advantages of a good business plan

Do you REALLY need a business plan?

The top three questions that I get asked most frequently as a professional business plan writer will probably not surprise you:

• What is the purpose of a business plan – why is it really required?
• How is it going to benefit my business if I write a business plan?
• Is a business plan really that important – how can I actually use it?

Keep reading to get my take on what the most essential advantages of preparing a business plan are—and why you may (not) need to prepare one.

The importance, purpose and benefit of a business plan is in that it enables you to validate a business idea, secure funding, set strategic goals – and then take organized action on those goals by making decisions, managing resources, risk and change, while effectively communicating with stakeholders.

Let’s take a closer look at how each of the important business planning benefits can catapult your business forward:

1. Validate Your Business Idea

The process of writing your business plan will force you to ask the difficult questions about the major components of your business, including:

• External: industry, target market of prospective customers, competitive landscape
• Internal: business model, unique selling proposition, operations, marketing, finance

Business planning connects the dots to draw a big picture of the entire business.

And imagine how much time and money you would save if working through a business plan revealed that your business idea is untenable. You would be surprised how often that happens – an idea that once sounded so very promising may easily fall apart after you actually write down all the facts, details and numbers.

While you may be tempted to jump directly into start-up mode, writing a business plan is an essential first step to check the feasibility of a business before investing too much time and money into it. Business plans help to confirm that the idea you are so passionate and convinced about is solid from business point of view.

Take the time to do the necessary research and work through a proper business plan. The more you know, the higher the likelihood that your business will succeed.

2. Set and Track Goals

Successful businesses are dynamic and continuously evolve. And so are good business plans that allow you to:

• Priorities: Regularly set goals, targets (e.g., sales revenues reached), milestones (e.g. number of employees hired), performance indicators and metrics for short, mid and long term
• Accountability: Track your progress toward goals and benchmarks
• Course-correction: make changes to your business as you learn more about your market and what works and what does not
• Mission: Refer to a clear set of values to help steer your business through any times of trouble

Essentially, business plan is a blueprint and an important strategic tool that keeps you focused, motivated and accountable to keep your business on track. When used properly and consulted regularly, it can help you measure and manage what you are working so hard to create – your long-term vision.

As humans, we work better when we have clear goals we can work towards. The everyday business hustle makes it challenging to keep an eye on the strategic priorities. The business planning process serves as a useful reminder.

3. Take Action

A business plan is also a plan of action . At its core, your plan identifies where you are now, where you want your business to go, and how you will get there.

Planning out exactly how you are going to turn your vision into a successful business is perhaps the most important step between an idea and reality. Success comes not only from having a vision but working towards that vision in a systematic and organized way.

A good business plan clearly outlines specific steps necessary to turn the business objectives into reality. Think of it as a roadmap to success. The strategy and tactics need to be in alignment to make sure that your day-to-day activities lead to the achievement of your business goals.

4. Manage Resources

A business plan also provides insight on how resources required for achieving your business goals will be structured and allocated according to their strategic priority. For example:

Large Spending Decisions

• Assets: When and in what amount will the business commit resources to buy/lease new assets, such as computers or vehicles.
• Human Resources: Objectives for hiring new employees, including not only their pay but how they will help the business grow and flourish.
• Business Space: Information on costs of renting/buying space for offices, retail, manufacturing or other operations, for example when expanding to a new location.

Cash Flow It is essential that a business carefully plans and manages cash flows to ensure that there are optimal levels of cash in the bank at all times and avoid situations where the business could run out of cash and could not afford to pay its bills.

Revenues v. Expenses In addition, your business plan will compare your revenue forecasts to the budgeted costs to make sure that your financials are healthy and the business is set up for success.

5. Make Decisions

Whether you are starting a small business or expanding an existing one, a business plan is an important tool to help guide your decisions:

Sound decisions Gathering information for the business plan boosts your knowledge across many important areas of the business:

• Industry, market, customers and competitors
• Financial projections (e.g., revenue, expenses, assets, cash flow)
• Operations, technology and logistics
• Human resources (management and staff)
• Creating value for your customer through products and services

Decision-making skills The business planning process involves thorough research and critical thinking about many intertwined and complex business issues. As a result, it solidifies the decision-making skills of the business owner and builds a solid foundation for strategic planning , prioritization and sound decision making in your business. The more you understand, the better your decisions will be.

Planning Thorough planning allows you to determine the answer to some of the most critical business decisions ahead of time , prepare for anticipate problems before they arise, and ensure that any tactical solutions are in line with the overall strategy and goals.

If you do not take time to plan, you risk becoming overwhelmed by countless options and conflicting directions because you are not unclear about the mission , vision and strategy for your business.

6. Manage Risk

Some level of uncertainty is inherent in every business, but there is a lot you can do to reduce and manage the risk, starting with a business plan to uncover your weak spots.

You will need to take a realistic and pragmatic look at the hard facts and identify:

• Major risks , challenges and obstacles that you can expect on the way – so you can prepare to deal with them.
• Weaknesses in your business idea, business model and strategy – so you can fix them.
• Critical mistakes before they arise – so you can avoid them.

Essentially, the business plan is your safety net . Naturally, business plan cannot entirely eliminate risk, but it can significantly reduce it and prepare you for any challenges you may encounter.

7. Communicate Internally

Attract talent For a business to succeed, attracting talented workers and partners is of vital importance.

A business plan can be used as a communication tool to attract the right talent at all levels, from skilled staff to executive management, to work for your business by explaining the direction and growth potential of the business in a presentable format.

Align performance Sharing your business plan with all team members helps to ensure that everyone is on the same page when it comes to the long-term vision and strategy.

You need their buy-in from the beginning, because aligning your team with your priorities will increase the efficiency of your business as everyone is working towards a common goal .

If everyone on your team understands that their piece of work matters and how it fits into the big picture, they are more invested in achieving the objectives of the business.

It also makes it easier to track and communicate on your progress.

Share and explain business objectives with your management team, employees and new hires. Make selected portions of your business plan part of your new employee training.

8. Communicate Externally

Alliances If you are interested in partnerships or joint ventures, you may share selected sections of your plan with the potential business partners in order to develop new alliances.

Suppliers A business plan can play a part in attracting reliable suppliers and getting approved for business credit from suppliers. Suppliers who feel confident that your business will succeed (e.g., sales projections) will be much more likely to extend credit.

In addition, suppliers may want to ensure their products are being represented in the right way .

Professional Services Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, including attorneys, accountants, and other professional consultants as needed, to make sure that everyone is on the same page.

Advisors Share the plan with experts and professionals who are in a position to give you valuable advice.

Landlord Some landlords and property managers require businesses to submit a business plan to be considered for a lease to prove that your business will have sufficient cash flows to pay the rent.

Customers The business plan may also function as a prospectus for potential customers, especially when it comes to large corporate accounts and exclusive customer relationships.

9. Secure Funding

If you intend to seek outside financing for your business, you are likely going to need a business plan.

Whether you are seeking debt financing (e.g. loan or credit line) from a lender (e.g., bank or financial institution) or equity capital financing from investors (e.g., venture or angel capital), a business plan can make the difference between whether or not – and how much – someone decides to invest.

Investors and financiers are always looking at the risk of default and the earning potential based on facts and figures. Understandably, anyone who is interested in supporting your business will want to check that you know what you are doing, that their money is in good hands, and that the venture is viable in the long run.

Business plans tend to be the most effective ways of proving that. A presentation may pique their interest , but they will most probably request a well-written document they can study in detail before they will be prepared to make any financial commitment.

That is why a business plan can often be the single most important document you can present to potential investors/financiers that will provide the structure and confidence that they need to make decisions about funding and supporting your company.

Be prepared to have your business plan scrutinized . Investors and financiers will conduct extensive checks and analyses to be certain that what is written in your business plan faithful representation of the truth.

10. Grow and Change

It is a very common misconception that a business plan is a static document that a new business prepares once in the start-up phase and then happily forgets about.

But businesses are not static. And neither are business plans. The business plan for any business will change over time as the company evolves and expands .

In the growth phase, an updated business plan is particularly useful for:

Raising additional capital for expansion

• Seeking financing for new assets , such as equipment or property
• Securing financing to support steady cash flows (e.g., seasonality, market downturns, timing of sale/purchase invoices)
• Forecasting to allocate resources according to strategic priority and operational needs
• Valuation (e.g., mergers & acquisitions, tax issues, transactions related to divorce, inheritance, estate planning)

Keeping the business plan updated gives established businesses better chance of getting the money they need to grow or even keep operating.

Business plan is also an excellent tool for planning an exit as it would include the strategy and timelines for a transfer to new ownership or dissolution of the company.

Also, if you ever make the decision to sell your business or position yourself for a merger or an acquisition , a strong business plan in hand is going to help you to maximize the business valuation.

Valuation is the process of establishing the worth of a business by a valuation expert who will draw on professional experience as well as a business plan that will outline what you have, what it’s worth now and how much will it likely produce in the future.

Your business is likely to be worth more to a buyer if they clearly understand your business model, your market, your assets and your overall potential to grow and scale .

Related Questions

Business plan purpose: what is the purpose of a business plan.

The purpose of a business plan is to articulate a strategy for starting a new business or growing an existing one by identifying where the business is going and how it will get there to test the viability of a business idea and maximize the chances of securing funding and achieving business goals and success.

Business Plan Benefits: What are the benefits of a business plan?

A business plan benefits businesses by serving as a strategic tool outlining the steps and resources required to achieve goals and make business ideas succeed, as well as a communication tool allowing businesses to articulate their strategy to stakeholders that support the business.

Business Plan Importance: Why is business plan important?

The importance of a business plan lies in it being a roadmap that guides the decisions of a business on the road to success, providing clarity on all aspects of its operations. This blueprint outlines the goals of the business and what exactly is needed to achieve them through effective management.

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What Is a Business Plan?

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

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

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

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

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

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

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

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

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

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

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10 Qualities of a Good Business Plan Explained

Eleanor Hecks

9 min. read

Updated October 27, 2023

According to the United States Small Business Administration, there are approximately 32.5 million small businesses at the moment. The number fluctuates from year to year with businesses coming and going. If you want to remain profitable and thrive, you must have a plan to move forward. 

A business plan does far more than help secure venture capital when you’re starting out. You’ll use a strong business plan throughout the life of a company. Use it to refocus your goals, refresh your memory on growth plans, and fulfill marketing goals. Share your plan with employees, shareholders, and investors, and refer back to it to see if you need to make adjustments along the way.

Having a solid business plan can help you successfully start, manage, and grow your business. But what are the qualities that make a business plan more than a document? What does it take to write a strong business plan?

• What are the characteristics of a great business plan?

An excellent plan works for your company and keeps everyone on the same page. There isn’t a lot of ambiguity in it, and all things are listed in an orderly fashion that’s easy to absorb.

The format of the business plan may be almost as important as the words within it, so use bullet points, headers, bold print, and other tricks to keep the reader engaged.

Whether you already have a business plan written and want to edit it to perfection or you need to start from scratch , there are six characteristics every strong plan has.

1. Clear language

It might be tempting to throw in a bunch of industry jargon to show your knowledge of your niche. Unfortunately, most lenders won’t know what you mean. It’s much better to stick to language anyone can understand. You never know who you’ll need to share your business plan with.

Read over the plan several times for typos and clarity. Read out loud so you can “hear” the words. You’ll catch awkward phrasing by speaking the words. You can never have too many eyes on the plan. One person might catch a particular spelling error while another sees the grammatical errors.

Get feedback from your employees, family, mentor, and friends. You don’t have to follow every suggestion, but you should consider what everyone says and choose the things that make the most sense for your business model.

Look at the business plan through the eyes of someone outside the industry. Does everything make sense? Are there any phrases someone might have to stop and look up? You don’t want the reader to be thrown out of the flow of the text.

2. Employee recognition

Your business plan should include a layout for employee recognition. Developing a strong workplace culture benefits your brand in numerous ways, such as creating staff loyalty and retaining your best people. It’s difficult for a company to thrive and grow without focusing on its workers.

When employees receive recognition for their accomplishments, they are 82% happier in their jobs . They’ll outperform workers in a company without the plan for an excellent culture. If you aren’t quite sure what your company culture should be yet, just make some notes on the things you’ve loved about your favorite places to work.

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3. Realistic goals

While you might love to run a multi-billion-dollar conglomerate, most small businesses stay relatively small. That isn’t to say you can’t find great success as a small business owner, but make sure your goals are achievable .

