business objectives (for the quarter/OKRs)?
• What are our solution ideas? (do we need links to tech docs)?
• How do we market this?

2. Share early and often

There’s no point in developing a streamlined one-pager that is still only siloed within the product management team. It’s important that as soon as there’s enough content in the document, it gets shared amongst all the different departments so that they can comment and add their feedback and knowledge before it gets to any prioritization meetings.

3. Create a living document

There’s nothing worse than putting something into practice with the idea that this is the final answer and never evolving it. This is the pitfall that companies have fallen into over the last 30 years with software development, so it’s important to not let that type of thinking seep into other areas of the business, such as when we document problems to be solved by our business.

One-pager template

Use the following template should help you get started building a one-pager:

• Write a concise description of the problem that the customer is facing here.
• Are customers using a workaround? Can you manually do this in the background for them? Are there any third party apps that they are using to get around this right now?
• Why is solving this problem right now important for our business? What objective are we looking to hit by solving this problem?
• Describe a basic solution idea, maybe a wireframe or fat marker sketch. If you need more detail you can link out to a technical document done by an engineer.
• What marketing materials will we need to launch this? E.g. FAQ, how-to, pricing, marketing site updates, updated sales decks, etc.
• What metrics will we use to measure whether or not we’ve successfully solved this problem for our customers?

You can access this one-pager template as a Google Doc here (to use the template, first select File > Make a copy from the main menu).

One-pager example

The following is an example of what a one-pager might look like for a new product feature:

• Many users struggle with organizing their saved content, leading to inefficiency and frustration.
• Users currently use third-party bookmarking tools or manual folder systems, which do not integrate well with our platform.
• By addressing this problem, we aim to increase user engagement on our platform by 20 percent and reduce the churn rate by 5 percent within the next quarter.
• Introduce a “Smart Organizer” feature that automatically categorizes saved content based on keywords, source, and user preferences. [Link to wireframe]
• Launch a teaser campaign on social media highlighting the benefits of “Smart Organizer”
• Host webinars to demonstrate the feature and gather initial feedback
• Update our FAQ section, create how-to guides, and integrate the feature’s details into our marketing materials and sales decks
• 25 percent increase in saved content within the first month
• 15 percent reduction in third-party bookmarking tool mentions in our feedback system
• 10 percent increase in user satisfaction regarding content organization

Key takeaways

For product managers, a one-pager is one of the most effective ways to achieve alignment between different areas of your business and rally teams around a singular customer problem that the business wants to solve. It is a modern form of internal communication that is much more concise and effective than old methods such as PRDs and project plans.

When coming up with your one-pager template, there are quite a few examples out there with different structures, from Amazon’s “press release” approach to the Shape Up “pitch document” method. But what’s more important than using a template is that the content works for your specific business situation.

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Ultimate Guide to Writing an Ecommerce Business Plan (+ Template)

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Embark on creating your ecommerce business plan, akin to crafting a map for your entrepreneurial journey. Use the provided template as your guide through the maze of market analysis and strategic planning.

Learn how each part, from financial forecasts to competitor analysis, adds to your online success blueprint. Understand the art of making a roadmap that doesn’t only point out your profit route, but also sets your brand for lasting success in the digital realm.

How to create a defensible eCommerce business plan

For a sturdy eCommerce business plan, start by studying the market. Understand the industry, competitors, and customer likes. Set your business apart with a unique selling point.

Plan your finances – predict revenues, identify funding needs, and estimate costs. Sketch out a clear marketing plan. Focus on getting and keeping customers, and boosting brand awareness.

Make a flexible operational plan for logistics, customer service , and fulfillment. By including these in your plan, you lay a robust foundation for your eCommerce venture. This ensures strategic growth and staying power in the competitive online market.

How To Write an Ecommerce Business Plan in 9 Steps

1. draft an executive summary.

Starting an eCommerce business plan requires a solid executive summary. It serves as your business roadmap, offering a brief and clear overview of your business, including key elements like your unique selling point, target market, and competitive edge.

This section is crucial as it summarizes your business and can attract investors and stakeholders by showcasing your business’s potential.

A strong executive summary is essential for outlining the core aspects of your eCommerce business and setting the stage for further detailed planning and development.

It provides a snapshot of your business’s strengths and competitive advantages, guiding the reader towards a deeper understanding of your business concept and potential for success.

2. Describe your company (Qualitative)

Let’s take a closer look at conveying the qualitative aspects of your eCommerce business.

Consider these key points:

• Business Model: Give a clear picture of how your business plans to generate profits and maintain itself.
• Business Structure: Outline your company’s organization, including duties and roles.
• Legal Business Structure: Detail the legal framework your business uses.
• Business Overview: Share a brief synopsis of your company’s mission, values, and aims.
• Online Business Concept: Illustrate the distinctive idea that fuels your online business and distinguishes it from rivals.

3. List your products and services

What products or services will your online store offer? How do these fit with your business plan’s unique selling points?

Setting up your online store requires a clear outline of your product or service. Explain the variety of products you aim to sell and how they meet your target audience’s needs.

Your offerings could be unique items, tailored services, or a mix of both. Ensure your offerings align with your business plan’s vision.

Your products and services are the core of your online store. They play a large role in drawing and keeping customers. Keep your focus on delivering value and effectively meeting customer needs .

4. Analyze your target audience

To understand your business, dig deep into your target audience’s minds and actions. This will help you build a bond that fits their needs and likes. To effectively study your target audience, try these steps:

• Do thorough market research. Find out about their demographics, likes, and shopping habits.
• Use surveys, focus groups, and social media analytics. This will help you collect useful insights.
• Split your audience into segments based on shared traits. This will help with targeted marketing tactics .
• Make buyer personas to put a face to your audience and shape your messaging.
• Always keep an eye on and adjust your approach. This will help you keep up with changing consumer trends .

5. Outline the management and organization

For a well-crafted ecommerce business plan, first sketch out the management and organization. This includes the roles you aim to fill and their fit into the overall business plan.

Pinpointing key positions in your firm ensures smooth operations and clear task division. The table below could help organize the roles you aim to fill:

Defining these roles clearly is crucial for an ecommerce business to align with the broader business plan.

6. Perform customer segmentation

To create a strong ecommerce business plan, first break down your customers. Group them based on what they need and like. This is a key part of your marketing strategy. It helps you reach the right people. Customer segmentation is key to make your business approach fit different customer groups.

