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Business Planning for Small Business

Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it’s an invaluable roadmap for launching and growing your business.

In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially. Here’s how Small Business BC can help you prepare your business plan.

Download Our Business Plan Checklist

So you have decided you want to run your own business, but have you started your business planning process? Start with Small Business BC’s Business Plan Checklist.

Business Plan Consulting And Review Service

No matter what stage you’re at in the business planning process, our review service can keep you on course for success. Currently 50% courtesy of a subsidy from Fortis BC.

Download Our Free Business Plan Template

Our business plan template allows you to map sales forecasts, project costs, coordinate marketing and determine an optimal financing request all in one simple easy to use tool.

Watch our Writing a Business Plan Webinar Recording

Hear from SBBC Business Plan Advisor, John Baxter, as he shares his expertise on how to approach writing a business plan.

Province of BC - Business Structures Wizard Tool

One of your most important early decisions when starting a new business is your choice of business structure. Use the Province of BC’s handy tool to compare your options and determine the best fit for your needs.

Creating an Accessible Workplace

Discover tips, resources and best practices for creating a workplace that’s accessible to those with disabilities.

Hear from Business Plan Clients

Our advisor asked probing questions about things like inventory, marketing expenses and sales forecasts – it made us recalculate our assumptions and made sure we realized our potential..

Discover how SBBC's Business Plan Advisory service helped Takasa hone in on their unique selling point to achieve their vision of starting a socially and environmentally responsible retail business.

Working with a Business Plan Advisor really helped me understand what was coming down the line six months, and a year from now

Hear how several SBBC Business Plan clients, including The Garden Strathcona, have navigated the unique challenges of their industries and achieved success.

The Garden Strathcona + More

Other Ways Small Business BC Can Help Your Business

Read our 10 step guide to starting a business.

Read our simplified guide to each area of the start-up experience, highlighting the services and help you can lean on to achieve your goals.

10 Step Guide to Starting a Business

Discover our selection of webinars to upskill your business

Small Business BC provides practical business education tailored for small businesses right here in BC. Whether you need help starting your business, hiring employees, managing operations, or anything else, Small Business BC is here to help. View our full calendar of business education .

Sign up for our newsletter and receive our latest updates in your inbox every two weeks

Sign up for Small Business BC’s newsletter and be the first to discover our latest news, special offers, and practical resources for your small business. Sign up now , it’s free and easy!

Discover our range of free downloadable resources

Starting a business? Start with Small Business BC’s comprehensive list of free downloadable resources. We’ve got everything covered, from business plan templates, cash flow forecasting and our starting a business checklist. View Resources .

Reach more customers online by joining our BC Marketplace

Join our free online hub of BC-based small businesses and reach a province-wide audience of engaged customers that are passionate about small business. Sign up now .

View our range of on-demand E-Learning education

Our self-directed E-Learning courses are available anytime, anywhere. Each on-demand course consists of bite-sized topics filled with features like readings, handouts, videos and quizzes. Discover our range of E-Learning education today.

Find Government of Canada Resources to Help Your Business

Start Grow, and Expand Your Business

The Western Canada Business Service Network (WCBSN) is a group of independent organizations that receive WD funds to help Western Canadians start, grow and expand their businesses.

Accelerated Growth Service

The Accelerated Growth Service (AGS) helps growth-oriented Canadian businesses to expand by helping them access the key government services they need to grow, such as financing, exporting, innovation and business advice.

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Sample business plans and templates

Sample business plans and templates can help you develop a professional document that will serve as an in-depth marketing tool to convince others of your venture's potential for success. However, creating your own plan can be a complex process, and you may need the assistance of a professional (like an accountant) depending on the type of business you have (or want to run), and what you are seeking in terms of investment.

Business development organizations and Canadian banks have free templates, writing guides, sample plans, and even interactive tools available online. These resources allow you to walk through a plan line by line. You will get a sense of the information you might be asked to provide when you are looking for financing, for example.

While many of these online tools are free, you may choose to purchase software that will help you prepare your plans and forecasts.

Business development organizations

These organizations may provide tools to help their clients prepare professional business plans through their regional offices or via the Web.

• SBC Ontario - What is a Business Plan? Take a free online small business course about various types of business plans and how these might fit your business and intended audience.
• CBDC - Business Plan You can use this fillable business planning tool to prepare your business plan.
• BDC -  Business plan template You can create your own professional business plan with the help of the  BDC  sample plan and business plan template.
• Futurpreneur Canada - Business Plan Writer Are you ready to start your business? You can use this online tool to develop, write, and download your business plan.
• Planning for success: your guide to preparing a business and marketing plan Learn about 9 essential sections of a business plan and what to include in each one.