As you work through the potential revenue numbers, pay attention to what others in your industry make in a year. You might be able to exceed that by 10%, but thinking you’ll make four times what your nearest competitor does may not be very realistic.

Making your goals too lofty may hurt your chances of securing financing, too. Those considering investing in your business may feel you don’t fully understand the typical earnings of your industry.

4. Great mission statement

The best business plans outline the purpose of your company. Why did you start the business in the first place, and how will you leave your mark with the brand?

For example, a small landscaping company called Massey Services shares its mission statement on its website. Their overall goal is total customer satisfaction . Everything else in their statement on their webpage ties into that philosophy. They also want to build long-term relationships, they want people to trust them, and they value truth and integrity.

When you have a strong mission statement , it drives everything else you do. If your focus is on building relationships, you’ll develop a company culture based on interactions with employees. Your mission statement might arguably be the thing about your company that never changes.

5. Methodology for results

Make sure your business plan has a way to track results over time. Lay out the methodology of any facts and figures used to estimate revenue or what your costs will be. Then, check against those assumptions from time to time to make sure you’re hitting the right beats.

For example, if you plan to hit a certain level of revenue by the end of the first year, how can you break that down into quarters, months, and weeks? What is the best way to make sure you achieve your goals?

You can’t fix mistakes or make adjustments if you don’t know where you are in the journey. Pay attention to how quickly the brand moves toward objectives and make adjustments as needed.

6. Foundation for marketing strategies

How do you plan to get the word out about your brand? You must have a marketing strategy that makes sense for your budget and your philosophies as a brand. Perhaps you plan to work exclusively with online influencers. How much will you allocate to the budget for influencer marketing?

Take time to study who your target audience is and create buyer personas representing the average person who’ll buy from you. While you might need to tweak your personas from time to time, a solid plan, in the beginning, gets things off on the right foot and helps you bring in new customers.

Figure out how much you’ll spend online and offline on marketing efforts. Where can you reach your average customer? Do they mainly hang out on Facebook? If so, much of your budget can go to Facebook ads. On the other hand, if they use TikTok and rarely visit Facebook, you might want to put more time, energy, and finances into building an audience on the newer platform.

7. It fits the need of your business

The best business plan for your company takes into account why you need a business plan in the first place. Are you going for funding, using the information to improve internal operations, pitching your concept to investors, or perhaps communicating your goals to employees?

There are many different reasons you’ll utilize a business plan. They aren’t one-size-fits-all . You may even find you need addendums or additional plans to match the needs of your business at any given time.

If you intend to use your plan in-house to motivate employees or stick to your goals, a one-page plan may be all you need. You can also use a shorter version to test ideas you have and see how they might match the goals of your company.

On the other hand, a traditional full-length plan works best if you need funding from a bank or want to pitch a concept to an outside investor. You can also use a longer plan to get feedback from a mentor or business coach.

8. Your strategy is realistic

In a recent Gartner Execution Gap Survey, approximately 40% of leaders said their enterprise accountability and leadership were not aligned on an execution strategy. If your business plan doesn’t lay out how the business operates, there may be too much room for interpretation that causes dissent within the company and makes people work against one another instead of as a cohesive unit.

Start by ensuring different operational milestones within your plan are attainable. For example, if you share a financial forecast, is it realistic? Based on current revenue, can you realistically achieve your goals? If you’ve brought in $200,000 per year in revenue for the last few years, don’t expect to jump to $400,000 in the next quarter. Make a plan for increasing revenue – but in increments that make sense and are achievable.

You don’t need an unrealistic plan. Company leaders and employees will only grow frustrated and discouraged if they’re unable to hit any target goals laid out in the plan.

9. Clearly identifies assumptions

When you’re writing out a business plan, you may not have all the answers. At best, some of the information is an assumption based on outside data, past performance, and any testing you’ve completed. There will be times when you make a mistake in your estimates.

Be upfront about what your assumptions are when writing out your plan. Did you assume the company will increase 10% in productivity this year because it did in the last few years? Share your thoughts on why you think this is achievable based on past factors, but also make it clear it’s a guess. In reality, the company may over-or-underperform on those expectations.

Show what is an assumption also point to what might need to be updated or refined after a few months. Consider these areas to revisit frequently for updates or to set new goals.

10. Easy to communicate with the right people

Who is your audience? Knowing who will look at your business plans allows you to create it in a format you can share with the right people. Consider factors such as how easily scannable the text is and what it looks like in different formats, such as a document or PDF file.

Who are you sharing it with, and how will they use it? For example, if you include any links, will the person be able to click on them and go directly to the page you want them to go to? Is the viewer likely to read the plan on a mobile device? How well does the format adapt?

Consider who you’re sharing it with and how they’ll need to use it to make sure you offer it in the best format for viewing by that individual. You may even want to save your business plan in a variety of different formats.

• Keep your plan updated

Your business plan isn’t something you write once and then forget. To truly make yours work for your business model, you must refer back to it and see where you are with your predictions and goals. As you hit high notes, add new objectives and plan them out with measurable goals.

Over time, your business plan won’t look much like the one you used the day you opened your company’s doors. However, the mission statement will likely stay the same, and elements such as company culture won’t change much.

What will change is your knowledge of the industry and how well you can adapt to the challenges faced by all small business owners. With a plan for handling different situations, you’re certain to be one of the small businesses finding success past the 10-year mark.

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

Eleanor Hecks is editor-in-chief at Designerly Magazine . She was the creative director at a prominent digital marketing agency prior to becoming a full-time freelance designer. Eleanor lives in Philadelphia with her husband and pup, Bear.

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The importance of business plan: 5 key reasons.

A key part of any business is its business plan. They can help define the goals of your business and help it reach success. A good business plan can also help you develop an adequate marketing strategy. There are a number of reasons all business owners need business plans, keep reading to learn more!

Here’s What We’ll Cover:

What Is a Business Plan?

5 reasons you need a well-written business plan, how do i make a business plan, key takeaways.

A business plan contains detailed information that can help determine its success. Some of this information can include the following:

• Market analysis
• Cash flow projection
• Competitive analysis
• Financial statements and financial projections
• An operating plan

A solid business plan is a good way to attract potential investors. It can also help you display to business partners that you have a successful business growing. In a competitive landscape, a formal business plan is your key to success.

Check out all of the biggest reasons you need a good business plan below.

1. To Secure Funding

Whether you’re seeking funding from a venture capitalist or a bank, you’ll need a business plan. Business plans are the foundation of a business. They tell the parties that you’re seeking funding from whether or not you’re worth investing in. If you need any sort of outside financing, you’ll need a good business plan to secure it.

2. Set and Communicate Goals

A business plan gives you a tangible way of reviewing your business goals. Business plans revolve around the present and the future. When you establish your goals and put them in writing, you’re more likely to reach them. A strong business plan includes these goals, and allows you to communicate them to investors and employees alike.

3. Prove Viability in the Market

While many businesses are born from passion, not many will last without an effective business plan. While a business concept may seem sound, things may change once the specifics are written down. Often, people who attempt to start a business without a plan will fail. This is because they don’t take into account all of the planning and funds needed to get a business off of the ground.

Market research is a large part of the business planning process. It lets you review your potential customers, as well as the competition, in your field. By understanding both you can set price points for products or services. Sometimes, it may not make sense to start a business based on the existing competition. Other times, market research can guide you to effective marketing strategies that others lack. To have a successful business, it has to be viable. A business plan will help you determine that.

4. They Help Owners Avoid Failure

Far too often, small businesses fail. Many times, this is due to the lack of a strong business plan. There are many reasons that small businesses fail, most of which can be avoided by developing a business plan. Some of them are listed below, which can be avoided by having a business plan:

• The market doesn’t need the business’s product or service
• The business didn’t take into account the amount of capital needed
• The market is oversaturated
• The prices set by the business are too high, pushing potential customers away

Any good business plan includes information to help business owners avoid these issues.

5. Business Plans Reduce Risk

Related to the last reason, business plans help reduce risk. A well-thought-out business plan helps reduce risky decisions. They help business owners make informed decisions based on the research they conduct. Any business owner can tell you that the most important part of their job is making critical decisions. A business plan that factors in all possible situations helps make those decisions.

Luckily, there are plenty of tools available to help you create a business plan. A simple search can lead you to helpful tools, like a business plan template . These are helpful, as they let you fill in the information as you go. Many of them provide basic instructions on how to create the business plan, as well.

If you plan on starting a business, you’ll need a business plan. They’re good for a vast number of things. Business plans help owners make informed decisions, as well as set goals and secure funding. Don’t put off putting together your business plan!

If you’re in the planning stages of your business, be sure to check out our resource hub . We have plenty of valuable resources and articles for you when you’re just getting started. Check it out today!

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

• A market analysis : gathering information about factors and conditions that affect your industry
• Competitive analysis : evaluating the strengths and weaknesses of your competitors
• Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
• Marketing: using your research to advertise your business
• Logistics and operations plans : planning and executing the most efficient production process
• Cash flow projection : being prepared for how much money is going into and out of your business
• An overall path to long-term growth

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

• No market need : No one wants what you’re selling.
• Lack of capital : Cash flow issues or businesses simply run out of money.
• Inadequate team : This underscores the importance of hiring the right people to help you run your business.
• Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
• Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Related Posts

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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10 Business Plan Benefits You Might Be Forgetting If you think creating a business plan is not for you, think again. Here are ten ways your business plan can help you be a better entrepreneur.

By Tim Berry • Sep 6, 2013

Opinions expressed by Entrepreneur contributors are their own.

Too many people don't bother to write a business plan because they think it's too hard or unnecessary unless you're looking for funding . That's a shame. These myths keep a lot of people from the benefits of planning.

If you're still skeptical, here are 10 benefits to business planning you shouldn't be overlooking:

• You'll stay on strategy. It's hard to stick to strategy through the daily routine and interruptions. Use a business plan to summarize the main points of your strategy and as a reminder of what it both includes and rules out.
• Business objectives will be clear. Use your plan to define and manage specific measurable objectives like web visitors, sales, margins or new product launches. Define success in objective terms.
• Your educated guesses will be better. Use your plan to refine your educated guesses about things like potential market, sales, costs of sales, sales drivers, lead processing and business processes.
• Priorities will make more sense. Aside from the strategy, there are also priorities for other factors of your business like growth, management and financial health. Use your plan to set a foundation for these, then to revise as the business evolves.
• You'll understand interdependencies. Use a plan to keep track of what needs to happen and in what order. For example, if you have to time a product release to match a testing schedule or marketing to match a release, your business plan can be invaluable in keeping you organized and on track.
• Milestones will keep you on track. Use a business plan to keep track of dates and deadlines in one place. This is valuable even for the one-person business and vital for teams.
• You'll be better at delegating. The business plan is an ideal place to clarify who is responsible for what. Every important task should have one person in charge. Your plan keeps track.
• Managing team members and tracking results will be easy. So many people acknowledge the need for regular team member reviews and just as many admit they hate the reviews. The plan is a great format for getting things in writing and following up on the difference between expectations and results with course corrections.
• You can better plan and manage cash flow. No business can afford to mismanage cash. And simple profits are rarely the same as cash. A cash flow plan is a great way to tie together educated guesses on sales, costs, expenses, assets you need to buy and debts you have to pay.
• Course corrections will keep your business from flopping. Having a business plan gives you a way to be proactive -- not reactive -- about business. Don't wait for things to happen. Plan them. Follow up by tracking the results and making course corrections. It's a myth that a business plan is supposed to predict the future. Instead, it sets expectations and establishes assumptions so you can manage the future with course corrections.

You don't need a big formal business plan to reap these benefits. Instead, think of your business plan as a collection of lists, bullet points and tables. Think of it as something that lives on the computer, not on paper. It's just big enough to do its job.

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BENEFITS OF A BUSINESS PLAN: Benefits and Drawbacks

• by Folakemi Adegbaju
• August 15, 2023
• No comments
• 7 minute read

Table of Contents Hide

#1. you gain an understanding of your market, #2. evaluate risk, #3. you can get outside funding, #4. you can check the financial numbers, #5. you focus your strategies, #6. it will help you steer your business as you start and grow, #1. a great business plan requires great implementation practices, #2. a business plan can turn out to be inaccurate, #3. it creates an environment of false certainty, benefits of a business plan for an entrepreneur, final thoughts, what is the main purpose of a business plan, what needs to be in a business plan, who reads a business plan and what information are they looking for.