• Break down customers into groups. You can do this based on age, behavior, or interests.
• Change your marketing messages and product offerings for each group.
• Look at data to see how each customer group buys things.
• Make promotions and campaigns that will attract certain groups.
• Always check and change your customer segmentation strategy to fit market trends.

7. Define a marketing plan

Craft your eCommerce business plan with a defined marketing plan. It outlines key marketing strategies to promote your products effectively and reach your target audience.

Your plan should include specific tactics to attract customers. These may be social media campaigns, influencer partnerships, or search engine optimization.

The success of your online business hinges on this plan. It details your marketing strategies, creating a roadmap for engagement with potential customers and sales drive.

A well-thought-out marketing plan is important for standing out in a competitive eCommerce field and building a strong online presence.

8. Provide a logistics and operations plan

In shaping your ecommerce business plan, don’t forget a comprehensive logistics and operations plan. It details how orders will be efficiently fulfilled. This part is crucial to your ecommerce business running smoothly. Remember these five key points when crafting your logistics and operations plan:

• Make your warehouse layout better for swift order fulfillment
• Create strong ties with trustworthy shipping carriers
• Use inventory management systems for correct stock levels
• Make a returns process that’s easy for customers
• Always check and improve your logistics and operations methods for better efficiency

Following these steps ensures your business operates without hiccups. It also promises a flawless experience for your customers .

9. Make a financial plan

Crafting a strong financial plan is key for your ecommerce business. The plan shows how your business will make money, handle costs, and use resources effectively. It covers topics like startup costs, sales predictions, profit boundaries, and cash flow estimates.

This plan is crucial for getting funding, making savvy decisions, and monitoring your business’s financial health. By grasping the financial parts of your e-commerce business plan, you can identify the funds needed to carry out your plan. Use financial tools and forecasts to build a solid base for your business’s financial triumph.

Adding a thorough financial plan to your overall business plan is central to guaranteeing your e-commerce business’s long-term survival and expansion.

7 tips for creating a small business plan

Crafting a small business plan demands a keen understanding of your audience. Tailor your strategy to them for efficacy.

Always keep a clear objective in the crosshairs, directing your choices and deeds.

Dedicate time to research. It affords crucial knowledge, molding a blueprint for your online shop.

1. Know your audience

Knowing your audience is key in starting an eCommerce business. This helps you shape your products and services to suit their needs. To truly know your audience , take these steps:

• Do deep market research to find your target demographic.
• Study consumer behavior to know their buying habits.
• Use surveys or focus groups to get insights.
• Watch social media interactions to find out customer likes.
• Break down your audience based on traits for custom marketing plans.

2. Have a clear goal

To succeed in your small business plan, set clear, measurable goals. They should guide decisions and track progress effectively.

Have distinct business goals that match your target market and unique selling points. Include detailed financial forecasts for realistic growth planning.

Carry out in-depth market research to grasp industry trends and opportunities for setting your business apart. Craft a focused marketing strategy to enhance brand recognition and drive sales .

Set detailed targets linked to your target market, financial forecasts, market research, and marketing plan. This creates a path to success in your e-commerce business plan.

Keep your eyes on these goals to guide your business towards long-term success.

3. Invest time in research

Have you thought about how spending time on deep research can help your small business plan? Doing market research is vital for a good online business strategy. Here are five reasons why time spent on research can aid your small business plan:

• Knowing the market : Research helps you understand industry trends, rivals, and your audience.
• Smart decision-making : Studying data assists in making wise decisions for your business plan.
• Spotting opportunities and hurdles : Research helps in finding growth areas and challenges.
• Adjusting products/services : Research allows you to understand and meet customer needs.
• Creating strong marketing strategies : Insights from data help in setting up your online business for success in the market.

4. Keep it short and to the point

For a successful small business plan, be brief. Highlight only the essential details. Short business plans are easy to handle and useful for quick decisions. Keeping it short puts emphasis on key points without overwhelming readers. Include only what’s necessary, focusing on clarity and brevity to convey your business strategy.

Concise plans are ideal for presenting to potential investors, they allow for quick understanding. Writing a concise, to the point business plan makes it easy to digest and a handy reference for your business.

5. Keep the tone, style, and voice consistent

Maintaining uniformity in tone, style, and voice is key when crafting a small business strategy. This ensures a unified and polished representation that resonates with your audience and stakeholders.

To make sure your e-commerce business plan hits the mark and effectively conveys your ideas, heed these pointers:

• Stick to a formal language throughout the manuscript.
• Uphold a professional and business-oriented tone.
• Keep the narrative style straightforward and succinct.
• Steer clear of blending informal and formal language.
• Revisit and rectify the strategy for uniformity in tone, style, and voice.

6. Use a business plan template

Use a business plan model for your small business. Go for one designed for e-commerce. Templates give a good system to arrange your ideas. They help cover all key parts of your business strategy. Here’s a simple table to help pick the right model for your e-commerce business plan:

Try business plan software

Think about using business plan software for your e-commerce venture. This software makes the process easier and professional. It offers templates you can change to fit your business needs.

It guides you through each step, making sure you cover everything for your e-commerce plan. It lets you enter your data and ideas quickly. This helps create detailed money forecasts, market studies, and operation plans.

In conclusion, creating a robust ecommerce business plan is akin to constructing a strong ship for sailing the expansive oceans of online trade. Set precise objectives, comprehend your market, and devise unique tactics to guide your business to success.

A well-planned strategy is your beacon in the constantly shifting digital environment, directing you towards expansion and profit. Thus, embark with assurance, equipped with a strategy that will enable you to withstand any tempest.

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Learn How to Craft a Successful Business Plan (Even with No Experience)

10 Minute Read

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Take the First Step in Learning How to Write a Business Plan, Even with No Experience

Antonio Del Cueto, CPA

May 8, 2024

Imagine your business as a spaceship blasting off into uncharted territory. It may sound exciting, but without a precise flight plan, that thrilling journey could end in a fiery crash. Similarly, most businesses don't fail because of bad ideas. They fail because they lack a clear roadmap.

This article will guide you through the process of crafting a business plan that's more than just numbers on a page. Learn the secret formulas that propel businesses from mere concepts to thriving realities.

Reimagining Traditional Business Plan Components

Executive summary with interactive elements.

Transform the executive summary into a dynamic experience using multimedia elements such as videos and interactive timelines. These components help demonstrate the business’s mission and goals, making it more attractive to would-be investors and potential customers.

Flexible Organizational Structures

Suggest designing an adaptable organizational framework that evolves according to strategic business needs and operational demands. This is especially beneficial for entrepreneurs who might need to navigate changes without a background in HR or traditional management.