Canadian banks and lenders

If you approach a bank for help with financing, the bankers will want your business plan to include the specific information they need to make their decision. These requirements may vary from one bank to another, and from one type of business to another. Therefore, if you know which institution(s) you would like to speak with, it's a good idea to see what key sections they would like included.

• Bank of Montreal - Tools and tips for small business owners Find planning resources that can help you start, grow and improve your business.
• RBC Royal Bank - Starting a Business Learn about key sections of a business plan.
• Scotiabank - Business Plan Writer Access an interactive tool to help you create an effective business plan.
• National Bank - My Business Model If you are starting or growing a business, use this business model tool to help with your planning process.
• Farm Credit Canada - Business Plan Tools for Producers Get business plan information specific to farm operations and agriculture businesses.

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Interactive Business Plan Builder

We understand that creating a business plan might be a new territory, our Interactive Business Plan Builder helps streamline the writing process and offers aspiring entrepreneurs and established business owners the guidance and support they need from the beginning to the end of the planning process.

What is a Business Plan?

A business plan is a strategic document that provides a detailed overview of a company’s goals, objectives, business structure, and strategies it will implement to achieve them. A business plan is crucial and beneficial to both startups and established small businesses.

Why is a Business Plan Important for Small Businesses?

Make informed business decisions

Set clear goals & strategy

Understand your customers & target market

Identify potential risks & mitigation

Secure funding & manage cash flow

Build & enhance credibility

What is Included in the Business Plan Builder?

The Business Plan Builder tool simplifies the process of developing your plan by breaking it down into essential topics and providing reference examples for each section

Executive summary & business description

Market research

Sales & marketing

Financial projections

Team structure

Why Use the Business Plan Builder?

Create a new business idea

Shift your existing business model

Develop a detailed business plan

Secure funding

Ready to Write a Compelling Business Plan?

Receive dedicated support from our Business Strategists as you go through each section.

Look Inside

Frequently Asked Questions:

Is there a time commitment to complete my business plan.

No, there is no specific time commitment. Take the time you need to conduct thorough research and complete your business plan at your own pace. The Interactive Business Plan Builder allows you to save your work at any point, allowing you the flexibility to complete it at your convenience.

Should I complete all sections in chronological order?

While the business plan is structured to guide you through the process, you have the flexibility to work on the sections in any order that suits you.

Can I create a copy of my business plan?

Certainly! Navigate to “My Business Plans,” locate the desired plan, and click on the “Duplicate” button to create a copy. You can then rename the duplicated business plan.

Can I invite another user or my business partner to be a collaborator on my business plan?

Unfortunately, the current tool doesn’t support this feature. However, you can export your plan as a Microsoft Word, PDF, or Google Drive and collaborate with others outside the platform if needed.

What if I need some help writing my business plan?

Business Link offers various resources and supports to assist you in crafting a business plan:

• Within each business plan section of the Business Plan Builder, you’ll find tips and examples to guide you.
• Check the right-hand side navigation bar for additional resources to help in your business plan development, including the option to download our Cashflow Template .
• If you need personalized assistance or have specific questions, our experienced business strategists, many of whom have entrepreneurial backgrounds, are available for one-on-one support. Feel free to reach out to us for assistance if needed!

Am I able to customize my business plan, such as adding a logo?

Absolutely! Export your business plan as a Word Doc or Google Doc to begin further customization, including the addition of a logo.

Will my business plan be shared with anyone?

Rest assured that your business plan is treated as your intellectual property (IP), and confidentiality is a priority. We will never share your data or business plan without explicit permission.

Did you have a business plan in our old Business Plan Builder? As of September 30th, 2023, access to your Business Link user account for exporting previous business plans has been discontinued due to the removal of this function. For copies of any plans created in the original builder, please contact our team, and we’ll gladly assist you.

Cash Flow Templates

Do you plan on asking for funding for your small business? Access the cash flow template you need to go with your funding request.

Have your business plan reviewed

Our small business strategists can review your business plan and provide you with feedback and coaching to get it to where it needs to be – whether you’re looking for financing, or just need to work out the details of your business idea.

Don’t have a business plan yet? Get started with our free interactive Business Plan Builder . The tool will walk you through the business planning process with details on what to include in each section, helpful tips, and examples. When you’re done, export your plan and submit it for review!

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Need a business plan? Try our template.

Invest in the future of your business by taking the time to create or update your business plan using our free template.

The importance of your business plan

Perhaps the most important document for any new business is a business plan. Yet too many business owners fail to sit down and prepare or update one.

