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[Updated 2023] How to Write a Five Year Business Plan [Best Templates Included]

Smriti Srivastava

Achieving a set of goals is challenging.

Maintaining the motivation and productivity to achieve business goals is even harder.

In the words of Yogi Berra, a big-league baseball player-turned-manager, “Without a plan, even the most brilliant business can get lost. You need to have goals, create milestones, and have a strategy in place to set yourself up for success.”

This is why everyone in the industry — from an interviewer looking to hire top talent to an entrepreneur who accomplishes goals systematically — splits their business plan into five years. A five-year business plan not only extends a generous period to attain the set targets but at the same time keeps everyone on their toes, removing procrastination.

But writing a five-year business plan can get tedious, messy, and, sometimes, take forever to hit the right spot.

Therefore, this blog will cover the essential steps to help you write a tremendous five-year business plan.

Chronology of writing a spectacular five-year business plan

It is quite simple. You cannot achieve something great when you don’t know your priorities, objectives, ways, and timeframe to achieve those targets. It is essential to build a five-year plan for your business as well as the outcomes and expectations related to it.

But where do you start?

Here are the five sections you must include in your plan:

#1 A clear company introduction

A brief yet effective overview of your business, its market, team structure, roles and responsibilities, company offerings, and value proposition builds the foundation for your future endeavors. You use a company overview to set the right tone at the beginning of your business plan, as it serves as the base and a direction for your audience.

Related read: How to Create an Attention-Grabbing Company Introduction Slide in 10 Minutes

#2 vision and mission statement.

You have to ensure your employees, stakeholders, investors, and potential clients understand what your company is all about and what you stand for. Your vision and mission statement helps you with it. It enlightens the audience about your future plans - where you see your company in five years and the results you will work to achieve.

Related read: Top 10 Mission and Vision Statement Templates to Guide Your Organizational Culture

#3 target market and branding.

State who your company is looking to serve and why. Provide clarity on your target market based on psychographics and demographics. And do not forget to mention the size of your target market. You have to create a framework for making your brand visible exponentially and simultaneously create a lead generation and conversion strategy.

Related read: Top 30 PowerPoint Templates to Analyze Dominant Market Drivers

#4 product overview.

Set clear priorities based on the distinction between your primary and secondary products. You need to connect your branding around the product or service core to your company. This categorization will help you establish the revenue your products generate and the impacts they create. Further, it will help modify your plans accordingly.

Related read: Top 10 One-Page Product Overview PowerPoint Templates to Drive Sales

#5 swot analysis.

Measuring your strengths, weaknesses, opportunities, and threats in the industry can help you successfully dominate the market. Therefore, your five-year business plan must include regular and timely analysis of all your business operations. There is no better way to meet targets than keeping a check on one’s activities. It will help you focus on the proprietary system of your company.

Related read: Top 50 SWOT Analysis PowerPoint Templates Used by Professionals Worldwide

Templates to nail your business plan.

Often we have countless ideas to plan our way to a successful business. But as the day-to-day grind starts, it is easy to get distracted from the end goal and stray from the path leading to our intent. We look for a north star to point us directly to our mission. So we decided to make your life a bit easier by providing our readymade and editable five-year business plan templates. You can access them below. Dive in!

Template 1: Five Year Business Plan Roadmap Template

Help your team stay on track with your future business ambitions by taking the assistance of our invigorating PowerPoint template. This content-ready template helps you visualize your work plan and present your vision impactfully. You just need to click the download link to start customizing it.

Download this template

Template 2: Key Poniters for Five Year Business Plan

Use this business plan template that includes vital pointers such as setting clear goals and objectives, conducting market research and competitor analysis, developing a comprehensive marketing strategy, creating financial projections, and establishing a system for measuring progress and adjusting your plan accordingly. By following a structured template and considering these essential elements, you can create a plan that sets your organization up for long-term success.

Template 3: Five Year Roadmap Timeline for Business Plan

Employ this professionally curated template to improve the success rate of your business. This template helps you track the progress of all your operational activities without any hassle. Also, our color-coded template makes it easy to comprehend and follow. So download this adaptable template to start adding your data effortlessly.

Template 4: Five-Year Business Plan Roadmap with Operations and Functions

You can utilize this template to articulate the workflow of your organization smoothly. This template allows you to write an attractive executive summary of your business operations and functions. Download the template and start assembling your key milestones immediately. Click the link below!

Template 5: Five Year Milestones Template

Outline the timeline for achieving future goals with the help of this template. Our experts have designed this PowerPoint template to help you summarize your vision, mission, targets, and timeframe in an easily accessible format. Grasp the attention of your employees and stakeholders right away by downloading this template.

Template 6: Five-Year Roadmap for Business Planning

A comprehensive plan of action displays confidence and foresightedness. Therefore, we have curated this content-specific template to help you create a strategic roadmap for your business goals. This template distributes the target phases based on yearly milestones, thereby making it easily understandable. Grab it now!

Template 7: Five Year Business Plan with Roadmap

Take your business to the next level with this five-year business roadmap with checkpoints. It includes sections for sales, product, operations,  and targets set for different team members. It also includes timelines and checkpoints for processes and activities. Download this editable PowerPoint Slide now to streamline your business alignment.

Template 8: Five Year Business Plan With Financial Projection

Make your future financial outcomes expectations loud and clear by using this PowerPoint template. Represent your business planning elements creatively by employing this template. You can even highlight your company’s ongoing functions and practices in a structured way with the assistance of our entirely adaptable PPT template.

Template 9: Five Year Business Plan Implementation Roadmap

The success rate of business plans hugely depends on the plan of action, and this editable five years roadmap of the organization rightly serves the purpose. Encapsulate all the information related to the project in a well-structured manner to obtain maximum efficiency by incorporating this stunning PowerPoint slide. State the critical deliverable, steps involved, time frame, workforce allocation, and lots more in an easy-to-understand manner by utilizing this pre-designed roadmap layout. Download now!

Template 10: Five Year Business Plan with Risk Status

Select this PowerPoint template to predict your future growth. Using this PPT template, you can assess potential risks that can stunt your business development in the coming years. Revamp your venture by utilizing this template as a guiding star. Download it and start with your strategic planning right away!

Having a strategic roadmap for handling your business operations and objectives is the only way to go. You cannot expect high profit and returns on investment without having a clear outline for the next five years of your business. With our stunning business plan ppt templates, you will definitely look confident, assertive, reliable, and foresighted.

FAQs on Five-Year Business Plan

How to write a five year business plan.

Here are some key steps to consider when writing your plan:

Define your mission and vision: Start by articulating your organization's purpose and long-term goals.

Conduct market research : Analyze your industry, identify trends, and understand your target audience.

Evaluate your competition: Analyze your competitors' strengths and weaknesses, and determine how you can differentiate yourself in the marketplace.

Develop a marketing and sales strategy: Outline how you will reach and engage with your target audience and define your pricing strategy.

Create financial projections: Develop a comprehensive financial model that includes revenue and expense projections, as well as cash flow analysis.

Establish a system for measuring progress: Determine key performance indicators (KPIs) that will help you track progress towards your goals, and create a plan for reviewing and updating your plan on a regular basis.

What is a good 5-year business plan?

A good 5-year business plan is a comprehensive document that outlines an organization's strategy for achieving its long-term goals. Here are some key elements to include in a good 5-year business plan:

Executive summary: Provide an overview of your organization's mission, vision, and goals, as well as a summary of the key elements of your plan.

Market analysis: Conduct thorough research to understand your industry, target audience, and competition.

Marketing and sales strategy: Outline how you will reach and engage with your target audience, and define your pricing strategy.

Financial projections: Develop a comprehensive financial model that includes revenue and expense projections, as well as cash flow analysis.

Organizational structure: Outline the roles and responsibilities of key personnel, and describe how your organization will be structured to achieve its goals.

Risk management: Identify potential risks and develop strategies to mitigate them.

Performance metrics: Determine key performance indicators (KPIs) that will help you track progress towards your goals, and create a plan for reviewing and updating your plan on a regular basis.

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5 Year Business Plan Template

The following detailed overview of a five-year business plan is designed to assist your efforts in creating the structure your business requires. In the business plan template outlined below, you’ll find the essential components of every 5 year business plan template – a company overview, analyses of competitors, industry data and target market demographics. Also included are a financial plan, a marketing plan and an operations plan. The 5 year business plan will provide the strategic roadmap required for ultimate success. Let’s get your five-year business plan started.

Download our Ultimate Business Plan Template here >

Five Year Business Plan Template

Executive summary.

The first step to creating a business plan is, oddly, the ending of it. An executive summary is placed in the front of the business plan; however, it cannot be completed until the fully detailed business plan is in place. At that time, it is used as a specific overview of the business plan. The executive summary allows busy executives to quickly grasp the main ideas and make informed decisions about the business concepts and plans; as such, present succinct, clear details in readable sentences that are defined and positive in tone.

Although placed in the business plan at the end of the process, the executive summary helps drive the project forward. Within the executive summary, an overview of the business, including its mission, goals, and the problem it solves will be highlighted. The competitive advantage, target market, and financial projections will be detailed, as well.

Company Overview

After the executive summary, a full company overview is added into the business plan. Include the basic information about the company, detailing the location, name, mission statement, and the legal structure for the business. Outline the jurisdiction in which the company is registered and add the names of the founders and management team. List the founders and key members of the management team again, highlighting their backgrounds, expertise, and roles within the company. Their background information adds depth of experience to that of yours and reflects well with interested lenders or investors. These facts also offer an informed decision base for those considering working for the business. Finally, the unique selling proposition and competitive advantage of the products or services produced by the business will be detailed.

Industry Analysis

In the next segment of the business plan, an industry analysis is compiled, provided as market research data and analyzed in relation to the business. The outcome of the analysis is included in the business plan. It offers a detailed look at the current state and future prospects of the industry sector, market trends, competitive targets, customer preferences and regulatory influences. The analysis within the business plan is suggestive of positive growth, flexibility, and data-driven outcomes that serve the business. The industry analysis also helps identify growth potential, possible risks, and key challenges that may lie ahead. If needed after reading the industry analysis, a business executive may choose to pivot and reposition plans to make informed choices with better outcomes.

Customer Analysis

In the customer analysis section of the business plan, the vital component of the business strategy is revealed: that of the customers who drive the profit margins. The demographics of customers is highly valuable, as the more an understanding of customers’ preferences, likes, dislikes, habits, purchasing choices, and delivery of products is understood and used in business decisions, the better and stronger the positive outcomes. With all of the input and market research data, an important, deeper understanding of the target market is gained, which enables the business to better tailor products, services and the initial marketing efforts accordingly. The market analysis is not only valuable; it is dependable.

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Competitive Analysis

At this juncture, the competitive analysis and data-driven results are obtained to round out the analyses sections of the business plan. The competitive analysis provides valuable insights into the strengths and weaknesses of key competitors operating in the same market. By evaluating and understanding the competitive landscape, businesses can identify opportunities for differentiation to gain that much-desired competitive edge over competitors. The competitive analysis should also reveal everything available about competitors, including brand reputation, customer loyalty, distribution channels and the financial resources they hold. Because the goal of the business is to capitalize on market opportunities, take note of the environment of every competitor directly in competition with the business and make changes where needed in the unique value propositions offered to customers.

Marketing Plan

Strategic marketing naturally follows the analyses of the business landscape and those who compete within it. Use tools to create a dynamic and strategic marketing plan in this section of the business plan. A strategic marketing analysis is one that utilizes every scrap of data available to form the best message for the target audience. Gathered and pressed into service, the data will inform best practices for marketing methods, and best means of sending those messages to the target audience. Marketing plans will naturally follow well-designed and specific data analysis. Use a variety of means to deliver the marketing messages, according to the strengths of the business and the consumer preferences involved. In short, your marketing strategy will encompass various elements, such as branding, advertising, digital marketing, public relations, and social media to create a cohesive and impactful marketing campaign. The ultimate objective of the marketing plan is to achieve your desired business outcomes. As it should.

