current state business plan

3 Examples of Strategic Planning and a Current State Analysis Template

Here are some examples of strategic planning and a current state analysis template. Use them to chart a clear path toward business goals.

A strategic plan sets out a clear path for success. It also serves as a reference point for everyone involved. Vision, objectives, action plan, risks, and opportunities — they’re all laid out in your strategic roadmap. The better your startup gets at the strategic planning process , the easier it will be to execute goals. Use these examples of strategic planning and the current state analysis template to get started.

Key Takeaways:

Without strategic planning, startups risk wasting resources on initiatives that aren't impactful.
The more details in your strategy, the easier it will be to achieve goals.
Start with a current state analysis to identify the steps involved in transitioning from your business's current state to your desired future state.

What Is a Strategic Plan?

A good strategy looks at all the moving parts of your business:

Current challenges
Opportunities
Stakeholders

Then, it details which actions stakeholders will take to achieve strategic initiatives and end goals. It can include tactical and process-driven activities, a timeline, role delegation, a method for assessing and reevaluating the plan, and a current state analysis.

Who Should Be Involved?

Strategic planning is a collaborative process. Startups that have already established departments should involve stakeholders from sales, marketing, and product development in the discussion. Choose stakeholders who can contribute to the process and bring value to your organization.

People from different functional areas will be able to identify unique risks and opportunities. Use these insights to prioritize strategic actions and effectively organize resources.

Even if you’re operating as a one or two-person team, gather data to build a stronger strategic plan. The following information channels will provide helpful insights:

Feedback from customers
Discussions with partners
Consultations with professionals

4 Steps to Creating an Effective Strategic Plan, Plus Examples

Here’s a basic framework for startups:

Identify the goal

Your strategic plan will focus on one goal. The goal should be SMART :

Specific — What do you want to achieve?
Measurable — Which metrics will you use to gauge progress?
Attainable — Can you realistically achieve the goal?
Relevant — How does this goal help your business get closer to your long-term vision?
Time-bound — What’s your deadline for achieving the goal?

Starting with an end goal will point the rest of your strategic planning in the right direction. It also creates the business case for your plan’s budget.

Goal examples:

A startup wants to increase awareness about its new event promotions platform. The goal: Boost brand recognition to 75 percent of the target market by the end of the year.
A company has launched a new ordering app for food trucks and small restaurants, and it has tested the app with early adopters. The goal: Increase gross revenue by 35 percent every quarter for the next two years.
A marketing team for a SaaS company that designs industry-specific budgeting apps for small businesses wants to enhance customer experience to create a competitive advantage. The goal: achieve an average four out of five-star rating on the five most popular B2B software review sites.

Develop an action plan

Which processes, methods, and programs will you use to reach your goal? You may have more than one strategy that you’ll use.

Action plan examples:

The startup with the event promotions platform will use social media campaigns and influencers to build awareness.
The ordering app company plans to expand its sales efforts while also launching a content marketing campaign to drive more qualified leads to sales.
To improve customer experience, the SaaS startup that makes budgeting apps will enhance quality control procedures and expand its customer service team.

Detail actions for execution

List the activities that will fulfill your action plan. These can include both one-time tasks and ongoing processes.

Execution examples:

The events promotion startup will connect with three Instagram influencers and post consistently on the brand’s social media networks.
The ordering app company will post weekly blog posts that its market would find useful to generate leads, and sales will send regular emails to drive conversions.
The budgeting app company will hire an account management specialist and work on improving features to make the app easier to use.

Determine resource usage

Which people and tools do you need to execute the actions that will deliver on each strategy? This is where you’ll decide which skills and experience to add to your team, technologies to acquire, and other capital resources to invest in.

Why Startups Should Have a Current State Analysis for Strategic Planning

A key step in this process is clarifying where your business is right now with a current state analysis . This will serve as a foundational document for the strategic planning process. It will help establish which actions to take to move your business from Point A to Point B.

A current state analysis includes:

Current information about the business and your business plan, including customer segmentation, value propositions, finances, and sales projections.
Information on the ecosystem your business exists within. This is where you can draw upon insights from competitor analyses; market trends; and political, economic, social, and technological (PEST) trends. Which specific risks and opportunities does your business face in the current environment?
Long-term vision: What’s the core of your mission and company values? Is that coming across in your branding? Being clear on vision will help your business connect with the right people.
Strengths and weaknesses, opportunities and threats (SWOT). Documenting these will make it easier to spot trends and prioritize goals within your strategic plan.

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Conducting Current State Analysis: Best Practices

7-minute read

Originally published in October 2021. Updated in July 2024

Quick summary: Organizations embarking on new initiatives must start with a thorough current state assessment, which is akin to finding the “you are here” point on a map, to effectively chart their path to success.

“You are here.” If you’ve ever had to navigate your way through an airport or convention center, finding these three words on a map are the first step in getting where you want to go.

When organizations identify a goal—whether that’s aligning with a new data privacy law , integrating a recent acquisition , or moving to a new operating model—the journey towards that goal starts with the same step as the airport scenario: figuring out where they are today. We call this step the current state assessment, and if it sounds like simple common sense, it is. But you’d be surprised how often businesses get it wrong … or leapfrog right past it.

When a business approaches current state assessments from a holistic perspective , evaluating every relevant aspect of their present situation—the good, the bad, and the ugly—they have a solid foundation for the strategy that will drive them towards their goal . Along the way, they often learn some surprising insights about root causes of the issues they’re trying to address.

Today, we’ll discuss how to do a these assessment the right way.

What is a current state assessment?

A current state assessment is a business process that evaluates the current state of an organizational issue to create an accurate starting point from which to build your roadmap. These analyses can be done anywhere in the organization from customer-facing operations to back-end operations.

Why current state assessments are necessary

Whether your goal is finding an airport gate or migrating your organization to a new software platform, the first task is the same: finding the “you are here” point. Knowing where you are today gives you a clear picture of how far away your goal is and lets you begin planning a path to get there—without unnecessary detours that can waste time and resources.

In many organizations, there’s a strong temptation to skip this important step and move straight into planning solutions. But without a current state assessment, they risk misdiagnosing the root cause of the problem and heading down a wrong path , only to later discover their error and have to retreat back to Square One. In addition, the oversight of one or more critical issues could lead to designating a future state that has little if any chance of success.

For example, if the problem is sagging revenues, it may be tempting to launch a comprehensive strategy for increasing sales, involving everything from hiring additional sales reps to increasing incentive bonuses. But if the root cause of the revenue drop is actually a recent price increase that makes the product less competitive—a fact that could have come to light in a current state assessment—achieving the goal requires a very different strategy.

While the need for a current state assessment may seem like a no-brainer, we often hear from clients about consulting firms who bring in cookie-cutter solutions without bothering to evaluate the problem at hand. When we work with clients, we take the time to build a 360-degree picture of the present situation, which enables us to identify the issues with the greatest impact on ROI and assign them top priority when we build the strategy. To some our approach may seem “old school,” but time and time again it’s proven to be an investment that pays off many times over.

Download the strategic assessment checklist

Where current state analysis can go wrong.

In addition to skipping them entirely, a host of other errors around current state assessments can delay or even derail progress towards a strategic objective. Here are a few of the biggest hazards to watch out for.

Settling for a superficial understanding

Business problems are rarely simple, so giving short shrift to the current state assessment is likely to lead to wasted time and resources down the road. Reviewing a few reports and talking to a couple of executives will rarely yield the kind of insights needed to determine and implement a course of action with confidence.

Ignoring cultural aspects

Another potential pitfall to avoid is relying solely on quantitative data or on the high-level perspectives of department leaders or process owners. Solving a problem or pursuing a goal involves change, and every organizational change involves people at multiple levels and in multiple roles. Understanding the cultural aspects of a problem is key to building a strategy that everyone can support.

For example, if the business is addressing low adoption rates for a new software application, one of the key causes could be insufficient or poorly designed training for the desired users—a factor that might only be uncovered by involving the users themselves in the assessment process. Bringing users into the process at the assessment phase helps ensure a solution that works at all levels.

Over-reliance on surveys

Surveys are simple, easy to create, and capable of collecting data from hundreds of individuals with relatively little effort. They do not, however, provide all necessary information to plan an effective strategic roadmap towards a goal, and they lack the personal connection needed to give stakeholders a sense of ownership. When we do a current state assessment, we conduct personal interviews with stakeholders at all levels (in person or virtually) to gain a thorough understanding of their perspectives on the issue, their concerns, and what they need from the solution—insights that surveys alone can’t deliver.

5 steps to a successful current state assessment

We’ve developed a five-step approach to ensure that every assessment we conduct for a client is accurate, thorough, and robust enough to serve as an effective foundation for the project. If you’re looking for a current state analysis template, this is a great place to start.

First we collect all relevant information about the issue via surveys, documentation reviews, and interviews with stakeholders at all levels. Then we document all our findings regarding operating models, processes, and high-level roles and responsibilities.

In this phase we create a high-level operating model of the desired future state , including roles and responsibilities, conduct a gap analysis between current state and future state, and develop a hypothesis for remediating the gaps.

3. Socialize

Now it’s time to bring in our stakeholders, share what we’ve learned, and collaborate on next steps. We conduct meetings with core stakeholders where we report our findings and hypotheses from Steps 1 and 2. We then review the proposed operating model, incorporate key changes based on stakeholder feedback, and finalize for roadmap planning.

4. Synthesize

Here’s where we refine our proposed solutions and recommendations. In this step we also do something that often surprises our clients: we expand on our recommendations to include practical to-do items and best practices. This ensures that the client would be able to drive actions to achieve the desired results on their own if they choose to do so.

We wrap up the assessment process by creating next steps and building a roadmap encompassing people, process, and technology to realize the enhancements we identified in our recommendations.

Case study: migrating to a product-focused operating model

Recently a client came to us for help in transitioning to a product-focused business operating model . Specifically, they requested a current state assessment to measure gaps within their existing revenue operations model to better align product management throughout their organization. In our initial discussions with the client, we identified three opportunities:

• Identify the critical path for agile product management adoption and address key blockers to drive acceleration.

• Enable leadership and business teams with actionable insights for integrating product management and development best practices across the organization.

• Maximize customer value and position the client as a leader in the market.

Our approach encompassed the five stages described above, and upon completion, the client had a detailed roadmap, complete with concrete action items and best practices designed to accelerate them towards their goal of a product-focused business operating model.

Abraham Lincoln once said, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” In solving a business problem or pursuing a goal, the current state assessment is the equivalent of a good axe-sharpening, providing the insights needed to build a laser-targeted roadmap and set off on the right foot. Take the time to do it—and do it correctly—and you’ll be well on your way to an accelerated journey towards your objective.

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Applying Strategies to Boost Your Business
The Power of Strategic Planning
Creating an Action Plan: A Comprehensive Guide to Strategic Planning
Understanding SWOT Analysis: A Comprehensive Overview
SWOT analysis
What is SWOT analysis?
Using SWOT analysis to inform strategy
How to conduct a SWOT analysis
Porter's Five Forces
What is Porter's Five Forces?
How to apply Porter's Five Forces model
Using Porter's Five Forces in strategic planning
PEST analysis
How to conduct a PEST analysis
What is PEST analysis?
Using PEST analysis to identify external factors
Implementing and monitoring the plan
Assigning responsibilities
Creating an action plan
Measuring progress and making adjustments
Introduction to strategic planning
Key components of a strategic plan
Benefits of strategic planning
What is strategic planning?
Steps in the strategic planning process
Developing strategies and tactics
Assessing the current state
Setting goals and objectives
Market research and analysis
Using data to inform strategy
Conducting market research
Analyzing market trends
Scenario planning
What is scenario planning?
Creating and evaluating scenarios
Incorporating scenarios into strategic planning
Financial analysis
Using financial data in strategic planning
Forecasting financials
Assessing financial performance
Strategy development and implementation
Expert guidance in strategy implementation
Ensuring alignment with business goals
Customized strategic planning services
Change management consulting
Managing organizational change
Implementing new strategies and processes
Maximizing employee buy-in and adoption
Performance improvement consulting
Developing strategies for performance enhancement
Measuring and monitoring progress
Identifying areas for improvement
Success stories
Real-world examples of successful strategic planning
Key takeaways and lessons learned
Applying principles to your own strategy
Challenges and failures
Identifying common pitfalls and how to avoid them
Applying insights to your own strategy
Learning from failed strategic planning efforts
Industry-specific case studies
Examples of strategic planning in specific industries
Best practices and lessons learned for your industry
Applying strategies to your own business
OKR (Objectives and Key Results)
Understanding the OKR framework
Integrating OKRs into strategic planning
Setting and tracking objectives and key results
Blue Ocean Strategy
What is Blue Ocean Strategy?
Case studies and success stories
Applying Blue Ocean Strategy to your business
Balanced Scorecard
What is the Balanced Scorecard?
Benefits and limitations of the model
Using the Balanced Scorecard in strategic planning
Strategic planning process
Assessing the Current State: A Comprehensive Look at the Strategic Planning Process

Learn about the key steps in the strategic planning process and how to effectively assess the current state of your organization.