A good business plan can be said to be a road map to success, outlining all parts of your company, from marketing and finance to operations, products, services, and people, as well as how you will outperform your competitor. However, does the thought of writing your first business plan seem intimidating? Well, you’re not alone. Many entrepreneurs deal with this crucial phase of starting a business. This article will outline and explain the benefits and drawbacks of writing a business plan for you as an entrepreneur.

Are you ready? Enjoy the ride with us.

Benefits of a Business Plan

A business plan can assist you in determining the profitability of a  business before putting too much time or money into it if you are thinking of starting one. It also includes information on the procedures to take, the resources needed to achieve your business objectives, and a schedule for potential results. The style and content of a business plan can vary significantly. 

You’ll be reactive rather than proactive if you don’t have a business plan, and growth will be much more difficult. More importantly, the lack of a business plan would discourage potential investors and creditors, making it incredibly difficult to raise funds. Finally, if you don’t have a business plan, you won’t have anything to fall back on if things don’t go your way, so even a minor problem might quickly escalate.

If you’re starting a business, there are a couple of things that come first, including; registration of your business name, getting a tax ID, choosing a business structure, applying for the necessary permissions and licenses, and so on. For example, let’s say you need to start up a jewelry business. These and more are what you’d have to consider. However, just to take the stress off your plate, we already have a comprehensive jewelry business plan with a 3-year financial projection in place. All you’d need at this point is a business name.

So, what can a good business plan help you achieve?  Here are six benefits of writing a business plan:

Knowing how to conduct a market analysis is one of the benefits of writing a business plan. You examine your industry, target market, and rivals when conducting this research. You can spot patterns in decisions that may benefit or hurt your business.

One of the benefits of writing a business plan is the ability to learn from other people’s mistakes. Learning from the mistakes of others takes less time and money than learning from your own mistakes. The better prepared you are to cope with the many components of your market, the easier it will be to deal with problems later on.

A business plan can also assist you in evaluating the risks involved with your business. To avoid failure, you must first identify and manage risks. A business plan will require you to consider the risks you’re taking and decide whether they’re worth taking or if you should change your plan.

A business plan is required to obtain funds from lenders or investors. Lenders want to know they’re putting their money into a business that will stay and flourish. You must present a business plan to lenders that outlines the steps you will follow as a business owner. It’s a good idea to structure your ideas, even if your lenders are friends and relatives.

A business plan aids others in comprehending your passion and determining where their money will be spent. Clearly communicating your ideas to investors can help you demonstrate that you can get your business off the ground and grow it. You’ll also need to know how to construct a business plan’s exit strategy. A successful business is useless to your investors if they can’t get their money back at some point.

Financial estimates for your organization are included in business plans. While the forecasts aren’t a look into the future, they do reflect a prediction of your financial situation. It will be critical to plan for expenses in order to keep operations running smoothly. Cash flow estimates allow you to understand if your objectives are realistic. They also point out patterns that could be detrimental to your company. The quicker you recognize potential problems, the faster you can fix them.

Make sure your estimates are in line with your expectations. Have you set aside sufficient funds to complete the job at hand? Check your figures again to make sure you’re ready to handle your finances in the future.

The entrepreneur in you is itching to get started right away. A business plan, on the other hand, can assist you in determining the ideal methods for your business. Work on all the crucial aspects before venturing into ownership.

This benefit of a business plan also aids in work prioritization. You can determine which difficulties to handle first by examining the big vision of your business. A business plan might also assist you in deciding which activities to tackle later.

Consider a business plan to be a GPS to get your business up and running. Another one of the benefits of writing a good business plan is that it will walk you through each step of beginning and running a business. Your business plan will serve as a road map for how to establish, run, and grow your new business. It’s a technique to think about and outline all of the important aspects of how your business will operate.

Drawbacks of a Business Plan

A business plan has its own benefits and drawbacks, one of which is the stress involved in putting together all you need. So, as an entrepreneur, you’d always need to talk to a professional to make it easier for you to write a business plan.

And guess what? We have a team here at BusinessYield Consult to provide you with the necessary information you’d need starting out.

Meanwhile, here are other drawbacks you need to consider in writing a business plan:

Many businesses make a plan that sits on a bookshelf or on a storage device since it was created for one specific reason: to raise funds. A great business plan should become an inherent part of the organization once it has allocated particular responsibilities to specific job categories and laid the groundwork for data collection and metric production. Unfortunately, over the years, bad implementation has ruined many outstanding business plans.

Involving the “proper” people in the business planning process is critical. These are the people who will have an impact on the long-term plan of your business. Most business owners believe they can avoid these drawbacks by writing their own business plan, but this takes skill in a variety of sectors to be effective. For the greatest possible business plan, a diverse variety of perspectives and input is normally required, because otherwise, blind spots of inaccuracy can lead to plenty of unforeseen effects.

This basically means you’d need professionals like BusinessYield Consult for more optimal results.

It’s crucial to remember that a business plan is nothing more than a forecast based on current plans and data. We live in an ever-changing world where nothing is guaranteed. If a business plan has too much predictability, it may be unable to adjust to the changes that the world forces upon it. It might cause a business to miss out on an intriguing new opportunity because they are so focused on achieving one particular objective.

The benefits and drawbacks of a business plan illustrate that it is an important component of a good business but a thorough plan may not be required in all situations. The purpose of a business plan should be apparent to assess the current in order to make the best prediction of future results.  You’ll be able to boost your chances of success if you can plan for disruptions as well. For example, if you want to start a car detailing business and you feel there might be a disruption or crisis, in the long run, a good business plan can help you fix any issues. But either way, you may also need to speak with professionals to help you out.

Every entrepreneur needs a business to build and develop their business. A business plan comes with a lot of benefits for you as an entrepreneur.

Here are some of the benefits of a business plan for an entrepreneur:

• Provides guidance for opening new or expanding existing business /adaptability
• It acts as a management tool for the business/monitoring tool / identifies strengths
• It’s a tool for evaluating business performance
• It lays the strategy to be used in marketing the products
• Facilitates acquisition of loans from financial institutions and other financiers

The benefits of a business plan are more than the drawbacks and you can see why it is necessary for you to get a business plan as soon as possible. It is compulsory for you to know the benefits and drawbacks of a business plan so as to know how to fix things right in your business plan as an entrepreneur.

The main purpose of a Business Plan is to evaluate, characterize, and analyze a business opportunity or an existing business, as well as to assess its technological, economic, and financial viability.

An executive overview, products and services, marketing strategy and analysis, financial planning, and a budget should all be included in a good business plan.

It’s the lenders. A financial institution will want to examine a well-written business plan before approving a business loan. This assists the lender in determining whether the business objectives are reasonable and whether you’ve accurately forecasted various expenses and potential earnings.

Related Articles

• 4 MAIN PARTS OF A BUSINESS PLAN: 4 Necessary Business Plan Components
• Advantages of a Business Plan: Definition and What It Entails

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24 of My Favorite Sample Business Plans & Examples For Your Inspiration

Published: February 06, 2024

I believe that reading sample business plans is essential when writing your own.

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As you explore business plan examples from real companies and brands, it’s easier for you to learn how to write a good one.

But what does a good business plan look like? And how do you write one that’s both viable and convincing. I’ll walk you through the ideal business plan format along with some examples to help you get started.

Table of Contents

Business Plan Format

Business plan types, sample business plan templates, top business plan examples.

Ask any successful sports coach how they win so many games, and they’ll tell you they have a unique plan for every single game. To me, the same logic applies to business.

If you want to build a thriving company that can pull ahead of the competition, you need to prepare for battle before breaking into a market.

Business plans guide you along the rocky journey of growing a company. And if your business plan is compelling enough, it can also convince investors to give you funding.

With so much at stake, I’m sure you’re wondering where to begin.

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First, you’ll want to nail down your formatting. Most business plans include the following sections.

1. Executive Summary

I’d say the executive summary is the most important section of the entire business plan. 

Why? Essentially, it's the overview or introduction, written in a way to grab readers' attention and guide them through the rest of the business plan. This is important, because a business plan can be dozens or hundreds of pages long.

There are two main elements I’d recommend including in your executive summary:

Company Description

This is the perfect space to highlight your company’s mission statement and goals, a brief overview of your history and leadership, and your top accomplishments as a business.

Tell potential investors who you are and why what you do matters. Naturally, they’re going to want to know who they’re getting into business with up front, and this is a great opportunity to showcase your impact.

Need some extra help firming up those business goals? Check out HubSpot Academy’s free course to help you set goals that matter — I’d highly recommend it

Products and Services

To piggyback off of the company description, be sure to incorporate an overview of your offerings. This doesn’t have to be extensive — just another chance to introduce your industry and overall purpose as a business.

In addition to the items above, I recommend including some information about your financial projections and competitive advantage here too.:

Keep in mind you'll cover many of these topics in more detail later on in the business plan. So, keep the executive summary clear and brief, and only include the most important takeaways.

Executive Summary Business Plan Examples

This example was created with HubSpot’s business plan template:

This executive summary is so good to me because it tells potential investors a short story while still covering all of the most important details.

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Tips for Writing Your Executive Summary

• Start with a strong introduction of your company, showcase your mission and impact, and outline the products and services you provide.
• Clearly define a problem, and explain how your product solves that problem, and show why the market needs your business.
• Be sure to highlight your value proposition, market opportunity, and growth potential.
• Keep it concise and support ideas with data.
• Customize your summary to your audience. For example, emphasize finances and return on investment for venture capitalists.

Check out our tips for writing an effective executive summary for more guidance.

2. Market Opportunity

This is where you'll detail the opportunity in the market.

The main question I’d ask myself here is this: Where is the gap in the current industry, and how will my product fill that gap?

More specifically, here’s what I’d include in this section:

• The size of the market
• Current or potential market share
• Trends in the industry and consumer behavior
• Where the gap is
• What caused the gap
• How you intend to fill it

To get a thorough understanding of the market opportunity, you'll want to conduct a TAM, SAM, and SOM analysis and perform market research on your industry.

You may also benefit from creating a SWOT analysis to get some of the insights for this section.

Market Opportunity Business Plan Example

I like this example because it uses critical data to underline the size of the potential market and what part of that market this service hopes to capture.

Tips for Writing Your Market Opportunity Section

• Focus on demand and potential for growth.
• Use market research, surveys, and industry trend data to support your market forecast and projections.
• Add a review of regulation shifts, tech advances, and consumer behavior changes.
• Refer to reliable sources.
• Showcase how your business can make the most of this opportunity.

3. Competitive Landscape

Since we’re already speaking of market share, you'll also need to create a section that shares details on who the top competitors are.

After all, your customers likely have more than one brand to choose from, and you'll want to understand exactly why they might choose one over another.

My favorite part of performing a competitive analysis is that it can help you uncover:

• Industry trends that other brands may not be utilizing
• Strengths in your competition that may be obstacles to handle
• Weaknesses in your competition that may help you develop selling points
• The unique proposition you bring to the market that may resonate with customers

Competitive Landscape Business Plan Example

I like how the competitive landscape section of this business plan below shows a clear outline of who the top competitors are.

It also highlights specific industry knowledge and the importance of location, which shows useful experience in this specific industry. 

This can help build trust in your ability to execute your business plan.

Tips for Writing Your Competitive Landscape

• Complete in-depth research, then emphasize your most important findings.
• Compare your unique selling proposition (USP) to your direct and indirect competitors.
• Show a clear and realistic plan for product and brand differentiation.
• Look for specific advantages and barriers in the competitive landscape. Then, highlight how that information could impact your business.
• Outline growth opportunities from a competitive perspective.
• Add customer feedback and insights to support your competitive analysis.

4. Target Audience

Use this section to describe who your customer segments are in detail. What is the demographic and psychographic information of your audience?

If your immediate answer is "everyone," you'll need to dig deeper. Here are some questions I’d ask myself here:

• What demographics will most likely need/buy your product or service?
• What are the psychographics of this audience? (Desires, triggering events, etc.)
• Why are your offerings valuable to them?

I’d also recommend building a buyer persona to get in the mindset of your ideal customers and be clear on why you're targeting them.

Target Audience Business Plan Example

I like the example below because it uses in-depth research to draw conclusions about audience priorities. It also analyzes how to create the right content for this audience.

Tips for Writing Your Target Audience Section

• Include details on the size and growth potential of your target audience.
• Figure out and refine the pain points for your target audience , then show why your product is a useful solution.
• Describe your targeted customer acquisition strategy in detail.
• Share anticipated challenges your business may face in acquiring customers and how you plan to address them.
• Add case studies, testimonials, and other data to support your target audience ideas.
• Remember to consider niche audiences and segments of your target audience in your business plan.