Operations Plan

A business plan is not complete without a detailed operations plan. A five-year plan will typically outline the first year and then follow with successively more speculative plans for organization as the years progress; however, some facts relating to manufacturing processes will remain stable and the same throughout. These types of operations can always be included in trend discussions and help stabilize the business overall. Plan the operations functions to align the activities of the various departments or teams with broader organizational objectives. Processes and procedures are the highlights of the operations plan, along with the timelines and scheduling of the implementation of those objectives. Knowing how well the business will actually conduct business five years in the future is the perfect starting place for success right now.

Management Team

Comprised of experienced professionals, the management team is highlighted in detail as the operations plans are revealed. The present key leaders understand the collaboration and strong leadership skills needed to effectively manage and operate the entire team and they will be guided by a customer-centric approach. A detailed description of the skills of team leaders, business partners and executives, along with the relevant professional backgrounds will complete this section of the business plan. You should also detail the operational structure of the company here.

Financial Plan

In the final portion of the business plan, the financial plan is fully extended and specifically detailed to offer an informed snapshot of the health of the business in the present, as well as in the five-year period of sustained growth that is anticipated ahead. It is the overlook of the financial goals, along with the strategies and actions needed to achieve them. The five-year financial projections outlines the financial stability, growth, and long-term sustainability of the business.

The 5 year plan encompasses various key areas that are crucial for success, including revenue generation, expense management, investment strategies, risk assessment, and financial performance monitoring for the business during the years ahead. It also outlines key aspects, such as budgeting, savings, investment plans, and debt management that can adapt to changing circumstances and it maximizes the financial stability and growth projections of the five-year plan. Ultimately, the financial plan serves as a roadmap for informed decision-making and the long-term financial success that extends well beyond the five-year period under discussion.

Crafting a well-thought-out, traditional business plan is the first step in the business planning process and it is vital for any business owner. With our 5 year business plan pdf provided here, a vital and simply inviting business plan can be created for your own purposes and those potential stakeholders who will want to review them. We trust the creation of your business plan will lead to new beginnings, exciting and fulfilling directions and sustained long-term growth in successful years of business ahead.

How to write a 5-year business plan faster with the right tool

Did you know that 70% of firms still in business after five years, have a strategic plan in place?

A business plan helps outline your goals and explains how you plan to achieve them and is crucial if you want to raise financing and plan your outlook for both the short and long-term future.

However, writing a five-year business plan can be a daunting task, especially when you're juggling numerous responsibilities as a small business owner.

Incorporating the right tools into your strategy makes a creating 5-year business plan a breeze while ensuring accuracy and thoroughness.

In this guide, we'll cover what a five-year business plan is, why you need to write one, what tool you should use and the content that should be included!

Ready? Let's get started!

In this guide:

What is a 5-year business plan?

Why is a 5-year business plan crucial for business success, how does a 5-year business plan differ from a 3-year business plan, is a 5-year business plan right for you, how to write a 5-year business plan efficiently, 5-year business plan templates and examples, why you shouldn't be using excel and word to write a 5-year business plan, how do i write a 5-year business plan in practice, how to make sure your 5-year business plan stays relevant.

It follows the same structure as most other business plans. It contains all of the key sections from the executive summary to the financial statements.

A 5-year business plan serves as a roadmap for your company's future, guiding strategic decisions and ensuring alignment with your long-term goals.

In today's dynamic business landscape, having a clear and comprehensive plan in place is essential for navigating uncertainties and capitalizing on opportunities.

Consider a small manufacturing business seeking to invest in new equipment and technology to enhance production capabilities.

Without a 5-year plan outlining growth targets, market analysis, and financial projections, the company may struggle to secure funding or make informed investment decisions.

By developing a strategic roadmap that extends five years into the future, the business can anticipate challenges, capitalize on emerging trends, and adapt to evolving market conditions.

Furthermore, a 5-year business plan provides a framework for accountability and performance measurement. For instance, a construction and real estate company embarking on a major development project can use the plan to track progress against milestones, monitor expenses, and evaluate the project's overall feasibility.

By regularly revisiting and updating the plan, the company can ensure its strategies remain relevant and aligned with its overarching objectives.

Now that we've highlighted the importance of a 5-year plan, let's compare it to its shorter-term counterpart, the 3-year business plan.

Need a convincing business plan?

The Business Plan Shop makes it easy to create a financial forecast to assess the potential profitability of your projects, and write a business plan that’ll wow investors.

The key difference is that those financials are projected for 5 years instead of 3 years. This means that the business is providing a long(er) term outlook.

It also means that sections detailing the actions planned - such as business strategy, sales & marketing plan and milestones - have to be written in greater depth because a lot more will be implemented in a 5-year business plan (vs. a 3-year business plan).

Business plans can be highly volatile tools, especially for startups. If a business plan turns out to be inaccurate at the end of year one, it is likely that the following years will follow suit.

In essence, the further you plan into the future, the less certainty you have. This means that 5-year business plans tend to be higher level than 3-year business plans given that it’s difficult to accurately predict what might happen after year 3.

Because of the uncertainty regarding long-term projections we just explained in the section above, 5-year business plans tend to be quite rare.

As a rule of thumb, they are mostly useful in the following situations:

• When the business is highly predictable
• When the business is in transition

Highly predictable businesses

Some businesses are predictable with a high level of certainty and can therefore afford to take a long(er) term view.

This usually applies to businesses with the following characteristics:

• They have limited competition: monopolies or oligopolies
• They sell products or services with limited substitution options

Infrastructure companies are the perfect example of this. If you are the only water provider or train operator in the region and have been given a 10 years concession, you can comfortably project your financials over longer periods.

Businesses in transition

5-year business plans are also useful for businesses that want to model a transition from one state to another.

Good examples of this are when there is a one-off important change in the business, or a high level of inertia:

• The business is expected to go through a phase of reorganization or restructuring, after acquiring another business, or because it needs to shut down a division which is no longer competitive, for example
• The business is investing in a capital-intensive project that will take time before yielding a return on investment. If constructing a new factory takes two years before the business can benefit from the increased production capacity, for example
• There is inertia in the sales cycle. If the business is launching a new product marketed to big corporations with an expected 12-18 months sales cycle, for example

As you can see from above, 5-year business plans are often overkill for startups or small “brick and mortar” businesses such as retail shops and restaurants.

Now let’s look at how you should write your 5-year business plan, the benefits of doing so, the tools you can use to help you and the factors to consider when selecting a business plan software.

Need inspiration for your business plan?

The Business Plan Shop has dozens of business plan templates that you can use to get a clear idea of what a complete business plan looks like.

Use software to write a 5-year business plan

Utilizing business planning software offers numerous advantages for small business owners embarking on the journey of creating a 5-year business plan.

These tools are specifically designed to simplify the planning process, saving you time and effort whilst helping you avoid silly errors along the way.

By leveraging business planning software, you can access pre-built templates that contain industry-specific financial models and forecasting tools. This allows you to focus on refining your growth strategy rather than starting from scratch.

Now, let’s take a further look at how these tools allow you to streamline the process of writing a business plan.

How these tools simplify the planning process

Using an online business planning software such as the one offered by The Business Plan Shop is the most efficient and modern way to write a five-year business plan.

An online business planning software streamlines the process because:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Above is an example of how a cover page and table of contents look like on The Business Plan Shop's online business planning software.

What to consider when choosing a business plan software

Now, let's explore key factors to consider when choosing the right business planning software to facilitate your 5-year business plan:

• Compatibility with 5-year planning: Ensure that the software you choose supports the creation and management of 5-year business plans, allowing you to set long-term goals, forecast financials, and track progress over an extended period.
• Ease of use: Look for software with an intuitive interface and user-friendly features that make it easy for small business owners to navigate and utilize effectively without extensive training or technical expertise.
• Customization options: Evaluate the software's ability to tailor templates, and forecasting models to your specific business needs and industry requirements. Seek solutions that allow for flexibility and customization, enabling you to adapt the plan to changing market conditions and internal priorities.
• Integration capabilities: Assess whether the software integrates seamlessly with other tools, such as accounting software. Integration ensures consistency and accuracy across your business operations, streamlining data management and decision-making. The Business Plan Shop offers integration with QuickBooks and Xero.
• Cost and scalability: Consider the pricing structure and scalability of the software, ensuring it aligns with your budget and growth trajectory. For example, The Business Plan Shop offers flexible pricing plans based on your business size and needs, with options to upgrade or downgrade as your business evolves.

Most of the business plan templates offered by The Business Plan Shop are examples of three-year business plans.

However, since there isn't any fundamental difference between a three-year and five-year business plan, you can use one of our templates to help structure your own plan (simply increase the number of years to 5 in the settings and adjust your forecast accordingly).

When considering using a tool like Word or Excel to craft a 5-year business plan, it is important to be aware of the drawbacks.

Though both programs may offer some basic formatting and calculations, they are not tailored for creating business plans.

Using Excel can be risky due to potential errors in data entry as a consequence of inputting data manually. A single mistake could lead to financial statements being inaccurate and with hundreds of lines of data, you might struggle to locate where the mistake was made.

Investors are likely to frown upon the use of Excel when creating a forecast for this reason, and it's unlikely that they would trust your numbers unless you have a background in accounting or finance.

Even if you do have a background in finance. With Excel, you'll need to compute key formulas yourself, which means that modelling complex elements is likely to be frustrating. Modelling D&A tables, advanced payment terms, or variable interest rate loans in the financial forecast are good examples of this.

If you're using Word to write up your business plan, you might find yourself overwhelmed by all the details that must be included. And unlike The Business Plan Shop, which offers you structured templates for each section of your plan, with Word there are no examples or instructions to guide you either.

Following a set structure makes it much easier to write a five-year business plan - which is why we've broken it down into simple questions and sections for you to follow!

How do you set 5-year business (growth) goals?

When writing a 5-year business plan, it's important to set achievable goals within that timeframe. Looking back at previous business performance can offer indications as to what your team can achieve with the resources they have at their disposal.

Be sure to set SMART (Specific, Measurable, Achievable, Relevant and Time-bound) objectives: there's no point in saying that you want to open 10 new stores within the next five years, if you know that's virtually impossible.

Similarly, an increase in customer satisfaction by itself is not a measurable goal and would need to lead to greater customer retention and repeat purchases for it to be quantified in numerical terms.

Remember that your goals are likely to shift as time goes by and you might want to make small changes to them. Whilst it's good to be specific, there's no need to mention every single aspect of your strategy in the business plan. You are trying to impress stakeholders such as investors, not bore them with the details!

Need a solid financial forecast?

The Business Plan Shop does the maths for you. Simply enter your revenues, costs and investments. Click save and our online tool builds a three-way forecast for you instantly.

What is the content of a 5-year business plan?

A 5-year business plan is composed of 7 main sections, let's have a look at each of them.

Executive Summary

The executive summary is arguably the most important part of your business plan. It provides readers (such as banks and investors) a rundown of your business as a whole.

You should explain what type of business you are, what goods or services you sell and to whom, forecasted revenues and profitability in the next five years, as well as the amount of financing that is required (if any).

Remember that this is the first section of your business plan. Keep it short and snappy to persuade stakeholders such as investors to continue reading.

Company Overview

The company overview section of a five-year business plan usually covers three key areas:

• Structure and Ownership
• Business Location
• Management team

You should start by summarising how your business is funded to date and who owns it (be sure to state shareholder names and percentage ownership if it is equity funded). Plus, you should declare what type of legal structure you've chosen (sole trader, limited company, partnership, etc.).

Then give an overview of the location(s) of your business Simply explain where you chose to set up your business(es) and why you chose that particular area(s) - strong transport links and parking facilities, large footfall of potential customers nearby are two such examples.

Finally, you should introduce the management team. This part is particularly important to demonstrate to investors that your management team has the necessary skills and experience to run the business successfully.

Market analysis

This is likely to be the lengthiest section of your 5-year business plan. In general, the market analysis should include the following sections:

• Demographics and segmentation
• Target market
• Competition
• Barriers at entry

Demographics are essential for understanding who is likely to be interested in purchasing your products or services. Segmenting demographics further can also provide insight into what types of goods customers prefer and the price that they are willing to pay for them.