Assessing the Current State: A Comprehensive Look at the Strategic Planning Process

When it comes to any organization, assessing the current state is a crucial step in the strategic planning process. It allows for a comprehensive understanding of where the organization stands and what steps need to be taken to move forward towards success. This article will dive deep into the concept of assessing the current state and its importance in the strategic planning process. We will explore the steps involved in this process and how it fits into the overall framework of strategic planning.

So, if you're looking for a comprehensive guide on assessing the current state and its role in strategic planning, you've come to the right place. The process of assessing the current state involves evaluating various aspects of an organization, including its strengths, weaknesses, opportunities, and threats. It provides valuable insights into the internal and external factors that can impact an organization's performance. By conducting a thorough assessment, organizations can identify areas for improvement and develop strategies to capitalize on their strengths.

But why is assessing the current state so important? Well, it sets the foundation for the entire strategic planning process. Without a clear understanding of where an organization stands, it's impossible to create a roadmap for future success. Assessing the current state provides a reality check and helps organizations make informed decisions about their future goals and objectives. In this article, we will also delve into the different methods and tools that can be used to assess the current state.

From SWOT analysis to PESTEL analysis, we'll explore the most effective techniques for evaluating an organization's current state. We'll also discuss how to gather data and information, as well as how to analyze and interpret it to gain valuable insights. So, whether you're new to the world of strategic planning or looking to improve your current process, this article will provide you with all the necessary information to assess your organization's current state effectively. Let's dive in and explore the strategic planning process and the crucial role of assessing the current state in achieving organizational success. Assessing the current state is a crucial step in the strategic planning process.

It allows organizations to identify their strengths, weaknesses, opportunities, and threats. By evaluating these factors, organizations can gain a better understanding of their current position and make strategic decisions for the future. One common method used to assess the current state is conducting a SWOT analysis. This involves identifying internal strengths and weaknesses, as well as external opportunities and threats. By carefully examining this information, organizations can gain a deeper understanding of their current performance and identify areas for improvement. Gathering and analyzing data is another important aspect of assessing the current state.

This can include financial data, customer feedback, market trends, and more. By effectively examining this information, organizations can gain valuable insights into their current performance and identify areas for improvement. In addition, involving key stakeholders in the assessment process is crucial. This can include employees, customers, partners, and other relevant parties. By gathering their perspectives and insights, organizations can gain a more holistic view of their current state. The main goal of assessing the current state is to set realistic goals and objectives for the future.

Involving Key Stakeholders

Setting realistic goals, identifying strengths and weaknesses, analyzing market trends.

This involves examining external factors such as market trends and customer feedback to gain a better understanding of the current landscape. Market trends can include changes in consumer behavior, emerging technologies, economic conditions, and industry shifts. By analyzing these trends, you can identify potential opportunities and threats that may impact your organization's strategic plan. Customer feedback is also crucial in understanding the current state of your organization.

Key takeaway:

By understanding the main search intent behind this topic, organizations can effectively evaluate their strengths, weaknesses, opportunities, and threats. This information can then be used to inform strategic decisions for the future.

reality check

Understanding PEST Analysis: Identifying External Factors for Strategic Planning

Understanding PEST Analysis: Identifying External Factors for Strategic Planning

Learn how to effectively use PEST analysis to identify external factors for strategic planning. No matter your business or industry, this framework can be a powerful tool for understanding your external environment and making informed decisions.

Incorporating Scenarios into Strategic Planning: A Comprehensive Guide

Incorporating Scenarios into Strategic Planning: A Comprehensive Guide

Learn how to effectively use scenario planning in your strategic planning process.

Applying Strategies to Boost Your Business

A comprehensive guide to applying strategies to your own business to achieve success.

How to Master Scenario Planning: A Comprehensive Guide

How to Master Scenario Planning: A Comprehensive Guide

Learn all about scenario planning and how it can benefit your strategic planning process.

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Benefits and Limitations of the Model
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How to Write a Current Business Situation

by Jennifer VanBaren

Published on 25 Jan 2019

A current business situation, or marketing situation, is a section included in a marketing plan. A marketing plan covers at least one year of company information and may take months to write. It describes a description of the company, the marketing plans in place and goals for the future. It also states the company’s mission statement. The current business situation is one section in the plan describing the company’s current state of market.

Write in the location. The location is the first aspect of a current business situation. The location includes the company’s current or planned location where the business will operate. If a location has not been chosen yet, options of locations are listed along with criteria to use when choosing the location. Any negative aspects of the location should be listed; however, it is important to turn each negative around by showing how the aspect will work for your business.

Identify your company’s services or products. The services and products offered by your company should be listed emphasizing how these products and services are differentiated apart from other products on the market.

State your company’s target market, the group of people your company is targeting through marketing strategies. This is an explanation of what type of people buy or use your products and services. This should include the target market in terms of population, demographics and income levels. Describe the dollar amount of this market as well as a brief description of the company’s sales and distribution procedures.

Identify your company’s competitors. The next part of this section outlines the competitive environment surrounding your company. It lists each competitor and a brief description of each company’s goods and services. In this section of the marketing plan, a current business situation also may list what sets this company apart from its competitors.

List any threats and opportunities to your company's market. This describes any good or bad implications of the market because of various factors, including the economy and trends. List trends that are beneficial to your company and ones that are not. If there are any negatives, list how they will be overcome.

What is a Business Plan? Definition, Tips, and Templates

Published: June 28, 2024

Years ago, I had an idea to launch a line of region-specific board games. I knew there was a market for games that celebrated local culture and heritage. I was so excited about the concept and couldn't wait to get started.

Business plan graphic with business owner, lightbulb, and pens to symbolize coming up with ideas and writing a business plan.

But my idea never took off. Why? Because I didn‘t have a plan. I lacked direction, missed opportunities, and ultimately, the venture never got off the ground.

And that’s exactly why a business plan is important. It cements your vision, gives you clarity, and outlines your next step.

In this post, I‘ll explain what a business plan is, the reasons why you’d need one, identify different types of business plans, and what you should include in yours.

Table of Contents

What is a business plan?

What is a business plan used for.

Business Plan Template [Download Now]

Purposes of a Business Plan

What does a business plan need to include, types of business plans.

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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies. The plan also includes a financial section that forecasts revenue, expenses, and cash flow, as well as a funding request if the business is seeking investment.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

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

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

Noah Parsons

24 min. read

Updated July 29, 2024

Download Now: Free Business Plan Template →

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

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

The basics of business planning

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

You understand that planning helps you:

Raise money
Grow strategically
Keep your business on the right track

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

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

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

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

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

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

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

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

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

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What to include in your business plan

Executive summary

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

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

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

Your executive summary should include:

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

Dig Deeper: How to write an effective executive summary

Products and services description

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

This is usually called a problem and solution statement .

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

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

Market analysis

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

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

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

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

Related: Target market examples

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

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

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

Dig Deeper: Learn how to write a market analysis

Competitive analysis

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

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

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

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

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

Marketing and sales plan

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

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

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

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

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

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

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

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

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

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

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

Business operations

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

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

Supply chain management
Manufacturing processes
Equipment and technology
Distribution

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

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

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

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

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

Key milestones and metrics

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

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

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

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

Possible milestones might be:

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

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

Conversion rates
Customer acquisition costs
Profit per customer
Repeat purchases

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

Dig Deeper: How to use milestones in your business plan

Organization and management team

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

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

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

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

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

Sole proprietor
Partnership

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

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

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

Financial plan

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

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

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

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

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

Dig Deeper: How to create financial forecasts and budgets

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

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

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

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

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

Your cover page should be simple and include:

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

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

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

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

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

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

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

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

Writing tips and strategies

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

Determine why you are writing a business plan

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

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

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

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

Keep things concise

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

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

Have someone review your business plan

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

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

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

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

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

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

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

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

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

Common pitfalls and how to avoid them

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

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

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

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

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

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

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

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

Use your business plan to manage your business

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

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

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

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

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

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

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

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

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

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

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

What are the benefits of a business plan?

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

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

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

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

What are the 5 most common business plan mistakes?

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

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

What questions should be answered in a business plan?

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

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

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

How long should a business plan be?

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

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

What are the different types of business plans?

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

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

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

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

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

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

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

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

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

Table of Contents

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Common planning mistakes
Manage with your business plan

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More Like this

4-phase guide to the strategic planning process, the strategic planning process in 4 steps, to guide you through the strategic planning process, we created this 4 step process you can use with your team. we’ll cover the basic definition of strategic planning, what core elements you should include, and actionable steps to build your strategic plan..

Free Strategic Planning Guide

What is Strategic Planning?

Strategic Planning is when a process where organizations define a bold vision and create a plan with objectives and goals to reach that future. A great strategic plan defines where your organization is going, how you’ll win, who must do what, and how you’ll review and adapt your strategy development.

A strategic plan or a business strategic plan should include the following:

Your organization’s vision organization’s vision of the future.
A clearly Articulated mission and values statement.
A current state assessment that evaluates your competitive environment, new opportunities, and new threats.
What strategic challenges you face.
A growth strategy and outlined market share.
Long-term strategic goals.
An annual plan with SMART goals or OKRs to support your strategic goals.
Clear measures, key performance indicators, and data analytics to measure progress.
A clear strategic planning cycle, including how you’ll review, refresh, and recast your plan every quarter.

Strategic Planning Video - What is Strategic Planning?

Overview of the Strategic Planning Process:

The strategic management process involves taking your organization on a journey from point A (where you are today) to point B (your vision of the future).

Part of that journey is the strategy built during strategic planning, and part of it is execution during the strategic management process. A good strategic plan dictates “how” you travel the selected road.

Effective execution ensures you are reviewing, refreshing, and recalibrating your strategy to reach your destination. The planning process should take no longer than 90 days. But, move at a pace that works best for you and your team and leverage this as a resource.

To kick this process off, we recommend 1-2 weeks (1-hour meeting with the Owner/CEO, Strategy Director, and Facilitator (if necessary) to discuss the information collected and direction for continued planning.)

Questions to Ask:

Who is on your Planning Team? What senior leadership members and key stakeholders are included? Checkout these links you need help finding a strategic planning consultant , someone to facilitate strategic planning , or expert AI strategy consulting .
Who will be the business process owner (Strategy Director) of planning in your organization?
Fast forward 12 months from now, what do you want to see differently in your organization as a result of your strategic plan and implementation?
Planning team members are informed of their roles and responsibilities.
A strategic planning schedule is established.
Existing planning information and secondary data collected.

Action Grid:

Action	Who is Involved	Tools & Techniques	Estimated Duration
Determine organizational readiness	Owner/CEO, Strategy Director	Readiness assessment
Establish your planning team and schedule	Owner/CEO, Strategy Leader		Kick-Off Meeting: 1 hr
Collect and review information to help make the upcoming strategic decisions	Planning Team and Executive Team		Data Review Meeting: 2 h

Overview of the Strategic Planning Process

Step 1: Determine Organizational Readiness

Set up your plan for success – questions to ask:

Are the conditions and criteria for successful planning in place at the current time? Can certain pitfalls be avoided?
Is this the appropriate time for your organization to initiate a planning process? Yes or no? If no, where do you go from here?