Navigating Financial Management Without a Background

Simplified accounting tools.

For many new entrepreneurs, managing finances can feel overwhelming. Leveraging simplified digital accounting tools can significantly reduce this stress by automating most of the routine bookkeeping tasks. These tools are particularly beneficial for those without a financial background, making it easier to focus on other aspects of entrepreneurship.

• Automation : Choose tools that automate entries for sales, purchases, and payroll transactions, ensuring accuracy and saving time.
• User-Friendly Dashboard : Opt for software with an intuitive interface that simplifies financial tracking and report generation. This feature is essential for entrepreneurs who need to quickly access financial data without navigating complex menus.
• Integration Capabilities : It’s important to invest in software that integrates with other business tools (e.g., inventory management systems, e-commerce platforms) to streamline all financial processes.
• Scalability : As your business grows, you’ll need accounting software that can adapt to more complex financial demands without requiring a complete overhaul.

Further reading: Mastering Accounting for Tech Companies: The Ultimate Guide to Industry Accounting in the Technology Sector

Understanding business taxes.

A basic understanding of business taxes is essential for any entrepreneur, including those running a nonprofit or other types of organizations. Here are key elements your business plan should focus on:

• Fundamental Tax Responsibilities : Clearly outline what taxes the business is liable for, such as income, payroll, and sales taxes. This information should be specific to your business's location and structure.
• Maximizing Deductions : Include information on how to identify and claim relevant deductions to minimize tax liability. For example, if your business has significant equipment expenses or if you’re renting office space, you should know how these affect your taxes.
• Seeking Professional Advice : While basic tax guides are helpful, consulting with a tax advisor or strategist can provide tailored advice that ensures compliance and optimizes tax benefits. This step is integral for complex situations or where the tax implications could significantly impact business finances.

Further reading: Maximizing Your Small Business Tax Benefits: 2023 Tax Year Strategies & New Reporting Changes

Budgeting made easy.

Budgeting effectively is a core skill every business owner should develop to ensure financial stability and facilitate growth. Here’s how to incorporate straightforward budgeting strategies into your business operations:

• Expense Tracking : Start by categorizing expenses to track where every dollar is going. Categories might include rent, salaries, marketing, and web design. This clarity helps in making informed spending decisions.
• Financial Forecasting : Use historical data to predict future spending needs and income . This is especially important for planning major investments or when scaling operations.
• Regular Financial Reviews : Conducting regular reviews of your budget will help you stay on track and make necessary adjustments in response to financial performance or changing market conditions.
• Budgeting Tools : Recommend specific budgeting tools that are designed for small business needs. These tools should provide visual representations of financial data, making it easier to digest and act upon.

Each of these sections should be detailed in the business plan to demonstrate a thorough understanding and proactive management of financial aspects. This approach not only helps in securing funding (e.g., from banks or venture capital) but also in managing day-to-day financial operations efficiently.

Building Strategic Partnerships and Collaborative Networks

Cross-industry alliances.

Engaging in cross-industry alliances is a strategic move that can drive substantial business growth and innovation. These partnerships leverage complementary strengths and resources, offering a multitude of benefits:

• Innovation through Diverse Expertise : Combining knowledge and resources from different sectors can catalyze innovative solutions that neither partner could develop alone. For instance, a tech startup could collaborate with an established manufacturing firm to optimize production processes using advanced technology, resulting in a competitive edge in the market.
• Access to New Markets : Each industry has its unique customer base. By forming alliances, businesses can bridge their offerings to new audiences. A successful example could involve a collaboration between a software development company and a telecommunications firm to introduce a new tech product to a broader audience, utilizing the telecom firm's extensive customer network.
• Resource Sharing : Strategic partnerships allow for the sharing of critical assets such as technology, marketing channels, and expertise, leading to cost savings and enhanced product offerings. This might involve sharing R&D facilities or co-branding efforts for joint marketing campaigns.
• Enhanced Credibility and Brand Perception : Partnering with reputable firms in other sectors can significantly boost a company's credibility and strengthen its brand image, attracting more customers and potential investors.

Documenting cross-industry alliances in a business plan must specify the objectives, expected outcomes, and the nature of the collaboration. Include specific information on how these alliances align with the business’ strategy and how they contribute to achieving the company’s goals.

Customer Involvement in Product Development

Integrate customer feedback into the product development process for aligning products with market needs and enhancing customer satisfaction. This strategy not only improves product-market fit but also fosters customer loyalty:

• Direct Feedback for Better Products : Involving customers early in the development process ensures that the final product meets actual user needs and solves relevant problems. This can be achieved through methods like crowdsourcing ideas, beta testing new products, and incorporating user-generated content and suggestions into product design.
• Build Customer Loyalty : Customers who participate in the product development lifecycle are more likely to develop a deeper connection with the brand, increasing their likelihood of becoming repeat buyers and brand advocates.
• Agile Feedback Loops : Utilizing customer feedback during product testing phases allows for quick iterations and adjustments, greatly enhancing the product’s relevance and appeal upon launch.
• Unlocking New Ideas : Customers often see different uses for a product or identify missing features that can lead to significant innovations, helping a company stay ahead of competitors.

The business plan must include a dedicated section outlining how customer feedback will be integrated into product development processes. This section should also include pricing strategies informed by customer input to ensure market competitiveness.

For businesses seeking funding or partnership, a well-crafted business plan is essential. Including sections like Cross-Industry Alliances and Customer Involvement showcases a comprehensive approach to strategic planning and market engagement.

For simplicity and clarity, especially when presenting to potential investors, consider summarizing key strategies in a one-page overview within the larger business plan. This not only highlights the strategic vision but also ensures that readers can quickly grasp the core elements of your plan.

Key Takeaways

• Clarity is Key : Craft a clear, concise business plan to create financial projections and ensure a solid foundation.
• Know Your Audience : Tailor your plan to engage stakeholders, addressing related topics like brand awareness.
• Research Matters : Thorough market research strengthens your plan, supporting its solidity.
• Financial Focus : Develop realistic projections for revenue and expenses to fortify your business plan.
• Stay Adaptable : Flexibility is key to evolve strategies, including those for brand awareness, to maintain relevance.

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Pharmacies to be able to prescribe medication under plans to free up GP appointments

The prime minister has unveiled plans to "transform" primary care whereby pharmacists in England will be able to write prescriptions for some conditions, after a bruising set of local election results.

Political reporter @Journoamrogers

Tuesday 9 May 2023 10:43, UK

Patients will be able to receive prescription medicines and oral contraception without seeing a GP under new plans to ease the strain on surgeries.