A business without a plan is adrift. Decisions are made reactively based on the owner’s emotions, rather than prudent research. Employees, vendors, investors and other stakeholders (as well as the owner) are unclear about the direction of the company. That lack of focus results in wasted dollars, energies and resources as the company zigzags along instead of following a well-planned straight line to its goals.

Writing a business plan can seem a daunting task. Many entrepreneurs simply don’t have the time, inclination or the proper tools.

Business planning template

We have developed a template that makes creating your Business Plan easy. And it’s free !

This template guides you through all of the steps required to complete a proper business plan. It has explanations of the terms and definitions. It lets you add your own thoughts and comments.

Once you’ve completed the steps, you’ll have a business plan complete with cover page, contact information, financial tables, product descriptions and marketing details. You can save and print the plan, or send it electronically to anyone.

Use your plan to move your business forward with confidence, to motive your team, or to present to investors or lenders.

Depending on how much research and preparation you’ve already completed, creating your plan won’t consume much time at all. While it’s very easy, don’t worry if you get stuck because help is available throughout the process.

Take your plan to the bank

Once you’ve completed your business plan, you may take it to a Scotiabank  Small Business Advisor . The advisor can review your plan, supply feedback, and, if requested, help you to explore your financing options.

Get feedback on your plan

Asking people to review your plan will make it stronger because you’ll receive valuable feedback. Share it with your accountant, lawyer, financial advisor and trusted businesspeople so they can offer their suggestions to improve your plan. If you are really worried about someone reading your secrets, consider attaching a Non-Disclosure Agreement (NDA) to the plan. An NDA is a legal document that prevents others from sharing your information with unauthorized parties.

Try our free business plan template

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Starting a Business in Canada

Starting a business can be a challenging and rewarding endeavour. With the right planning, resources, and groundwork you'll enjoy a better chance of success.

Find out if your business idea will work

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Write a Business Plan

Clarify your idea and get it in writing.

There's a lot of work involved in  writing a business plan  but it prepares you for the even bigger task of starting a business.

It will help refine your idea, outline goals, and make it easier to explain what you hope to accomplish. This comes in handy when you're looking for money.

Download our business plan template  which addresses product and service information, competitive analyses, the financial feasibility of starting up, and more.

Why You Need a Plan

If you're pitching your idea to banks or other financial institutions for a loan, you'll need a  business plan  because people want to see that you've put serious thought into your idea.

Thinking about the details will help you make decisions about your business, and will open you up to new ideas or approaches you might not have considered.

Writing out a business plan will give you an action plan to work with, but if you need help getting started  use our interactive checklist .

Why You Need a Unique Selling Point

One of the most important aspects to consider when writing your business plan is asking  why customers would buy your product or service .

Will it be better quality? Better price? Is it backed by a guarantee? Will it have more features? Will you be able to provide outstanding customer service?

Once you establish what differentiates you from the competition, it's essential to communicate it consistently when you go to market.

Use our interactive checklist  to define your unique selling point.

Determine Demand & Profit Potential

Once you know (or are reasonably sure) that customers are likely to buy your product or service, figure out if you'll be able to make a profit.

Determine what you need in sales to cover costs plus a profit margin. Also ensure you have capacity - the physical ability to work a certain number of hours in a week or produce the required amount of product.

Use our interactive checklist  for more ideas on determining demand and profit including ways to research, test marketing, and future trends.

Tools & Calculators

Download our business plan template.

Download our start-up costs template.

Figure out your income vs expenses.

Determine your monthly interest and payments.

Products and services to help get you started

Small business bank accounts.

Discover the benefits of a TD Small Business Bank Account to meet your business needs.

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Receiving & Making Payments

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Business Plan Tools for Producers

A business plan is like a road map. It helps you define your ag operation’s core objectives and build a detailed plan for how to achieve them. 

Free business plan bundle for farmers

We want to help make writing your business plan easier. The FCC business plan bundle was designed specifically for farm operations and anyone involved in Canadian agriculture.

The bundle includes:

Business plan guide with instructions and resources

Blank business plan template

Sample business plan

Why you need a business plan

There's a lot involved in writing a business plan, but it’s a worthwhile investment. It can help secure financing from a lender, attract investment or act as an internal guide, keeping your management team focused on the same goals.

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Planning for success: your guide to preparing a business and marketing plan

This guide is designed to help you put together a comprehensive, strategic and effective blueprint for your business — a foundation for your success!

Your business plan is one of your most important tools in planning for the future of your business. It outlines your vision, what you want to achieve and how you plan to get there. The process of putting this plan together helps you set the course for your business — preparing for obstacles, allocating resources and planning for opportunities. It’s also a living document that should be updated as your business evolves over time.