Step 2: Develop Your Team & Schedule

Who is going to be on your planning team? You need to choose someone to oversee the strategy implementation (Chief Strategy Officer or Strategy Director) and strategic management of your plan? You need some of the key individuals and decision makers for this team. It should be a small group of approximately 12-15 people.

OnStrategy is the leader in strategic planning and performance management. Our cloud-based software and hands-on services closes the gap between strategy and execution. Learn more about OnStrategy here .

Step 3: Collect Current Data

All strategic plans are developed using the following information:

The last strategic plan, even if it is not current
Mission statement, vision statement, values statement
Past or current Business plan
Financial records for the last few years
Marketing plan
Other information, such as last year’s SWOT, sales figures and projections

Step 4: Review Collected Data

Review the data collected in the last action with your strategy director and facilitator.

What trends do you see?
Are there areas of obvious weakness or strengths?
Have you been following a plan or have you just been going along with the market?

Conclusion: A successful strategic plan must be adaptable to changing conditions. Organizations benefit from having a flexible plan that can evolve, as assumptions and goals may need adjustments. Preparing to adapt or restart the planning process is crucial, so we recommend updating actions quarterly and refreshing your plan annually.

Strategic Planning Phase 1: Determine Your Strategic Position

Want more? Dive into the “ Evaluate Your Strategic Position ” How-To Guide.

Action Grid


Conduct a scan of macro and micro trends in your environment and industry (Environmental Scan)	Executive Team and Planning Team	2 – 3 weeks
Identify market and competitive opportunities and threats	Executive Team and Planning Team	2 – 3 weeks
Clarify target customers and your value proposition	Marketing team, sales force, and customers	2 – 3 weeks
Gather and review staff and partner feedback to determine strengths and weaknesses	All Staff	2 – 3 weeks
Synthesize into a SWOT Solidify your competitive advantages based on your key strengths	Executive Team and Strategic Planning Leader	Strategic Position Meeting: 2-4 hours

Step 1: Identify Strategic Issues

Strategic issues are critical unknowns driving you to embark on a robust strategic planning process. These issues can be problems, opportunities, market shifts, or anything else that keeps you awake at night and begging for a solution or decision. The best strategic plans address your strategic issues head-on.

How will we grow, stabilize, or retrench in order to sustain our organization into the future?
How will we diversify our revenue to reduce our dependence on a major customer?
What must we do to improve our cost structure and stay competitive?
How and where must we innovate our products and services?

Step 2: Conduct an Environmental Scan

Conducting an environmental scan will help you understand your operating environment. An environmental scan is called a PEST analysis, an acronym for Political, Economic, Social, and Technological trends. Sometimes, it is helpful to include Ecological and Legal trends as well. All of these trends play a part in determining the overall business environment.

Step 3: Conduct a Competitive Analysis

The reason to do a competitive analysis is to assess the opportunities and threats that may occur from those organizations competing for the same business you are. You need to understand what your competitors are or aren’t offering your potential customers. Here are a few other key ways a competitive analysis fits into strategic planning:

To help you assess whether your competitive advantage is really an advantage.
To understand what your competitors’ current and future strategies are so you can plan accordingly.
To provide information that will help you evaluate your strategic decisions against what your competitors may or may not be doing.

Learn more on how to conduct a competitive analysis here .

Step 4: Identify Opportunities and Threats

Opportunities are situations that exist but must be acted on if the business is to benefit from them.

What do you want to capitalize on?

What new needs of customers could you meet?
What are the economic trends that benefit you?
What are the emerging political and social opportunities?
What niches have your competitors missed?

Threats refer to external conditions or barriers preventing a company from reaching its objectives.

What do you need to mitigate? What external driving force do you need to anticipate?

Questions to Answer:

What are the negative economic trends?
What are the negative political and social trends?
Where are competitors about to bite you?
Where are you vulnerable?

Step 5: Identify Strengths and Weaknesses

Strengths refer to what your company does well.

What do you want to build on?

What do you do well (in sales, marketing, operations, management)?
What are your core competencies?
What differentiates you from your competitors?
Why do your customers buy from you?

Weaknesses refer to any limitations a company faces in developing or implementing a strategy.

What do you need to shore up?

Where do you lack resources?
What can you do better?
Where are you losing money?
In what areas do your competitors have an edge?

Step 6: Customer Segments

Customer segmentation defines the different groups of people or organizations a company aims to reach or serve.

What needs or wants define your ideal customer?
What characteristics describe your typical customer?
Can you sort your customers into different profiles using their needs, wants and characteristics?
Can you reach this segment through clear communication channels?

Step 7: Develop Your SWOT

A SWOT analysis is a quick way of examining your organization by looking at the internal strengths and weaknesses in relation to the external opportunities and threats. Creating a SWOT analysis lets you see all the important factors affecting your organization together in one place.

It’s easy to read, easy to communicate, and easy to create. Take the Strengths, Weaknesses, Opportunities, and Threats you developed earlier, review, prioritize, and combine like terms. The SWOT analysis helps you ask and answer the following questions: “How do you….”

Build on your strengths
Shore up your weaknesses
Capitalize on your opportunities
Manage your threats

Strategic Planning Process Phase 2: Developing Strategy

Want More? Deep Dive Into the “Developing Your Strategy” How-To Guide.


Determine your primary business, business model and organizational purpose (mission)	Planning Team (All staff if doing a survey)	2 weeks (gather data, review and hold a mini-retreat with Planning Team)
Identify your corporate values (values)	Planning Team (All staff if doing a survey)	2 weeks (gather data, review and hold a mini-retreat with Planning Team)
Create an image of what success would look like in 3-5 years (vision)	Planning Team (All staff if doing a survey)	2 weeks (gather data, review and hold a mini-retreat with Planning Team)
Solidify your competitive advantages based on your key strengths	Planning Team (All staff if doing a survey)	2 weeks (gather data, review and hold a mini-retreat with Planning Team)
Formulate organization-wide strategies that explain your base for competing	Planning Team (All staff if doing a survey)	2 weeks (gather data, review and hold a mini-retreat with Planning Team)
Agree on the strategic issues you need to address in the planning process	Planning Team	2 weeks (gather data, review and hold a mini-retreat with Planning Team)

Step 1: Develop Your Mission Statement

The mission statement describes an organization’s purpose or reason for existing.

What is our purpose? Why do we exist? What do we do?

What are your organization’s goals? What does your organization intend to accomplish?
Why do you work here? Why is it special to work here?
What would happen if we were not here?

Outcome: A short, concise, concrete statement that clearly defines the scope of the organization.

Step 2: discover your values.

Your values statement clarifies what your organization stands for, believes in and the behaviors you expect to see as a result. Check our the post on great what are core values and examples of core values .

How will we behave?

What are the key non-negotiables that are critical to the company’s success?
What guiding principles are core to how we operate in this organization?
What behaviors do you expect to see?
If the circumstances changed and penalized us for holding this core value, would we still keep it?

Outcome: Short list of 5-7 core values.

Step 3: casting your vision statement.

A Vision Statement defines your desired future state and directs where we are going as an organization.

Where are we going?

What will our organization look like 5–10 years from now?
What does success look like?
What are we aspiring to achieve?
What mountain are you climbing and why?

Outcome: A picture of the future.

Step 4: identify your competitive advantages.

A competitive advantage is a characteristic of an organization that allows it to meet its customer’s need(s) better than its competition can. It’s important to consider your competitive advantages when creating your competitive strategy.

What are we best at?

What are your unique strengths?
What are you best at in your market?
Do your customers still value what is being delivered? Ask them.
How do your value propositions stack up in the marketplace?

Outcome: A list of 2 or 3 items that honestly express the organization’s foundation for winning.

Step 5: crafting your organization-wide strategies.

Your competitive strategy is the general methods you intend to use to reach your vision. Regardless of the level, a strategy answers the question “how.”

How will we succeed?

Broad: market scope; a relatively wide market emphasis.
Narrow: limited to only one or few segments in the market
Does your competitive position focus on lowest total cost or product/service differentiation or both?

Outcome: Establish the general, umbrella methods you intend to use to reach your vision.

Phase 3: Strategic Plan Development

Want More? Deep Dive Into the “Build Your Plan” How-To Guide.

Action	Who is Involved	Tools & Techniques	Estimated Duration
Develop your strategic framework and define long-term strategic objectives/priorities	Executive Team Planning Team	Strategy Comparison Chart Strategy Map	Leadership Offsite: 1 – 2 days
Set short-term SMART organizational goals and measures	Executive Team Planning Team	Strategy Comparison Chart Strategy Map	Leadership Offsite: 1 – 2 days
Select which measures will be your key performance indicators	Executive Team and Strategic Director	Strategy Map	Follow Up Offsite Meeting: 2-4 hours

Strategic Planning Process Step 1: Use Your SWOT to Set Priorities

If your team wants to take the next step in the SWOT analysis, apply the TOWS Strategic Alternatives Matrix to your strategy map to help you think about the options you could pursue. To do this, match external opportunities and threats with your internal strengths and weaknesses, as illustrated in the matrix below:

TOWS Strategic Alternatives Matrix

	External Opportunities (O)	External Threats (T)
Internal Strengths (S)	SO Strategies that use strengths to maximize opportunities.	ST Strategies that use strengths to minimize threats.
Internal Weaknesses (W)	WO Strategies that minimize weaknesses by taking advantage of opportunities.	WT Strategies that minimize weaknesses and avoid threats.

Evaluate the options you’ve generated, and identify the ones that give the greatest benefit, and that best achieve the mission and vision of your organization. Add these to the other strategic options that you’re considering.

Step 2: Define Long-Term Strategic Objectives

Long-Term Strategic Objectives are long-term, broad, continuous statements that holistically address all areas of your organization. What must we focus on to achieve our vision? Check out examples of strategic objectives here. What are the “big rocks”?

Questions to ask:

What are our shareholders or stakeholders expectations for our financial performance or social outcomes?
To reach our outcomes, what value must we provide to our customers? What is our value proposition?
To provide value, what process must we excel at to deliver our products and services?
To drive our processes, what skills, capabilities and organizational structure must we have?

Outcome: Framework for your plan – no more than 6. You can use the balanced scorecard framework, OKRs, or whatever methodology works best for you. Just don’t exceed 6 long-term objectives.

Step 3: Setting Organization-Wide Goals and Measures

Once you have formulated your strategic objectives, you should translate them into goals and measures that can be communicated to your strategic planning team (team of business leaders and/or team members).

You want to set goals that convert the strategic objectives into specific performance targets. Effective strategic goals clearly state what, when, how, and who, and they are specifically measurable. They should address what you must do in the short term (think 1-3 years) to achieve your strategic objectives.

Organization-wide goals are annual statements that are SMART – specific, measurable, attainable, responsible, and time-bound. These are outcome statements expressing a result to achieve the desired outcomes expected in the organization.

What is most important right now to reach our long-term objectives?

Outcome: clear outcomes for the current year..

Step 4: Select KPIs

How to Develop KPIs for Strategic Planning

Key Performance Indicators (KPI) are the key measures that will have the most impact in moving your organization forward. We recommend you guide your organization with measures that matter. See examples of KPIs here.

How will we measure our success?

Outcome: 5-7 measures that help you keep the pulse on your performance. When selecting your Key Performance Indicators (KPIs), ask, “What are the key performance measures we need to track to monitor if we are achieving our goals?” These KPIs include the key goals you want to measure that will have the most impact on moving your organization forward.

Step 5: Cascade Your Strategies to Operations

To move from big ideas to action, creating action items and to-dos for short-term goals is crucial. This involves translating strategy from the organizational level to individuals. Functional area managers and contributors play a role in developing short-term goals to support the organization.

Before taking action, decide whether to create plans directly derived from the strategic plan or sync existing operational, business, or account plans with organizational goals. Avoid the pitfall of managing multiple sets of goals and actions, as this shifts from strategic planning to annual planning.

Questions to Ask

How are we going to get there at a functional level?
Who must do what by when to accomplish and drive the organizational goals?
What strategic questions still remain and need to be solved?