5. Marketing Strategy

Here, you'll discuss how you'll acquire new customers with your marketing strategy. I’d suggest including information:

• Your brand positioning vision and how you'll cultivate it
• The goal targets you aim to achieve
• The metrics you'll use to measure success
• The channels and distribution tactics you'll use

I think it’s helpful to have a marketing plan built out in advance to make this part of your business plan easier.

Marketing Strategy Business Plan Example

This business plan example includes the marketing strategy for the town of Gawler.

In my opinion, it really works because it offers a comprehensive picture of how they plan to use digital marketing to promote the community.

Tips for Writing Your Marketing Strategy

• Include a section about how you believe your brand vision will appeal to customers.
• Add the budget and resources you'll need to put your plan in place.
• Outline strategies for specific marketing segments.
• Connect strategies to earlier sections like target audience and competitive analysis.
• Review how your marketing strategy will scale with the growth of your business.
• Cover a range of channels and tactics to highlight your ability to adapt your plan in the face of change.

6. Key Features and Benefits

At some point in your business plan, you'll need to review the key features and benefits of your products and/or services.

Laying these out can give readers an idea of how you're positioning yourself in the market and the messaging you're likely to use. It can even help them gain better insight into your business model.

Key Features and Benefits Business Plan Example

In my opinion, the example below does a great job outlining products and services for this business, along with why these qualities will attract the audience.

Tips for Writing Your Key Features and Benefits

• Emphasize why and how your product or service offers value to customers.
• Use metrics and testimonials to support the ideas in this section.
• Talk about how your products and services have the potential to scale.
• Think about including a product roadmap.
• Focus on customer needs, and how the features and benefits you are sharing meet those needs.
• Offer proof of concept for your ideas, like case studies or pilot program feedback.
• Proofread this section carefully, and remove any jargon or complex language.

7. Pricing and Revenue

This is where you'll discuss your cost structure and various revenue streams. Your pricing strategy must be solid enough to turn a profit while staying competitive in the industry. 

For this reason, here’s what I’d might outline in this section:

• The specific pricing breakdowns per product or service
• Why your pricing is higher or lower than your competition's
• (If higher) Why customers would be willing to pay more
• (If lower) How you're able to offer your products or services at a lower cost
• When you expect to break even, what margins do you expect, etc?

Pricing and Revenue Business Plan Example

I like how this business plan example begins with an overview of the business revenue model, then shows proposed pricing for key products.

Tips for Writing Your Pricing and Revenue Section

• Get specific about your pricing strategy. Specifically, how you connect that strategy to customer needs and product value.
• If you are asking a premium price, share unique features or innovations that justify that price point.
• Show how you plan to communicate pricing to customers.
• Create an overview of every revenue stream for your business and how each stream adds to your business model as a whole.
• Share plans to develop new revenue streams in the future.
• Show how and whether pricing will vary by customer segment and how pricing aligns with marketing strategies.
• Restate your value proposition and explain how it aligns with your revenue model.

8. Financials

To me, this section is particularly informative for investors and leadership teams to figure out funding strategies, investment opportunities, and more.

 According to Forbes , you'll want to include three main things:

• Profit/Loss Statement - This answers the question of whether your business is currently profitable.
• Cash Flow Statement - This details exactly how much cash is incoming and outgoing to give insight into how much cash a business has on hand.
• Balance Sheet - This outlines assets, liabilities, and equity, which gives insight into how much a business is worth.

While some business plans might include more or less information, these are the key details I’d include in this section.

Financials Business Plan Example

This balance sheet is a great example of level of detail you’ll need to include in the financials section of your business plan.

Tips for Writing Your Financials Section

• Growth potential is important in this section too. Using your data, create a forecast of financial performance in the next three to five years.
• Include any data that supports your projections to assure investors of the credibility of your proposal.
• Add a break-even analysis to show that your business plan is financially practical. This information can also help you pivot quickly as your business grows.
• Consider adding a section that reviews potential risks and how sensitive your plan is to changes in the market.
• Triple-check all financial information in your plan for accuracy.
• Show how any proposed funding needs align with your plans for growth.

As you create your business plan, keep in mind that each of these sections will be formatted differently. Some may be in paragraph format, while others could be charts or graphs.

The formats above apply to most types of business plans. That said, the format and structure of your plan will vary by your goals for that plan. 

So, I’ve added a quick review of different business plan types. For a more detailed overview, check out this post .

1. Startups

Startup business plans are for proposing new business ideas.

If you’re planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business.

You can check out this guide for more detailed business plan inspiration .

2. Feasibility Studies

Feasibility business plans focus on that business's product or service. Feasibility plans are sometimes added to startup business plans. They can also be a new business plan for an already thriving organization.

3. Internal Use

You can use internal business plans to share goals, strategies, or performance updates with stakeholders. In my opinion, internal business plans are useful for alignment and building support for ambitious goals.

4. Strategic Initiatives

Another business plan that's often for sharing internally is a strategic business plan. This plan covers long-term business objectives that might not have been included in the startup business plan.

5. Business Acquisition or Repositioning

When a business is moving forward with an acquisition or repositioning, it may need extra structure and support. These types of business plans expand on a company's acquisition or repositioning strategy.

Growth sometimes just happens as a business continues operations. But more often, a business needs to create a structure with specific targets to meet set goals for expansion. This business plan type can help a business focus on short-term growth goals and align resources with those goals.

Now that you know what's included and how to format a business plan, let's review some of my favorite templates.

1. HubSpot's One-Page Business Plan

Download a free, editable one-page business plan template..

The business plan linked above was created here at HubSpot and is perfect for businesses of any size — no matter how many strategies we still have to develop.

Fields such as Company Description, Required Funding, and Implementation Timeline give this one-page business plan a framework for how to build your brand and what tasks to keep track of as you grow.

Then, as the business matures, you can expand on your original business plan with a new iteration of the above document.

Why I Like It

This one-page business plan is a fantastic choice for the new business owner who doesn’t have the time or resources to draft a full-blown business plan. It includes all the essential sections in an accessible, bullet-point-friendly format. That way, you can get the broad strokes down before honing in on the details.

2. HubSpot's Downloadable Business Plan Template

We also created a business plan template for entrepreneurs.

The template is designed as a guide and checklist for starting your own business. You’ll learn what to include in each section of your business plan and how to do it.

There’s also a list for you to check off when you finish each section of your business plan.

Strong game plans help coaches win games and help businesses rocket to the top of their industries. So if you dedicate the time and effort required to write a workable and convincing business plan, you’ll boost your chances of success and even dominance in your market.

This business plan kit is essential for the budding entrepreneur who needs a more extensive document to share with investors and other stakeholders.

It not only includes sections for your executive summary, product line, market analysis, marketing plan, and sales plan, but it also offers hands-on guidance for filling out those sections.

3. LiveFlow’s Financial Planning Template with built-in automation

This free template from LiveFlow aims to make it easy for businesses to create a financial plan and track their progress on a monthly basis.

The P&L Budget versus Actual format allows users to track their revenue, cost of sales, operating expenses, operating profit margin, net profit, and more.

The summary dashboard aggregates all of the data put into the financial plan sheet and will automatically update when changes are made.

Instead of wasting hours manually importing your data to your spreadsheet, LiveFlow can also help you to automatically connect your accounting and banking data directly to your spreadsheet, so your numbers are always up-to-date.

With the dashboard, you can view your runway, cash balance, burn rate, gross margins, and other metrics. Having a simple way to track everything in one place will make it easier to complete the financials section of your business plan.

This is a fantastic template to track performance and alignment internally and to create a dependable process for documenting financial information across the business. It’s highly versatile and beginner-friendly.

It’s especially useful if you don’t have an accountant on the team. (I always recommend you do, but for new businesses, having one might not be possible.)

4. ThoughtCo’s Sample Business Plan

One of the more financially oriented sample business plans in this list, BPlan’s free business plan template dedicates many of its pages to your business’s financial plan and financial statements.

After filling this business plan out, your company will truly understand its financial health and the steps you need to take to maintain or improve it.

I absolutely love this business plan template because of its ease-of-use and hands-on instructions (in addition to its finance-centric components). If you feel overwhelmed by the thought of writing an entire business plan, consider using this template to help you with the process.

6. Harvard Business Review’s "How to Write a Winning Business Plan"

Most sample business plans teach you what to include in your business plan, but this Harvard Business Review article will take your business plan to the next level — it teaches you the why and how behind writing a business plan.

With the guidance of Stanley Rich and Richard Gumpert, co-authors of " Business Plans That Win: Lessons From the MIT Enterprise Forum ", you'll learn how to write a convincing business plan that emphasizes the market demand for your product or service.

You’ll also learn the financial benefits investors can reap from putting money into your venture rather than trying to sell them on how great your product or service is.

This business plan guide focuses less on the individual parts of a business plan, and more on the overarching goal of writing one. For that reason, it’s one of my favorites to supplement any template you choose to use. Harvard Business Review’s guide is instrumental for both new and seasoned business owners.

7. HubSpot’s Complete Guide to Starting a Business

If you’re an entrepreneur, you know writing a business plan is one of the most challenging first steps to starting a business.

Fortunately, with HubSpot's comprehensive guide to starting a business, you'll learn how to map out all the details by understanding what to include in your business plan and why it’s important to include them. The guide also fleshes out an entire sample business plan for you.

If you need further guidance on starting a business, HubSpot's guide can teach you how to make your business legal, choose and register your business name, and fund your business. It will also give small business tax information and includes marketing, sales, and service tips.

This comprehensive guide will walk you through the process of starting a business, in addition to writing your business plan, with a high level of exactitude and detail. So if you’re in the midst of starting your business, this is an excellent guide for you.

It also offers other resources you might need, such as market analysis templates.

8. Panda Doc’s Free Business Plan Template

PandaDoc’s free business plan template is one of the more detailed and fleshed-out sample business plans on this list. It describes what you should include in each section, so you don't have to come up with everything from scratch.

Once you fill it out, you’ll fully understand your business’ nitty-gritty details and how all of its moving parts should work together to contribute to its success.

This template has two things I love: comprehensiveness and in-depth instructions. Plus, it’s synced with PandaDoc’s e-signature software so that you and other stakeholders can sign it with ease. For that reason, I especially love it for those starting a business with a partner or with a board of directors.

9. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers several free business plan templates that can be used to inspire your own plan.

Before you get started, you can decide what type of business plan you need — a traditional or lean start-up plan.

Then, you can review the format for both of those plans and view examples of what they might look like.

We love both of the SBA’s templates because of their versatility. You can choose between two options and use the existing content in the templates to flesh out your own plan. Plus, if needed, you can get a free business counselor to help you along the way.

I’ve compiled some completed business plan samples to help you get an idea of how to customize a plan for your business.

I chose different types of business plan ideas to expand your imagination. Some are extensive, while others are fairly simple.

Let’s take a look.

1. LiveFlow

One of the major business expenses is marketing. How you handle your marketing reflects your company’s revenue.

I included this business plan to show you how you can ensure your marketing team is aligned with your overall business plan to get results. The plan also shows you how to track even the smallest metrics of your campaigns, like ROI and payback periods instead of just focusing on big metrics like gross and revenue.

Fintech startup, LiveFlow, allows users to sync real-time data from its accounting services, payment platforms, and banks into custom reports. This eliminates the task of pulling reports together manually, saving teams time and helping automate workflows.

"Using this framework over a traditional marketing plan will help you set a profitable marketing strategy taking things like CAC, LTV, Payback period, and P&L into consideration," explains LiveFlow co-founder, Lasse Kalkar .

When it came to including marketing strategy in its business plan, LiveFlow created a separate marketing profit and loss statement (P&L) to track how well the company was doing with its marketing initiatives.

This is a great approach, allowing businesses to focus on where their marketing dollars are making the most impact. Having this information handy will enable you to build out your business plan’s marketing section with confidence. LiveFlow has shared the template here . You can test it for yourself.

2. Lula Body

Sometimes all you need is a solid mission statement and core values to guide you on how to go about everything. You do this by creating a business plan revolving around how to fulfill your statement best.

For example, Patagonia is an eco-friendly company, so their plan discusses how to make the best environmentally friendly products without causing harm.

A good mission statement  should not only resonate with consumers but should also serve as a core value compass for employees as well.

Patagonia has one of the most compelling mission statements I’ve seen:

"Together, let’s prioritise purpose over profit and protect this wondrous planet, our only home."

It reels you in from the start, and the environmentally friendly theme continues throughout the rest of the statement.