A good business plan, which includes an effective marketing plan, also presents your business case to the outside world. It is a key factor in attracting and retaining investors and is often the first document lending organizations ask to see. 

So, how do you develop an effective business and marketing plan?

You begin the process by focusing on a few key elements — first, establish your basic business goals. Then, based on sound research, determine what challenges and opportunities your business may face. Next, clearly identify your target markets and competition. And finally, consider and plan all the operational and financial requirements you need to achieve your goals.

Effective business and marketing plans are very thorough, anticipating and answering readers’ questions before they are asked. That’s why developing a good plan can help you better define your goals, ideas and plans in your own mind before you “put pen to paper.” 

There are many steps and details involved in fleshing out a comprehensive and compelling business and marketing plan, so here are some general guidelines to think about as you get started:

• Involve all of your management team in the process, as well as any legal, accounting, financial or special advisors;
• Engage the best writer from your management team and stay directly involved yourself in preparing the plan;
• Emphasize your extensive market research, your vigorous financial analysis, and your management team’s strengths;
• Keep in mind that you are writing your plan for two audiences: financial partners who will use it as a guide to investing in your business, and you, who will use the plan as a blueprint to launch / grow your business; 
• Be comprehensive, but concise, in describing your business and its potential — the plan should ideally be between 10 to 40 pages in length; and
• Use the third person (not ”I”) when writing your business plan.

There are 9 key sections in a standard business plan:

•  Cover Page
•  Table of Contents
•  Executive Summary
•  Industry Description
•  Business Description
•  Opportunities
•  Production Plan
•  Marketing Plan
•  Financials

1. Cover Page

Your cover page introduces your company and your business idea. It should include the following:

•  The legal name of your business;
•  Your business and marketing plan title, e.g. “Business and Marketing plan for Smith and Smith, Inc.”;
•  The date your plan was prepared or modified;
•  Contact information of the person who prepared the plan — name, address, phone number, fax number and e-mail address;
•  Any necessary notices, e.g. advising that the plan is confidential, as well as a copy number of the business plan to control distribution;
•  Your business official trademark or logo; and
•  Your business website address.

2. Table of Contents

Your business and marketing plan should be clearly laid out and easy to use, so it’s a good idea to include a full table of contents listing all key sections, and number all document pages. That makes it fast and easy for readers to access the sections they want.

3. Executive Summary

While the Executive Summary is the first part of any business and marketing plan a reader sees, you may want to write it last. Leaving it until the end will allow you to better focus, refine and polish your key messages after you’ve finished the bulk of the work.

The Summary is ideally just one page long — two pages maximum — as it is only intended to provide an overview. While concise, it should also pique the reader’s interest enough to read the rest of the plan with an even keener eye. If your Executive Summary has done its job, the reader will continue reading and get the full story of your business idea.

Here are some areas that should be addressed in your Executive Summary:

• Introduce your business — what it is, what it does, how it does it, who manages it, location, its markets and competition.
• Provide a mission statement and vision statement which outline what your goals are and where you want to be in five years.
• State if the business is a sole proprietorship, partnership, or corporation;
• Indicate the business opportunity, expected growth rate and potential for good return on investment (details will be in the main document);
• Declare the total financial requirements of the business, funding sources and indicate repayment schedules (again, details in the main document); and
• Give brief outlines of your operational and marketing plans.

It’s a good idea to use strong, positive language, ending with a declarative sentence that answers the question, “Why should I invest in this business?”

4. Industry Description

This is where your in-depth research and understanding of your industry will be showcased. Within the detailed description of what your industry looks like right now, you should include the following:

•  The size of your industry and how many sectors it includes;
•  Key information on industry markets, demographics and niche areas;
•  Who the major players are in your industry — your competition;
•  The suppliers and/or distributors in your industry, if applicable;
•  Key industry and economic trends affecting your industry;
•  Any social, cultural, environmental or geographical factors that impact your industry;
•  What certifications (e.g. ISO), insurance and industry regulations are required;
•  An outline of government regulations affecting your industry; and
•  The overall growth potential of your industry.

Now you can demonstrate that you’ve analyzed the risks and know where your business fits in this industry. Points to include here should include:

• What sector of the industry you plan to enter or expand into;
• What will distinguish you from any competition in this area, i.e. what’s your competitive edge;
• Who your direct and indirect competitors are and their anticipated reactions to your new enterprise; and
• A detailed analysis of any other potential obstacles/risks.

You may also want to identify weak links and/or difficult issues, and include any appropriate contingency plans in your industry description.