It is hoped the measures - which could be rolled out across England as soon as this winter - will help to free up 15 million slots at doctors' surgeries over the next two years.

Under the proposals, pharmacists will be able to write prescriptions for common conditions including earache, sore throat and urinary tract infections without needing the approval of a GP.

The measures - which are part of what ministers are calling an "overhaul of primary care" - are backed by £645m of spending over two years and come alongside efforts to end the 8am "rush" for appointments.

They are being announced just days after the Conservatives suffered from a punishing set of local election results on the back of high inflation, a cost of living crisis and record high levels of unhappiness with the NHS.

Ministers hope almost half a million women would no longer need to speak to a nurse or GP to get oral contraception under the new plans and that the number of people able to access blood pressure checks in pharmacies would be more than doubled to 2.5 million a year.

Which conditions will pharmacies be able to treat without a GP appointment?

Self-referrals will also be increased for services including physiotherapy, hearing tests and podiatry, bypassing the need to see a GP.

The proposals could be in place this winter pending a consultation with the industry.

The prime minister said "transforming primary care is the next part of this government's promise to cut NHS waiting lists".

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"I know how frustrating it is to be stuck on hold to your GP practice when you or a family member desperately need an appointment for a common illness," he added.

"We will end the 8am rush and expand the services offered by pharmacies, meaning patients can get their medication quickly and easily."

NHS chief executive Amanda Pritchard said the reforms would "help us to free up millions of appointments for those who need them most, as well as supporting staff so that they can do less admin and spend more time with patients".

Steps are being taken to make it easier for patients to see GP - but they may feel short-changed

Health correspondent

The government's Primary Care Plan wants to do two things at once: make it easier for patients to access their GP and to take pressure off GPs so they can manage their patient lists better.

But by doing the former they might be making the latter worse - unless the workforce crisis in primary care is resolved.

A recent survey said seven out of ten GPs found their jobs to be extremely stressful and another found that more than a third of GPs want to quit within five years.

This recruitment and retention issue needs to be addressed urgently.

The government says it will provide £240m for primary care to update existing telephone systems so more calls can be taken, clinically assessed and directed to most appropriate treatment.

This will not always be a GP. It might be a practice nurse or speciality inside a community health team.

There is a perception that GPs do not see enough patients. But the data for March shows 70% of GP appointments were seen face to face.

And primary care doctors will tell you they are seeing more patients than ever before as patient lists continue to grow.

Another step will be to train GP receptionists to become 'clinical navigators' so they can field calls and clinically assess the patient and refer the caller to the best service.

This might ease some patient anxiety but it will require a cultural shift in mindset. People expect to see a doctor and feel short-changed if they do not.

Labour's Shadow Health Secretary Wes Streeting criticised the announcement as "merely tinkering at the edges" and said it did not deliver the "fundamental reform" the NHS needs.

He pointed to figures from the Company Chemists' Association which reveal that 670 pharmacies and 343 surgeries have closed since 2015.

PM promises to 'work day and night' after Tories lose over 1,000 seats - politics latest

Mr Streeting said: "13 years of Conservative failure has seen hundreds of pharmacies close and 2,000 GPs cut.

"Now millions of patients are waiting a month to see a GP, if they can get an appointment at all. Expecting the Conservatives to fix this is like expecting an arsonist to put out the fire they started.

"Rishi Sunak is completely out of touch with the problems facing patients and the NHS. He has no plan to address the shortage of GPs, or to reverse the cut in the number of doctors trained every year.

"The Conservatives' announcement is merely tinkering at edges, in contrast to the fundamental reform the NHS needs and Labour is offering."

Mr Streeting said Labour would abolish the non-dom tax status and use the proceeds to train an extra 7,500 doctors and 10,000 nurses every year.

The deputy leader of the Liberal Democrats, Daisy Cooper, also said the plan was "not worth the paper it was written on", adding: "The Conservatives have broken their promise to recruit 6,000 more GPs leaving patients struggling to get the care they need when they need it.

"Accessing faster care is critical for patients but ministers just don't seem to grasp the scale of the problem."

Read more: Unite starts 'escalation' of strike action Minister admits local election results 'not good' for Tories

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The idea of giving pharmacists the power to prescribe without GP approval is not new.

Therese Coffey, who was health secretary during the short period of Liz Truss's premiership, floated plans to enable pharmacies to manage and supply contraception prescriptions last September.

She also pledged that patients would see a GP within two weeks of making an appointment - although she did not set a target for when that should be achieved by.

Related Topics

Options for Navigating the 2025 Tax Cuts and Jobs Act Expirations

Executive summary.

Policymakers should have two priorities in the upcoming economic policy debates: a larger economy and fiscal responsibility. Principled, pro-growth tax A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policy can help accomplish both.

Congress is staring down the expiration of the Tax Cuts and Jobs Act (TCJA), and Tax Foundation is prepared to provide insight and analysis on the policies at stake. Since its enactment in 2017, the Tax Foundation team has studied the TCJA’s underlying construction and resulting strengths and weaknesses. We have also analyzed fundamental reforms that would dramatically improve the U.S. tax system to support economic growth as well as greater efficiency and simplicity.

Whether lawmakers target fundamental tax reform or follow the outline of the TCJA, they will confront decisions on what to prioritize in this forthcoming round of tax reform. In that regard, staying within the overall TCJA construct, the Tax Foundation team has analyzed difficult, but revenue-neutral ways to build a pro-growth set of reform options that would not significantly worsen the deficit once changes to the economy are considered or substantially change the distribution of the tax burden across the income scale.

The alternative reform options outlined in this paper may not be politically popular, but they would grow the economy and provide sufficient revenue to avoid significantly increasing our nation’s debt. The two alternative options would further broaden the tax base The tax base is the total amount of income, property, assets, consumption, transactions, or other economic activity subject to taxation by a tax authority. A narrow tax base is non-neutral and inefficient. A broad tax base reduces tax administration costs and allows more revenue to be raised at lower rates. for individual income (more so than the TCJA), maintain much of the individual rate cuts from that law, improve the business tax base to support investment, and maintain the corporate tax rate of 21 percent.

Both reform options would provide working families and businesses with more long-term certainty than the current expiring tax code and remove many of the tax code’s special interest provisions.