This mission goes on to explain that they are out to "Build the best product, cause no unnecessary harm, and use business to protect nature."

Their mission statement is compelling and detailed, with each section outlining how they will accomplish their goal.

4. Vesta Home Automation

This executive summary for a smart home device startup is part of a business plan created by students at Mount Royal University .

While it lacks some of the sleek visuals of the templates above, its executive summary does a great job of demonstrating how invested they are in the business.

Right away, they mention they’ve invested $200,000 into the company already, which shows investors they have skin in the game and aren’t just looking for someone else to foot the bill.

This is the kind of business plan you need when applying for business funds. It clearly illustrates the expected future of the company and how the business has been coming along over the years.

5. NALB Creative Center

This fictional business plan for an art supply store includes everything one might need in a business plan: an executive summary, a company summary, a list of services, a market analysis summary, and more.

One of its most notable sections is its market analysis summary, which includes an overview of the population growth in the business’ target geographical area, as well as a breakdown of the types of potential customers they expect to welcome at the store. 

This sort of granular insight is essential for understanding and communicating your business’s growth potential. Plus, it lays a strong foundation for creating relevant and useful buyer personas .

It’s essential to keep this information up-to-date as your market and target buyer changes. For that reason, you should carry out market research as often as possible to ensure that you’re targeting the correct audience and sharing accurate information with your investors.

Due to its comprehensiveness, it’s an excellent example to follow if you’re opening a brick-and-mortar store and need to get external funding to start your business .

6. Curriculum Companion Suites (CSS)

If you’re looking for a SaaS business plan example, look no further than this business plan for a fictional educational software company called Curriculum Companion Suites. 

Like the business plan for the NALB Creative Center, it includes plenty of information for prospective investors and other key stakeholders in the business.

One of the most notable features of this business plan is the executive summary, which includes an overview of the product, market, and mission.

The first two are essential for software companies because the product offering is so often at the forefront of the company’s strategy. Without that information being immediately available to investors and executives, then you risk writing an unfocused business plan.

It’s essential to front-load your company’s mission if it explains your "Why?" and this example does just that. In other words, why do you do what you do, and why should stakeholders care? This is an important section to include if you feel that your mission will drive interest in the business and its offerings.

7. Culina Sample Business Plan

Culina's sample business plan is an excellent example of how to lay out your business plan so that it flows naturally, engages readers, and provides the critical information investors and stakeholders need. 

You can use this template as a guide while you're gathering important information for your own business plan. You'll have a better understanding of the data and research you need to do since Culina’s plan outlines these details so flawlessly for inspiration.

8. Plum Sample Business Plan

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Table of Contents

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Every year, thousands of new businesses see the light of the day. One look at the  World Bank's Entrepreneurship Survey and database  shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.   

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several  other statistics  expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all. 

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%)  don't have a formal business plan in place. 

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.  

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.  

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.  

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained. 

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes. 

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

• Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals. 
• Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
• Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
• Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
• Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
• Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest. 

Now let's look at the various types involved in business planning.

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Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.  

Here’s an overview of a few fundamental types of business plans. 

• Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
• Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments. 
• Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
• Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
• Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them. 

Here are the key elements of a good business plan:

• Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.  
• Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
• Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
• Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time. 
• Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

• Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

• Create a business plan to determine your company's direction, obtain financing, and attract investors.
• Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
• Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
• You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success. 

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.   

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

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Advantages of a good business plan

What are the advantages of a good business plan.

There are many reasons why it makes sense to create a business plan. Consider the following advantages of doing so.

Make a Go/No Go Decision

Perhaps the single most essential advantage of a business plan is using it to convince yourself whether the prospective business is actually a good idea. The plan is a good place to test assumptions about what business conditions will be needed to make the entity a success. Realistic modeling with the plan is good way to decide whether there is a reasonable chance of success, or whether it makes more sense to try some other business idea.

Focus on Strategy

A business plan should be based on a vision for how the firm positions itself within the market. This is useful for deciding whether the products and services to be offered match its market positioning.

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How to Write a Business Plan

Set Priorities

The process of creating a business plan is useful for identifying which priorities are most critical for ensuring that the goals set forth in the plan will be accomplished. This is useful for allocating money and other resources to the right activities.

Align Tactics with Strategy

The activities stated in the business plan should represent the best possible tactics to support the firm’s strategy. By laying out tactics within the business plan, one can evaluate whether there are any areas requiring more or different tactics. This format also makes it easy to decide whether there are any mismatches between the firm’s strategy and its tactics.

Set Milestones

A business plan should contain milestones, noting that goals that are expected to be completed by specific dates. For example, a new product should be released by March 15, or orders should be received from five new customers by June 30, or the western sales region should be opened up by September 1.

Review the Supporting Structure

Having a business plan makes it easier to see if you have considered every aspect of a business, and whether each area adequately supports the others. For example, are there enough sales people to generate the sales listed in the plan? Has enough fund raising been budgeted to ensure that the cash will be available to build that new warehouse? Is the engineering group being given enough resources to develop the new product line that launches in the third quarter?

Assign Responsibility

With a business plan in hand, it is easier to work through the list of activities that must be completed, and assign responsibility for them. This is essential for figuring out which employees are effective and which are not.

Identify Cash Flow Issues

A business plan contains a cash flow analysis, which is useful for determining when the business is expected to have cash flow problems. Having this information available makes it easier to plan for fund raising activities to ensure that the business is always properly funded.

Impress Outsiders

Since a new company does not have any financial statements yet, many lenders and creditors will want to see a business plan instead. This will give them some comfort regarding how realistic the firm’s prospects for success may be. This is especially important when trying to attract new investors, who want as much detail as possible before they will be willing to invest any money.

Analyze Variances

With a business plan in place, it is easier to spot instances in which actual performance is better or worse than expected performance. Depending on how the plan is structured, it may be possible to identify variances each month, allowing for ongoing changes to the business to bring its results into closer alignment with the plan.

Create Metrics

A business plan may include a set of performance metrics that represent how well the organization is expected to do during the planning period. These metrics should be targeted at just those performance issues that really matter, such as the percentage of visitors to the company online store that complete a purchase, or the proportion of goods sold that are returned by customers.

Parting Thoughts

 It is worth returning to the “make a go/no go decision” that we listed as the first advantage of a business plan. This concept is worth considering on an ongoing basis as a business starts up, in order to evaluate how it is doing. For example, if several months have passed and there is still no immediate prospect of generating a profit , it might be worthwhile to compare this outcome to the expectations outlined in the plan, to see if there are any options available for turning the situation around. If not, it may be time to shut down the business, rather than running out of cash further in the future and then closing it down.

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Advantages and Disadvantages of Business Plan

Every business starts with a business plan because starting a business without a plan is like going on a chilled winter night without warm clothes and since starting a business involves money and where there is money one cannot take chances of going ahead without a plan. In order to understand it better let’s look at some of the advantages and disadvantages of business plan –

Advantages of Business Plan

• The first and foremost advantage of business plans is that once the company has business plan ready then only it can take it forward and present it to prospective investors who in turn if they like the plan will finance the business plan and we all know how important capital is for starting a business because without capital no business can start.
• Another benefit of business plans is that it helps the promoter in getting things right because if plans are in mind only then it can lead to confusion as mind has dozen of ideas but once the plan in mind is put into paper in the form of business plan than it gets more clarity and the owner can concentrate on one plan only rather than thinking about dozen of plans.
• Another advantage of the business plans is that it helps in prioritizing the work and also putting the right people for right job which in turn increases the possibility of the business plan being a success as the owner can keep track of milestones of business as envisaged in the business plan.

Disadvantages of Business Plan

• The biggest disadvantage of the business plans is that it involves time and expenses and as far as small businesses are concerned they neither have money and expertise to make a proper business plan which in turn can lead to business suffering more rather than gaining from the business plan.
• Another drawback of it is that due to the presence of business plans the owners may lose flexibility and become rigid also they will keep sticking to the business plan even if it detrimental to the interests of the business. So for example, if business plan has envisaged 10000 units of production but due to change in consumer taste sales of only 5000 units can be done and if the owner sticks to the business plan then it will be a loss making the decision. Hence a good business plan is one which has the scope of flexibility in it.
• Another disadvantage of business plans is that though plans are good to see and hear but execution of those plans has many problems and uncertainties right from procurement of finance, production related uncertainty, marketing and selling challenges and many other problems and it is next to impossible that plans are carried out in exact fashion as set out by the top management or the owner of the company.
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Money latest: JD Sports introducing tagging sprays in stores

JD Sports is introducing tagging sprays across its stores nationwide as part of a ramping up of security measures. Read this and all the latest consumer and personal finance news below, plus leave a comment in the box.

Tuesday 30 April 2024 21:02, UK

• State pensions 'could be in doubt for future generations'
• Average UK rents hit new high
• Higher food prices warning as new Brexit checks begin
• JD Sports introducing tagging sprays in stores

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Taxpayers will be forced to cover £85bn of losses made by the Bank of England on its quantitative easing programme, estimates suggest. 

The £895bn bond-buying scheme was carried out between 2009 and 2021, and had aimed to support the UK during economic shocks - but it has been blamed by some for allowing inflation to take root. 

Recent chancellors have agreed to indemnify the Bank against any losses on the scheme - meaning the taxpayer will be paying for them.

Greene King is moving from its 200-year-old brewery in Bury St Edmunds. 

The pub chain will be opening a new £40m facility in a town that will produce more modern, fizzy craft beers alongside its traditional cask ales. 

The majority of Greene King's brewing will be moved to the new site, as part of a wider shift away from traditional cask beers. 

It will take about three years to complete. 

Butlin's has launched legal action against its insurance company Aviva over who foots a £60m bill.

The holiday park operator's Minehead resort was forced to close in September 2023 because of flooding caused by heavy rainfall.

It has said the incident cost the business £60m and has filed a claim at the High Court against Aviva for not covering the entire bill.

In legal documents seen by  The Telegraph , Butlins have questioned the definition of a "storm" and argued that a "named storm" had not been declared when the flooding happened.

Oil traders working for the US firm Exxon Mobil Corp in Brussels could lose their job if they refuse to move to London, according to reports.

Under the new proposal employees moving to the UK capital would be expected to be in the office five days a week.

But traders working for the oil giant said in an internal union-led survey they did not want to move to London due to "uncompetitive" pay and a "lack of flexibility", a union statement reads, according to  Bloomberg .

Up to 37 trading employees now face having their contracts terminated as a result of this.

ExxonMobil has said it "remains open to resolving the situation".

The sports retailer is introducing tagging sprays across its stores nationwide as part of a ramping up of security measures. 

It will start using SelectaDNA sprays, which can be misted on property and criminals. 

The sprays work by leaving a synthetic DNA and UV marker which does not wash off and can be used to link assets to owners and criminals to crime scenes. 

JD Sports said the measure was in response to a significant increase in shoplifting in UK.

In particular, it said it had seen a rise in "steaming" - where large gangs run into stores, threaten staff with violence and then run off with armfuls of stolen products.

The SelectaDNA spray reportedly does not cause any harm or damage to skin, clothing or property.

Lidl plans to open hundreds more supermarkets across Britain.

The German discount chain, which is now the UK's sixth biggest supermarket, is targeting thousands of new shoppers as it continues its expansion.

It currently has about 960 stores but is targeting more than 1,100 across England, Wales and Scotland.

In the coming months, the chain will welcome shoppers to new stores across the country, from Bristol, Birmingham and Berwick in Scotland. 

In London, it will be opening new stores in Wandsworth, Fulham, Hoxton and Canning Town.

But it says it is eyeing growth in more locations. If it successfully finds a good location, it is willing to pay a finder's fee of 1.5% of the total freehold purchase price, or 10% of the first year's rent for leaseholds, which would equate to £22,500 for a completed £1.5m site purchase.

A finder's fee can be paid to any member of the public who identifies a suitable site for it to open a new store.

Richard Taylor, Lidl Great Britain's chief development officer, said the company was "continuing to invest in new locations whilst exploring innovative routes to expansion".

"As we look ahead, we're excited to welcome even more new shoppers to our existing stores, as well as those we're planning to open across the country in the coming months and years," he said.

Mortgage approvals rose to 61,300 in March - the highest number since September 2022.

They had been at 60,500 in February, according to the Bank of England.

While this is positive, industry experts are reporting that uncertainty over the direction of interest rates this year is prompting caution.

Mortgage rates have risen in the last few weeks as markets went from pricing in a base rate cut in June to thinking it may be August.

US inflation proving stubborn has led to concern here that the path to the 2% target may be bumpy - meaning the base rate may have to stay high in order to constrain spending and thus ease price rises.