This section can also help you understand any upcoming trends in the market that are likely to affect your strategy within the next five years.

Then comes the target market part, where you will explain which segments are targeted by your business and how you meet their needs.

For example, if you were running a wellness spa, your target market could be women aged between 20 and 45 who work full-time and are looking to relax and de-stress after their workday and on the weekends. They might be drawn to your salon because of your high-quality customer service and convenient opening times.

It's also important to explain who your business will be competing against in the local market. Think about direct and indirect competition so that you can devise strategies to gain an edge over them. 

The next part of your market analysis will be to detail potential barriers to entry. Barriers to entry are best defined as any hurdles that prevent competing firms from entering the market and stealing your hard-earned market shares. A large investment in R&D or production capacities would be good examples.

Finally, you should state what regulations are already in place in the market and how you plan to abide by them. Examples of such regulations include The Data Protection Act (prominent for businesses with a website) and health and safety regulations.

Products and services

The products and services section of your 5-year business plan should include detailed descriptions of all the products and/or services that your business offers.

For example, if you run a coffee shop, you should detail the ingredients used, such as the type of milk, flavourings, and toppings available. The reader will want to understand what makes your coffee unique from other businesses in this competitive market.

You could also list any offers that customers can obtain (coffee and cake deals for example). You might also have delivery options available or loyalty programmes for customers who purchase multiple drinks over time.

It may also be useful to explain how you intend to keep up with current trends by introducing new flavours and seasonal beverages throughout the year (pumpkin flavour during Halloween for example).

Including these details in your 5-year business plan helps paint a clear picture for potential investors about what they can expect now and in the future.

Strategy Section

This section should outline the pricing strategy, marketing plan, milestones to be achieved, as well as any risks and mitigants associated with your venture.

You should explain how you charge for your goods and services, why you chose to price them at that level, and how they compare with prices charged by your competition.

In your marketing plan, you could outline how you plan to implement a set strategy to attract and retain customers.

Your business milestones are important because they summarise what your goals are and where you want to be in five years' time. For an existing business, it might look like this:

• In year one: open a second store in the region
• In year two: go national with another 5 new stores in major cities
• From year three to five: open 10 new stores each year to reach a network of 37 stores

Finally, talk about the risks and mitigants that could affect your business within the next five years. Try to cover major risks such as changes in the competitive environment, new regulations, key staff leaving, etc.

Operations Section

In your five-year business plan operations section, you should outline any staff that you've recruited (or plan to recruit), the qualifications & experience they hold and their responsibilities.

Your business might employ more staff as time goes on (perhaps as you obtain a stronger cash flow position in year 3 of the business plan). Be sure to state any future recruitment plans.

Talk about the suppliers that you've chosen to work with and the reason for picking them over others.

Finally, you should state any key assets required for the business to operate such as leases, patents, or specialized equipment.

For any business plan, the financial section is crucial. Your five-year business plan should contain a full set of financial statements: a balance sheet, a profit & loss statement and a cash flow statement.

Below is an example of how five-year forecasted revenues might look like for one of your product or service. This chart was created using The Business Plan Shop's 5-year financial forecasting software .

Obtaining inputs from key stakeholders before writing your 5-year business plan

To help ensure that your business plan is accurate, it should ideally be written by your management team (one or more managers who are responsible for overall strategy and the day-to-day running of the business).

It's also important to obtain input from key staff members. For example, the head of sales should help build the sales forecast because they are the one responsible for executing the sales strategy.

How many pages does a 5-year business plan have?

Like most business plans, there's no specific number of pages that yours must have. A good rule of thumb, however, is to keep it between 15 and 35 pages.

As long as you've covered all of the key sections, ranging from the executive summary to the financial projections, your five-year business plan should be good to go!

Remember, quality is more important than quantity.

Writing a comprehensive business plan takes time, to get a return on investment at this time, you need to actually use and maintain your plan.

To do so, you will want to regularly compare your actuals (actual data from your accounting software) with your financial projections to check you are on track to deliver the plan.

Then you will want to adjust your forecast and plan as time goes by so that your plan stays current and your business can maintain clear visibility of its future cash flows.

If you used The Business Plan Shop to create your forecast, this is easy to do as actuals vs. forecast tracking is built-in our solution:

In simple terms, creating a 5-year business plan means plotting out where you want your business to go over the next five years. This involves setting goals, predicting what the market will be like, and estimating how much money you'll make.

Planning for the long term helps you prepare for challenges, take advantage of opportunities, and stay on track toward your goals.

Using business planning software makes this whole process faster and easier. It comes with ready-made templates, tools for working together with others, and ways to connect with other software you might use. This makes it simpler to organize information and make decisions.

These tools give small business owners the ability to make detailed plans that match up with their big-picture goals. It helps keep things clear, focused, and ready to adapt to whatever changes come your way in the business world.

That's it for now, we hope this article has helped you better understand how to write a 5-year business plan.

Please do not hesitate to contact us if you have any questions related to business planning or our solution.

Also on The Business Plan Shop

• How to do a market analysis for a business plan?
• Business plan vs budget: what's the difference?
• How to choose the best business plan software for you?
• 69 mistakes to avoid in your business plan
• Business plan steps: everything you need to know
• Practical examples of a business plan outline

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How to Create a 5-Year Plan You'll Actually Stick To [In 4 Steps]

Published: September 19, 2023

One common question you’ll get asked in an interview is, " Where do you see yourself in five years? "

When it’s coming from a hiring manager, we usually have an answer ready. When it comes to your personal life, do you have a five-year plan?

In the most stressful times in my life, planning brings me great joy and peace. But who says you have to wait for the stress to come? In this article, we’ll outline why you should create a five-year plan and how to build one you’ll follow through with.

What is a 5-year plan?

A five-year plan is an outline of professional and/or personal goals you want to reach within the next five years. It usually includes broad goals relating to career, relationships, health, and finances that are broken down into action items and milestones.

Benefits of a 5-Year Plan

Whether professional or personal, a five-year plan can serve as a reset for your life. Who doesn’t like a fresh start?

After all, that’s why New Year’s resolutions are so popular. They give us something to look forward to. There’s also something to be said about writing out a detailed plan. It can be a great motivator to put something in motion.

Free 5-Year Plan Template

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• SMART Goal Template
• MBO Template
• Skill Development Template

You're all set!

Click this link to access this resource at any time.

Fill out the form to get to work.

Personally, I’ve said countless times that I want to be fluent in Spanish. However, it's not until I write a detailed plan for how that it will become real.

This brings us to our next point: clarity. Sometimes, a path seems scarier than it actually is because we don’t actually know what it looks like.

Creating a plan is like pointing a flashlight in a dark road. A more accurate description is that it turns that dark, twisty road into a clear path forward. Doesn’t mean there won’t be any bumps in the road but at least you’ll know exactly where you’ll land and how to get there.

Lastly, a five-year plan can serve as a reminder of what’s at stake. In your daily life, it can be easy to forget that every day, we’re shaping our future.

The decisions we make today affect what our life will look like years from now. Having a visual reminder of this can keep you focused on your goals.

What to Cover in a 5-Year Plan

Before you get started with your plan, there are a few things you’ll need to figure out ahead of time.

1. Determine areas of focus.

Your five-year plan can cover various areas from education, career development, finance, hobbies, or even health. It’s up to you. Don’t feel stuck having to stick to one category and choose the ones that best interest you and fit your needs.

2. Write down your values.

Putting down your values in writing will help you discover your “why” (more on that later). This step will also help you narrow down what’s most important to you and shape the goals you set for yourself.

3. Research the path to your goals.

Your five-year plan is only as successful as the effort put into creating it. In order to create a viable plan it has to be actionable. Once you’ve got an idea of the goals you’d like to include, start researching the path to attaining them.

For example, if you’d like to set a career goal to become a marketing director, start looking at the steps and credentials required. Do you need to skill up? Is there a pathway at your current job? Doing some initial research will set you up for success.

4. Decide if you’d like to include HARD goals.

Tackling heartfelt, animated, required, and difficult (HARD) goals can be a rewarding but challenging part of a five-year plan. These types of goals will push you out of your comfort zone and help you achieve things you didn’t think were possible before. Think of these goals as highly ambitious but achievable with a five-year timeline.

Think of HARD goals this way:

Heartfelt : What reasons are behind achieving this goal?

Animated : What gets you excited about achieving this goal? Get specific.

Required : What is it going to take to achieve this goal? What will you need to accomplish in six months to a year to stay on track?

Difficult : What skills will you need to accomplish this goal and how will you obtain them?

Now that we’ve covered the groundwork, we’ve got more tips to help you create a five-year plan that keeps you motivated and inspired.

5-year Plan Tips

If creating a plan from scratch makes your eyes glaze over, check out these tips to help you start getting some ideas on paper.

1. Give yourself space to brainstorm.

To help you focus better when creating your plan, do a bit of pre-work. Give yourself time to really think about what you’d like to accomplish and the things that are most important to you. For example, you could write out a list of potential goals or ideas, and then rank them in order of importance — including notes about why they are important.

2. Consider separating long-term and short-term goals.

Once you’ve jotted down some goals, decide which are better suited for short or long-term ones. For example, completely paying off debt might be a long-term goal, but deciding which debt to tackle first could be a short-term goal. It may also help to divide them up into a 30-60-90 day plan to help best set a timeline.

3. Break down annual goals into monthly ones.

Tackling lofty goals can be overwhelming. This is why it’s important to break them down into smaller tasks that are manageable so you don’t get discouraged along the way. Let’s say you want to save $10,000 in a year. You can break that amount down into a recurring monthly payment of $833 or even split it into smaller weekly payments.

4. Find an accountability partner.

Sometimes life gets in the way and throws us curve balls — greatly impacting our ability to stay motivated and consistent. Having an accountability partner can help you stay on track. This could be someone you check in with monthly, a close friend, a family member, or a mentor. Whoever you choose, just make sure it’s someone who will keep you honest. Perhaps they’ll even have their own 5 year plan and you can take this journey together.

5. Don’t be afraid to make adjustments.

Remember that your five-year plan is yours. You can make adjustments as you see fit once you start tracking your progress. If your priorities change, update your plan.

5-Year Plan Template

If you're ready to create your own five-year plan, we've got you covered.

HubSpot created the following five-year plan template for you to download.

Download this five-year plan template

Next, let's dive into how to fill out your plan.

How to Make a 5-Year Plan

1. Know your "why."

This is singlehandedly the most important step in creating a plan.

A clear "why" is your North star. It’s what will guide you throughout your journey and motivate you to keep moving forward.

It can take a while to narrow this down. You’ll know you have the answer when it’s linked to a core value or belief. Otherwise, you have to keep digging.

One way to get to this is by just asking the question over and over again. For instance:

• I want to learn American Sign Language. Why?
• To become more connected to another culture. Why?
• To broaden my perspective. Why?
• To be a more understanding, tolerant, and inclusive person.

Now, we’ve taken something at surface level and brought it down to a personal, human level.

2. Choose your objective.

When creating a five-year plan, you want to review your life as a whole and decide what your objective will be.

Are you focusing on your professional career, your financial goals, or your spiritual growth? Or perhaps you're taking a more holistic approach and combining all of these elements.

If you don’t know where to start, use this: "In five years, I want to be [fill in the blank]." This will help you figure out goals that you may not have vocalized before.

Here are four core pillars you should always consider:

• Health (physical and mental)
• Relationships (with self and others)

Depending on your goals, you can also add categories for religious or spiritual development, recreation, and service.

Don’t forget bucket-list items – have you been wanting to learn a new language? Or perhaps you want to visit every country in the world. Bucket list items are perfect for five-year plans because you can spread them out over a long period of time and have fun tracking your progress.

3. Start with the big ideas then narrow your focus.

When you’re first writing your five-year plan, start with an end goal for each year.