The options prioritize provisions that have the largest “bang for the buck,” or the most economic growth per dollar of revenue loss. These include immediate cost recovery Cost recovery is the ability of businesses to recover ( deduct ) the costs of their investments. It plays an important role in defining a business’ tax base and can impact investment decisions. When businesses cannot fully deduct capital expenditures, they spend less on capital, which reduces worker ’s productivity and wages. for investments in the types of machinery and equipment upon which millions of small and large businesses depend, as well as immediate write-offs for investments in research and development. These two policy changes support a growing economy like no other tax policies proposed since the corporate tax rate was reduced from 35 percent to 21 percent. The options would also extend better cost recovery to investments that are currently excluded, resulting in more neutral tax treatment across assets.

The options in this paper show that pro-growth tax reform that does not add to the deficit requires tough choices. If lawmakers do not like the types of choices represented here, there are still other pro-growth options to achieve similar goals. Tax Foundation has modeled several alternative options over the last year. Our primary concern is not to endorse any of the specific policy options here, but to provide a resource to lawmakers so they can create sound tax policy.

With respect to the two options in this paper, the first would support an economy that is 1.4 percent larger in the long run and reduce the long-run debt-to-GDP ratio by 1.7 percentage points compared to what would happen under current law. The second option would have somewhat smaller impacts with an economy that is 0.9 percent larger and a debt-to-GDP ratio that is 0.1 percentage points larger.

Working families and businesses deserve a tax code that prioritizes growth and fiscal responsibility. This paper demonstrates multiple ways to reach those goals without substantially changing the distribution of the tax burden. These options can help Congress as lawmakers begin the difficult work of designing legislation to prevent an automatic, detrimental tax hike at the end of 2025.

Key Findings

• Unless Congress acts, the vast majority of Americans will see higher, more complicated taxes beginning in 2026 as major provisions from the Tax Cuts and Jobs Act of 2017 expire.
• The TCJA reduced average tax burdens for taxpayers across the income spectrum and temporarily simplified the tax filing process through structural reforms. It also boosted capital investment by reforming the corporate tax system and significantly improved the international tax system.
• If Congress fully extends the individual, estate, and business provisions, federal tax revenues would fall by more than $4 trillion on a conventional basis and by nearly $3.5 trillion on a dynamic basis over the coming decade; and without spending cuts, debt and deficits would increase.
• At a time of already high national debt, rising deficits, and higher interest rates, Congress should exercise fiscal responsibility when deciding how to extend the expiring changes.
• The decision process should be guided by promoting growth and critical principles of sound tax policy: simplicity, neutrality, transparency, and stability.
• Lawmakers must avoid economically counterproductive approaches to fiscal responsibility, such as paying for individual income tax An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns. The U.S. imposes a progressive income tax where rates increase with income. The Federal Income Tax was established in 1913 with the ratification of the 16th Amendment . Though barely 100 years old, individual income taxes are the largest source of tax revenue in the U.S. cuts with higher taxes on business investment or trade.
• Tax Foundation outlines two approaches that illustrate possibilities and difficult trade-offs for designing a pro-growth and fiscally responsible extension of the TCJA without raising taxes on investment or trade.

Lawmakers Will Have to Reform the Tax Code in 2025

The 2017 Tax Cuts and Jobs Act (TCJA) reduced average tax burdens for taxpayers across the income spectrum by temporarily changing the structure of the individual income tax, including lower rates, wider brackets, a larger standard deduction The standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government. It was nearly doubled for all classes of filers by the 2017 Tax Cuts and Jobs Act ( TCJA ) as an incentive for taxpayers not to itemize deductions when filing their federal income taxes . and child tax credit A tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s tax bill directly. in lieu of personal and dependent exemptions, and limitations on itemized deductions. The reforms also reduced the individual income tax compliance burden by making it more advantageous for most filers to take the standard deduction and by eliminating the complexity of calculating their taxes again under the alternative minimum tax for millions of filers. Those changes all expire at the end of 2025, along with several TCJA business provisions over the next several years.

Absent congressional action, the tax system will largely revert to its previous structure, placing a higher and more complex tax burden on most people, as well as a higher tax burden on investment. Extending all the changes would greatly reduce federal tax revenue when debt is already high and deficits are rising.

As lawmakers face the challenge posed by the upcoming expirations, they should be guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. Weighing how each provision affects individuals’ tax burdens, federal revenue, the complexity of today’s income tax system, and, most importantly, the effects of taxes on economic growth, will help prioritize which provisions should be permanent and how they should be funded.

One looming threat is that Congress will offset the cost of extending the individual tax cuts by hiking economically harmful taxes elsewhere. Several proposals have already surfaced suggesting higher taxes on corporations, investment, work, and saving to pay for continuing the TCJA’s lower taxes for individuals. Elsewhere, higher tariffs (taxes on U.S. purchases from foreign businesses) have been proposed to offset the cost of individual tax cuts. While such proposals may offset the fiscal cost of TCJA extensions, they would worsen incentives for productive activity in the United States and impose significant economic costs on the same taxpayers they purport to help. The expirations in 2025 should not be used to further riddle the tax code with distortions, redistributions, and economically harmful provisions to pay for tax breaks for some at the expense of economic growth for all.

Instead, lawmakers should use the opportunity in 2025 to further simplify and improve the tax code. Broadening the individual income tax base and ensuring permanence for better cost recovery provisions and lower tax rates would make the system more pro-growth without significantly reducing federal revenues or harming incentives to work and invest.

Ideally, tax reform would reach farther than the TCJA provisions alone. Tax Foundation has outlined several options for fundamental reform, including moving to a flat individual income tax paired with a distributed profits tax A distributed profits tax is a business-level tax levied on companies when they distribute profits to shareholders, including through dividends and net share repurchases (stock buybacks). , as other nations have successfully implemented, as well as moving to a consumption-based business profits and household compensation tax. Such reforms would go beyond the TCJA’s changes to the income tax system and move instead toward a consumption tax A consumption tax is typically levied on the purchase of goods or services and is paid directly or indirectly by the consumer in the form of retail sales taxes , excise taxes , tariffs , value-added taxes (VAT) , or an income tax where all savings is tax- deductible . system. However, short of the consumption tax reform ideal, policymakers should avoid economically counterproductive tax hikes on business, trade, and investment to offset the cost of individual tax cuts. We illustrate two better options that primarily rely on base broadeners to pay for TCJA-like extensions.

The Expiring Tax Provisions

The TCJA adjusted tax bracket A tax bracket is the range of incomes taxed at given rates, which typically differ depending on filing status. In a progressive individual or corporate income tax system, rates rise as income increases. There are seven federal individual income tax brackets; the federal corporate income tax system is flat . thresholds and widths to reduce marriage penalties and reduced five of the seven individual income tax rates. Rates fell from 10 percent, 15 percent, 25 percent, 28 percent, 33 percent, 35 percent, and 39.6 percent to 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent.