Forecasts of three cuts this year from the current 5.25% have been scaled back to two.

Hina Bhudia, partner at Knight Frank Finance, said: "The sun is out and buyers are returning from their Easter break, so we'd usually expect these to be the busy weeks before the summer; however, the uncertain outlook for mortgage rates will undoubtedly weigh on activity.

"It's not just buyers that are frustrated. The lenders are eager to rebuild their businesses after a subdued 2023; however, they are constrained by stubborn inflation and the resulting impact on their cost of funding."

Following Sainsbury's boss Simon Roberts' claim that Britons like self-checkouts...

...we asked Money blog readers, and followers of our LinkedIn page , for their views.

While our inbox was filled with a lot of hate for self-checkouts, our poll of 2,613 people on LinkedIn shows that, overall, Mr Roberts was right...

We have rounded up some of your views here...

Self-checkout is the worst thing to ever happen. Standing like a child with your hand up, one person running up and down to deal with this, underpaid and understaffed. Janice Karaaziz, Money reader

I'll go out of my way to find a cashier, largely because my five-year-old will make a beeline for pressing the scales. I've noticed my local store having fewer and fewer cashiers on - and on many occasions there have been none. We need to think about inclusivity here. There will be some customers who will need a cashier for various reasons, so would expect there to always be at least one on, so stores are accessible for everyone. KaraS, LinkedIn

I try and limit my social interactions as much as possible, out of choice, so most of the time self-checkouts are convenient. Alasdair Corton, LinkedIn

They induce a level of irritation. Sometimes I can be heard answering them back. In general I choose to have my items flung at me by Lidl checkout staff. Siobhan W, LinkedIn

Self-checkout provides a great alternative to customers, especially those with smaller quantity purchases, but personally I think it's sad to see them dominate the front of Sainsbury's stores. In my opinion, it's the removal of one of the greatest ways to provide good customer service. Tom Tregay, LinkedIn

Self-checkouts are great, I will always choose to use one instead of a normal checkout. Some are easier to use than others, the Co-op and Tesco have easy-to-use interfaces whereas Morrisons is a bit more complicated. They'll evolve over time and there's always staff to help out. CG, LinkedIn

They're useful, but when they trigger a "basket check" on nearly every single shop, they begin to lose attractiveness Nicola Bradley, LinkedIn

I tend to argue with them lol. Especially when I can't get it to scan a particular item or you need approval for something so you have to wait for assistance anyway! Plus as a disabled customer I have to juggle my crutch, shopping, scanning and packing. With reduced staff in shops you can't always get the help you actually need. Elizabeth Graney, LinkedIn

Definitely not. So when I go to Sainsbury's I see a lot of older people and no way do they want to use self-checkouts. My mother lives in assisted living and all of them say they hate them. Get a grip, Simon - they are not faster, they are saving you employing more staff. I know my aunt has stood at an Asda til they put a staff member on there. Andrea Robinson, LinkedIn

Robots should never replace humans. Interaction is essential... if machines replace people no one will work, it's a crazy dangerous road. Nicola van Eerten, LinkedIn

The self-checkout is a money-saving exercise. They cut back everywhere. No staff on the shop floor to help. Paper bags in the veg section now cost 30p - for absolutely no reason. Mark, Money reader

Average advertised rents have hit a new high in the UK, according to Rightmove .

Across Britain, excluding London, the average monthly rent being asked for a property coming on the market in the first quarter of 2024 was £1,291, the property website found. This was 8.5% higher than a year earlier.

The average advertised rent in London also hit a fresh high in the first quarter of 2024 at £2,633 per month but this was just £2 higher than the average asking rent in the fourth quarter of 2023.

While average rents have climbed, the property website says there are signs that the pace of the increases is slowing.

There are also indications that more landlords are having to reduce their asking rents, particularly for bigger homes, to meet what tenants can afford.

Rightmove's director of property science, Tim Bannister, said the rental market was "no longer at peak boiling point" but it "remains at a very hot simmer".

By James Sillars , business reporter

The index rose by 0.3% to 8,174 points at the open.

Only real estate stocks were proving any kind of drag.

Among the companies leading the gainers was HSBC.

It climbed by more than 2.6% in London after the Asia-focused bank announced a rise in shareholder awards despite a slight drop in quarterly profits.

The share price reaction also reflected news that chief executive Noel Quinn is to retire - read the full story of that here ...

Among the other gainers in early dealing was Whitbread.

The Premier Inn owner's annual results revealed a sharp rise in annual profits but also a new focus on hotel investment at the expense of its restaurant brands.

That was placing 1,500 jobs at risk, it warned - read the full story here ...

By Jess Sharp , Money team

We first came across Tom McPhail when he posted this on X... 

The pensions expert appeared to be suggesting state pensions were at risk of disappearing.  

After speaking to him on the phone, he confirmed that was exactly his concern, warning something needed to be done sooner rather than later to avoid a "catastrophic" situation.  

He described state pensions as a social contract – each generation pays taxes and national insurance, which funds the pensions of today's older people, and they hope the following generation will do the same for them.

But with population growth slowing, there's a worry there may simply not be enough people to keep the system afloat in the future.  

"There's a significant demographic shift going on in the UK. It started before the Second World War, cohorts of people born in the 1930s have been experiencing significantly longer lives than was the case prior to that, so people now in their 80s are living quite a lot longer," he said. 

"But at the same time, we've got fewer children coming through. And so this exacerbates the shift in the age of the population."

He said if he was 20 today, he would be "sceptical" about the promise of a state pension because he isn't sure how it's going to be paid for.  

At the moment, the state pension system costs around £120bn a year and more than half of retired people rely on it to make up at least 50% of their income, he added.  

Over the next 50 years, Tom predicts the proportion of GDP the state spends on older people will increase from around 16% to 25%.  

"I hesitate to use the word unsustainable, but it will certainly start to look challenging," he said.  

"If we suddenly switched off the state pension or significantly reduced it, people would be in trouble, so the government can’t do that. 

"You can't keep on progressively ratcheting up a more and more generous state pension. The costs of state pensions is going to become increasingly difficult for the younger cohorts to bear."

He pointed to a few ways to potentially salvage the state pension – policy change, more babies being born or people working until they are in their 70s.  

"Politicians are going to have to make decisions about how to get out of this kind of political bind," Tom added. 

"Time and time again it's just kick the can down the road on the pension question, just put a sticking plaster on it and let the next government deal with the problem. 

"You can't keep doing that. So I would really like to see, on the other side of this forthcoming general election... whoever's in power, in collaboration with whoever's in opposition, to just really open it up to some honest conversations about where the demographics are going to take us." 

He does note there is one piece of good news: "This happens quite slowly, so we do have time on our side." 

Basically, swap rates dictate the pricing of fixed-rate mortgages.

Lenders, such as banks and building societies, borrow in order to lend.

They borrow from financial markets and often these transactions are made using Sterling Overnight Index Average (SONIA) swap rates, which can move around.

By contrast, most domestic mortgages are set on what is known as a "term" rate – in other words, the borrower knows how much interest they will be paying for a set period of time.

To avoid a situation where the SONIA rate goes above the rate it is charging borrowers, which would leave the bank or building society lending at a loss, the lender will seek to enter a "swap" arrangement which protects them from such a situation.

Under such agreements, two parties exchange cash flows with each other. The lending bank will swap the variable payments it may make to service a mortgage (which is fixed to the SONIA rate) for payments at a fixed rate. This insulates the lending bank from unexpected increases in the SONIA rate.

Once a deal is struck based on the swap rate, mortgage providers set their fixed deals for customers, with their own profit margin priced in.

How are swap rates decided?

Swap rates are based on what the markets think will happen to interest rates in the future.

When they go up, so do the rates being offered on the high street, as we have seen in the last week or two amid uncertainty over whether forecasts for a summer base rate cut are accurate.

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José Luís González Rodriguez is a Partner of ActionCOACH Spain. www.joseluisgonzalez.coach.

In today's fast-paced business world, strategic planning emerges as an essential tool for the success and survival of companies. The ability to anticipate, adapt and direct resources toward specific goals is crucial in a competitive environment where changes are exponentially rapid.

In this article, we will explore the significance of strategic planning for businesses, presenting key tools for its implementation and highlighting the numerous advantages it brings, all supported by an online survey made by me in which 576 entrepreneurs and executives from companies of various sizes and sectors throughout Spain participated during the first quarter of 2024.

The survey included five questions:

1. Do you believe a strategic plan is necessary to carry out your business activities?

Of the respondents, 90% said it was necessary, 6% thought it was not necessary and the remaining 4% stated that intuition and experience were better.

An overwhelming majority of respondents thought that strategic planning is necessary because they know of the need for order in business management. However, as we will see in the following questions, the percentage of executives and businesspeople who carry out this exercise is lower. This shows that companies are run without using basic efficient business management tools.

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Many of these entrepreneurs have high academic qualifications. They do not apply a strategic plan because their daily lives make them lose track of what is important and strategic, and instead, they just work on what is urgent. The presence of a business coach can be a very important option to get them to focus on what is really important to make their businesses more efficient, modern and competitive.

2. Did you create a defined and thoughtful strategic plan for your business activities last year, 2023?

Only 46% answered affirmatively, despite 90% seeing the need for a strategic plan. Almost 40% admitted they hadn't done it, and 16% responded that they did it "their way." This highlights the difficulty for executives and entrepreneurs in allocating time to execute strategic tasks. The day-to-day demands of business prevent moments of reflection and analysis of the situation to focus the business in the right direction.

3. If you made a strategic plan for 2023, what percentage has been fulfilled?

Only 14% indicated they had fulfilled their strategic plan from the prior year below 50% of what was planned. About a third (28%) of respondents fulfilled between 50% and 75% of their plan, and 21% of respondents fulfilled between 75% and 100%. Another 38% exceeded what was planned. From this, we can conclude that slightly more than half are close to what was intended, and the rest are significantly off target.

Experience tells me that strategic planning is often done with little reflection and insufficient competitor data, environmental analysis or consideration of the threats and opportunities offered by market globalization, digitalization and artificial intelligence (AI). They are often done using linear growth percentages and intuition, but in most cases, without a rigorous market analysis, which is highly changeable.

4. If you see it necessary to create a strategic plan, which members of the company should participate in its development?

Forty percent believe that the entrepreneur and their management team should participate, and 60% believe that an external expert should also be included. Undoubtedly, an external, unbiased view can bring great value to this reflective process, which undoubtedly contributes to ensuring that the plan is as closely aligned with a reality where internal changes will be more than necessary to successfully face the business challenge. There is a majority that perceives it this way, but experience tells me that entrepreneurs rarely actually do so.

5. For what period of time should a strategic plan be made?

• 1 year: 12%

• 2 years: 11%

• 3 years: 44%

• 5 years: 33%

These results show that respondents know the theory but not the practice. For small and medium-sized enterprises, making a strategic plan for three or more years, in the current situation, is an enjoyable exercise but generally not very useful because today's market circumstances are very changeable. It is the new paradigm of business management: flexibility to adapt to the market.

In conclusion, the data reveals a high perception of the need for a strategic plan, although there is a significant gap between this perception and its effective implementation. Lack of time, difficulty in allocating resources to strategic tasks and lack of deep reflection are common challenges.

Furthermore, the importance of the participation of external experts in the strategic planning process is emphasized, as is the need for flexibility in the timeframe of strategic plans. Ultimately, these findings underscore the importance of approaching strategic planning with seriousness and dedication to navigate successfully in a constantly changing business environment.

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• Best overall
• Best for expensive trips
• Best for exotic trips
• Best for annual plans

How we reviewed travel insurance for seniors

Best travel insurance for seniors of may 2024.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Reaching your golden years doesn't mean your adventures have to end. In fact, in this stage of life, you'll hopefully have more time and resources to travel. But as a senior citizen, you'll want to ensure you have travel insurance that covers any health-related issues arise while you travel.

Our top picks for the best senior travel insurance

• Best overall: Allianz Travel Insurance
• Best for expensive trips: John Hancock Travel Insurance
• Best for exotic trips: World Nomads Travel Insurance

Best for annual plans: Travel Guard

How we rate the best senior travel insurance companies »

Compare travel insurance for seniors

Your health gets more unpredictable as you age, which makes travel insurance more important for seniors. Unfortunately, it's also more expensive. The best travel insurance for seniors won't have too steep of a price hike compared to rates for younger travelers. It will have high coverage limits for emergency medical coverage, trip cancellations, and and emergency medical evacuation. It's also important that your travel insurance offers pre-existing condition waivers , ideally at no extra cost to the traveler. 