From there, break it down by:

• Process: What steps will you take to meet this end goal?
• Success metric: How will you gauge success?
• Benefit: How does this end goal bring you closer to your five-year plan?
• Resources: Which resources will you leverage to achieve your goal?

This process will help you turn your broad ideas into clear action items that can be executed.

Research will play a big role in this, as you will need to identify resources and set a structure to meet your goal.

For instance, say your five-year financial plan is to be debt-free.

That’s the big idea but you need to dive deeper. How exactly will you achieve that? Your research will likely suggest setting a budget, paying off your most expensive loan first, consolidating your debts, and more.

Once you know the key action items, you can break them down by year.

This is a S.M.A.R.T. goal in action. The more specific you are, the better you will be at fulfilling your five-year plan.

More on that in the next section.

4. Make it S.M.A.R.T.

To give you the best chances of success, every goal should pass the SMART test . That means being:

• Specific – The vaguer your goal, the harder it will be to reach.
• Measurable – You must be able to quantify your goals because otherwise, how will you know you’ve reached it? This doesn’t always mean assigning a figure to it, it can also be a feeling.
• Achievable – While it’s good to push yourself beyond your limits, your goal should be attainable and realistic based on where you stand currently.
• Relevant – How does this goal fit within the bigger picture? Does it align with your personal values? What’s the impact on your life?
• Time-bound – It’s not enough to say it’s a five-year plan, you have to create a timeline and set milestones at specific points within your journey.

5-Year Plan Common Mistakes

We’ve covered what to do and best practices. Next let’s talk about what not to do. Here are some five-year plan pitfalls to avoid.

1. Not setting clear goals.

If your goals are vague, it’s going to be nearly impossible to hit them. You can’t accomplish a goal that’s not clearly defined. When it comes to setting your five-year plan, specifics are key.

2. Not doing enough research.

If you’ve set any formal education or career goals, thoroughly researching requirements is a must. Skipping this step could cause you to miss important prerequisites and derail your goals completely.

3. Failing to set a timeline.

To achieve your goals you must track them. In order to track your progress, you need deadlines in place. Without deadlines you run the risk of aimlessly moving along (or not at all) without hitting important milestones — hindering you from accomplishing long-term goals.

4. Keeping a rigid plan that no longer suits you.

Yes, staying on task with your plan is important, but it is meant to serve you. If the plan you originally set no longer suits your needs, it is perfectly fine to make adjustments. The plan is not set in stone and it should be revised as needed.

Now that we’ve covered our bases, let’s look at some plan examples and templates to help you quickly get started on your own

5-Year Plan Example

Don't let the task of creating a plan from scratch in Excel put you off. There’s plenty of ready-to-use templates that will make light work of formatting so you can focus on hitting your goals.

Best for : Personal or Professional Use

Using our downloadable five-year plan template , we were able to create a detailed five-year plan, broken down by year, process, success metric, benefit, and resources.

2. 24 Slides

Best for : Professional Use

If you’re looking to create a more visual plan to help you stay on track, 24 Slides has an easy-to-customize 5-year business plan template. This template has space to include both short and long-term business goals, plus it includes a variety of charts to help you build an engaging presentation. It’s a good option if you’d like to create a 5-year plan that can be presented to stakeholders within the company.

3. Template.Net

Best for : Personal use

This personal 5-year personal development plan from Template.Net offers a quick way to jot down your goals and strategize how to achieve them. The categories are simple: objective, goals, timeline and activities, and has additional space for you to write out any reminders you’d like to set. Be sure to include your “why” in the objective section to keep your reasons for creating the plan top of mind.

Accomplish More With a Plan

If you want to add more structure to your life and play a more active role in shaping your future, consider creating a five-year plan. While things may not pan out exactly as you've expected, you'll be surprised at how close you'll get to what you wished for.

Editor's note: This article was originally published in May 2022 and has been updated for comprehensiveness.

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

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

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Strategic Business Planning: Create a Powerful 3-5 Year Business Plan

Business owners need  strategic business planning  to maintain a competitive and profitable company. A three to five-year business plan will help you get there.

Having no plan is planning to fail. Without a well-thought-out business plan, you’ll run the risk of generating few results for your customers. You want to be productive, not just busy. 

A three to five-year business plan tells investors where you currently are, where you want to go, and how you’ll get there. 

Our #1 tip for getting started with a business plan

When you write your  business plan , be sure to use bullets and subheads outlining your topics and ideas. Breaking up the text will help people follow your train of thought and your goals. Remember to include SWOT analysis, a mission and vision statement, and  KPIs . 

Start your business plan with an executive summary. 

Lead with your executive summary. The executive summary aims to give readers a birds-eye-view of what your three to five-year business plan contains. You’ll provide more details on the key points in the executive summary throughout the rest of the plan.

Although you’ll start the business plan with the executive summary, you want to save writing it last. That gives you the best chance of leading with the most critical points in the rest of the plan and ensures the summary is concise and on-point. 

Give your mission statement.

A mission statement is a succinct description of the main objectives of your business and what you hope to achieve. It won’t be long — just a few sentences. But despite its brevity, a mission statement will take some time to craft. 

Clearly explain what your business is all about, why it exists, whom it serves, and where it wants to be in the future. The mission statement should fully encapsulate and communicate your vision. 

Conduct a SWOT analysis. 

SWOT stands for:

• Opportunities

Take an honest look at your team leaders and your company. What are you doing great? What needs some improvement? 

List the opportunities you see in the market and any threats that may stand in your way of capitalizing on those opportunities. 

List your strategic goals in the business plan next. 

Lofty aspirations have their place. But in a strategic business plan, you want to list specific, actionable, and measurable goals you wish to achieve. 

A goal may require more than one specific action, a fluctuating budget, or changing personnel resources. Goals you hope to achieve over several years will also require you to outline the smaller goals and action plans they’ll need to get you from point A to B. 

Outline your KPIs. 

Strategic plans need measurable goals. Your KPIs or key performance indicators will help you communicate how you’ll measure your success. Start with the result you want to achieve, and then work backward to communicate KPIs to your readers adequately.

Get started with strategic business planning today. 

At C&A, we work closely with business owners to create strategic business plans and organization planning for achieving long-term goals.  Contact us today  for a free consultation.

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

Brought to you by

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Using ai and step-by-step instructions.

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

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

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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The 3 year plan: Build a roadmap to success

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What’s a 3 year plan?

15 questions to ask yourself before creating a 3 year plan

How to make a plan, 3 year plan examples, plan for success.

Where do you want to be three years from now? 

Perhaps you want to transition to independent contracting or ascend to a C-suite position. Or maybe you want to leave your company and go at it alone. No matter how you imagine your future, a surefire way to inch closer to your career objectives is by mapping it out step-by-step, year by year. 

Creating a detailed 3 year plan is a useful strategy for visualizing short-term professional aspirations and charting a course to achieve them. Tracking your progress helps you work with purpose, find a sense of accomplishment, and prioritize tasks that contribute to your end goal.

What’s a 3 year plan? 

A 3 year plan is a series of strategic and specific actions aimed toward a particular goal or objective. It’s a course designed to help you manage your decision-making and resource allocation to ensure you’re working toward the desired outcome. 

With a clear action plan that centers specific goals in your planning, you’re empowered to make decisions that support your end target and deprioritize work that doesn’t contribute. Developing a plan with structured goals is a great way to work with more intention — plus, it encourages organization and time management in your day-to-day work. 

A 1 year or 2 year plan can help you map out short-term career goals. Maybe you want to learn a programming language or earn a certification to help you stand out from your peers. And for big career transitions or life-altering aspirations, such as becoming a certified actuary or launching a startup, a 5 year plan or 10 year plan may be a more realistic timeline. 

A 3 year plan is useful for starting on long-term goals related to personal or professional development, like implementing a personal brand strategy or enhancing an industry-specific skill. They must be attainable within the three-year timeframe without dragging on for too long. 

Effective goal planning requi res you to reflect on your starting point and future objectives. You don’t want to decide on a 3 year plan impulsively — this time frame is a serious commitment. 

Thinking deeply about your goals encourages you to stay realistic and build a plan that fits into a long-term mission. Here are some questions you should ask yourself to reveal your most pressing aspirations:

What are the ethical values and principles that guide my career path ? 

What’s my long-term personal vision and life plan ? How does a 3 year plan fit into these? 

How can I explain my goal in a concise mission statement? 

What specific goals, expertise, or know-how do I want to develop or improve in the next three years? 

Are there any specific certifications or degrees I want to pursue? 

Does my plan fit into other career milestones, such as an internal promotion , a leadership role, or industry recognition? 

How could I build a networking plan to help me achieve my goal? 

Do I have a community of friends and colleagues who can provide me with emotional support? 

How can I break my final goal down into smaller milestones?

What financial resources do I need to dedicate to my goal? 

How much time do I need to dedicate per day, week, or month to reach my goal? 

Do I need to turn to a mentor or career coach for guidance? 

Which key performance indicators and metrics can I use to measure my progress? 

What obstacles stand in my way? Do I have money or time constraints, a skill gap, or a lack of self-confidence ? 

How regularly will I monitor my progress? Will I set weekly goals, monthly goals, and quarterly goals? 

Three years might sound like a small amount of time in the grand scheme of your career. But, when used effectively, it can be a significant period for setting and achieving professional goals. 

Here’s how to develop a strategic 3 year plan to propel you forward in your profession:

1. Understand the ‘why’

Think deeply about what you really want and why you want it. 

Knowing you hope to improve your communication skills, for example, empowers you to define specific skills to practice, like negotiation or active listening. But understanding the “Why” can help you deepen your development plan. Improving your communication skills to get larger pledges from fundraisers is a more specific goal. With this knowledge, you might join a workshop to improve your storytelling or have a weekly goal to cold call one new high-value donor. 

Likewise, according to self-efficacy theory , setting goals that make you feel in control makes you more likely to achieve them . Let’s return to that fundraising example. If you want to improve your communication skills because you feel pressured to bring in bigger donors, you’ll likely struggle to stay motivated . But when you set your own goals, you’re more likely to take negative feedback in stride and build stronger strategies for success. 

2. Find the one

Goal-setting theory suggests that specific and challenging goals consistently lead to higher performance . But too much of anything — including ambition — can be counterproductive. 

Goal shielding theory suggests the mind naturally sheds goals when you have too many at once . As you successfully advance towards one goal, you tend to ignore or abandon the others . To do your best work, narrow down your objective to one core focal point. It’ll encourage you to maintain clarity and avoid feeling overwhelmed and burnt out . Later in the planning process, you can break down your larger focal goal into several smaller complementary goals, if necessary. 

3. Research, research, research

How realistic is your goal? Do some due diligence before you get started to ensure your objective is within reach. 

Beyond researching any financial, resource, or time commitments, look into the strategies you need to adopt to achieve your objective. A web developer who wants to become proficient in a new programming language may need to connect with a coach and improve their time management to balance work with their learning objectives. 

Likewise, research courses, workshops, and groups to support your efforts. Following people in your industry on LinkedIn or meeting new colleagues at networking events allows you to glean advice from other people’s successes. 

4. Prepare a contingency plan

Lots of things can change over the course of three years. Your 3 year strategic plan should anticipate interruptions, roadblocks, and changes. Here are a few obstacles that might pop up unexpectedly:

Time constraints: Carefully analyze your daily, weekly, and monthly schedules. How much time can you realistically dedicate to your 3 year plan? Are there times in the year when you have more or less time? Maybe your job gets busy at the end of the year, and you’ll need to take a break or work less on your final objective. Or perhaps certain months are always slow — and that’s when you can bulk up your dedication. 

Steep learning curve: A 3 year plan is a big goal. Maybe you’re laying the groundwork for a small business or teaching yourself a new coding language. Reaching your objective may be more complex than you initially anticipated, so look into resources that can support you if things go south. This way you can maintain the energy you need to keep yourself in a growth mindset no matter what challenges arise. 

Blows to motivation: Staying motivated and consistent throughout a three year career journey isn’t easy for anyone. Consider what keeps you motivated and work that into your 3 year plan. Join a professional community that will celebrate your milestones with you. And break your goal into small, achievable initiatives to keep your enthusiasm high and visualize your progress. 