5. Business Description

In this section of your business and marketing plan, you describe your business and explain why investors and lenders should be interested in getting involved in your business idea. Here are some suggestions:

•  Your products and/or services;
•  Your facilities and assets;
•  The history of why and how your business came to be, including any milestones;
•  Your success factors (what you do really well) and your niche in the industry;
•  Your sales volume (existing and projected); and
•  Any innovative products, services, processes and/or ideas being developed.
•  Owners and managers: who they are and what strengths they bring to the business in terms of experience and expertise; 
•  Staff: how many, what skill sets and experience they possess;
•  The positions and responsibilities of each of the above;
•  Plans for training and expanding staff as your business grows;
•  Your professional advisors: lawyers, accountants, bankers, consultants, mentors; and
•  Your Board of Directors or Advisory Board (if applicable) and what business experience they offer.

You may add an organizational chart to illustrate how your staff is, or will be, organized, as this sample shows:

Description of graphic

6. Opportunities

This is the part of your business and marketing plan where you promote your business concept, your vision for the future and why your enterprise will succeed. 

In a clear, concise and positive manner, base your statements on facts and address areas of interest to potential investors, such as:

• Why the market will buy your product and/or service;
• How large the market is and how much you expect to capture; and
• What the future prospects are for your product and/or service.

When addressing these issues, do not hesitate to use as much research and data as possible to describe and promote your product or service, including:

• Why your targeted market wants or needs your product and/or service;
• What innovative features and compelling value your product and/or service offers;
• How your offering is better than that of your competition;
• If you are selling something new, whether it is protected by patent, copyright, or other legal means;
• How your product and/or service will have longevity in the marketplace (will it soon become obsolete); and
• What your plans are for modifying or updating it in the future.

7. Production Plan

Regardless of which industry you are in, it is essential that you demonstrate a thorough grasp of how to manage business operations in a cost-effective manner. You are offering a product / service to a target market and it takes careful planning to deliver quality on time and on budget.

This part of your business and marketing plan should include information about:

• The location and size of your facility, including floor plans;
• Your facility’s capacity for materials and equipment, percentage being used and how long that will last;
• Whether you lease or own the facility and equipment;
• Your proximity to suppliers, if applicable;
• The quality of your machinery and equipment (is it the best available technology and does it meet industry standards);
• Your access to transportation;
• Any future considerations for expansion or moving; and
• Any renovation considerations and associated costs.
• The number and reliability of your suppliers;
• Whether you have adequate storage facilities for materials;
• Any regulations or permits for supplies / materials; and
• Any risks associated with materials and supplies, i.e. customs regulations, transportation concerns, environmental issues.
• Your number of employees, including past, present and future projections;
• An organizational chart showing how your staff is organized;
• The skills, training and experience required of your employees, including the cost of training; and
• What compensation and benefits you provide each position, including all salaries, wages, overtime, and/or fringe benefits.
• The industry standards for production, e.g. ISO requirements, environmental, health and safety standards, etc.;
• Any relevant government regulations, e.g. environmental safety, hazardous material handling, insurance etc.; and
• If you are starting a new business, how long it will take to acquire facilities, equipment and personnel before setting up your operations and completing your first production run.

8. Marketing Plan

Your marketing plan is a crucial component of the larger business plan. Here you describe your product and/or service in detail, emphasizing its unique or innovative features. Then you outline your strategic plan for selling your offering within your target market.

Here is a list of elements you should look to cover in this section:

• Describe your potential market and your target customers.
• With all forecasts, remember to include assumptions (interest rates, economic trends, inflation, etc.) that support your estimates.
• Estimate your total potential market (i.e. your number of potential customers and your immediate target market), supporting these estimates with factual data.
• Define your competitive advantage and how your offering satisfies the needs of this market.
• Estimate the growth potential of your immediate market and possible future markets, including national and international markets.
• Include your estimated market share (see sample chart, page 9).

Competition

•  Identify your major competitors: who they are, where they are located and their market share.
•  Identify any indirect competition.
•  Compare your product and/or service with that of your major competitors, e.g. brand name, quality, image, price, etc.
•  Compare your company to major competitors, e.g. reputation, size, distribution channels, locations, etc.
•  Assess the degree of difficulty for your competition to enter your target market.
•  Describe what you have learned from watching your competition.
•  Determine whether competitors’ sales are increasing, decreasing or remaining steady, and why.
•  Describe how technology impacts your product and/or service.
•  Consider how new and emerging technologies will impact your product and/or service, and when investment in new technology may be required.
•  Describe how your company can adapt quickly to change.