Department/functional goals, actions, measures and targets for the next 12-24 months

Step 6: Cascading Goals to Departments and Team Members

Now in your Departments / Teams, you need to create goals to support the organization-wide goals. These goals should still be SMART and are generally (short-term) something to be done in the next 12-18 months. Finally, you should develop an action plan for each goal.

Keep the acronym SMART in mind again when setting action items, and make sure they include start and end dates and have someone assigned their responsibility. Since these action items support your previously established goals, it may be helpful to consider action items your immediate plans on the way to achieving your (short-term) goals. In other words, identify all the actions that need to occur in the next 90 days and continue this same process every 90 days until the goal is achieved.

Examples of Cascading Goals:

1 Increase new customer base.

1.1 Reach a 15% annual increase in new customers. (Due annually for 2 years)

1.1.1 Implement marketing campaign to draw in new markets. (Marketing, due in 12 months)

1.1.1.1 Research the opportunities in new markets that we could expand into. (Doug) (Marketing, due in 6 months)

1.1.1.1.1 Complete a competitive analysis study of our current and prospective markets. (Doug) (Marketing, due in 60 days)

1.1.1.2 Develop campaign material for new markets. (Mary) (Marketing, due in 10 months)

1.1.1.2.1 Research marketing methods best for reaching the new markets. (Mary) (Marketing,due in 8 months)

Build a Strategic Plan You Can Implement

Phase 4: Executing Strategy and Managing Performance

Want more? Dive Into the “Managing Performance” How-To Guide.

Action	Who is Involved	Estimated Duration
Establish implementation schedule	Planning Team	1-2 hours
Train your team to use OnStrategy to manage their part of the plan	HR Team, Department Managers & Teams	1 hr per team member
Review progress and adapt the plan at Quarterly Strategy Reviews (QBR)	Department Teams + Executive Team	Department QBR: 2 hrs Organizational QBR: 4 hrs

Step 1: Strategic Plan Implementation Schedule

Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals.

How will we use the plan as a management tool?

Communication Schedule: How and when will you roll-out your plan to your staff? How frequently will you send out updates?
Process Leader: Who is your strategy director?
Structure: What are the dates for your strategy reviews (we recommend at least quarterly)?
System & Reports: What are you expecting each staff member to come prepared with to those strategy review sessions?

Outcome: Syncing your plan into the “rhythm of your business.”

Once your resources are in place, you can set your implementation schedule. Use the following steps as your base implementation plan:

Establish your performance management and reward system.
Set up monthly and quarterly strategy meetings with established reporting procedures.
Set up annual strategic review dates including new assessments and a large group meeting for an annual plan review.

Now you’re ready to start plan roll-out. Below are sample implementation schedules, which double for a full strategic management process timeline.

Step 2: Tracking Goals & Actions

Monthly strategy meetings don’t need to take a lot of time – 30 to 60 minutes should suffice. But it is important that key team members report on their progress toward the goals they are responsible for – including reporting on metrics in the scorecard they have been assigned.

By using the measurements already established, it’s easy to make course corrections if necessary. You should also commit to reviewing your Key Performance Indicators (KPIs) during these regular meetings. Need help comparing strategic planning software ? Check out our guide.

Effective Strategic Planning: Your Bi-Annual Checklist

Never lose sight of the fact that strategic plans are guidelines, not rules. Every six months or so, you should evaluate your strategy execution and strategic plan implementation by asking these key questions:

Will your goals be achieved within the time frame of the plan? If not, why?
Should the deadlines be modified? (Before you modify deadlines, figure out why you’re behind schedule.)
Are your goals and action items still realistic?
Should the organization’s focus be changed to put more emphasis on achieving your goals?
Should your goals be changed? (Be careful about making these changes – know why efforts aren’t achieving the goals before changing the goals.)
What can be gathered from an adaptation to improve future planning activities?

Why Track Your Goals?

Ownership: Having a stake and responsibility in the plan makes you feel part of it and leads you to drive your goals forward.
Culture: Successful plans tie tracking and updating goals into organizational culture.
Implementation: If you don’t review and update your strategic goals, they are just good intentions
Accountability: Accountability and high visibility help drive change. This means that each measure, objective, data source and initiative must have an owner.
Empowerment: Changing goals from In Progress to Complete just feels good!

Step 3: Review & Adapt

Guidelines for your strategy review.

The most important part of this meeting is a 70/30 review. 30% is about reviewing performance, and 70% should be spent on making decisions to move the company’s strategy forward in the next quarter.

The best strategic planners spend about 60-90 minutes in the sessions. Holding meetings helps focus your goals on accomplishing top priorities and accelerating the organization’s growth. Although the meeting structure is relatively simple, it does require a high degree of discipline.

Strategy Review Session Questions:

Strategic planning frequently asked questions, read our frequently asked questions about strategic planning to learn how to build a great strategic plan..

Strategic planning is when organizations define a bold vision and create a plan with objectives and goals to reach that future. A great strategic plan defines where your organization is going, how you’ll win, who must do what, and how you’ll review and adapt your strategy..

Your strategic plan needs to include an assessment of your current state, a SWOT analysis, mission, vision, values, competitive advantages, growth strategy, growth enablers, a 3-year roadmap, and annual plan with strategic goals, OKRs, and KPIs.

A strategic planning process should take no longer than 90 days to complete from start to finish! Any longer could fatigue your organization and team.

There are four overarching phases to the strategic planning process that include: determining position, developing your strategy, building your plan, and managing performance. Each phase plays a unique but distinctly crucial role in the strategic planning process.

Prior to starting your strategic plan, you must go through this pre-planning process to determine your organization’s readiness by following these steps:

Ask yourself these questions: Are the conditions and criteria for successful planning in place now? Can we foresee any pitfalls that we can avoid? Is there an appropriate time for our organization to initiate this process?

Develop your team and schedule. Who will oversee the implementation as Chief Strategy Officer or Director? Do we have at least 12-15 other key individuals on our team?

Research and Collect Current Data. Find the following resources that your organization may have used in the past to assist you with your new plan: last strategic plan, mission, vision, and values statement, business plan, financial records, marketing plan, SWOT, sales figures, or projections.

Finally, review the data with your strategy director and facilitator and ask these questions: What trends do we see? Any obvious strengths or weaknesses? Have we been following a plan or just going along with the market?

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What Is a Business Plan?

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

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

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

Key Takeaways

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

Investopedia / Ryan Oakley

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

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

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

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

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

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

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

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

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

Common elements in many business plans include:

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

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

2 Types of Business Plans

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

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

Why Do Business Plans Fail?

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

How Often Should a Business Plan Be Updated?

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

What Does a Lean Startup Business Plan Include?

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

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

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

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

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

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

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

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

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

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How to use a gap analysis to achieve business goals

A gap analysis is the process of comparing your actual business performance with your desired performance to see what’s missing. You can use these analyses to create company strategies and identify possible shortcomings in your business. Learn how a gap analysis can help fortify your business goals and the four steps to perform your own.

Here's a scenario: your team is about to start their strategic planning initiatives for the next year, but they don't really know where to start. What do you do next?

A gap analysis (also known as a needs analysis) is the process of comparing your current business performance with your desired performance. It helps you identify the "gap" between where your business currently stands versus where you want your business to be. In short, you’re looking for what’s missing.

What is a gap analysis?

A gap analysis (also known as a needs analysis) is the process of comparing your current business performance with your desired performance. The "gap" in a gap analysis is where your business currently stands versus where you want your business to be.

Creating a gap analysis can help your business in a few ways. Here's how:

Brainstorm strategies . Creating a gap analysis can help strategic teams figure out potential action plans they can use to hit their goals.

Identify weak points . If your business didn't perform as expected, using a gap analysis can help your team figure out the root cause of certain performance gaps.

Benefits of using a gap analysis

Creating a gap analysis is a way to review your current strategies to see what’s working, and what’s still needed. Performing one can help your business in a number of ways, including:

Identifying weak points . If your business didn't perform as expected, you can use a gap analysis to help your team figure out the root cause of performance gaps.

Measuring current resources . If your team has a surplus of resources at the end of the year, a gap analysis can help identify specifically how resources were allocated so they can be used more efficiently in the future.

When to perform a gap analysis

A gap analysis is a useful project management tool to help you identify how to get from point A to point B. While a gap analysis can be used at any time, you can get the most out of your analysis when you apply it strategically to a specific project or initiative. Here are a few scenarios where using a gap analysis can help you gather the contextual data you need to improve your business.

During strategic planning

If your team is looking to create a strategic growth plan, using a gap analysis early ‌in the strategic planning process can help give your team a good starting point. A gap analysis provides data-driven guidance on how your team goes from their current state to a specific end goal. For example, if you’re planning next quarter’s strategy, you can use a gap analysis to review what you achieved in the current quarter. Compare that to the goals you had originally set and you’ll be able to identify opportunities to improve in the coming months.

When you encounter performance issues

If your team is unexpectedly underperforming, a gap analysis can be a useful tool to identify any shortcomings. Once you identify the root cause of the gap in your current situation, your team can improve processes to fix the issue without interrupting production. For example, a project manager at an assembly line may notice that production is not meeting expectations. After completing a gap analysis, they find the root cause to be an issue with some machinery. Now they know exactly what to fix to improve production.

When stakeholders need additional context

If your team is compiling business information for investors or for other business requirements, a gap analysis can be an extremely helpful tool. A gap analysis is useful in this situation because it provides more contextual information than just hard numbers. If management is worried that your team is underperforming for whatever reason, a gap analysis can quell any worries with a detailed plan of how your team is going to close the gap.

Gap analysis examples

The best time to use a gap analysis is when you’re looking for ways to improve, or you’ve realized something isn’t working quite as expected. In practical, real-life examples, here’s what that might look like:

Software development: Gap analyses can show you missing items in your software, helping you to potentially catch errors before you go to market.

Project management : Use gap analyses during the project planning or review stages of project management to show you the areas that aren’t up to speed with the rest of your project. Then, you can make requests for and allocate resources to that work as needed.

Human resources: If you’re on an HR team, you can use a gap analysis during the hiring processes to show you what’s lacking on a team, which in turn, you can look for in a new candidate.

Team leads : As a lead, you’re often looking at the big picture problems. So sometimes, details slip through the cracks that can cause delays or issues down the line. A gap analysis can help you identify when you may have overlooked something, and it might be able to catch them before they create a bigger problem.

Competitive research: Competitive analyses are important tools to boost customer satisfaction. One way to perform the necessary competitive research is through a gap analysis, where you look at the market gap for your industry and strategize ways that your business can fill it.

The 4 steps of a gap analysis

While it may seem complex, using the gap analysis process is not as complicated as it seems. Try this four-step process to create a gap analysis for your team.

1. Define your business goals

In order to compare current performance to desired performance, you first need to define what your ideal future state looks like, or, in other words, set goals. Any goal setting methodology works. If you don’t already use one, try using objectives and key results (OKRs) or key performance indicators (KPIs) to create targeted, specific metrics and business goals . Regardless of which goal type you use, make sure your objectives are SMART: specific, measurable, achievable, realistic, and time-bound. The goals you're setting here define how you’ll measure performance and represent the desired state you want for your business.

2. Benchmark your current business performance

Use goals, historical data, and past gap analyses to benchmark your current business performance , processes, or workflows , and set the standard for how you work.

At the same time, evaluate your current processes with a business process analysis (BPA). If you're aiming to make process improvements as part of your strategy, looking at the current state of your business process is important. This can help you identify which process improvement methodology your team should use to reach the desired target state.

3. Analyze gap data

Remember that the “gap” in a gap analysis is the difference between where your business currently stands and where you want your business to be. Now that you understand the difference, it’s time to hypothesize different strategies and tactics your team will need to close that gap.

The next step in this process is to ensure your goals are actually achievable, and not too far out of your team’s reach. You don’t want to set a goal so high that it feels impossible. In the same vein, it’s important to ensure that your team is able to complete their goal in the set time period. If you make changes to your current performance strategy, will your team still be able to achieve the goals you set based on the desired time frame?

It's during this step when you meet with your stakeholders to brainstorm strategic planning initiatives to hit your goals.