Burnout: Hitting your goal shouldn’t sacrifice your well-being. Take breaks when you need them, practice self-care, and maintain a work-life balance. Prioritizing yourself helps you respond better to stress that could otherwise derail your progress.

5. Break your plan down

Using the SMART goal-setting framework , break your 3 year objective into smaller steps. Each step should be:

A helpful way to envision each step is to move backward. Break your final objective down into progressively smaller achievements and milestones. Setting yearly, monthly, and weekly goals encourage you to consistently check in on your progress. 

T o stay motivated, consider sitting down each Monday and reviewing your goals for the week. Establishing a routine can transform a hard-to-imagine 3 year pl an into a more attainable daily habit. 

Let’s look at two examples of 3 year plans and explore them in more depth. You can use these plans as inspiration or as templates and edit them based on your goal. 

Transition to freelance work: year-by-year

Imagine a data analyst who works full-time for a marketing agency and wants to fully transition to independent contracting. Here’s a possible 3 year plan template with yearly goals: 

Year 1: Create a financial plan to comfortably leave a full-time salary, identify weaknesses and improve your skill set, and define a target market to improve your professional network. 

Year 2: Create a professional website and revamp your personal brand, establish an LLC, and use a professional network and portfolio to line up new clients.

Year 3: Schedule out projects for the remainder of the year, transition out of your full-time job, and continue professional learning and self-promotion.

Transition to freelance work: month-by-month

Let’s break this plan down further. Here’s what monthly goals might look like for year one:

January: Research and evaluate finances, including your desired income, and budget a savings buffer.

February: Audit your current skill set and define areas for improvement. Research relevant courses and workshops to upskill and re-skill. 

March: Attend industry events and actively engage with professionals to identify the best target market. 

April: Sign-up for a two-month intensive course in artificial intelligence for qualitative and quantitative research. 

May: Practice verbal presentation skills for the Q2 quarterly meeting and ask colleagues for feedback while completing your course. 

June: Speak with your manager about opportunities to take on more client-facing roles and gain hands-on experience as you finish the course.

July: Evaluate progress in the first six months of year one. Review financial plans and evaluate changes for the rest of the year. 

August: Continue attending industry events and expanding your professional network. 

September: Begin a three-month Google Analytics certification course. Set aside 10 hours per week to dedicate to coursework. 

October: Continue the Google Analytics certification course. 

November: Complete the Google Analytics course. Evaluate your progress in year one, review your financial plan, and make necessary adjustments to the year two plan. 

December: Take a break to focus on end-of-year work responsibilities and the holiday season. 

Break down each year like this as you progress to continue moving toward your overarching objective. 

Some of your career dreams might feel lofty. After all, you’re pushing yourself past your comfort zone and imagining a new and different professional future. But you can get there — all you need is a good map. 

Depending on your goal, a 3 year plan may be the right time frame to make significant changes to your career path. Think carefully about the ‘what,’ the ‘why,’ and the challenges you may face. Take stock of your current resources and note what you’ll need to get from A to B. And don’t forget to set a concrete plan for maintaining your wellness along the way.

All if this careful attention to detail will help you build a strong and impactful plan to turn your dream into a reality. The next step? Getting started.

Transform your life

Make meaningful changes and become the best version of yourself. BetterUp's professional Coaches are here to support your personal growth journey.

Elizabeth Perry, ACC

Elizabeth Perry is a Coach Community Manager at BetterUp. She uses strategic engagement strategies to cultivate a learning community across a global network of Coaches through in-person and virtual experiences, technology-enabled platforms, and strategic coaching industry partnerships. With over 3 years of coaching experience and a certification in transformative leadership and life coaching from Sofia University, Elizabeth leverages transpersonal psychology expertise to help coaches and clients gain awareness of their behavioral and thought patterns, discover their purpose and passions, and elevate their potential. She is a lifelong student of psychology, personal growth, and human potential as well as an ICF-certified ACC transpersonal life and leadership Coach.

Going somewhere? Write the 5-year plan you need to achieve it

Dare to daydream: how to overcome lack of ambition, how to write a 10 year plan (with examples) and reach your goals, habit stacking: what it is and 5 examples, how to make an action plan to achieve your goals and follow it, what’s relationship coaching how to find a coach, breaks for breakthroughs: the importance of taking breaks during the workday, 9 meaningful life goals to pursue for long-term fulfillment, are you reaching your full potential a guide to personal development, similar articles, do goal statements actually work find out here, what’s systems thinking the secret to a future-minded organization, 15 leadership challenges you need to take this year, what is a career statement, and should you write one, 15 career goals examples to inspire you to set your own, goals versus objectives: learn to lead your teams to success, stay connected with betterup, get our newsletter, event invites, plus product insights and research..

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3 Year Plan

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Plan your business objectives and strategies for the next three years

What is 3 year plan template.

A 3-year plan template is a strategic tool that outlines your company's vision, objectives, and strategies for the next three years. It includes key elements such as the year, quarter, objective, strategy, action items, responsible person or team, status, deadline, and comments. This template allows you to plan and track your business goals, strategies, and action items, ensuring that all team members are aligned and working towards the same objectives.

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Who is this 3 Year Plan Template for?

This 3-year plan template is designed for business leaders, strategists, and managers who are responsible for setting the strategic direction of the company. It is also useful for teams and individuals who need to understand the company's strategic goals and their role in achieving them. This includes:

- CEOs and business owners who need to set the strategic direction of the company.

- Strategic planners and business analysts who are responsible for developing and implementing strategic plans.

- Department heads and team leaders who need to align their team's activities with the company's strategic goals.

- Project managers who need to plan and track the progress of strategic initiatives.

- Employees who want to understand the company's strategic goals and how their work contributes to these goals.

Why use this 3 Year Plan Template?

A 3-year plan template is a powerful tool for strategic planning and execution. Here are some reasons why you should use this template:

- Clarity: It provides a clear roadmap of your company's strategic goals and how to achieve them. This helps to align all team members and ensures that everyone is working towards the same objectives.

- Accountability: It assigns responsibility for each action item to a specific person or team, ensuring accountability and ownership.

- Tracking: It allows you to track the progress of each action item, helping you to stay on track and meet your deadlines.

- Flexibility: It is flexible and can be customized to suit your company's specific needs and strategic goals.

- Efficiency: It saves time and effort by providing a structured format for planning and tracking your strategic initiatives.

- Collaboration: It facilitates collaboration by providing a shared view of the company's strategic plan, enabling all team members to work together effectively.

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2. After signing up for Lark, you will be directed to the 3 Year Plan Template on Lark Base. Click 'Use This Template' on the top right corner of Lark Base to copy a version of the 3 Year Plan Template to your workspace.

3. Change fields of the template to fit your needs

4. Take advantage of the full potential of this 3 Year Plan Template.

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Strategic Planning Timelines: 3 Year vs 5 year strategic plans

By Anthony Taylor - October 28, 2022

In today's rapidly changing business landscape, strategic planning has become more crucial than ever before. One of the most important decisions you'll make during the strategic planning process is determining the timeline for your plan. In this article, we'll explore the differences between a three year strategic planning timeline and a 5 year strategic planning timeline, and help you decide which one is right for your organization.

What is a Strategic Planning Timeline?

Can strategic Plan Timelines be less than 3 Years?

What is the most common Strategic Planning timeline? Why Should You Create a Three Year Strategic Plan ?

But before we get into if your organization should go with a 5 year strategic plan over a three year strategic plan, If you've never created a strategic plan or are creating a new one, it's critical to assess your vision, mission, and values before going into your strategy, goals, and tactics. Related Content:

What is the Strategic Planning Process?

Sample strategic planning agenda 2023

A strategic planning timeline is the time span over which your organization plans its actions to increase alignment by building a shared understanding of what has been done in the past and what is planned for the future to support your organization's mission.

Timelines for strategic planning should be focused on the medium to long-term future. Consider your strategic plan to be a living, breathing entity with a finite lifespan. Most strategic plans are designed to last three to five years, though there are exceptions; some can endure much longer, as we'll see later in the article.

Some  organizations  create  plans  that  are  one  year,  five  years,  or  even  up  to  twenty  years  in  the  future.

However, strategic plan timelines are different from operational timelines , strategic plans usually start at the organizational level, While operational plans focus on specific departments and teams and might concentrate on the day-to-day requirements of running your organization. Operational plans are the set of tactics made to work alongside your strategic plan. They focus on short-term actions that drive your strategic plan forward and typically contain more items than strategic plans, ranging from a single to-do to ongoing short, mid, and long-term projects, while strategic priorities are concentrated on a small number of objectives that need to be reviewed on a regular basis. However, for you to successfully move your organization and strategic plan forward, you need to ensure that there is a balance between your strategic and operational plans. 

    Download our free Strategic Planning Template and start your strategic planning process today

What is the most common Strategic Planning timeline? 

At SME Strategy prioritize creating 3-year strategic plans over 5 year strategic plans for most of the organizations we work with. We believe three year strategic plans balance long-range thinking as well as short-term execution better than a 5 year plan. 

If your organization is in the process of selecting what strategic planning timeline to prepare for, there are a few things to think about. In a previous post, we talked about what is the strategic planning process , why it's important and the steps your organization needs to follow before you start your strategic planning process. 

Why Should You Create a Three Year Strategic Plan ?

• Technological Change

Because of the rapid pace at which technology, society, and trends evolve, these numerous external factors make it counterintuitive to create a five-year plan over a three-year plan. Going for a three year strategic plan is a great way to keep your organization’s vision close enough to where it is more attainable, but still giving enough allowance for greater flexibility when it comes to technological change. 

• Lack of Strategic Foresight

When choosing a strategic planning timeline for your organization, keep both the future and the present in mind. That is why we advocate three-year strategic plans for your organization because they balance the long and near term better than a 5-year strategic plan. It's long enough to cover the majority of the tasks required to move your mission forward, but it's also close enough that you can simply implement it over one, two, or three years.

Three to five year strategic plans work well for organizations in most industries. Why? Most organizations go through significant internal change because of the nature of work in 2022. This study reveals that resignation rates among managers have now almost doubled since last year, with the great resignation showing no signs of slowing. If you work in an industry that does not see a lot of change and has a lot of capital investment or traditionally low personnel turnover, such as education , city planning, or Large manufacturing companies, a 5 year strategic plan or longer is ideal.

In conclusion, it is unlikely that your organization requires a 5-year strategic plan. Focusing on three-year plans, making them more feasible, and ensuring that they are adaptable to the market will help you achieve greater success. However, with three-year strategic plans, we still recommend conducting annual comprehensive strategy reviews. This means that while you may have a three year vision and mission that your organization is working towards, you re-asses your priorities, goals and actions on an annual basis, which effectively results in a strategic plan update every year, and a full strategy overhaul every 3 years.

SME Strategy is a strategy consulting company that specializes in aligning teams around their vision, mission, values, goals and action plans. Learn more about how we can help you and your team create a strategic plan with our strategic planning facilitation services.

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3 Year Strategic Plan Example PDF: A 3 Year Plan for Business Growth in 2024 and Beyond

By Jessica Wishart

Strategies for Growth

Working on your 3-5 Year Strategic Plan (PDF) is a best practice during your 2-day annual planning session, but what should the outcome of that time look like? What do you need to accomplish in that time? How does it connect to your mission statement?

3-Year Business Plan Foundation:

• 1-3 Targets
• 2-3 Strategic Winning Moves for Revenue.
• 1-2 Strategic Winning Moves for Profit

3 Year Strategic Plan Examples PDF

Obviously, no cookie-cutter plan or template works for every company, but if you are struggling with a place to start or curious about what a plan might look like, here are some examples of each component of your 3 Year Plan. (For these examples, I will focus on the 3-year time horizon. Based on industry standards and your own growth goals, determine whether you want a 3 Year Plan—or 4 or even 5—to double the revenue for your company. Choose a specific time horizon, focus on that period, and choose the appropriate goals for the required team members.  The shorter the time frame, the more detailed the action plan and clarity around SMART goals with Rhythm Systems SMART AI Goal Coach has 20 years of experience behind it.  ( How to Write a Goal ).