Socio-political environment

• Describe changing attitudes and trends.
• Assess how flexible and responsive your firm can be.
• Consider laws and regulations that may affect your business, and what the financial impact might be.
• Include other situational factors that will affect your marketing plan, such as regulatory changes, access to venture capital, trade barriers, world economic issues.

You should also:

• Identify problems or potential problems, as well as opportunities, that affect your business idea, and state what you will do about them.
• Outline your business objectives in precise, measurable terms. Make sure you can quantify your targets.
• Outline how you will reach your objectives – steps you will take in planning, production and marketing to meet your targets.
• Ensure that you have taken into account the previously-mentioned problems and opportunities, and have considered potential reactions of your competitors.

Your action plan

Here is where you address the four “P”s of marketing: product, price, promotion and placement (distribution). Be prepared to explain:

• Your product or services — describe the quality, branding, packaging, modification, servicing of your product and the location of your service;
• Your prices — describe how you will price your product or service so that it will be competitive, yet profitable;
• Your promotion plans — describe how, where, when you will advertise and promote your offerings; and
• Your placement/distribution methods — describe where people will buy your product or have access to your service. Outline your selling methods and sales force: personal selling, mail-order, online. Include the number of salespersons and training required, etc.

Sales projections for the next five years (including optimistic, pessimistic and realistic projections, as well as assumptions) should also be included.

9. Financials

Considerations.

The financial section of your business and marketing plan is all about the numbers. Investors are looking for accurate and understandable information that will clearly show them the bottom line.

With this in mind, you want to present your business idea as an attractive investment opportunity, so the following are some suggestions for items that should be listed in this section: 

•  The total amount of required funding for your business;
•  Your use of funds, e.g. equipment, renovations, inventory, working capital;
•  Your sources of funds, e.g. owner’s investment, mortgage and/or term loans;
•  The projected date when lenders can expect repayment;
•  Any liability limits and insurance coverage necessary to handle environmental and other risks;
•  Your projected return on investment;
•  Economic assumptions (inflation, economic trends, interest rates) that affect your estimates and forecasts; and
•  An approximate timeline for return on investment.

This section is where you present the dollar details of your business via standard financial statements and charts. Include financial information in statement, chart or table format, as illustrated in the following samples.

Market Share 

Market share is determined by dividing a firm’s sales by total annual market sales.

Sales of ABC Company ($50,000) account for approximately 17% of total market sales ($295,000).

To determine the sales volume of each firm, you should contact suppliers, retailers, trade associations or others who may be in a position to help you form an estimate. Other sources of information include:

• annual reports for each company;
• government reports on industry, market trends, etc.;
• trade publications or journals; and
• www.strategis.ic.gc.ca , an on-line business and consumer information service.

You may find it useful to display market share values in a pie chart like this: 

Description of Graphic

Breakeven Analysis

The breakeven analysis determines at which sales volume your firm will start making money. The Breakeven Formula is: fixed costs (costs that must be paid whether or not any units are produced) divided by variable costs (costs that vary directly with the number of products produced, e.g. materials, labour used to produce units, percentage of overhead).

A breakeven analysis is most clearly illustrated in a chart such as the one shown below. You may use the breakeven analysis to determine how changes in price and sales level, or cost increases or decreases will affect profitability.

Return on Investment

Return on investment (ROI) indicates the efficient use of the firm’s assets. It also allows comparison of businesses with different capital structures. The following formula is used to calculate ROI: 

ROI = Net Income + Interest (to remove the effect of borrowed funds) divided by equity.

Cash flow reveals whether a company will have enough money to meet its needs on a monthly basis.

If you are proposing the expansion of an existing business, a cash flow statement will detail the actual cash flow for a specified past period (normally a year), so you will include the receipts or disbursements that are appropriate for your business, as well as cash receipts for each month. 

A cash flow forecast, on the other hand, will detail anticipated monthly inflows and outflows of cash for a future period of time. New start-ups would provide a cash flow forecast only. Some things to keep in mind when preparing your cash flow forecast or statement:

Recording sales  — some sales will be made in cash while others may be made on credit. Because sales made on credit will not result in the receipt of cash until a later date, they must not be recorded until the month in which the cash will actually be received. Therefore, the percentage of sales to be made in cash and the percentage to be made on credit must be estimated. The percentage of credit sales should be further broken down according to the business’s different collection periods (30 days, 60 days, etc.).

Loan proceeds  — when a deficit appears on the final line, the amount of the deficit will need to be borrowed. Record the amount appearing on the deficit line on the loan proceeds line; then change the deficit to zero. This shows investors when you will have a cash shortage that will require you to borrow additional funds.