4. Compile a detailed report

Once you've solidified all of your numbers and business goals, create an action plan that clearly dictates how your team plans to close the gap. It's important to use both quantitative data, like the benchmark data you compiled in step two, in addition to qualitative data, such as current processes and past process improvement strategies.

What is the difference between a gap analysis and a SWOT analysis?

A SWOT analysis is a type of gap analysis that’s commonly used in project management to identify strengths, weaknesses, opportunities, and threats for a business. Usually, people complete a SWOT analysis via a 2x2 matrix.

[Inline illustration] SWOT analysis (Example)

Once this matrix is filled, use it to identify gaps that come to light as your team brainstorms each quadrant of the matrix.

Other common gap analysis tools

Mckinsey 7s model.

Developed by Robert H. Waterman and Tom Peters, the McKinsey 7S framework is a management model that is often used for organization analysis. The idea is that an organization needs seven elements that are all aligned and reinforcing one another. If one part of the seven elements is off, it can affect the entire business.

The seven S's in this model stand for:

Structure : How your business is organized. This could mean how activities are divided and how teams communicate with each other.

Strategy : The hard set of plans that your team uses to move the business forward.

Systems : How performance is measured, along with procedures the team uses to do business.

Skills : The competencies your team members provide for your business.

Style : The behavior patterns of certain groups within your business.

Staff : The individuals that work for you. This also refers to their characteristics and ways the company nurtures and develops their team.

Shared values : Values are the core principles that define how your company approaches work.

You can use this model by testing the relationship between each of the seven S’s. When you change something in strategy, how does that affect systems? Performing a gap analysis here can give you concrete answers to how each of these facets of your organization relate to each other.

Nadler-Tushman congruence model

The Nadler-Tushman congruence model is a business management tool that identifies the root cause of performance issues. It was developed by organizational theorists David A. Nadler and Michael L. Tushman in the early 1980s.

The idea of the Nadler-Tushman model is that there are four main elements to a business and they each have unique relationships to one another.

Those four main elements are:

Work : All of the individual tasks that make up your business's performance. There are two different perspectives on how to look at work: what is done and how that work is processed.

People : The interaction of individuals during work. Some examples of this include a manager and their direct report, or a team lead and a contractor.

Organizational structure : How your business organizes itself, like how work is delegated , what teams work on what, and how processes are built.

Culture : This is how your team implements group norms , best practices, ideals, and shared values throughout your company.

The Nadler-Tushman model then pairs each of these elements off into six different combinations, so teams can analyze how their business is performing. Those six pairs look like this:

Work and people : This looks at which employees are doing what work. Are the right people completing the right tasks?

Work and structure : This is how your team develops processes to complete work. Is there enough structure and organization that clearly dictates what work needs to be completed?

Work and culture : This focuses on the environment that's created. Does your company culture promote habits that are beneficial to performance?

People and structure : This identifies the organizational structure of your team. Is your team organized in such a way that individuals can produce their best work?

People and culture : This focuses on the attitudes of employees. Are your employees working in a culture that is productive for them? Are they able to identify resources to help themselves be successful at work?

Culture and structure : This pair relates to how culture and company organization may affect one another. Does the organization of your business compete with the company culture , or help it?

Similar to the McKinsey 7s model, when you pair off each of the elements of the Nadler-Tushman model, you can see how those two relate to each other and how changing one facet can affect the other.

Craft gap analyses with a work management tool

Gap analyses work best when shared with stakeholders in a convenient and organized manner. A work management tool like Asana can help your team organize information and streamline communication with stakeholders, so everybody is on the same page. Learn more about how you can use Asana to assist with work management.

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An image of a current state vs future state diagram made in Miro

Whether you're new to the concept of current state vs. future state diagrams, or an experienced professional, we've got you covered with everything you need to know.

In this guide, we’ll show how a current state vs future state diagram can help set your business up for success by comparing where you are now with where you want to be. You’ll learn what these diagrams are, why they matter, and how to create one.

Let's dive in.

What is a current state vs future state diagram?

A current state vs. future state diagram is a visual tool that shows an organization’s current operations and its envisioned future scenario — using standardized symbols and notations. They’re especially helpful for business analysts, project managers, and organizational leaders who need to plan major changes or improvements.

Key elements for current vs future state diagrams

To make the most out of these diagrams, it's important to understand the key elements that define your current and future states. These elements help you clearly identify gaps and plan strategically for future success. The current state diagram captures your organization’s existing processes, roles, and resources, including:

• Detailed workflows : The step-by-step processes currently in place within your organization.

• Responsibilities : The specific roles and duties assigned to individuals or teams.

• Allocation of resources : How resources, both human and technological, are distributed across the organization.

The future state diagram outlines your goals and the changes needed to achieve them, including:

• Process improvements : Streamlining workflows and removing inefficiencies.

• Resource reallocations : Optimizing the use of tools, technology, and personnel.

• Organizational changes : Adjusting roles and responsibilities to better align with future goals.

• New initiatives to drive growth and improvement : Introducing new projects or strategies to achieve your objectives.

Symbols for current vs future state diagrams

Using the right notation is crucial for making your diagram clear and understandable. Standardized symbols help make sure that everyone can easily follow the processes your diagram visualizes. Here are some common symbols for creating current state vs future state diagrams:

• Arrows indicate the flow of processes, showing the direction from one step to the next.

• Ovals represent the start and end points of processes, providing clear markers for where processes begin and end.

• Diamonds represent decision points where different paths can be taken based on certain conditions or criteria.

Choosing the right methodology

Choosing a guiding methodology will help add structure and depth to your diagramming process. Here are three widely-used methodologies:

Lean focuses on efficiency and waste reduction, making it ideal for streamlining processes and improving operational efficiency. It emphasizes continuous improvement to achieve a leaner future state.

Six Sigma helps to minimize defects and variability in processes through data-driven techniques. It's suitable for organizations aiming for high process reliability and quality in their future state.

Business Process Model and Notation (BPMN) provides a standardized graphical representation for business processes. It's valuable for visualizing and documenting complex processes across departments, ensuring clarity and alignment toward achieving future state goals.

Why use a current state vs future state diagram?

There are plenty of benefits that come with using a current state vs. future state diagram. Let’s zoom in on what they can help you achieve:

Identify problems

The 'Current State' serves as a diagnostic tool to pinpoint bottlenecks, inefficiencies, and resource misalignments within your organization. It visually maps existing processes to identify areas needing improvement or restructuring.

Plan long-term strategy

The 'Future State' acts as a blueprint for your organization's long-term goals, providing clarity on desired outcomes and milestones. It aligns teams toward common objectives and guides organizational growth.

Allocate resources

A current state vs future state diagram facilitates optimal resource allocation by comparing current and future states visually. This helps make sure your business uses resources like budget, manpower, and technology efficiently to support progress toward achieving future goals.

How to create a current state vs future state diagram

To create a current state vs future state diagram, it’s best to start by gathering your team and collecting data. You can use surveys, interviews, and observations.

When you’ve gathered your information, follow our quick step-by-step guide below on how to create an effective current state vs. future state diagram. To save time, you can follow along using our fully customizable Current vs Future State Flowchart Template .

1. Map the current state

Start by documenting your current processes, challenges, and roles. This sets a clear baseline for identifying areas that need improvement.

TIP: Try Miro's Value Stream Mapping tool — or save time with our Value Stream Mapping Template .

2. Map the future state

Outline your desired outcomes and vision for the future state to set the stage for improvements and long-term goals.

3. Conduct a gap analysis

Compare the current and future states to identify gaps and opportunities for improvement. Consider additional resources needed to achieve the future state, and get input from important stakeholders.

4. Iterate, iterate, iterate

Refine the diagram based on feedback from your team and stakeholders. Continuously improve to make sure your diagram accurately reflects your organization's needs. Then turn your finalized diagram into a list of actionable plans and strategies.

TIP: Streamline the feedback and iteration cycle using Miro’s powerful and seamless collaboration features — regardless of whether your team collaborates in real time or async.

Best practices for creating current vs future state diagrams

To create an effective current state vs future state diagram, here are some best practices worth keeping in mind:

1. Gather comprehensive data

Start by gathering both qualitative and quantitative data through surveys, interviews, and observations. This helps you fully understand current processes, challenges, and opportunities for improvement.

2. Collaborate with stakeholders

Involve stakeholders from various departments early on. Their diverse perspectives and insights will enrich the diagramming process and ensure that the future state aligns with your organization’s goals and priorities.

3. Maintain a balanced perspective

While identifying current inefficiencies, always keep your future state goals in mind. This balanced approach allows for strategic planning and ensures that the diagram supports a clear path forward toward achieving your organizational objectives.

4. Measure impact with KPIs

Define and track Key Performance Indicators (KPIs) like efficiency gains, Return on Investment (ROI), and time savings. These metrics provide tangible evidence of the diagram’s impact, helping to demonstrate its effectiveness in driving positive organizational change.

Map out your business goals in Miro

Ready to create a powerful current vs future state diagram? ****Miro is the perfect place to get started. Between our intuitive diagramming tools and powerful collaboration features designed to seamlessly bring teams together, you’ll have everything you need to map out your goals and keep everyone aligned. But why not see for yourself?

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Home » Business Process Mapping » Unlocking Process Optimization: The Importance of Current State/Future State Analysis

Unlocking Process Optimization: The Importance of Current State/Future State Analysis

Posted on April 14, 2023
/ Under Business Process Mapping , Strategic Analysis

Businesses and organizations are constantly looking for ways to improve their operations, whether it’s increasing efficiency, reducing costs, or improving the customer experience. One way to achieve these goals is by performing a Current State/Future State analysis. This type of analysis is a powerful tool that allows organizations to identify and map their current processes, as well as define and plan for future processes that will help them achieve their desired goals.

What is Current State/Future State Analysis?

Current State/Future State analysis is a process that involves mapping out the current state of a business process, identifying its strengths and weaknesses, and then designing a future state that addresses those weaknesses and optimizes the process for better results. This type of analysis is commonly used in business process improvement initiatives, such as Lean Six Sigma and Agile methodologies.

The Current State of a process is the existing state of the process, which is documented and analyzed to understand how it works and identify opportunities for improvement. This includes identifying inefficiencies, bottlenecks, waste, and other issues that prevent the process from working optimally.
The Future State , on the other hand, is the desired state of the process that the organization wants to achieve. It is designed to address the issues identified in the Current State analysis and optimize the process for improved performance. The Future State typically includes process changes, new technologies, and other improvements that are necessary to achieve the desired results.

Why is Current State/Future State Analysis Important?

Current State/Future State analysis is an essential tool for process improvement initiatives, as it provides a clear understanding of the current state of a process and identifies opportunities for improvement. By mapping out the current state of a process, organizations can identify inefficiencies and bottlenecks that are preventing the process from working optimally. This information can then be used to design a future state that addresses these issues and optimizes the process for better performance.

Current State/Future State analysis also helps organizations to develop a roadmap for process improvement. By mapping out the current state and future state, organizations can identify the steps required to achieve the desired results. This roadmap helps to guide the implementation of process improvements, ensuring that they are carried out in a structured and logical manner.

Another benefit of Current State/Future State analysis is that it helps to align stakeholders and teams around a common goal. By mapping out the future state, organizations can clearly communicate their vision for the process, and stakeholders can provide input and feedback to ensure that the future state is achievable and aligned with organizational goals.

Performing a Current State/Future State analysis

Performing a Current State/Future State analysis requires a structured approach that involves several steps. Here are the steps to follow for conducting a successful analysis:

Identify the process to analyze: The first step is to identify the process to analyze. It is important to select a process that has a significant impact on the organization and aligns with the organization’s goals.
Map the Current State: Once the process has been identified, the next step is to map out the Current State of the process. This involves documenting how the process works, including all the inputs, activities, and outputs. This information can be gathered through interviews with process owners, observation of the process, and data collection.
Analyze the Current State: Once the Current State has been mapped out, the next step is to analyze it to identify inefficiencies, bottlenecks, and other issues that prevent the process from working optimally. This analysis can be done using process mapping tools, such as flowcharts and value stream maps, and data analysis techniques, such as statistical process control.
Define the Future State: Based on the analysis of the Current State, the next step is to define the Future State of the process. This involves designing a process that addresses the issues identified in the Current State analysis and optimizes the process for better performance. The Future State should be aligned with the organization’s goals and be achievable within a reasonable timeframe.
Develop a Roadmap: Once the Future State has been defined, the next step is to develop a roadmap for implementing the changes required to achieve the Future State. The roadmap should include the steps required to implement the changes, the resources needed, and the timeline for implementation.
Implement the Changes: The final step is to implement the changes required to achieve the Future State. This involves putting the roadmap into action, including training employees, implementing new technologies, and monitoring the process to ensure that the changes are effective.