Here are our picks for the best travel insurance coverage for seniors in 2024.

Best overall: Allianz

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Good option for frequent travelers thanks to its annual multi-trip policies
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Doesn't increase premium for trips longer than 30 days, meaning it could be one of the more affordable options for a long trip
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Some plans include free coverage for children 17 and under
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Concierge included with some plans
• con icon Two crossed lines that form an 'X'. Coverage for medical emergency is lower than some competitors' policies
• con icon Two crossed lines that form an 'X'. Plans don't include coverage contact sports and high-altitude activities
• Single and multi-trip plans available
• Trip cancellation and interruption coverage starting at up to $10,000 (higher limits with more expensive plans)
• Preexisting medical condition coverage available with some plans

Allianz Travel Insurance is one of the most widely recognized names in travel insurance, and it stands out as one of the top travel insurance providers for seniors. It offers a wide range of policies covering medical treatments overseas and emergency medical transport.

Allianz also provides options for varying trip lengths. Its annual multi-trip policies , for example, cover any trip you make during your policy period, even if they aren't yet planned, making it an excellent option for seniors who vacation multiple times per year.

Read our Allianz Travel Insurance review here.

Best for expensive trips: John Hancock

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers 3 travel insurance plans
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cancel for any reason rider available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Affordable travel insurance premiums
• con icon Two crossed lines that form an 'X'. Reviews of claims process are mixed
• con icon Two crossed lines that form an 'X'. Buyers may not get specialty coverage for sports equipment and other high value items
• Trip cancellation for 100% of the trip cost
• Trip interruption insurance for up to 150% of the trip cost
• Emergency medical coverage of up to $250,000 per person
• Medical evacuation coverage of up to $1,000,000

John Hancock Travel Insurance plans for seniors offer some of the best coverage available. It provides generous maximum benefit amounts while still offering affordable prices.

Each plan includes coverages like trip cancellation, emergency accident, and emergency medical, with the option to add benefits like CFAR (cancel for any reason) . Plus, getting a free online quote is a quick and straightforward process.

Read our John Hancock Travel Insurance review here.

Best for exotic trips: World Nomads

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Coverage for 200+ activities like skiing, surfing, and rock climbing
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Only two plans to choose from, making it simple to find the right option
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. You can purchase coverage even after your trip has started
• con icon Two crossed lines that form an 'X'. If your trip costs more than $10,000, you may want to choose other insurance because trip protection is capped at up to $10,000 (for the Explorer plan)
• con icon Two crossed lines that form an 'X'. Doesn't offer coverage for travelers older than 70
• con icon Two crossed lines that form an 'X'. No Cancel for Any Reason (CFAR) option
• Coverage for 150+ activities and sports
• 2 plans: Standard and Explorer
• Trip protection for up to $10,000
• Emergency medical insurance of up to $100,000
• Emergency evacuation coverage for up to $500,000
• Coverage to protect your items (up to $3,000)

World Nomads Travel Insurance is a great choice for active senior citizens under 70 who want comprehensive travel insurance. The key difference between World Nomads and many other providers is that it covers 200+ adventurous activities like scuba diving, mountain biking, surfing, skiing, and even bungee jumping. In addition, World Nomads' trip cancellation and emergency medical coverage includes COVID-19-related issues. Many other insurers are excluding that type of coverage now.

For adventurous senior citizens over the age of 70 years, World Nomads suggests working with its partner, TripAssure .

Read our World Nomads Travel Insurance review here.

Trip cancellation coverage for up to 100% of the trip cost and trip interruption coverage for up to 150% of the trip cost

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Trip cancellation coverage of up to 100% of the cost, for all three plan levels
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. CFAR covers up to 75% of total trip costs (maximum of $112,500 on some plans) 
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Medical coverage of up to $500,000 and evacuation of up to $1,000,000 per person
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Includes COVID coverage 
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Above average baggage loss and delay benefits
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High medical evacuation coverage
• con icon Two crossed lines that form an 'X'. Premiums may run slightly higher than competitors

Travel Guard is a well-established and highly rated name in the travel insurance industry. It offers three main coverage options to choose from, and in general its policies have above-average coverage for baggage loss and baggage delays, plus high medical evaluation coverage limits.

• Trip cancellation coverage for up to 100% of the trip cost
• Trip interruption coverage for up to 150% of the trip cost
• Preexisting medical conditions exclusions waiver must be purchased within 15 days of initial trip payment
• Annual travel insurance plan and Pack N' Go plan (for last-minute trips) available

Travel Guard  offers comprehensive insurance plans for shorter and longer trips. One of its more unique offerings is its Travel Guard Annual Plan.

This annual travel insurance comes with standard coverage benefits (trip delay, baggage loss, etc.) and substantial coverage amounts, which is important for seniors who travel multiple times per year. Travel Guard also offers a preexisting medical condition waiver, meaning those with certain medical issues can still gain coverage.

Read our AIG Travel Guard Insurance review here.

Understanding travel insurance for seniors

Before diving into the specifics, it's essential to understand what travel insurance is and why it's particularly important for senior travelers. The best travel insurance offers financial protection against unexpected events affecting your trip, such as trip cancellations, medical emergencies, or lost luggage.

Types of coverage

• Medical Coverage: Ensures your medical expenses are covered in case of illness or injury.
• Trip Cancellation/Interruption Coverage: Provides reimbursement if your trip is canceled or cut short due to unforeseen events.
• Baggage Coverage: Covers loss, damage, or theft of personal items during your trip.

Benefits of travel insurance for seniors

• Peace of Mind: Knowing you're covered in case of emergencies can make your travel stress-free.
• Financial Protection: Shields you from potentially overwhelming medical costs and trip cancellations fees.
• Assistance Services: Many plans offer 24/7 assistance services, providing help whenever and wherever you need it.

Making the most of your plan

After choosing a plan, it's crucial to understand your policy fully and know what services are available to you in case of an emergency.

Understanding your policy

• Read the fine print and understand the claims process to avoid surprises.

Emergency assistance services

• Familiarize yourself with the emergency assistance services offered by your plan and keep all necessary contact information handy.

How to pick senior travel insurance

It's wise to compare several different travel insurance policies for the best coverage and pricing, as premiums vary widely between insurers and depend on factors like your age and travel destination.

That said, some of the more essential coverages to look for if you're a senior citizen include:

• Travel medical coverage - This coverage will pay for your medical bills outside the US.
• Medical evacuation coverage - If you're injured or become sick while traveling, this coverage will transport you to the nearest hospital or even back home if your condition necessitates it.
• Preexisting conditions - Coverage for known health conditions. You'll need to purchase travel insurance within a certain time period from when you book your trip to qualify for a preexisting condition waiver .
• Cancel for any reason (CFAR) - The name says it all! It'll cost extra and you'll need to purchase insurance early, but it's the most comprehensive trip cancellation coverage you can get. Note that CFAR insurance usually only covers up to 75% of your trip fees.
• Trip cancellation insurance - This coverage provides reimbursement for your prepaid and nonrefundable costs if you cannot make your trip due to an unforeseen event.
• Baggage delay insurance - This coverage will reimburse you for essentials like toiletries and clothes if your bags are delayed.
• Lost luggage insurance - This coverage will reimburse you up to a specified amount if your bags get lost en route.

Of these, the most critical to note are whether or not your policy covers preexisting conditions and the limits for travel medical insurance and emergency medical evacuation.

Some insurance companies offer a waiver that will cover preexisting conditions. You'll have to follow the requirements for adding a waiver to your policy, like insuring the entire cost of your trip. Or purchase the policy within a specific time after making your first trip deposit payments.

You'll also want to find a policy with high maximum limits for travel medical and emergency medical evacuation coverage. These types of expenses can be substantial, so you want to have appropriate coverage.

When comparing senior travel insurance options, we looked at the following factors to evaluate each travel insurance provider:

• Coverage limits: We looked at each travel insurance company's coverage amounts for benefits like medical emergencies and trip cancellation.
• Flexibility: We looked at how customizable a policy is, so you can choose what your travel insurance policy covers .
• Coverage for preexisting conditions: Preexisting conditions are one of the more critical factors for travel insurance for senior citizens, so we looked at travel insurance companies that offer the best coverage for preexisting conditions.
• Price: We compared travel insurance providers offering reasonable basic and comprehensive coverage rates.
• Benefits geared towards seniors: We compared travel insurance companies that offer solid coverage for senior citizens, like medical evacuation, COVID-19 coverage, and trip cancellation.

You can read more about our insurance rating methodology here.

Seniors should look for travel insurance policies that offer comprehensive medical coverage, including for preexisting conditions and emergency medical evacuation. They should also consider policies with higher coverage limits to ensure adequate protection. Additionally, seniors should seek travel insurance plans that provide 24/7 assistance services, as well as coverage for trip cancellations, interruptions, and baggage protection.

The cost of senior travel insurance coverage can vary depending on your age, overall health, state of residence, travel destination, and length of your trip. However, assuming all other factors are the same, you'll pay more for travel insurance at 70 than at 30.

All travel insurance companies, except World Nomads, included in this guide offer coverage for pre-existing medical conditions as long as you buy your policy within the qualifying period from when you placed your trip deposit.

Allianz is the best travel insurance for seniors due to its wide array of medical coverages and emergency medical transport. Allianz also offers multi-trip insurance policies , which could make sense for seniors who travel frequently.

In some instances, travel insurance companies will have age eligibility restrictions, often only insuring people 80 years old and younger.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Harvey Weinstein Conviction Thrown Out

New york’s highest appeals court has overturned the movie producer’s 2020 conviction for sex crimes, which was a landmark in the #metoo movement..

This transcript was created using speech recognition software. While it has been reviewed by human transcribers, it may contain errors. Please review the episode audio before quoting from this transcript and email [email protected] with any questions.

From The New York Times, I’m Katrin Bennhold. This is “The Daily.”

When Hollywood producer Harvey Weinstein was convicted for sex crimes four years ago, it was celebrated as a watershed moment for the #MeToo movement. Yesterday, New York’s highest appeals court overturned that conviction. My colleague Jodi Kantor on what this ruling means for Weinstein and for the #MeToo movement. It’s Friday, April 26.

[MUSIC PLAYING]

# Jodi, you and your reporting partner, Megan Twohey, were the ones who broke the Harvey Weinstein scandal, which really defined the #MeToo movement and was at the center of this court case. Explain what just happened.

So on Thursday morning, New York’s highest court threw out Harvey Weinstein’s conviction for sex crimes and ordered a new trial. In 2020, he had been convicted of sexually abusing two women. He was sentenced to 23 years in jail. The prosecution really pushed the boundaries, and the conviction was always a little shaky, a little controversial. But it was a landmark sentence, in part because Harvey Weinstein is a foundational figure in the #MeToo movement. And now that all goes back to zero.

He’s not a free man. He was also convicted in Los Angeles. But the New York conviction has been wiped away. And prosecutors have the really difficult decision of whether to leave things be or start again from scratch.

And I know we’ve spent a lot of time covering this case on this show, with you, in fact. But just remind us why the prosecution’s case was seen to be fragile even then.

The controversy of this case was always about which women would be allowed to take the witness stand. So think of it this way. If you took all of the women who have horrifying stories about Harvey Weinstein, they could fill a whole courtroom of their own. Nearly 100 women have come forward with stories about his predation.

However, the number of those women who were candidates to serve at the center of a New York criminal trial was very small. A lot of these stories are about sexual harassment, which is a civil offense, but it cannot send you to prison. It’s not a crime.

Some of these stories took place outside of New York City. Others took place a long time ago, which meant that they were outside of the statute of limitations. Or they were afraid to come forward. So at the end of the day, the case that prosecutors brought was only about two women.

Two out of 100.

Yes. And both of those women stories were pretty complicated. They had disturbing stories of being victimized by Weinstein. But what they also openly admitted is that they had had consensual sex with Weinstein as well. And the conventional prosecutorial wisdom is that it’s too messy for a jury, that they’ll see it as too gray, too blurry, and will hesitate to convict.

So prosecutors, working under enormous public pressure and attention, figured out what they thought was a way to bolster their case, which is that they brought in more witnesses. Remember that part of the power of the Harvey Weinstein story is about patterns. It’s about hearing one woman tell virtually the same story as the next woman.

It becomes this kind of echoing pattern that is so much more powerful than any one isolated story. So prosecutors tried to re-create that in the courtroom. They did that to searing effect. They brought in these additional witnesses who had really powerful stories, and that was instrumental to Weinstein being convicted.