Accounts Payable —  accounts payable must be broken down according to your supplier’s terms of payment. For example, items purchased in January may have to be paid in 30 days or 60 days — meaning that the actual cash disbursement would not occur until March and April respectively. Accounts Payable amounts are recorded in the month they will actually be paid.

Here is a sample cash flow forecast for a six month period:

The Income Statement

The income statement is a financial statement that reveals whether a business has earned a profit or has suffered a loss after a specified period. An income statement may also be referred to as a “profit and loss statement” or an “operating statement”. A “Pro Forma Income Statement” is used to show how things will be under given conditions rather than how they are at present. An income statement usually includes the following:

•  The  legal name  of your business;
•  The  end date  of the period covered;
•  Your business  revenue  (i.e. proceeds from your sales of goods and services, after deducting returns, allowances and discounts);
•  The  cost of goods  sold (i.e. the cost of materials and labour actually used to manufacture your product or to provide your service, including subcontracting or cost of goods purchased for sale);
•  Your  gross profit  (i.e. your revenue minus cost of goods sold);
•  Your  expenses  including all selling, administrative and financial expenses, such as sales personnel, salaries and commissions, promotion, advertising, rent expense, telephone, clerical staff, management, accounting, utilities, office supplies, depreciation on assets, interest payment, insurance, professional fees, vehicle and travel expenses, etc.;
•  Your  net income before taxes  (i.e. your gross profit minus expenses);
•   Less: Income taxes  (i.e. your tax rate multiplied by net income before taxes); and
•  Your  net income  (loss) (i.e. your net income before taxes minus income taxes).

 Here is a sample income statement:

Balance Sheet

The balance sheet is a “snapshot” of what you own and what you owe. A “pro forma balance sheet” shows how things will be under given conditions rather than how they are. A balance sheet follows a standard format, including the legal name of your business, relevant dates, assets, liabilities and owner equity; however, it may contain additional items depending on circumstances relating to the business for which it is prepared.

Here is a sample balance sheet:

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Create a Business Plan

Think of it as a playbook for your goals, priorities and growth opportunities., how to write a business plan.

Creating a business plan can feel like a huge undertaking when you are starting a new business . And while developing one does require careful thought, studies show that entrepreneurs who have a formal plan are often more successful than those who don’t. Keep reading to see how a business plan benefits you and the details you should include.

Prefer to just get started? Start creating your business plan with the RBC Business Plan Builder.

Content in this Article

What is a business plan? Benefits of writing a business plan Information to include in your business plan Create your plan with the RBC Business Plan Builder

What is a Business Plan?

Put simply, a business plan is a document that explains to others your vision for your business, the gap in the market your business will fill and the steps you will take to succeed. Creating a business plan is a crucial task for any business, and one which requires you to be thoughtful about the direction of your business, consider the goals most important to you, and how you will go about achieving them. A solid business plan will give you the confidence that you will find success, and may even reveal some gaps and risks. In fact, studies show entrepreneurs who start with a written business plan are more successful than those who don’t. Whether you’re creating a roadmap to follow as a new business owner, need a pitch to attract investors or a document to engage stakeholders, a business plan is a living document you’ll want to update regularly as your business, goals and circumstances evolve. While some business owners consider writing a business plan an overwhelming step, it doesn’t have to be. Creating the best business plan ever is a matter of breaking it down into individual steps — and then taking them one at a time.

Benefits of Writing a Business Plan

Writing a business plan can help you in several ways—here are just a few of the biggest benefits:

• Provides a roadmap. A business plan requires you to be thoughtful about the direction of your business, consider the goals most important to you and how you will achieve them. Think of it as your step-by-step guide for success!
• Reveals gaps or risks you need to address. By looking at your business critically, you’ll be able to identify your strengths as well as areas where you may be vulnerable.
• Shows potential investors, stakeholders or lenders that you’re serious. Attract and engage those who may be interested in your business with all the important information they need to know.

Information to Include in Your Business Plan

Create an executive summary Describe the current business environment Outline your marketing and pricing strategies Describe how your business will operate Detail your financing and cash flow needs Describe your team (even if it’s just you) Identify risks and how you’ll protect your business Write a conclusion Include your contact information

Create an Executive Summary

After your cover page and table of contents, include an executive summary. Since this is the first thing readers will see, it should be clear, grab their attention and identify what your business does.

What to include:

• Your industry, target market and how your business is different from the competition
• Your business structure (sole proprietorship, corporation, etc.)
• What stage your business is in
• Your experience and credentials, as well as your team’s, if applicable
• Financial projections for the business (or performance to date, if you’re already operating)

Tip: Write your executive summary last and keep it to one page. While it’s structurally the first section, it will summarize everything else in your plan.