Most companies track revenue as a Target in your 3 year strategic plan. Consider if there are other important strategic metrics for your business, and add those to your list. Think about your goal to achieve in 3 years, what the goal is for this year, and what the goal is next year to help you get there. You can't manage what you can't measure.  

• 2024 Goal: $50 m
• 2025 Goal: $70 m
• 2026 Goal: $100 m
• # of Customers
• 2024 Goal: 200
• 2025 Goal: 300
• 2026 Goal: 450
• Gross Margin
• 2024 Goal: 30%
• 2025 Goal: 35%
• 2026 Goal: 40%

Other examples of Targets could be Net Profit, EBITDA, # of Locations, Revenue by Product Line, Revenue/Employee, Net Income, etc. Do individual business units require their own targets and goals? Now is the time to discuss them.

3-Year Strategic Plan Video

You can download our free strategic planning example template by clicking below.

Strategic Winning Moves for Revenue

Most companies grow in a few ways: acquisitions, organic growth, or expanding into new products, services, or markets. Depending on your business, industry, and specific opportunities and challenges, you should think through and determine the right mix of Winning Moves to help you achieve the Targets you set for your 3-Year Plan in your planning session . Your Winning Moves should help you double your revenue in the next 3-5 years. Make sure that the objective is as clear as you can make.  By definition, you won't know all the answers, but the better the team understands the mission - even if the details aren't clear - the more they are connected to the why, the more they can help in strategy development.

Examples of Winning Moves for revenue growth could include strategies like the following:

• Successfully integrated 3 key acquisitions
• Launch our core product to customers in Asia
• Monetize internal database technology solutions (package and sell to companies)
• Increase wallet share by 8%.
• Create additional products and services for our core customers.
• Increase recurring revenue and service contracts by 12%.

Other examples could be things like developing a new product, shifting your business to a subscription model, selling your product or service to a new industry, etc. The best ideas for how to grow your business will come from you and your team. If you have trouble brainstorming and choosing ideas, we have a proven process to help.

Strategic Winning Moves for Profit.

These strategies are all about maintaining profitability as you grow. If your company doubles in revenue over the next 3 years, what do you need to have in place from an infrastructure perspective as you scale (or from a leadership and talent growth perspective)?

Examples of Winning Moves for Profit:

• Expand IT infrastructure to support growth
• Generate a consistent engine to hire, develop, and retain A-Players in management roles
• Increase revenue per employee by 25%
• Reduces employee churn 18%
• Implement Artificial Intelligence to boost productivity 15%

How to Build Your 3-Year Plan:

Once you’ve identified the right mix of Winning Moves (no more than 3-5 total), you should do the following with each:

• Assign an Owner on your team—one person to be accountable for moving the idea forward.
• Set Red-Yellow-Green success criteria for each to create alignment on what success and failure would be on each goal.
• Set Revenue Projections on each Winning Move for the next 3 years. Compare this to the revenue Target you set in your 3-year plan, providing a number one long-term goal. If your revenue projections on your Winning Moves don’t add up to your revenue Targets, you have more work to do.
• Identify and test assumptions for each Winning Move. What has to pan out for your financial model to work? Consider your assumptions, and validate those before you spend time, money, and energy on your strategies.
• Build an execution plan . Your annual and quarterly execution plans should link back to your Winning Moves and advance your strategy with the planning process.
• Discuss opportunities and threats - both short-term and long-term.

Establishing your 3-year strategic plan will help you get closer to achieving your long-term visionary BHAG and give your annual plans a strategic anchor. If you aren’t sure how to get started, let one of our expert facilitators guide you.

We hope you enjoy our strategic plan template; please feel free to  drop us a line if we can help.

Check out these other blogs on three-year strategic plans..

The CEO Strategy-Execution Gap...And How To Fix It

Choose Your 3 Year Strategic Growth Initiatives Wisely With This 4-Step Process

5 Steps to Getting Started on 3 Year Strategic Plans with Winning Moves

Have you been able to validate your 3-Year Strategic Plan?

Robust 3-Year Strategic Plans to Grow Revenue and Stay Competitive

16 Strategic Planning Tips to Keep Your Strategic Plan Alive

Don't Confuse Strategic Thinking And Strategy Execution Plans

9 Steps to a New Revenue Growth Strategy [Infographic]

Photo Credit:   iStock  by Getty Images

Jessica Wishart

Photo Credit: iStock by Getty Images

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Strategic growth initiatives: create your 3 year strategic growth plan wisely, create 3 year strategic plans with revenue growth, two truths and a lie: the sears saga and your 3-5 year strategic plan, strategy validation: have you validated your 3-5 year strategic plan, 3 year strategic plans to grow revenue and stay competitive.

Annual & Quarterly Planning

Annual Strategic Planning: Reflecting and Planning for a Great Year

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A 3-to-5 Year Business Plan

The Best Way to a Better and Brighter Future for You and Your Business  Many portable sanitation business owners are happy keeping it simple. They run a hundred or so units and a truck or two. They are small and they want to stay that way. That’s okay for them, but if you see the potential for growth and can hardly wait to make your business future better, then you should consider writing a business plan to direct your business three and five years down the line.  A current and up-to-date business plan is like a blueprint. It should show where you are today, how you got here, where you are going, and what it’s going to take to get you there.  While no one can predict the future, your business plan can make realistic projections. Ask yourself where you can be in three and five years, and how you will get there? By actually mapping out your business’s future using growth projections and attainable sales figures, you will take an enormous step closer to actually attaining your goals. If you don’t plan for success, you are less likely to get there. As they say, “If you fail to plan, you plan to fail.”  Admittedly, most businesses don’t take the time to create a solid business plan unless they are trying to attract investors or financing. And even fewer who have a business plan make the effort to update it and keep it focused on the future.  For most entrepreneurs, there are about a million things they would rather be doing than writing about their business. However, those who do take planning seriously happen to be the fastest growing and most profitable companies in portable sanitation. If you would like to join them, it’s time to get started.  You can slow down and relax in the off-season, but try to find at least an hour or two per day to work on your 3-to-5-year business plan, the effort could pay better, in the long run, than all the service work you did during the busier service season.  With a solid plan as your roadmap, you’ll be better situated to adjust to the surprises and setbacks that inevitably come along. You’ll see the future more clearly than your competitors and you will be more likely to achieve your goals.  Get started  First, gather your financial information. Include the last three full years of income statements and balance sheets, if you have been in business that long. It is helpful to try to keep each of these statements on their own page, as this makes year-to-year comparisons very easy. Include your most recent interim period statements also.  Examine the statements with a critical eye. How much growth have you achieved? Can you reasonably expect this growth rate to continue? What can you do to make it increase? Can you be doing better in some segments of your business? Are there any operational issues that jump out?  State your goals  Start by simply writing down your goals in a few short, clear sentences. Don’t worry about how it sounds at this point. Nobody will read your first drafts, but you. Write in short, declarative sentences such as “ABC Portable Toilets will grow from $500,000 in annual billing to $750,000 in five years.”  After stating four or five solid, realistic goals, put the goals aside. Now you will map out a strategy to reach them.  Don’t overstate your market potential, don’t underestimate the competition and don’t set unreasonable targets. If you’re writing the business plan for outsiders, they are likely to disregard it entirely if they don’t believe your plan reflects current market realities and good old-fashioned common sense. And if you’re writing the plan for yourself, exaggerating the business’ potential during the planning process will only lead to disappointment in the future.  Dedicate yourself to reviewing and, when necessary, revising your business plan at least every six months. Don’t be afraid to change direction, or throw the whole thing out the window and begin again from scratch.  After you have finished with your goals, you may want to share them with family members and those key people who can support you in your efforts to make the business plan a reality.  Develop an outline in three main sections:  1. Business Plan Summary  This is a brief (less than one page) synopsis of where your company is today, where it plans to be, and how it plans to get there. Hint: Don’t attempt to write this until you are done with everything else. This will be a brief summary of your findings.  2. General Information  Section I — The Opportunity.  Describe the industry and the product. You can get general information from the Portable Sanitation Association Inter-national at www.psai.org. Include ideas such as how rapidly the industry is growing, how it is maturing to offer new products, and how your company is poised to take advantage of these trends.  Section II — Your Business.  Provide a brief history of your company including your experience, how and when you started, and how you have gotten to your current position in the market. If you are writing for outside financing, give an overview of how business is conducted including how you find customers, how service is conducted, and how pricing is determined. Continue with a location analysis describing where you conduct business and trends in your area that can help your business succeed. Include information about your target market and your competition.  Next, write a customer value proposition (CVP) stating who your customers are, what you plan to do for them, and how you distinguish your company from the main competition. Think about the CVP as a way of explaining what benefits your company provides to customers.  Section III — Key People.  Describe the experience and previous success of key managers or salespeople who will help you achieve your business goals. Don’t use resumes but rather emphasize their achievements relevant to your company in a one-paragraph summary.  3. Business Plan Summary  If you have a limited understanding of accounting principles you may need some professional help on this section. Fill-in-the-blank templates are widely available. Many plans fall apart in this section because the numbers look irrational. The financial plans are often either too optimistic to be plausible, too pessimistic to justify a project, or just incomplete.  Section I — Previous Income Statements.  Here’s where you include the three years of past income statements you gathered at the outset of the project. If you will be using the business plan to obtain financing be sure that you explain large variances, both good and bad. You’ll need to be able to answer any question the bankers or financial backers will have. Explain how you resolved problems in the past and how you expect to resolve them going forward.  Section II — Financial Projections.  These should go out three to five years and show three scenarios: best case, worst case and most likely case. Base the most likely scenario by showing a projection of the current growth rates. If you are planning to add employees and equipment, project how these additions can increase business and add that to your most likely figures. Remember that new employees will probably be less effective than current employees for at least the first year.  If you find it difficult to construct worst and best scenarios, take the short cut. Apply a multiplier to your most likely scenario. For example, your best-case scenario could double your most likely revenue while your worst-case scenario could cut it in half.  Section III — Risk Factors.  Openly state potential risks (reasons why your company could fail). Entertain a few likely “What if?” scenarios. For example, what would happen to your business if the construction market fell 20% due to an increase in interest rates? What would happen if a large consolidator came into your market and bought your competitors? Don’t be too pessimistic here. You don’t want to scare off investors or scare yourself into becoming too conservative. However, it will impress investors if you consider risk seriously. It will also help you to go forward with eyes wide open not blinded by “rose-colored glasses.”  Section IV — Summary of Sources & Uses of Funds.  Describe where you expect operating and investment capital to come from and where you will put it to use. Also if appropriate, describe how and when your investors can expect to be paid back.  Making Your Own Luck  A good business plan is as much about the journey as the destination. The effort that goes into it will help you think through some important issues and it will help you get to know your own business better.  If you still aren’t convinced that you can and should write your own business plan, then get some expert help. Many good books are available on the subject. Government agencies such as the SBA or entrepreneur development organizations exist to offer classes and/or counselors to help you with your plan.  By getting a clearer picture of where you have been, where you are, and where you are going in the portable sanitation business, you won’t need luck to become the next self-made millionaire in this industry. You’ll have planned it.

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The 1-3-5® business planning methodology explained

This article explains how business leaders can cascade their objectives and align teams for high performance and faster growth using the award-winning 1-3-5® business planning methodology.

Written by Pete Wilkinson

Last updated 15 October 2021 ·

As businesses grow and expand, they often find that silos emerge as departments begin to focus inwards, consulting with each other less and developing their own ways of working. They begin to track workload and report progress differently, which can become frustrating. As a business leader, it’s important to keep up to date on how all teams are performing and if they are on track to achieve the desired results that will move the company forward in the right direction.

Standardised planning of key strategic objectives across departments can make it so much easier to report on the overall full team performance of the business.

How do you know which teams are achieving their objectives and goals?