The TCJA reconfigured tax adjustments for household size, shifting tax benefits toward lower- and middle-income households with roughly revenue-neutral adjustments to the standard deduction, personal and dependent exemptions, and the child tax credit (CTC). Specifically, the TCJA:

• Increased the standard deduction from $6,350 to $12,700 for singles and from $12,700 to $25,400 for married joint filers in 2018, adjusted annually for inflation Inflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “ hidden tax ,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power.
• Increased the CTC from $1,000 to $2,000, with the maximum refundable portion increased from $1,000 to $1,400 in 2018, adjusted for inflation until it reaches $2,000; lowered the CTC phase-in threshold from $3,000 to $2,500; and lifted the phaseout thresholds from $75,000 to $200,000 for single filers and from $110,000 to $400,000 for married couples filing jointly
• Created a nonrefundable $500 credit for certain dependents who do not meet the CTC eligibility guidelines
• Suspended the personal exemption, which had previously allowed households to reduce their taxable income Taxable income is the amount of income subject to tax , after deductions and exemptions . For both individuals and corporations, taxable income differs from—and is less than—gross income. by $4,050 for each filer and dependent, adjusted annually for inflation

To simplify the tax system and offset part of the cost of the rate reductions, the TCJA reduced itemized deductions by:

• Lowering the cap on home mortgage interest deductions from $1 million in principal to $750,000 and making interest on home equity debt nondeductible
• Introducing a $10,000 limitation on the itemized deduction Itemized deductions allow individuals to subtract designated expenses from their taxable income and can be claimed in lieu of the standard deduction . Itemized deductions include those for state and local taxes , charitable contributions, and mortgage interest . An estimated 13.7 percent of filers itemized in 2019, most being high-income taxpayers. for state and local taxes paid
• Suspending miscellaneous itemized deductions such as casualty and theft losses

The TCJA also simplified the tax system by significantly reducing the number of households caught up in the alternative minimum tax (AMT) by increasing the AMT exemption and the exemption phaseout thresholds and by repealing the Pease limitation on itemized deductions.

For noncorporate businesses, the TCJA established a temporary 20 percent deduction that effectively reduced marginal tax rates by 20 percent. The pass-through deduction is subject to several complex limitations that restrict the benefit of the provision for high-income households.

The TCJA also introduced a limitation on excess business loss deductions for noncorporate businesses. It disallows losses that exceed income by more than $250,000 for single filers and $500,000 for joint filers. The thresholds adjust for inflation each year. The limitation was scheduled to be in effect from 2018 through 2025 but it was postponed to tax years beginning after 2020 during the coronavirus pandemic. The American Rescue Plan Act (ARPA) of 2021 then extended the limitation through 2026 and the Inflation Reduction Act (IRA) of 2022 extended the limitation through 2028.

The TCJA doubled the estate tax exemption A tax exemption excludes certain income, revenue, or even taxpayers from tax altogether. For example, nonprofits that fulfill certain requirements are granted tax-exempt status by the Internal Revenue Service ( IRS ), preventing them from having to pay income tax. from $5.6 million in 2017 to $11.2 million in 2018, adjusted for inflation moving forward.

For corporate businesses, the TCJA permanently reduced the corporate tax rate to 21 percent, from a previous top rate of 35 percent. [1] The TCJA temporarily enacted full expensing Full expensing allows businesses to immediately deduct the full cost of certain investments in new or improved technology, equipment, or buildings. It alleviates a bias in the tax code and incentivizes companies to invest more, which, in the long run, raises worker productivity, boosts wages, and creates more jobs. for most short-lived business investments, such as equipment and machinery, through a provision known as 100 percent bonus depreciation Bonus depreciation allows firms to deduct a larger portion of certain “short-lived” investments in new or improved technology, equipment, or buildings in the first year. Allowing businesses to write off more investments partially alleviates a bias in the tax code and incentivizes companies to invest more, which, in the long run, raises worker productivity, boosts wages, and creates more jobs. . The provision began phasing out by 20 percentage points each year after the end of 2022 and will fully expire after the end of 2026.

To offset the long-run cost of the lower corporate tax rate, the TCJA introduced requirements to amortize research and development (R&D) expenses over five years for domestic R&D and 15 years for foreign-sited R&D beginning in 2022 and limit deductibility of interest expenses initially based on earnings before interest, taxes, depreciation Depreciation is a measurement of the “useful life” of a business asset, such as machinery or a factory, to determine the multiyear period over which the cost of that asset can be deducted from taxable income . Instead of allowing businesses to deduct the cost of investments immediately (i.e., full expensing ), depreciation requires deductions to be taken over time, reducing their value and discouraging investment. , and amortization (EBITDA). Since 2022, the interest limitation has become significantly tighter due to a switch from EBITDA to earnings before interest and taxes (EBIT).

R&D amortization, tighter limits on interest deductions, and the phaseout of bonus depreciation are all policies put in place by the TCJA to reduce or offset the cost of the corporate provisions.

Making the TCJA permanent thus entails restoring the individual, noncorporate, and estate tax An estate tax is imposed on the net value of an individual’s taxable estate, after any exclusions or credits , at the time of death. The tax is paid by the estate itself before assets are distributed to heirs. reforms as well as 100 percent bonus depreciation, R&D expensing, and the EBITDA-based interest limitation.

Economic and Revenue Effects of TCJA Permanence

In all, making the TCJA permanent would boost long-run GDP by 1.1 percent and employment by 913,000 full-time equivalent jobs, while reducing revenue by $4.0 trillion on a conventional basis. Though TCJA permanence would be pro-growth, it would still result in significant revenue losses on a dynamic basis, amounting to $3.5 trillion over the 10-year budget window. In the long run, TCJA permanence would increase the debt-to-GDP ratio by 25.5 percentage points conventionally and 19.0 percentage points dynamically.

TCJA permanence would increase after-tax incomes across all income groups on a conventional and dynamic basis. In 2026, taxpayers would see an average increase of 2.9 percent in their after-tax incomes; the bottom quintile’s increase would be slightly below the average at 2.2 percent while the top quintile would be above the average at 3.4 percent.

At the end of the budget window, the average increase in after-tax incomes would be 2.3 percent, slightly smaller because the one-time increase in revenue costs from transitioning to better cost recovery would have faded. On a dynamic basis, after-tax incomes would increase by 3.0 percent on average.