But these were witnesses whose allegations were not actually on trial.

Exactly. Prosecutors were taking a risk by including them because there’s a bedrock principle of criminal law that when a person is on trial, the evidence should pertain directly to the charges that are being examined. Anything extraneous is not allowed. So prosecutors took this risk, and it seemed to pay off in a big way.

When Weinstein was convicted in February of 2020, it was by a whole chorus of women’s voices. # What seemed to be happening is that the legal reality had kind caught up with the logic of the #MeToo movement, in which these patterns, these groups of women, had become so important.

And then, to heighten things, the same thing basically happened in Los Angeles. Weinstein was tried in a second separate trial, and he was also convicted, also with that kind of supporting evidence, and sentenced to another 16 years in prison.

And on the same strategy based on a chorus of women who all joined forces, basically joining their allegations against him.

The rules are different in California. But, yes, it was a similar strategy. So Weinstein goes to jail. The world’s attention moves on. The story appears to end.

But in the background, Weinstein’s lawyers were building a strategy to challenge the fairness of these convictions. And they were basically saying this evidence never should have been admitted in the first place. And Megan and I could tell that Harvey Weinstein’s lawyers were getting some traction.

His first appeal failed. But by watching the proceedings, we could tell that the judges were actually taking the questions pretty seriously. And then Weinstein’s lawyers took their last shot. They made their last case at the highest level of the New York courts, and they won. And that panel of judges overturned the conviction.

And what exactly do these judges say to explain why they threw out this conviction, given that another court had upheld it?

Well, when you read the opinion that came out on Thursday morning, you can feel the judge’s disagreements kind of rising from the pages. # Picture sort of a half-moon of seven judges, four of them female, listening to the lawyer’s arguments, wrestling with whether perhaps the most important conviction of the #MeToo era was actually fair. And in their discussion, you can feel them torn between, on the one hand, the need for accountability, and then, on the other hand, the need for fairness.

So there was a sort of sense that this is an important moment and this case represents something perhaps bigger than itself.

Absolutely. There was a lot of concern, first of all, for what was going to happen to Weinstein himself, all that that symbolized, but also what sort of message they were sending going forward. So in the actual opinion, the judges divide into — let’s call them two teams. The majority are basically behaving like traditionalists.

They’re saying things like, here’s one line — “under our system of justice, the accused has a right to be held to account only for the crime charged.” They’re saying there was just too much other stuff in this trial that wasn’t directly relevant, didn’t directly serve as evidence for the two center acts that were being prosecuted.

So those majority-opinion judges simply say that this was a kind of overreach by the prosecutor, that this isn’t how the criminal justice system works.

Exactly. And then, if we called the first team of judges the traditionalists, let’s call the dissenters the realists. And they’re talking about the way sexual crimes play out in the real world and what’s necessary to effectively prosecute them. And they are incredibly critical of the majority.

They use words like — I’m looking at the pages now — “oblivious,” “naive,” phrases like “an unfortunate step backwards,” “endangering decades of progress,” “perpetuates outdated notions of sexual violence,” “allows predators to escape accountability.” What they’re saying is that these rules of evidence have to be somewhat flexible in the real world, because otherwise they’re not going to capture what really happened.

You can really sense the passion in this argument. You know, you really get the sense that this court is bitterly divided over this question. And what I’m hearing the dissent basically saying is that if we overturn this conviction, we’ll be pushing ourselves backwards. This is regress.

And that the evidence served a really important function in the trial, that something is lost without it.

But in the end, that point of view lost out. In this case, the traditionalist judges prevailed by a single vote.

We’ll be right back.

So, Jodi, now that this conviction has been overturned, what’s next for Harvey Weinstein?

Well, back in New York, prosecutors have a really tough question to face, which is, do they retry this case? On the one hand, the Weinstein conviction meant so much to so many people that to just drop it seems very unsatisfying.

But on the other hand, their attempt failed. Those women are going to be very difficult to get back on the stand. And are they really going to start from zero and do this all over again?

Especially given that this conviction has just been overturned?

Exactly. But meanwhile, the other thing to keep your eye on is the appeals in the California case. Weinstein’s attorney told The Times that next month, they are going to file an appeal in California that will make many of the same arguments that they did in New York.

Now, the California rules are a little clearer on what evidence is admissible. So we don’t know exactly what’s going to happen. But I should add that this attorney is the same one who succeeded in getting Bill Cosby’s conviction thrown out.

So is there a world in which all the convictions against Weinstein will be overturned?

Sure, Katrin. It’s very plausible.

Wow. Now, given that, what does this ruling mean for other legal cases, for other #MeToo cases that are currently moving through the legal system?

Well, it’s definitely a symbolic blow for the #MeToo movement and also for accountability, which is part of what powers the movement. If you think of progress like a wheel spinning forward, part of what powers the wheel is accountability, because women only want to come forward if they think something may actually happen. When they see consequences for some men, it encourages others to step forward.

But that doesn’t really feel like a symbolic blow. # That actually feels like a real setback, because if the promise of accountability was what was driving the #MeToo movement and sort of persuading all these women to come forward, then this ruling seems to be undercutting that.

Well, it’s also a sign of health in the system, because what we’re seeing in prosecutions across the country is more testing of this sort. Prosecutors are starting to bring cases that they never would have brought years before. Maybe they’re messier. Maybe the evidence isn’t perfect. Maybe they’re less traditional.

And so to prove those cases, you have to try to get new kinds of evidence in court. And some of those attempts are going to succeed, as they did in the Weinstein trial the first time around. And some of those efforts are going to fail, as we see with the overturning of the conviction. # But that kind of experimentation, potential expansion, is potentially a sign of the health of the system and the idea that the legal system may be, to some degree, catching up with #MeToo.

So you’re saying another way to look at this case is that it sort of represents a legal system trying to navigate this new reality and sort of trying to figure out in real time how to deal with these kinds of cases. It’s almost like a trial and error, “one step forward, two steps back” dynamic.

But also, I want to add that you can’t score #MeToo like a basketball game. Every time there is some big outcome in a #MeToo case — R. Kelly gets convicted, Governor Cuomo resigns, Bill Cosby gets convicted, Bill Cosby walks free — there can be this temptation to draw huge conclusions from that. It’s a victory for me, too. It’s a loss for me, too.

But these cases are not necessarily reliable indicators of what’s really happening, what’s really changing, because what we’re also seeing is real structural change on the legal level. Laws protecting women have changed in, I think, 23 states since 2017. The New York statute of limitations was extended for rape directly in response to the Weinstein allegations. It’s now much longer.

And recently, New York state opened a kind of new window for survivors to sue for long ago offenses. So even as these individual cases rise and fall one by one, the system is slowly changing.

Hmm. So on the one hand, the Harvey Weinstein case actually changed legislation and created this whole new set of laws around these kinds of cases. But on the other hand, the criminal case against him was ultimately shot down. So I guess my question is, how should we think about the Weinstein case? # And does any of this change the way we should see his case as the kind of defining case of the #MeToo movement, and Weinstein himself as the defining central character?

I think the question that Megan and I have had for a long time is whether any criminal conviction in any city is really the best measure of what Harvey Weinstein did or didn’t do, because at its essence, the Harvey Weinstein story is about work. What was really special about him as a producer, his particular genius, was for making careers.

He made Gwyneth Paltrow. He made Matt Damon, Quentin Tarantino, a lot of producers who are very successful now. That was kind of his superpower. But what we now know is that he also used that superpower to manipulate and hurt women. In story after story about Weinstein, the same motifs come up.

A lot of these women were really young. It was their first day, their first week, their first month on the job. They wanted opportunity. They wanted a piece of the action.

So though the annals of the Harvey Weinstein story do include these instances of very troubling, allegedly criminal behavior, like rape, the essence of the story, I think, is about what happens to women in the workplace — the opportunities they have, the way their ambitions can be used against them. And that’s not something that any criminal court can capture.

You know, when you talk to Weinstein victims, of course, you hear the famous things they’ve said about the kind of physical offenses — the bathroom stories, the hotel room stories. But you also hear them talk about their own careers.

They say things like, I lost opportunities because of this, or, I could never work in Hollywood again. And they say, my whole life is different because of that. I can never get those years back. And it’s just not something that any criminal court is quite built to capture.

So in a way, you’re saying that the story is much bigger than those criminal allegations against Weinstein. In a way, they’re the tip of the iceberg. But underneath, there is this whole culture of men abusing their power, against women in particular, in the workplace.

Exactly. And thanks in large part to the #MeToo movement, this is behavior that used to be widely tolerated, and it’s no longer socially acceptable.

And, Jodi, I wonder, have you spoken to some of the women that you spent years talking to and hearing from who came forward to share their stories about Weinstein and others? Have you spoken to them since this latest news?

Yes, and I have to tell you, the Weinstein survivors are pretty resolute. They don’t really see this as changing the story.

When we first got the news from the court, the first person I called was Ashley Judd, the first actress who came forward about Harvey Weinstein. And what she said to me was that she was disappointed, that this was upsetting, but she was also unwavering. She said to me, “We know what really happened.”

Mm-hmm. And I guess, in some ways, that’s the legacy. The truth was aired in a court of law.

We never knew what the legal system would do. We never knew whether he would be convicted or not. But the story stands. It’s the women who are the narrators of this story now, and that won’t be overturned.

Jodi, thank you very much.

Here’s what else you need to know today. On Thursday, the Supreme Court heard arguments over whether former president Donald Trump should have legal immunity for allegedly interfering with the 2020 presidential election after he lost the race to Joe Biden. Trump’s lawyers have argued that his actions, because he was still president at the time, should be shielded from prosecution.

Their arguments were unanimously rejected in February by a lower court. But on Thursday, the Supreme Court’s conservative majority seemed more receptive to Trump’s claims. If the court rules in the former president’s favor, it could potentially delay any trial in the matter until after the election.

And one other thing you should know before you go today — this weekend, we’re going to start sharing with you a brand-new show from some of our colleagues. It’s hosted by David Marchese and Lulu Garcia-Navarro, and the idea of the show is simple and classic. Every week, one of them will interview someone fascinating — actors, politicians, athletes, writers. They’re calling their podcast just “The Interview.”

This weekend, their first couple episodes are perfect examples. Lulu speaks with Yair Lapid, the leader of the political opposition in Israel. David speaks with actress Anne Hathaway. We’ll be sending you those shows right here on Saturday and Sunday. I hope you’ll give them a listen.

Today’s episode was produced by Nina Feldman, Rikki Novetsky, and Carlos Prieto. It was edited by MJ Davis Lin and Liz O. Baylen, contains original music by Dan Powell and Elisheba Ittoop, and was engineered by Chris Wood. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly.

That’s it for “The Daily.” I’m Katrin Bennhold. See you Monday.

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• April 26, 2024   •   21:50 Harvey Weinstein Conviction Thrown Out
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Hosted by Katrin Bennhold

Featuring Jodi Kantor

Produced by Nina Feldman ,  Rikki Novetsky and Carlos Prieto

Edited by M.J. Davis Lin and Liz O. Baylen

Original music by Dan Powell and Elisheba Ittoop

Engineered by Chris Wood

Listen and follow The Daily Apple Podcasts | Spotify | Amazon Music

When the Hollywood producer Harvey Weinstein was convicted of sex crimes four years ago, it was celebrated as a watershed moment for the #MeToo movement. Yesterday, New York’s highest court of appeals overturned that conviction.

Jodi Kantor, one of the reporters who broke the story of the abuse allegations against Mr. Weinstein in 2017, explains what this ruling means for him and for #MeToo.

On today’s episode

Jodi Kantor , an investigative reporter for The New York Times.

Background reading

The verdict against Harvey Weinstein was overturned by the New York Court of Appeals.

Here’s why the conviction was fragile from the start .

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We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.

The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Summer Thomad, Olivia Natt, Daniel Ramirez and Brendan Klinkenberg.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Sofia Milan, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli, Maddy Masiello, Isabella Anderson and Nina Lassam.

Katrin Bennhold is the Berlin bureau chief. A former Nieman fellow at Harvard University, she previously reported from London and Paris, covering a range of topics from the rise of populism to gender. More about Katrin Bennhold

Jodi Kantor is a Pulitzer Prize-winning investigative reporter and co-author of “She Said,” which recounts how she and Megan Twohey broke the story of sexual abuse allegations against Harvey Weinstein, helping to ignite the #MeToo movement.    Instagram • More about Jodi Kantor

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