By following these steps, organizations can perform a successful Current State/Future State analysis and achieve significant improvements in their processes. It is important to note that this is an iterative process, and organizations may need to repeat some of the steps to refine the process further.

Problem: A company that manufactures and distributes products to retailers is experiencing a high rate of customer returns and complaints due to incorrect or damaged products being shipped to customers. This has resulted in a loss of revenue and damage to the company’s reputation. The company wants to reduce the rate of returns and complaints and improve customer satisfaction.

Solution: The company can perform a Current State/Future State analysis to identify the root cause of the problem and design a future state that addresses the issues. The steps for the analysis could be as follows:

Current State Analysis

The current state of the Order Fulfillment process is characterized by a high rate of customer returns and complaints due to incorrect or damaged products being shipped. The process begins when a customer places an order through the company’s website. The order is then processed by the company’s order fulfillment team, who are responsible for picking the products from the warehouse, packaging them, and shipping them to the customer.

However, the current process lacks proper quality control checks and packaging materials. As a result, many products are shipped without being inspected for quality and packaged inadequately, leading to damage or incorrect items being shipped to customers. This has resulted in a high rate of customer returns and complaints, leading to a loss of revenue and damage to the company’s reputation.

To address these issues, the company has decided to conduct a Current State/Future State analysis of the Order Fulfillment process. The objective of the analysis is to identify the root causes of the issues and develop a plan to improve the process, reduce the rate of customer returns and complaints, and enhance customer satisfaction.

Here’s an example of a completed template based on a Current State/Future State analysis:

Step 1: Identify the Process to Analyze Process Name:

Order Fulfillment Objective of the Analysis:

Reduce rate of customer returns and complaints due to incorrect or damaged products being shipped to customers.

Step 2: Map the Current State Input:

Customer Order Activity:

Pick products from warehouse,
Package the products, and
Ship the products
Shipped Products Tools Used: Process Flow Diagram

Step 3: Analyze the Current State Issues Identified:

High rate of incorrect and damaged products being shipped,
resulting in customer returns and complaints.

Root Causes:

Lack of quality control checks and inadequate packaging materials.

Process Performance Metrics:

Rate of customer returns and complaints,
order processing time, and
cost per order.

Step 4: Define the Future State Proposed Changes:

Implement quality control checks at each stage of the order fulfillment process,
upgrade packaging materials, and provide additional training for employees.

Expected Improvements:

Reduce rate of customer returns and complaints by 50%,
improve order processing time by 20%, and
decrease cost per order by 10%. Alignment with Organizational
Improve customer satisfaction,
increase revenue, and
enhance the company’s reputation.

Here’s a table summarizing the Current State, Target State, and Gap for the Order Fulfillment process:

Aspect	Current State	Target State	Gap
Quality Control	No quality control checks	Quality control checks for all products	Large Gap
Packaging Materials	Inadequate packaging materials	Adequate packaging materials	Large Gap
Customer Feedback	No customer feedback mechanism	Customer feedback mechanism established	Large Gap
Performance Metrics	No performance metrics	Performance metrics established	Large Gap

Step 5: Develop a Roadmap Implementation Steps:

Identify quality control checkpoints,
source and implement new packaging materials,
conduct employee training, and monitor process performance.

Resources Required:

Quality control tools and equipment,
new packaging materials, and employee training resources.
Timeline for Implementation:
Training Needs:
Training on quality control procedures and
new packaging materials.

Step 6: Implement the Changes Actions Taken:

Implemented quality control checks,
upgraded packaging materials,
provided employee training, and
monitored process performance.

Outcomes Achieved:

Reduced rate of customer returns and complaints by 60%,
improved order processing time by 25%, and
decreased cost per order by 15%.
Lessons Learned:
Importance of continuous monitoring and improvement,
the value of involving employees in the analysis and implementation process.

By using this template, the organization can document the Current State/Future State analysis process, track progress, and ensure that the analysis is aligned with organizational goals.

Summarize the Analysis into an Action Plan

Here’s an action plan in table format based on the analysis above:

Aspect	Action	Responsible Party	Timeline
Quality Control	Hire additional staff for quality control checks	HR Department	Within 2 weeks
Quality Control	Train staff on quality control procedures	Operations Manager	Within 4 weeks
Quality Control	Implement quality control checks for all products	Operations Manager	Within 6 weeks
Packaging Materials	Research and source adequate packaging materials	Purchasing Department	Within 4 weeks
Packaging Materials	Train staff on proper use of packaging materials	Operations Manager	Within 6 weeks
Customer Feedback	Establish customer feedback mechanism	Marketing Department	Within 4 weeks
Customer Feedback	Train staff on customer feedback procedures	Marketing Department	Within 6 weeks
Performance Metrics	Establish key performance indicators (KPIs)	Operations Manager	Within 2 weeks
Performance Metrics	Set up systems to measure KPIs	IT Department	Within 4 weeks
Performance Metrics	Regularly review KPIs and adjust processes as needed	Operations Manager	Ongoing

This action plan outlines specific actions that need to be taken to address the gaps identified in the analysis. It also assigns responsibility for each action and sets a timeline for completion. By following this action plan, the company can work towards achieving the Target State for the Order Fulfillment process and improving the overall performance of the process.

Current State/Future State analysis is a powerful tool that allows organizations to identify inefficiencies and bottlenecks in their processes and design a future state that optimizes the process for improved performance. This analysis is an essential part of process improvement initiatives, and it helps organizations to develop a roadmap for improvement and align stakeholders around a common goal.

To perform a successful Current State/Future State analysis, it is essential to have a clear understanding of the existing process, its strengths and weaknesses, and the desired outcome. This requires a structured and systematic approach, including process mapping, data collection, analysis, and stakeholder engagement. By following this approach, organizations can achieve significant improvements in their processes and achieve their desired goals.

Phase I: Define the Current State and Business-as-Usual Outcomes

New to this blog? Get an overview here .

Understand the Current Business State and Causes of Business Disruption

Assessing the Current State entails an examination of the market , customer , and internal factors contributing to changes in the business, and an analysis of the true root causes of the business disruption. Did the market or customer buying patterns change? Did the company not anticipate customer needs or maintain sufficiently high customer satisfaction? Did an innovative and faster-moving competitor insert itself into the customer base?

Understand the Results of Inaction

The Business-as-Usual Outcome is 1) a high-level analysis of the likely impact of these market and customer trends on future business, 2) the likely impact to the business if no changes to the company’s internal operations are made, and most importantly, 3) the timing of when those factors will manifest in the business.

Understand How Quickly Change Must Happen

The rapidity with which the Current State will transform into the Business-as-Usual Outcome will help set framing parameters for the speed and extent of the immediate-term actions outlined below. For example, a company in which a “cash cow” business is slowly declining, but with clear visibility through long-term contracts to a modest rate of future revenue declines over a multi-year period, requires very different actions than a company that is low in cash, in a loss situation, with rapid declines in its core business coupled with an acquisition in which the acquired company’s revenue declined catastrophically post-closing – i.e. both significant revenue declines coupled with significant increase in the expense basis coupled with minimal cash reserves. The former company must transform itself, but likely has a year or two to achieve significant changes; the latter must take immediate action that is likely to involve significant restructuring and workforce adjustments in a timeframe of two months or less. The actions taken must be bold to avoid a significant loss of shareholder value.

Understand the Extent of the Change that Must Happen

Even in situations which are relatively well-understood, it is still important to quantify the potential results of inaction in order to determine the urgency for transformation. In particular, if the need for transformation has been precipitated by a crisis such as an unanticipated and rapid decline in revenue, it may be easy to dismiss the situation as a one-time event rather than a warning sign of a more systemic problem. Especially if the company has been historically over-optimistic and focused on potential positive outcomes without adequately understanding the potential downside risks, it is very likely that no one fully understands the extent of the risk to the business. It’s highly likely the company is in denial about the potential extent of business degradation and likely outcomes if no actions are taken.

These downside risks must be discussed and understood because no leader operates in a vacuum. Transformations are extremely difficult undertakings and require focus, commitment and dedication. A leader who hasn’t built support for the end state within their management team or board will not succeed.

Current Business State Template

The Business-as-Usual Outcomes provides a qualitative and quantitative analysis of the result of inaction for four key metrics: Market & Competitive, Operating Results, Products & Services, and Customers. The analysis should include downside models of varying degrees of revenue and margin degradation, which will serve as the basis for determining the necessary changes in the next two steps.

Shown below is the executive summary template for the Business-as-Usual analysis:

Current Business State Example

The following example shows a filled out template, including C urrent Business State and Aspirational Business State , and changes needed for four key metrics: Market & Competitive, Operating Results, Products & Services, and Customers:

In summary, understanding the extent of the consequences of a Business-as-Usual strategy helps management and the company’s board realize the context for change and, determines the urgency with which action must be taken as well as the extent of the changes needed.

Once the context of the urgency (timeframe) and extent (degree of change) mandated by the Business-as-Usual Outcomes analysis is understood, the proper transformation process can begin.

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7 Business Plan Examples to Inspire Your Own (2024)

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

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

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

7 business plan examples: section by section

The business plan examples in this article follow this template:

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

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

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

A four-paragraph long executive summary for a business.

Company description

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

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

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

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

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

Market analysis

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

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

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

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

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

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

An example products and services section from a business plan

Marketing plan

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

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

Logistics and operations plan

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

Financial plan

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

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

A sample bar chart showing business expenses by month

It then dives deeper into the financials to include:

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

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

Types of business plans, and what to include for each

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

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

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

Market analysis: in-depth
Financials: in-depth

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

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

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

Feasibility

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

Set yourself up for success as a business owner

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

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

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Business plan examples FAQ

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

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

What are the 3 main points of a business plan?

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

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Current State vs Future State

What do you think of this template.

Product details

The current state identifies the existing process flow, and allows your team to analyze the related data to identify gaps in process and / or wastage which can be streamlined for efficiencies. It provides you with a single current state that acts as an incredibly effective way of managing cross functional problem solving:

– You can highlight areas of customer and internal pain on a single wall, all visible at the same time

– You can build out problem statements and the findings of your root cause analysis in a powerful visual way

– Specific points where you know an improvement needs to be scoped and defined in detail can be added to the relevant points in the current state.

So there you have it – on a single wall you have a way of facilitating a large complex, cross functional group through your traditional improvement process, but in a way that continually reinforces the performance goals of the value stream in relation to customer expectation, flow and cross functional efficiency.

Your improvements will often focus on activity within an upstream function for down-stream benefit, attacking the wait time or inventory between process steps or the ‘hand-shake’ points where different functions are handing work off to each other.

Jot down the current situation of your company’s business and create a roadmap for your company’s future strategies with this current state vs future state PowerPoint template. Current state and future state processes go hand-in-hand when evaluating business processes.

The current state vs future state PowerPoint template is ideal to show the transformation process that can lead to improvement and growth in a business. The current state looks at what is happening now while the future state looks at things to be done to achieve success.

The infographic in the first slide picture the current state and the future state, their statuses and what gap barrier needed to be broken. Show the winning transformation from the current state to future state over a period of time with the infographic in the second slide.

Elaborate the transformation journey with the third and fourth slides. The bus on the bridge and the race scenarios are metaphor of the transformation journey and the milestones to be achieved while on transit from the current state to the future state.

This template will be useful to managers in preparation for the strategic session with the shareholders of the company. You can present in detail your company development plan for several years ahead. For example, you can indicate which sales are planned in the coming years, which sales markets will be involved for the sale of goods.