How do you give recognition where it’s due?

The 1-3-5® business planning methodology is a very simple, standardised framework used to set and communicate business objectives and goals to maintain a tight focus and effective execution over a specified period of time.

The one in a 1-3-5® refers to one crystal-clear vision of what success looks like over a specific period of time, usually 12 months. At the CEO level, this could be focused on growing the business, expanding the team, increasing market share. This vision should be written as if it has already been achieved and relate to your burning desire, something you feel super excited and passionate about achieving.

The three in a 1-3-5® refers to the three mission-critical objectives that will enable you to achieve your vision within the dedicated time period. It can be challenging to narrow this down to just three objectives, but it is essential to maintain a laser-sharp focus and avoid other tasks which drain your time. Again these should be written as if they have already been achieved so you can begin to realise how it would feel once you do. An example of an objective would be something like, “We have generated £10 million in export sales this year.”

The five in a 1-3-5® refers to five action-orientated goals per objective. Each of the mission-critical objectives detailed above should be split out into five goals that will act as stepping stones to indicate progress towards achieving that particular objective. These goals could also be referred to as key results or lead measures . These are capped at 5 per objective to ensure the focus remains tight, and other non-impactful tasks don’t creep in. These goals are vital to measure progress as you execute your 1-3-5® plan. An example of a goal could be “Increase outbound sales calls by 20% each week.”

Having won several awards, this business planning methodology provides an effective way to define and clarify your strategic direction in terms of the vision, objectives and goals for the year ahead. It provides business leaders with a structured way to cascade their strategic priorities across all teams, so everyone gets in sync and remains focused on the most important work required to achieve the business vision.

• 8 steps to cascade your company vision effectively

The 1-3-5® aligns perfectly with the popular goal-setting framework of OKRs (Objectives and Key Results) as the objectives work exactly the same way and the measurable stepping stone goals are essentially the key results.

Remarkable results

Applying this 1-3-5® business planning methodology has been truly transformational for all of the businesses we work with, helping them clarify their vision and define what success looks like over the next 12 months enabling them to make hugely positive changes. One particular customer reported winning more contracts in six months using Reclaro than the previous 3 years. Another business launched a new strategic business unit and then, with some real focus on the right things, saw sales grow by 20% within their specified time period.

It’s not enough to just work hard, it’s more important to work hard on the right things to achieve great results faster, and that’s exactly what you’ll get by building and then cascading 1-3-5® in your business.

For more information, check out our How it works page. We have also created a suite of 1-3-5® templates for the Senior Leadership Team, which are perfect for getting you started on your journey with 1-3-5® and OKRs, and the best part is that they are free and available for download .

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Why you need a one, three and five-year business plan for your private practice

Business planning is essential for the business to survive and prosper, despite a growing movement in some sections of the business community to move away from business plans. It’s no different for private practices. If you’re a private practice owner who dreads or even skips business planning, here are some reasons why business planning is important.

Historical performance

It is hard to argue that historical performance should not play a part in the planning process. Of course it must be considered. Past performance, while no guarantee of future result, certainly gives us an indication of what your private practice is capable of. And indeed, it shows where things might be falling down. You would also be right to consider that a business without a plan is rather like a ship setting sail without a chart to follow.

Funding and investment

Another reason business plans are important is that in order to obtain business funding or investment you simply have to have one. A bank or an independent investor is not going to risk putting their money up for a business without knowing where it’s headed. With a business plan, you can provide a sense of direction for your company by summarising its historical performance and forecasting future performance.

Team engagement

Last but not least, it is not actually the business plan itself that will keep a business focused on its goals and objectives. Business plans don’t deliver results, people do. So it stands to reason that at least part of what makes a business plan successful is the the fact that  your people came together in the first place to write it .

So, what is the best way to chart a course for your private practice? And what time periods are relevant and important?

I believe that there are three critical periods that need to be planned for. So, let’s dive into each one and find out why it is important and how to go about charting it.

The one-year business plan

The one-year business plan should be a relatively straightforward matter. Take a snapshot of the last 12 months of performance, identify what you would you like to do better at, and work out what is needed for that improvement. While the writing of the plan itself can take some time, the identification of the goals should not be nearly as taxing or disheartening as you might think.

The five key inputs to the one-year business plan

#1. keep it simple.

The  KISS Principle  applies here. KISS stands for  “Keep It Simple, Stupid” , meaning the simpler you keep things, the easier they are to be achieved. This means your business plan has to  clearly  communicate the next 12 months of objectives. The longer and more complicated it is, the less likely your team are to read it, much less to deliver the objectives contained within.

#2. Set goals  WITH  your team, not  FOR them

It should go without saying but I’m saying it anyway; If you set goals  for  your team they are significantly less likely to achieve them than if you set goals  with  your team. Really that should be enough incentive to collaborate with your team.

#3. History is a guide only

Use the last 12 months of data to support the goals you are aiming for in the next 12. Be careful though not to be unrealistically ambitious here.  Setting realistic goals and aligning your team to those goals  is critical to your success.

#4. Use a simple template

Don’t reinvent the wheel. There are good  business plan templates  available out there so don’t waste time making one of your own. Follow the template you choose to make the process as efficient as possible.

#5. Write it to use it, not to store it

Perhaps the most important reason to keep your business plan simple is so that you can actually use it. So often, the business plans we put our time and effort into just end up sitting in a filing cabinet until the same time next year. Referring to your business plan regularly increases your chances of achieving the goals you set out to achieve.

The three-year business plan

In essence, the three-year plan is an extension of the foundation you created in the one-year plan. There are a number of reasons for planning more than one year in advance. Among other reasons, it:

• Provides a degree of certainty for the team
• Allows you to forecast future revenue and capital or funding needs further in advance
• Gives your investors and financiers comfort that you have a longer term vision
• Helps you stick with a course and build on momentum.

Consider your Critical Success Factors

It is helpful in any longer term business plan to break down some of the bigger goals by scheduling to achieve some interim  Critical Success Factors  (CSF). These are basically milestones that your business needs to reach that are (as the name would suggest) critical to the success in achieving higher goals. In a very simple sense the following example might explain how they work.

• Primary Goal: Launch an online course
• Complete budget to ensure available capital
• Survey topic interest from clients/website visitors
• Gain XXX email marketing subscribers.

A CSF is a step or stage that is critical to achieving the end goal. If for example, you didn’t do the budgeting exercise and just ploughed ahead to start working on your online course, you might well find that your revenue cannot support the associated expenses.

The five-year business plan

Personally I think the most difficult part of a five-year business plan is to keep it realistic. Everything changes and evolves so quickly that writing something today that will be relevant in 5 years time is a big ask. What that means is the five-year plan needs to be more of an overview than anything.

Not only that, but it needs to be fluid enough to adapt to technology changes, industry changes, legislative changes and the fact that we might well experience changes in government and tax legislation in any given five-year period. That makes it hard to forecast what the landscape will look like.

Regularly review your five-year business plan

Those concerns do not mean that we should not be planning for five years’ time, though. The key is to make sure you review the longer term plan regularly enough to adjust it for impacting changes. If you track those changes over a five-year period then it is likely that at the end of the five years, things will be different to how you forecast them five years earlier. However, because you kept monitoring and reviewing along the way, you will have been able to adapt and adjust as you go.

One other significant difference with the five year plan is that the strategy, designing and forecasting take longer. The research around market trends, buyer behaviour and technological changes all have to be more in depth. And that takes time.

Generally, when you are undertaking a longer term business planning process, I find it is a good idea to do it after you have completed the shorter term plans – but not immediately after. Give the team a break and a chance to get their one-year plans underway and in operation. When they are fresh and ready to go then you can start the longer term plans. It is a different level of thinking that is needed for the longer term strategy.

Related Posts

A definitive guide to starting your own thriving allied health practice – 18 essential steps, exploring the different types of allied health private practices.

• Finding the ideal team member for your private practice: A guide to the MoSCoW method

Beware of the concealed trap

When you try to undertake the creation of a one-year, three-year and five-year plan set in one fell swoop, you will almost always run into the same trap. That trap is what I would refer to as  team strategy fatigue . Your team, and probably you, get to a point where they simply cannot stand the idea of spending another day strategising about the future. There are two simple reasons for this.

#1. Planning versus doing

While you are busy locked away with your team designing the master plan for the future, your team are not actually doing anything in an operational sense to get you there – and they know it – and you know it! Frustration is just around the corner at this point. Your private practice needs to achieve its goals, and your people need direction to deliver their working objectives. There is a balance between planning strategically and doing things operationally to keep the home fires burning.

#2. Strategy fatigue

Related to the previous point is strategy fatigue. The simple truth is that there is only so much time people can spend talking about future plans and forecasts. We all need a little variety from time to time. So, be careful not to eradicate your team’s positivity in the future by replacing it with motivational equivalent of mental fatigue.

A final note

As a final note, we often meet private practice owners who believe they need to have the answers for their team. That if they do not know what the next five years should hold that they are somehow a failure as a business leader. The most important strategic skill a business leader can develop is knowing when to bring an expert in to help.

How to set realistic goals for your private practice that align your team

How private practice psychologists can survive whole community telehealth bulk billing, private practice coaching & consulting.

Unsure if your private practice is on the right track? Wondering if your plans for the future of your practice are feasible? The Practice Lab business coaches and consultants guide practice owners with quality and tailored advice to support sustainable growth. Reach out to us to talk about your business needs!

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This couple bought a rundown abandoned house for $1.5 million and plan to make it their forever home: Take a look inside

In October 2023, Nick Volkov came across a unique listing for a house and just knew he had to show it to his girlfriend, Jenna Phipps , a 28-year-old content creator.

Though the listing included pictures of the exterior only and described the house as a "tear-down," the 27-year-old program manager tells CNBC Make It that what stood out the most about the property in Vancouver, British Columbia, Canada, was that it was undervalued, had a water view, and wasn't a standard modern house.

Phipps says she fell in love with the property and knew they had to go see it immediately, but "when we finally got to see the house [in person], we saw it was a lot worse."

"There was a reason they didn't show photos of the inside," she says.

The property in question is a 2,757-square-foot single-family home built in 1961. It has three bedrooms, 2.5 bathrooms, a pool, and 0.30 acres of land.

The house was so dilapidated that the realtor had the couple sign a waiver before entering.

"You can really see this property had not been cared for at all," Volkov says. "Once you got inside, there was a really musky smell with the old furniture and old things there."

Still, they were able to find some beauty in the space: "The architecture showed through all of that. You could see what it was in its former days," Volkov says. "Even with it half falling apart, it was still really pretty."

One of the most significant issues the couple encountered immediately was that the roof needed to be replaced. Other issues included completely overgrown landscaping, mold throughout, and high levels of moisture from all the water that had come into the house over the years.

Despite all the flaws, Phipps knew she and Volkov had found their forever home.

"I think the biggest thing that stood out to me was the architecture of the home because mid-century modern homes are so rare for the area," she said. "We looked past how bad it was because we knew that we could really transform it ourselves. This house has so much potential and we felt very special to be the people to see that."

The couple decided to make an offer.

The house was valued at $3.4 million CAD or $2.5 million USD with an asking price of $2.6 million CAD or $1.9 million USD.

Because of the property's condition, Volkov and Phipps could not get a traditional mortgage and had to opt for a private two-year loan instead.

The couple met with the seller and shared their plans to restore the home instead of tearing it down. The seller then agreed to their bid of $2.1 million CAD or $1,525,923 USD.

The median list price of homes in Vancouver, BC, overall was $1,578,540 in March 2024, according to Houseful , a subsidiary of the Royal Bank of Canada.

The couple split the 20% down payment evenly.

"People were very shocked at how we were able to get that price, especially in that area," Phipps says. "We kind of bought the worst thing in a great neighborhood."

Phipps and Volkov agree that, for them, landing in their desired neighborhood means they got a pretty good deal.

The couple plans to use the two years they have to repay their private loan to fix up the house as much as possible and then refinance to get a traditional mortgage.