Because TCJA permanence would be a substantial tax cut, all income groups would see increases in their after-tax incomes, on average, on a conventional basis. In addition to the tax cuts, because TCJA permanence would increase economic output, taxpayers across the income spectrum would see higher pre-tax incomes on a dynamic basis under the larger economy.

Analyzing the TCJA’s Bang for the Buck

Altogether, we estimate the 10 tax cuts (lower rates and brackets, larger standard deduction, larger child tax credit and other dependent credit, the pass-through deduction, Pease limitation repeal, AMT changes, estate tax changes, EBITDA, 100 percent expensing, and R&D expensing) would reduce federal tax revenue by $7.4 trillion. The four base broadeners (SALT cap, other itemized deduction limitations, personal exemption repeal, noncorporate loss limitation) partially pay for the tax cuts by raising nearly $3.4 trillion.

Not every dollar of the $7.4 trillion in lower taxes has the same effect on economic growth or tax compliance and administration costs. The most pro-growth provision by far is permanence for 100 percent bonus depreciation, illustrating how improving investment incentives creates the most economic return for each dollar of tax revenue forgone. Indeed, recent studies have determined that the TCJA’s corporate tax reforms, including lowering the corporate tax rate and providing 100 percent bonus depreciation, significantly boosted investment in the United States. [2]

Of course, economic growth is not the only metric by which to judge a tax provision. For example, the alternative minimum tax requires taxpayers to calculate their tax liability the ordinary way, then again for AMT purposes. Taxpayers must add back several ordinary tax deductions, then subtract an AMT exemption, determine whether they are subject to the phaseout of the AMT exemption, and then calculate their tax liability under the AMT rates (of 26 percent and 28 percent) and pay whichever tax is highest.

Because the AMT rates are lower than ordinary rates, taxpayers caught up in the alternative system face lower marginal tax rates, but they also face a much higher compliance burden and potentially higher average tax rates. Past IRS estimates indicate an average compliance burden of more than 12 hours per taxpayer subject to the AMT, and the TCJA’s changes reduced AMT filers from 5 million in 2017 to 244,000 in 2018. [3] Likewise, the TCJA’s larger standard deduction, combined with limitations on itemized deductions, further simplified the tax system by reducing the number of filers who itemize their deductions. The Joint Committee on Taxation (JCT) estimated the number of itemized filers would decline from 46.5 million in 2017 to just over 18 million in 2018, implying nearly 30 million households would find it more advantageous to take the standard deduction. [4]

On the other hand, some tax cuts, such as the pass-through deduction and the more generous deduction for interest expenses, increase economic growth but raise other concerns regarding neutrality and simplicity. For example, the argument for including the pass-through deduction, which reduced the tax rates faced by noncorporate businesses, in the TCJA was to achieve parity with the rate reductions C corporations received. But rather than parity, estimates of effective tax rates by business type show that noncorporate businesses face lower marginal tax rates than corporate businesses, in large part due to the pass-through deduction. [5]

Limiting interest deductibility continues to be a worthwhile policy goal, as it moves the tax base closer to one on consumption and scales back the tax bias for debt over equity.

Accordingly, considerations in addition to growth, including the effects on complexity, compliance costs, and administrative costs, should guide lawmakers as they consider what to include in a tax reform package.

Alternatives for Extending the TCJA

In 2025, lawmakers will debate how to prioritize better cost recovery for business investment, lower individual rates and a broader tax base, and changes to family provisions. Tax Foundation believes a top priority should be to craft a tax reform package that prioritizes economic growth and moves the tax code toward simplicity, transparency, neutrality, and stability.

The first alternative we model, i.e., Option 1, focuses on the policies changed by the TCJA. It starts with permanence for 100 percent bonus depreciation and R&D expensing and expands better cost recovery to structures with the policy of neutral cost recovery. Neutral cost recovery would retain the current depreciation schedules for structures (27.5 years for residential real estate and 39 years for commercial real estate) but would augment the depreciation deductions with adjustments for inflation and the time value of money. In real terms, the neutral cost recovery adjustments hold companies harmless for having to wait to take deductions. Option 1 also eliminates all green energy tax credits and the newly enacted 15 percent corporate alternative minimum tax (CAMT).

For individual income taxes, Option 1 retains the TCJA’s CTC and personal exemption changes. It expands the standard deduction, reduces tax rates, and alters tax brackets, but all to a slightly smaller degree than the TCJA to reduce the revenue cost of the tax reductions.

To offset the cost of the reductions, Option 1 fully eliminates all Schedule A itemized deductions, which also significantly simplifies the structure of the tax. Building on the simplification, it fully eliminates the individual AMT. To reduce marriage penalties, it sets the head of household brackets and standard deduction equal to single filer thresholds.

Option 1 makes the TCJA’s increase in the estate tax exemption permanent, switches the limitation on interest back to EBITDA but at a lower percentage (17 percent instead of 30 percent), and allows both the Section 199A pass-through deduction and non-corporate loss limitation to expire.

The second alternative we model, i.e., Option 2, incorporates all the changes from Option 1, then further broadens the individual income tax base by ending the income tax exclusion for employer-provided fringe benefits, most notably health insurance. The additional revenue from ending the exclusion offsets the cost of making the CTC fully refundable and further lowering individual income tax rates and widening brackets.

Both Option 1 and Option 2 illustrate the tough trade-offs lawmakers will face in 2025, even short of pursuing a more comprehensive overhaul of the entire tax system. The biggest challenge lawmakers will face is that while broadening the tax base reduces distortions and complexities and offsets the fiscal impact of rate reductions, it also imposes costs on the narrow groups of taxpayers currently benefiting from each provision.

Permanence for the TCJA would increase the 10-year deficit by more than $4 trillion conventionally and $3.5 trillion dynamically, before added interest costs. By contrast, Option 1 and Option 2 would reduce revenue by a much smaller magnitude on a conventional basis, by $488.5 billion and $182 billion over 10 years. On a dynamic basis, both options would be approximately revenue neutral over the budget window. And though the revenue impact between TCJA permanence and the options is markedly different, both options have a positive effect on the long-run economy. Option 1 would increase long-run GDP by 1.4 percent and Option 2 by 0.9 percent. The larger economy and revenue-neutral impact on a dynamic basis together would lead to a 1.7 percentage point reduction in the debt-to-GDP ratio over the long run under Option 1 and a very slight increase of 0.1 percentage points under Option 2, measured on a dynamic basis.