This pattern will also be useful to startups when preparing for a meeting with investors and business angels. University teachers and business coaches can use this pattern when preparing their courses on strategic planning or setting goals. Team executives can also use this template when preparing for weekly sprints with team members.

Ideal for use by business analysts, strategic planners, business owners, big and small entrepreneurs. Present the current future state analysis to your audiences and help your company’s business grow into the future. This template contains all the necessary tools for building a professional and modern presentation. If necessary, you can independently change the size and color of infographics, location and font type according to your corporate requirements. This template will be a worthy addition to your collection of professional presentations.

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US viewers’ Olympic interest is down, poll finds, except for Simone Biles

Simone Biles of the United States prepares to practice during a gymnastics training session at Bercy Arena at the 2024 Summer Olympics, Thursday, July 25, 2024, in Paris, France. (AP Photo/Abbie Parr)

The mascot for the Olympics greets fans prior to the women’s Group A soccer match between Canada and New Zealand at Geoffroy-Guichard stadium during the 2024 Summer Olympics, Thursday, July 25, 2024, in Saint-Etienne, France. (AP Photo/Silvia Izquierdo)

Players from the Netherlands, left, and Switzerland, practice beach volleyball at the 2024 Summer Olympics, Thursday, July 25, 2024, in Paris, France. (AP Photo/Robert F. Bukaty)

The United States team from left to right, Hezly Rivera, Suni Lee, Jade Carey, Jordan Chiles and Simone Biles pose for a picture during a gymnastics training session at Bercy Arena at the 2024 Summer Olympics, Thursday, July 25, 2024, in Paris, France. (AP Photo/Francisco Seco)

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PARIS (AP) — On the heels of low ratings for the coronavirus pandemic-marred Tokyo and Beijing Olympics, Paris may not do much better among U.S. viewers, a poll from Gallup released Thursday found.

Simone Biles and women’s gymnastics are poised to be a bright spot, with those surveyed selecting it as their most anticipated sport.

But according to the poll, 30% of respondents said they will not watch any of the Games, 34% said they will not watch much and 35% said they would watch at least a fair amount. That last figure is down from the 48% measured before the 2016 Olympics in Rio de Janeiro. Gallup did not measure viewing intentions for the Tokyo Olympics, which were delayed a year.

NBC’s prime-time coverage of the Tokyo Olympics mostly drew about half the audience of its Summer Games predecessor. The Beijing Olympics had the lowest-ever U.S. audience for a Winter Games. Both Games were held under severe restrictions, limiting spectators and dampening the typical fanfare. NBC, which holds the U.S. broadcasting rights through 2032, is trying to turn around that trend by enlisting a slew of entertainers and non-Olympian athletes in its coverage.

The last three Olympics, including the 2018 Pyeongchang Games, were held in time zones that limited how much live action NBC could air in prime time.

The network did not immediately respond to The Associated Press’ request for comment on the poll. Biles and the rest of the U.S. gymnastics squad could bring in high ratings, though, with Gallup finding in general that women’s sports were as anticipated as men’s. Forty-two percent chose women’s gymnastics as their most anticipated sport, while around two-thirds of respondents ranked it in their top three. That competition begins with qualifying on Sunday.

For more coverage of the Paris Olympics, visit https://apnews.com/hub/2024-paris-olympic-games .

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Frequently asked questions, what happens if i work and get social security retirement benefits.

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

We use the following earnings limits to reduce your benefits:

If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2024 that limit is $22,320.

In the year you reach full retirement age , we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

If you will reach full retirement age in 2024, the limit on your earnings for the months before full retirement age is $59,520.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

Use our Retirement Age Calculator to find your full retirement age based on your date of birth.

Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.

What counts as earnings:

When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest , veterans benefits, or other government or military retirement benefits.

Your benefits may increase when you work:

As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, we will check your record every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, we will send you a letter telling you of your new benefit amount.

When you’re ready to apply for retirement benefits, use our online retirement application , the quickest, easiest, and most convenient way to apply. If you need to report a change in your earnings after you begin receiving benefits: If you receive benefits and are under full retirement age and you think your earnings will be different than what you originally told us, let us know right away. You cannot report a change of earnings online. Please call us at 1-800-772-1213 (TTY 1-800-325-0778), 8:00 a.m. – 7:00 p.m., Monday through Friday, or contact your local Social Security office .

There is a different work test for beneficiaries working outside of the United States. If you live outside of the United States, visit the Social Security Office of Earnings & International Operations page to find the office that serves your country of residence.

More Information How Work Affects Your Benefits Examples: How We Deduct Earnings From Benefits

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Below are the most recent tuition rates with room and board estimates for an academic year (fall and spring semesters). These costs are set by the Board of Trustees each year in July. We encourage students and families to budget for additional cost including travel, personal expenses, books, and supplies. Penn State's tuition rates vary by campus, program, student level, and residency.

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All World Campus students pay the same tuition rate, regardless of residency. Visit the World Campus website for tuition details.

Penn State provides several tools to help you estimate the costs associated with earning a degree. We encourage students to use them in order to have a better understanding of the true cost of attendance.

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Veterans using any chapter of the GI Bill®, and dependents receiving Chapter 33, Chapter 35 or Fry Scholarship benefits will be eligible for in-state tuition regardless of residency. If you are a veteran and you are not using GI bill® benefits, please contact your campus Certifying Official to determine requirements to establish eligibility for the in-state rate. All active duty military and DOD employees (their spouse and dependent children) are eligible for consideration to receive in-state tuition provided they are assigned to an active duty station in Pennsylvania and reside in Pennsylvania. Active duty military and DOD employees (their spouse and dependent children) enrolled in Penn State's World Campus will receive in-state tuition.

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The Discover Award is awarded to first-time, first-year domestic students who enroll at a Penn State campus other than Penn State University Park or Penn State World Campus for both the fall and spring semester immediately following their high school graduation. Transfer students who enroll in a degree program that can be completed at a Penn State campus other than Penn State University Park or Penn State World campus are also eligible.

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L.A. consumer group calls FAIR Plan insurance reforms an industry ‘bailout’

A firefighter battles the Route fire in Castaic on Aug. 31, 2022.

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A new law that could force homeowners across California to cover billions of dollars of insurer losses caused by a catastrophic wildfire is generating pushback from a leading consumer group, which has called it an industry “bailout.”

State Insurance Commissioner Ricardo Lara announced Friday he had reached an agreement with the California FAIR Plan that would allow losses suffered by the state’s insurer of last resort to be recouped by surcharges on residential and commercial insurance policies statewide in an “extreme worst case scenario.”

The FAIR Plan, which insures property owners who cannot get or afford traditional policies, is backed by licensed insurers such as State Farm and Allstate. As the program is structured, they are on the hook to pay claims if the FAIR Plan runs through its reserves, reinsurance and catastrophe bonds.

Sheri Marchetti-Perrault and James Benton embrace as they sift through the remains of their home.

California’s home insurance crisis: What went wrong, how it can be fixed and what owners can do

Major insurers have pulled back from California’s homeowners market, citing wildfires, inflation and other challenges. But there are steps at-risk homeowners can take now to secure coverage and at lower prices.

March 29, 2024

Under Lara’s agreement, if that happens the insurers would be required to cover up to $2 billion in FAIR Plan claims — $1 billion for residential and $1 billion for commercial claims. They could then temporarily surcharge their own policyholders for half of what they are assessed with the approval of the insurance commissioner.

Homeowners would not be surcharged for commercial losses — only holders of commercial policies would be. The agreement also allows insurers to temporarily surcharge policyholders for 100% of claims in excess of those amounts with the approval of the insurance commissioner.

“It’s outrageous and outside the law for the insurance commissioner to force consumers to bail out home insurance companies and then call that consumer protection,” said Carmen Balber, executive director of Los Angeles-based Consumer Watchdog .

Gabriel Sanchez, Lara’s press secretary, defended the agreement, saying, “It would be easy to listen to the elites and the entrenched interests defending a system that clearly isn’t working. Commissioner Lara is focused on hearing from the public, following the data and creating realistic, long-lasting solutions for everyone in this state.”

The FAIR Plan assessment is the latest element of Lara’s Sustainable Insurance Strategy, a package of executive actions intended to stabilize the California market, which has seen insurers stop writing new policies and decline to renew existing policies amid a sharp increase in claims for wildfires damage.

Just this week, firefighters are battling the massive Park fire in Butte, Tehama and Shasta counties, where 100 structures have been destroyed, 4,200 were threatened and 26,000 people were forced to evacuate as of Monday. It is the sixth-largest fire in state history.

Riverside, CA, Tuesday, July 23, 2024 - A few homes were destroyed, including this one located off Canyon Hill Dr., while dozens others damaged by the Hawarden Fire that burned more than 500 acres of brush through steep canyons surrounding large estate homes.(Robert Gauthier/Los Angeles Times)

Is this the solution to California’s soaring insurance prices due to wildfire risk?

The insurance industry will soon have the ability to use wildfire models when setting rates. Homeowners in high risk areas already know how these models have made policies hard to get and hard to afford.

July 26, 2024

As insurers have pulled back from high-fire risk neighborhoods, the number of residential FAIR Plan policies has more than doubled since 2019 to about 408,000 as of June. Commercial policies similarly increased to 11,026.

The FAIR Plan has a market share under 4%. Policyholders are concentrated in canyons, hillsides and other high-risk neighborhoods, vulnerable to fire and catastrophic insurance losses. The plan’s loss exposure was $393 billion as of June, even though the plan’s policies are more limited than those available through the regular commercial market.

Lara said Friday in a release announcing the agreement that “modernizing the FAIR Plan is a crucial step in our strategy to stabilize California’s insurance market.”

The FAIR Plan’s financial risk is overwhelmingly due to its residential policies, which account for about 95% of its $393 billion in total loss exposure, according to the insurer.

The Insurance Department downplayed a worst-case scenario, noting that even the 2018 Camp fire in Butte County that ravaged the town of Paradise, destroying or damaging more than 19,000 structures and causing some $16.5 billion in damage , did not deplete the FAIR Plan’s reserves.

The Insurance Department contended that the agreement was actually favorable to consumers because under current law there is nothing prohibiting the insurers from seeking policyholder assessments on all FAIR Plan losses they must cover.

“The agreement ... requires insurance companies to share the burden, something not clearly outlined before. That protects consumers by providing predictability which leads to stability,” Sanchez said.

Balber disputed that reading of the law and said Lara has not been able to get legislative authority for the insurer policyholder assessments, so he proceeded under questionable executive authority. “We have several questions about the legality of this proposal and are looking into it,” she said.

Consumer Watchdog has called for requiring insurers to offer policies in wildfire-prone neighborhoods to homeowners who have taken steps to reduce fire risks on their property as the best method to reduce enrollment in the FAIR Plan and stabilize the state’s insurance market.

Another key element of Lara’s FAIR Plan reforms call for the insurer to offer greater commercial coverage — up to $20 million per structure and $100 million for any one location.

Dan Dunmoyer, chief executive of the California Building Industry Assn., said the trade group has been seeking higher commercial coverage limits due to the rise of insurance premiums, which have slowed the construction of condominium complexes that builders insure.

He estimated that astronomical insurance rate increases have slowed condo construction by about 70% in the last 12 months, with fewer than 6,000 units built.

“Our view on this is: Get some competition in the marketplace, expand commercial coverage, let us build the most affordable for sale homes in California, which are condos,” he said.

The American Property Casualty Insurance Assn., an industry trade group, called Lara’s plan “an important step toward restoring the FAIR Plan’s financial stability and ensuring consumers have access to the coverage they need.”

The deal reached by Lara with the FAIR Plan is a binding legal stipulation and it requires the insurer to develop a “Plan of Operation” within 30 days detailing how it will carry out the agreement. It has 120 days to submit a rate plan for offering the higher commercial coverage.

The FAIR Plan was sued last week by four California residents who claim its policies offer subpar coverage for fire and smoke damage. The proposed class-action lawsuit seeks to represent more than 300,000 of the plan’s residential policyholders. The plan also is facing a lawsuit from more than 1,000 homeowners in Los Angeles who say the plan wrongly denied their claims.