When the two took possession of the home, it had been empty for four years, the couple said. A family built it in the 1960s, and then it was passed down to two siblings, a son and a daughter. The son, an architect, lived in the home for many years, and then, when he passed away, the house went to his sister, who then sold it to Phipps and Volkov.

Because the seller lived several hours away, she would rarely visit, which is why the property was so deteriorated, the couple says.

"It was in a state that probably no one should have lived there," Phipps says. "She would come to visit and take things out, but no one lived there for years."

After closing on the house, the real work began

The couple closed in January 2024 and started the clearing-out process immediately. The first step was to put tarps all over the roof to ensure no more water or moisture entered the house.

"It was a very eventful first weekend of just trying to maintain what the house looked liked and not letting it get worse," Phipps says.

While cleaning out the home, they found some of the original furniture, old photos of what the house looked like before, and a record player that was hooked up to speakers all over the house. Volkov found that discovery pretty exciting.

"Imagine having a house back in the day and you could play music everywhere in it from a record player," he says. "The record player was still there when we bought the house, so that was really cool."

There was a lot of mold and potentially hazardous areas in the house, that the couple tackled themselves. The two bought full-face gas masks and got to work. It was also a way for them to save money.

After several months of cleaning, the two enlisted their parents' help to get it down to the studs. Now, the couple is working with an engineer to get a new roof on before winter starts this year and has shifted to clearing out the house's grounds.

"The property was very overgrown, and unfortunately, a lot of the greenery will have to be taken out," Phipps says.

The couple plans to keep as much of the house's original design as possible. They are still in the process of getting the permits they need to start construction.

Volkov and Phipps plan to keep the mid-century modern look and feel for the exterior with modern appliances and features throughout the house inside.

To date, the couple estimates they have invested $10,000 CAD and hopes to keep the full renovation under $300,000 CAD.

"Over the next two years, we're putting everything we have into the home and living the frugal lifestyle," Phipps says.

They plan to do much of the work themselves and will split the costs, with Volkov paying off the private loan and Phipps paying for all the renovation expenses.

"We decided to do that to keep the flow going and help keep costs down," Volkov says. "The really fun part of it all is that you get to witness every stage of the construction."

Conversions to USD were done on April 19, 2024, using OANDA conversion rates of 1 CAD to 0.73 USD. All amounts are rounded to the nearest dollar.

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This week's personal loan rates rise for 3-year terms, fall for 5-year terms

The latest trends in interest rates for personal loans from the Credible marketplace, updated weekly. ( iStock )

Borrowers with good credit seeking personal loans during the past seven days prequalified for rates that were higher for 3-year loans and lower for 5-year loans when compared to fixed-rate loans for the seven days before.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between April 15 and April 21:

• Rates on 3-year fixed-rate loans averaged 15.46%, up from 15.04% the seven days before and from 13.63% a year ago.
• Rates on 5-year fixed-rate loans averaged 20.26%, down from 20.28% the previous seven days and up from 16.59% a year ago.

Personal loans have become a popular way to consolidate debt and pay off credit card debt and other loans. They can also be used to cover unexpected and emergency expenses like medical bills, take care of a major purchase, or fund home improvement projects .

Average personal loan interest rates

Average personal loan interest rates increased over the last seven days for 3-year loans and decreased for 5-year loans. While 3-year loan rates rose by 0.42 percentage points, rates on 5-year loans fell by 0.02 percentage points. Interest rates for both terms remain significantly higher than they were this time last year, up 1.83 percentage points for 3-year terms and up 3.67 percentage points for 5-year terms.

Still, borrowers can take advantage of interest savings with a 3- or 5-year personal loan, as both loan terms offer lower interest rates on average than higher-cost borrowing options such as credit cards. 

But whether a personal loan is right for you depends on multiple factors, including what rate you can qualify for, which is largely based on your credit score. Comparing multiple lenders and their rates helps ensure you get the best personal loan for your needs. 

Before applying for a personal loan, use a personal loan marketplace like Credible to comparison shop .

Personal loan weekly rate trends

Here are the latest trends in personal loan interest rates from the Credible marketplace, updated weekly.

The chart above shows average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender. 

For the month of March 2024:

• Rates on 3-year personal loans averaged 22.22%, up from 21.68% in February.
• Rates on 5-year personal loans averaged 24.38%, down from 24.88% in February.

Rates on personal loans vary considerably by credit score and loan term. If you're curious about what kind of personal loan rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders.

All Credible marketplace lenders offer fixed-rate loans at competitive rates. Because lenders use different methods to evaluate borrowers, it’s a good idea to request personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

In March, the average prequalified rate selected by borrowers was: 

• 12.58% for borrowers with credit scores of 780 or above choosing a 3-year loan
• 31.39% for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, which type of personal loan you’re seeking and the loan repayment term, the interest rate can differ. 

As shown in the chart above, a good credit score can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms. 

How to get a lower interest rate

Many factors influence the interest rate a lender might offer you on a personal loan. But you can take some steps to boost your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

• Pay bills on time: Payment history is the most important factor in your credit score. Pay all your bills on time for the amount due.
• Check your credit report: Look at your credit report to ensure there are no errors on it. If you find errors, dispute them with the credit bureau.
• Lower your credit utilization ratio: Paying down credit card debt can improve this important credit-scoring factor.
• Avoid opening new credit accounts: Only apply for and open credit accounts you actually need. Too many hard inquiries on your credit report in a short amount of time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Generally, shorter terms come with lower interest rates, since the lender’s money is at risk for a shorter period of time.

If your financial situation allows, applying for a shorter term could help you score a lower interest rate. Keep in mind the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a cosigner

You may be familiar with the concept of a cosigner if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, finding a cosigner with good credit could help you secure a lower interest rate.

Just remember, if you default on the loan, your cosigner will be on the hook to repay it. And cosigning for a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders typically offer the most competitive rates – and can be quicker to disburse your loan than a brick-and-mortar establishment. 

But don’t worry, comparing rates and terms doesn’t have to be a time-consuming process.

Credible makes it easy. Just enter how much you want to borrow and you’ll be able to compare multiple lenders to choose the one that makes the most sense for you.

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 6,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

I worked on cruises for 3 years. Here are 6 things I'd never do on board.

• I used to work on cruises. After many days at sea, there are things I'd never do on a cruise .
• I never wear my room key around my neck and try to avoid misnaming the ship.
• I never buy the drink package or pay for meal upgrades in the main dining room.

I've sailed around the world as a cruise-ship employee , and now I enjoy cruising as a passenger.

I love the salty sea air, waking up in a new country, and lazy days by the pool, but a week at sea could get more complicated this year with cruises predicted to be in high demand .

While fighting a little harder to secure a prime seat on the pool deck, you may as well also avoid some rookie mistakes.

Here are six things I'd never do on a cruise after working on them for three years.

Pay for upgrades in the main dining room

Typically, main dining room meals are included in the cost of a cruise. But in recent years, it's become common for cruise lines to charge guests extra if they want to upgrade to "supplementary" items like lobster or certain steaks.

I know $12 may not seem like much for a steak or lobster tail at dinner, but the cost of the cruise is supposed to include your food.

So, even though I enjoy lobster, I stick with the items without the upcharges.

Buy the drink package

I enjoy a piña colada by the pool or a Manhattan while listening to a jazz set after dinner. Even so, it doesn't make sense for me to pay in advance for 12 to 15 cocktails a day.

I've done the math on typical unlimited drink packages , and the cost simply isn't worth it for me.

This is especially true with a port-heavy itinerary. If I've gone ashore to explore all day, that means I'm not sidled up to the bar slurping down alcoholic slushies.

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I prefer to buy as I go and take advantage of happy hour and other drink specials that are available on certain cruise lines. I also check the beverage policy in advance and bring on my own wine, if allowed.

Touch shared contact surfaces with my fingers

Fellow guests will never see me touching the elevator buttons with my fingertips. Knuckles and elbows do the trick.

Some cruise lines are better than others at wiping down commonly touched surfaces, but I don't take any chances. I avoid touching things others frequently touch, and I wash my hands frequently.

This strategy has worked for me, as I have never contracted norovirus, even when it was running rampant on a ship I was on. It's quite contagious and can linger on your fingertips even after using hand sanitizer . I'd definitely rather be safe than sorry.

Wear my room key around my neck

I never walk around the ship with my room key around my neck, and I especially never do this when on land.

There are two reasons for this. First, I see many passengers using the room keys dangling from their necks to flaunt their cruise loyalty status . It just looks pretentious.

The sophisticated cruisers with the highest status, with the most days at sea, never show off their fancy room keys.

That's because they know the more important reason — safety. In port, that room key bouncing off your chest looks like an invitation to be robbed. It screams, "I have money! Come and take it from me."

Misname the ship

English is a funny language that has its quirks. Naming conventions make that even more complicated.

Ships have proper names, and so do not require a definite article. For example, "Tomorrow I am embarking on Discovery Princess," or "I enjoyed scenic cruising on MS Westerdam."

If you want to look like a savvy sailor, learn to drop the "the!"

Plan my port-day itinerary so tight that I may not make it back to the ship on time

Oh, the recurring nightmares I've had about not making it back to the ship on time during a port day.

I've never missed a sail away, but I have cut it too close at times and have had to run down a pier or two. Just recently, as a passenger, my taxi driver got lost returning our group to the port at night.

When I realized how late we were going to be, I forked over $8 per minute to be connected with the ship. I pleaded with them to wait for us. It was a sprint through the port to get back on and we received quite a scolding from the first officer.

That time, we got lucky. In the future, I'll be giving myself more time than I think I need to make it back.

Watch: Why it costs $1 million a day to run one of the world's biggest cruise ships

• Main content

Verizon's Q1: Flat Revenue, Bump In Free Cash Flow And Stable 2024 Outlook

Verizon Communications Inc  (NYSE:VZ) stock traded higher Monday after it reported fiscal  first-quarter 2024 results . 

Its sales increased 0.2% year over year to $32.98 billion, marginally missing the consensus of $33.24 billion. Adjusted EPS of $1.15 beat the  consensus of $1.12 .

Total wireless service revenue was $19.5 billion, up 3.3% Y/Y, driven primarily by pricing actions implemented in recent quarters, higher premium price plan adoption, and growth of its fixed wireless subscriber base. Postpaid phone net losses were 68,000, and retail postpaid net additions were 253,000.

The quarter marked 389,000 total broadband net additions .  The company ended the quarter with approximately 11.1 million broadband subscribers.

Total Verizon Business revenues were $7.4 billion, down by 1.6% Y/Y.

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Total Verizon Consumer revenue rose by 0.8% Y/Y to $25.1 billion. Consumer wireless retail postpaid churn was 1.03%, and wireless retail postpaid phone churn was 0.83%. 

Verizon Consumer clocked wireless retail postpaid phone net losses of 158,000. Verizon Consumer had fixed wireless net additions of 203,000.

The consumer segment EBITDA margin improved by 110 bps 42.6%, attributed to service revenue growth and lower upgrade volumes, while the business segment EBITDA margin declined 130 bps to 20.7%, driven by wireline revenue declines. 

Company-level adjusted EBITDA of $12.1 billion, up from $11.9 billion Y/Y.

Verizon Chairman and CEO Hans Vestberg. “We are on track to meet our financial guidance and to deliver positive Consumer postpaid phone net adds for the year.”

FY24 Outlook : Verizon  reiterated a 2.0% – 3.5%  wireless service revenue growth. It maintained an adjusted EPS of $4.50 – $4.70 versus  consensus of $4.58 .

Verizon stock gained over 9% in the last 12 months. Investors can gain exposure to the stock via  Invesco Dow Jones Industrial Average Dividend ETF  (NYSE:DJD) and  First Trust Morningstar ETF  (NYSE:FDL).

Price action:  VZ shares traded higher by 2.17% at $41.37 premarket on the last check Monday.

Photo by JeepersMedia on Flickr

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This article Verizon's Q1: Flat Revenue, Bump In Free Cash Flow And Stable 2024 Outlook originally appeared on Benzinga.com .