On average, after-tax income After-tax income is the net amount of income available to invest, save, or consume after federal, state, and withholding taxes have been applied—your disposable income. Companies and, to a lesser extent, individuals, make economic decisions in light of how they can best maximize their earnings. would rise for all quintiles under both options, by 0.5 percent conventionally under Option 1 and from 0.3 percent to 0.4 percent conventionally under Option 2. Under Option 1, in 2026, the 80 th to 95 th percentile would see a reduction in after-tax income on a conventional basis, and under Option 2, the 80 th to 99 th percentile would see a reduction in after-tax incomes in 2026. On a long-run dynamic basis, all groups would see increases in after-tax income by 1.6 percent on average under Option 1 and by 1.1 percent under Option 2.

Fundamental Tax Reform Options

Even after the reforms made by the TCJA, the U.S. tax system still closely resembles a broad income tax, generally taxing a person’s current earnings (whether spent or saved) plus the change in the value of their existing assets (such as dividends, capital gains, interest, etc.). By taxing income this way, the tax system places a higher tax burden on future or deferred consumption. Taxing income also requires complicated determinations on how to define income, which increases the complexity of the tax code and makes it harder for families to file their taxes and claim certain tax benefits.

In some cases, however, the tax system adopts provisions like retirement savings accounts for individuals and investment deductions for businesses that eliminate double taxation Double taxation is when taxes are paid twice on the same dollar of income, regardless of whether that’s corporate or individual income. for specific forms of saving and investment. These provisions, however, are limited and complex.

Both options outlined above retain the general structure of the income tax, albeit with marked improvements such as better deductions for business investment and reduced (or eliminated) itemized deductions. Full cost recovery moves the business tax code closer to a consumption-based tax but it does not remove the tax bias against saving at the individual level.

A more fundamental reform would move away from the income tax system and replace it with a consumption tax system. Table 6 illustrates the economic, revenue, and distributional differences of two comprehensive reforms proposed by Tax Foundation.

The first proposal would replace the entire business income tax system with a 20 percent distributed profits tax resembling Estonia ’s tax system and make significant reforms to individual, capital gains, and estate taxes, including a flat rate of 20 percent on individual income to match the distributed profits tax rate. [6]

The second proposal would replace the current business and individual income tax systems with a modified value-added tax, applying a 30 percent rate to destination-based cash flow of businesses and a progressive tax A progressive tax is one where the average tax burden increases with income. High-income families pay a disproportionate share of the tax burden, while low- and middle-income taxpayers shoulder a relatively small tax burden. ranging from 10 percent to 30 percent on household compensation. [7] Both reforms would significantly simplify the tax system, move toward a consumption tax base, and reduce tax penalties on work, saving, and investment. With changes to tax rates, either plan could be made more progressive and raise more revenue, with relatively smaller economic trade-offs because the tax base would be appropriately designed.

As lawmakers look to change the tax system in 2025, pursuing more comprehensive tax reform offers more significant economic and simplification benefits and can be done in a fiscally responsible manner. The distributed profits tax plan would substantially boost revenue within the budget window; in the long run, it would lose revenue on a conventional basis and be slightly revenue raising on a dynamic basis. The larger economy and increased tax revenue together would result in a reduction in the debt-to-GDP ratio of 9.2 percentage points over the long run, on a dynamic basis. The household compensation and business profits tax would lose revenue within the 10-year budget window, but would be revenue neutral on a conventional basis and revenue raising on a dynamic basis in the long run. The plan would have a small impact on the debt-to-GDP ratio over the long run, increasing it by 1.5 percentage points.

The upcoming expirations of the 2017 Tax Cuts and Jobs Act provide lawmakers the opportunity to build on what the TCJA did well and avoid some of its pitfalls. The TCJA boosted investment, simplified the tax filing process, and cut taxes for households across the income spectrum.

Rising deficits, debt, and interest rates should push lawmakers toward a more fiscally responsible approach than in 2017, but they must exercise caution when evaluating how to pay for tax cuts. The principles of simplicity, neutrality, stability, and transparency should guide the debate, and the end goal should be a tax code that is less harmful to economic growth and supports fiscal responsibility.

The best outcome would be a comprehensive reform of the income tax system toward a consumption tax system. Short of that, lawmakers should at a minimum aim to reduce tax preferences and broaden the tax base to offset the costs of TCJA extensions, rather than raising economically harmful taxes on corporations, international trade, or high-income individuals to pay for a continuation of TCJA policies. The goal of any tax reform should be to improve incentives for Americans to work, save, and invest, and to significantly simplify the complex process people face in complying with the current tax system.

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[1] The TCJA also moved the international tax system toward a territorial one by exempting foreign profits from domestic taxation and creating anti-base erosion provisions targeted at high-return foreign profits, intangible income, and income stripped out of the United States. The four main components of the new international tax system are the participation exemption, GILTI, FDII, and BEAT, and the latter three provisions are scheduled to become more restrictive after the end of 2025. A forthcoming Tax Foundation publication will discuss international tax policy options.

[2] Gabriel Chodorow-Reich, Matthew Smith, Owen Zidar, Eric Zwick, “Tax Policy and Investment in a Global Economy,” National Bureau of Economic Research, March 2024, https://www.nber.org/papers/w32180.

[3] Demian Brady, “Tax Complexity 2021: Compliance Burdens Ease for Third Year Since Tax Reform,” National Taxpayers Union, Apr. 15, 2021, https://www.ntu.org/foundation/tax-page/tax-complexity-2021-compliance-burdens-ease-again-after-tcja.

[4] The Joint Committee on Taxation, “Tables Related to the Federal Tax System as in Effect 2017 Through 2026,” Apr. 24, 2018, https://www.jct.gov/publications.html?func=startdown&id=5093 .

[5] Kyle Pomerleau, “Section 199A and ‘Tax Parity,’” American Enterprise Institute, Sep. 12, 2022, https://www.aei.org/research-products/report/section-199a-and-tax-parity/.

[6] William McBride, Huaqun Li, Garrett Watson, Alex Durante, Erica York, and Alex Muresianu, “Details and Analysis of a Tax Reform Plan for Growth and Opportunity,” Tax Foundation, Jun. 29, 2023, https://taxfoundation.org/research/all/federal/growth-opportunity-us-tax-reform-plan/.

[7] Erica York, Garrett Watson, Alex Durante, and Huaqun Li, “How Taxing Consumption Would Improve Long-Term Opportunity and Well-Being for Families and Children,” Tax Foundation, Oct. 12, 2023, https://taxfoundation.org/research/all/federal/us-consumption-tax-vs-income-tax/.