California home insurance program accused of selling policies with subpar fire coverage

The Colorado Fire burns behind a house off Highway 1 near Big Sur, Calif., Saturday, Jan. 22, 2022. (AP Photo/Nic Coury)

Allstate seeking 34% rate increase for California homeowners insurance

July 11, 2024

A house burns on Platina Road at the Zogg Fire near Ono, Calif., on Sunday, Sep. 27, 2020. (AP Photo/Ethan Swope)

State Farm seeks major rate hikes for California homeowners and renters

June 28, 2024

Inside the business of entertainment

The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.

You may occasionally receive promotional content from the Los Angeles Times.

Laurence Darmiento covers finance, insurance, aerospace and dealmakers in Southern California for the Los Angeles Times. He joined the paper in 2015 as an assistant business editor and has overseen finance, real estate and Washington business coverage. Previously he had been the managing editor of the Los Angeles Business Journal and was a reporter for the Los Angeles Daily News and other outlets. A New York native, he is an alumnus of Cornell University.

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The current state of business today.

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CEO of philipfsmith.com - Serial Entrepreneur and Expert in Digital Marketing and E-learning.

With Covid-19 and the evolution of technology, businesses must be agile and flexible to survive. Businesses need to pivot to changes in the market and be responsive, such as being open to experimentation and innovation. This includes being able to adapt to new ways of working, such as remote teams and virtual communication.

Based on my experience as a serial entrepreneur, here's my breakdown of the current state of business in 2023.

A Shift To Digital Operations

One major change for businesses is the shift to digital operations. The pandemic created more remote work, online retail opportunities and digital marketing campaigns, leading many companies to pivot their strategies in order to meet customer needs. This has led to an increase in cybersecurity threats.

Businesses can protect themselves from cyberattacks by implementing a robust cybersecurity strategy that includes regularly updating software and systems to address known vulnerabilities, using strong, unique passwords and multifactor authentication and avoiding malicious emails.

Best Travel Insurance Companies

Best covid-19 travel insurance plans, increased attention on corporate social responsibility.

Consumers are becoming more aware of the environmental and social impacts of products and services they purchase and are demanding that businesses take action to address these issues. Many companies have responded by implementing sustainability initiatives and promoting their social responsibility efforts in order to retain customers.

Small business leaders can implement effective CSR by aligning them with their values and collaborating with other organizations.

The Rise Of The Gig Economy

Companies are also turning to gig workers to fill temporary or project-based roles, leading to a blurring of the lines between traditional employment and gig work. An increase in the use of independent contractors and freelancers can impact business leaders in a number of ways.

Business leaders will likely need to develop new strategies for onboarding and managing a workforce that may not be physically present in the office. Additionally, there may be a need for technology to facilitate remote work. Leaders can start by developing an understanding of how it affects their industry and adapting management and HR policies.

Managing Remote Teams

In my opinion, a company that can effectively manage a remote team can be just as efficient as an in-house team, if not more so. Remote work can provide a number of benefits for companies, such as the ability to access a wider pool of talent, increased flexibility and greater productivity. However, managing a remote team requires a different set of skills and strategies compared to managing an in-house team.

A company that can successfully manage a remote team will have a clear and effective communication plan, a robust set of tools and technologies to facilitate collaboration and communication, and a culture that values flexibility and trust. With the right approach and the right tools, a company can manage a remote team and be just as efficient as an in-house team.

2023 And Beyond

Overall, the current state of business is one of uncertainty and change. As 2023 evolves, companies must be ready to adapt to new challenges in order to succeed.

Whether it's embracing digital technologies, prioritizing sustainability or adapting to the gig economy, businesses that are able to respond to the changing landscape will be best positioned for success in the coming years.

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Hundreds protest across Nigeria over soaring cost of living, fuel prices

Demonstrators voice discontent over government reforms they say have triggered high inflation and devalued the currency.

Nigerian troops and police have tightened security in Lagos and the capital, Abuja, as nationwide protests over the rising cost of living kicked off and are expected to continue for 10 days.

Africa’s most populous country is struggling with soaring inflation and a sharply devalued naira currency after President Bola Ahmed Tinubu introduced reforms a year ago aimed at reviving the economy.

Keep reading

Economic downturn punctures joy of festive season in nigeria, nigeria’s power grid shut down, airlines disrupted as unions strike, why are nigeria’s worker unions up in arms.

Tagged #EndbadGovernanceinNigeria, the protest movement has won support with an online campaign among Nigerians who are battling with food inflation at 40 percent and fuel prices that have tripled since Tinubu introduced his reforms.

On Thursday, police fired tear gas to disperse demonstrators in Abuja, the Reuters news agency reported. In the northern city of Kano, protesters tried to light bonfires outside the governor’s office and police responded with tear gas, the AFP news agency said.

Security forces blocked roads leading to Abuja’s Eagle Square – one of the planned demonstration sites – while in Lagos, police and soldiers were placed at strategic points, including at the Lekki toll gate, where protests in 2020 against police brutality ended in bloodshed.

“Duty is very clear: to ensure that the protest is peaceful, devoid of violence, devoid of the horrific things that happened during the rising in 2020,” Adegoke Fayoade, the state police commissioner in Lagos, told Al Jazeera.

To ease the economic pain, the government on Wednesday announced some measures including delivering grain to states across the country and aid to the most needy.

But in markets across Nigeria, residents stocked up on food and essentials amid concerns over the likelihood of growing violence during the demonstrations.

“The police are brutalising the Nigerian people and people want that to stop,” activist Ismail Olushola Oladare, who participated in the 2020 protests, told Al Jazeera.

“Today, this particular protest and bad governance protest is about the standard of living of people,” he said.

Protest leaders, a loose coalition of civil society groups, promised to press on with rallies despite what they said were legal challenges trying to limit their rallies to public parks instead of marches.

Omolola Pedro, a protest organiser, told Al Jazeera that the idea of the rallies was to let the government know that Nigerians have had enough of the government’s “abuse of human rights, unstable economic situation [resulting from] the policies that they have made”.

The organisers have presented a list of 19 demands. At the core of their grievances is the removal of a state subsidy on petroleum products, which they blame for the crisis.

The demonstrations come after weeks of unrest and antigovernment protests that turned violent in Kenya, where President William Ruto was forced to repeal planned tax hikes.

In Uganda, police detained dozens of people as they took part in banned anticorruption protests organised online by young activists inspired by Kenya’s rallies.

“Some groups of people, self-appointed crusaders and influencers, have been strategising and mobilising potential protesters to unleash terror in the land under the guise of replicating the recent Kenya protests,” said Kayode Egbetokun, Nigeria’s inspector general of police.

“We will, therefore, not sit back and fold our arms to watch violent activities unleash violence on our peaceful communities or destroy any of our national critical infrastructure and assets again,” Egbetokun said after meeting senior officers in Abuja.

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Phase I: Define the Current State and Business-as-Usual Outcomes
Phase I: Define the Current State and Business-as-Usual Outcomes
Current Vs Future State Showing Business Requirement Implementation
Current State Gap Analysis Plan For Process Optimization
Current vs Future State Template
Business Organization Current State Vs Future State Analysis

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State of the Sixers after James Harden trade
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COMMENTS

3 Examples of Strategic Planning and a Current State ...
It will help establish which actions to take to move your business from Point A to Point B. A current state analysis includes: Current information about the business and your business plan, including customer segmentation, value propositions, finances, and sales projections. Information on the ecosystem your business exists within.
Conducting Current State Assessment: Best Practices
Business problems are rarely simple, so giving short shrift to the current state assessment is likely to lead to wasted time and resources down the road. Reviewing a few reports and talking to a couple of executives will rarely yield the kind of insights needed to determine and implement a course of action with confidence.
Assessing the Current State: A Comprehensive Look at the Strategic
Assessing the current state is a crucial step in the strategic planning process. It allows organizations to identify their strengths, weaknesses, opportunities, and threats. By evaluating these factors, organizations can gain a better understanding of their current position and make strategic decisions for the future.
How to Write a Current Business Situation
A marketing plan covers at least one year of company information and may take months to write. It describes a description of the company, the marketing plans in place and goals for the future. It also states the company's mission statement. The current business situation is one section in the plan describing the company's current state of ...
Strategic Planning: 5 Planning Steps, Process Guide [2024] • Asana
Step 1: Assess your current business strategy and business environment. Before you can define where you're going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.
What is a Business Plan? Definition, Tips, and Templates
Apart from this, I believe the business plan should speak to the current state of the business and why it's up for sale. For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased. It should also include: What the new owner will do to turn the business around.
What Is Current State Analysis? Benefits and Steps
To perform a current state analysis, follow these seven steps: 1. Focus on a single product or service. List all the business' products and services. Then, select a focal product or service. Choose something that's relatively easy to produce and involves few processes.
How to Write a Business Plan: Guide + Examples
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
The Strategic Planning Process in 4 Steps
A strategic plan or a business strategic plan should include the following: Your organization's vision organization's vision of the future. A clearly Articulated mission and values statement. A current state assessment that evaluates your competitive environment, new opportunities, and new threats. What strategic challenges you face.
Business Plan: What It Is, What's Included, and How to Write One
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
What is a Gap Analysis for Strategic Planning? [2024] • Asana
2. Benchmark your current business performance. Use goals, historical data, and past gap analyses to benchmark your current business performance, processes, or workflows, and set the standard for how you work. At the same time, evaluate your current processes with a business process analysis (BPA).
How To Write A Business Plan (2024 Guide)
The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit in the current market or are ...
Current State vs Future State Diagram
A current state vs. future state diagram is a visual tool that shows an organization's current operations and its envisioned future scenario — using standardized symbols and notations. They're especially helpful for business analysts, project managers, and organizational leaders who need to plan major changes or improvements.
Gap Analysis
How to Use Gap Analysis. Use the following three-step process to conduct a Gap Analysis. 1. Identify Your Future State. First, identify the objectives that you want to achieve, and the timeframe that you want to achieve them in. This gives you your desired future state - the ideal "place" where you want your business or project to be.
How To Create A Strategic Plan For Your Business
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7 business plan examples: section by section. The business plan examples in this article follow this template: Executive summary. An introductory overview of your business. Company description. A more in-depth and detailed description of your business and why it exists. Market analysis.
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Copy of your current Pennsylvania driver's license or state-issued photo identification card. Residency Information for Active Military Personnel or Dependents. Veterans using any chapter of the GI Bill®, and dependents receiving Chapter 33, Chapter 35 or Fry Scholarship benefits will be eligible for in-state tuition regardless of residency.
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3 Examples of Strategic Planning and a Current State Analysis Template

Key Takeaways:

What Is a Strategic Plan?

Who Should Be Involved?

4 Steps to Creating an Effective Strategic Plan, Plus Examples

Identify the goal

Goal examples:

Develop an action plan

Detail actions for execution

Determine resource usage

Why Startups Should Have a Current State Analysis for Strategic Planning

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Conducting Current State Analysis: Best Practices

What is a current state assessment?

Why current state assessments are necessary

Download the strategic assessment checklist

Settling for a superficial understanding

Ignoring cultural aspects

Over-reliance on surveys

5 steps to a successful current state assessment

3. Socialize

4. Synthesize

Case study: migrating to a product-focused operating model

Involving Key Stakeholders

Key takeaway:

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

Create a professional business plan

Executive summary

Products and services description

Market analysis

Competitive analysis

Marketing and sales plan

Business operations

Key milestones and metrics

Organization and management team

Financial plan

Optional: Business plan cover page

How to use AI to help write your business plan

Determine why you are writing a business plan

Have someone review your business plan

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

Common pitfalls and how to avoid them

Use your business plan to manage your business

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More Like this

What is Strategic Planning?

Overview of the Strategic Planning Process:

Questions to Ask:

Action Grid:

Step 1: Determine Organizational Readiness

Step 2: Develop Your Team & Schedule

Step 3: Collect Current Data

Step 4: Review Collected Data

Strategic Planning Phase 1: Determine Your Strategic Position

1. Define your business goals