Describe the Current Business Environment

This should be a detailed history and summary of your business, identifying the product(s) or service(s) you’re offering and how you will solve a problem or need in the market. Be sure to include any pre-market research or testing you’ve conducted that speaks to the viability of your idea.

When you’re starting a business , your bank and potential investors don’t have historical data to review. Your plan must clearly convey your strategy, competencies and the reasons your venture will succeed. (If your business is already established, you’ll want to cover where you started and how you got here.)

• Where you want your business to go—and how you’ll get there. What are your goals? How will you generate sales?
• What your business does. What needs does your business fulfill? Where will you sell your products or services?
• Your business set up. How is your business structured ? Are there other owners or shareholders?
• How you know your business will work. What market research or testing have you done? Are there trends?

Tip: Revisit your business idea by asking yourself these 7 key questions or use our business idea checklist to see the steps you may need to take to get to opening day.

Outline Your Marketing and Pricing Strategies

This is your opportunity to explain how you’re going to get customers to buy your products or services. This section involves identifying your ideal customers, your pricing strategy and more.

• Your products, service and unique selling proposition. What are the features of your product or service and what makes it unique compared to what your competitors offer? How will you draw customers away from competitors?

Tip: Completing a strengths, weaknesses, opportunities and threats (SWOT) analysis may help you write this section. Download a FREE SWOT Analysis Template

• Your pricing strategy. How will your pricing be competitive, but still allow you to make a profit? See our factsheet: Pricing and Costing Accurately
• Your sales and delivery strategy. How will you will generate sales? Will you sell directly to customers or through other businesses? How much will it cost to produce and ship your product?
• Advertising and promotion strategy. Which advertising and promotion tactics (website, digital marketing, social media, email) will reach your audience most effectively?

Tip: Choose a few channels to do well instead of pursuing all of them at once. That way, you’ll be better able to direct your focus and monitor your progress.

Describe How Your Business Will Operate

The operations section of your business plan should describe what’s physically necessary for your business, as well as any partners who help keep things running smoothly.

This section contains four main categories:

• Your stage of development. This should highlight what you’ve done to date to get the business operational, then follow up with an explanation of what still needs to be done.
• The production process. This lays out the details of your day-to-day operations, manufacturing details, inventory, costs, outsourcing and more.
• Getting products and services to customers. What is your supply chain and distribution strategy?
• Partners and allies. Who are the people and organizations that support you? Who are key suppliers and vendors?

Third-party groups may be able to help you in your journey. For example, Futurpreneur serves entrepreneurs age 18-39 who want access to business resources, financing and mentoring.

Detail Your Financing and Cash Flow Needs

Use this section to determine how strong your business is financially. Be realistic about expenses and projected income so you can properly assess your financial health early on and make sure you have enough cash for the first year.

• Startup costs. What are your one-time and ongoing expenses? How will you cover the costs? Learn more with our factsheet: Deciding How Much Money You Need to Start or use our Startup Costs Calculator .
• Profit margin and break-even point. How will you make a profit and calculate margins? What is your break-even point? Suggested reading: The Difference Between Cash Flow and Profit
• Balance sheet. What assets, liabilities and capital do you have at this point in time?
• Financing. What are your sources of financing —savings, loans, grants? What are your repayment terms, if any?
• Cash flow forecast. What is your 12-month cash flow forecast? Estimate it now: Cash Flow Forecast Template

Describe Your Team (Even if It’s Just You)

This section should describe your current team as well as anyone you might need to hire to round out your company.

• Skills and strengths. What skills do you and/or your team have that are critical to the business?
• Management style and structure. How will you manage your team? Who will employees report to?

Identify Risks and How You’ll Protect Your Business

Every business comes with some risk, so it’s better to be prepared for them now rather than be surprised later. Use this section to explore potential risks and how you’ll protect your business.

• Obstacles your business may face. How could the economy, your competition, supply chain or another circumstance affect your business? How do you plan to minimize and handle these and other risks?
• How you’ll protect against losing market share (new competition). Do you have any agreements or vendors you’ll rely on?
• How you’ll prevent critical data loss. Outline what you will do to reduce the impact of data loss, such as backing up all computer data regularly, using cloud providers, employee rules on installing software and other policies.
• How you’ll protect intellectual assets. Will employees sign confidentiality agreements to protect processes, trade secrets and other intellectual property? See How Intellectual Property (IP) in Canada Works .
• Compliance requirements. What rules, regulations and licenses will you need to comply with to operate?
• Insurance needs. Does your industry require specific coverage, such as professional liability or other insurance?

Write a Conclusion

This is the last thing readers will see, so you want it to be strong. Use your conclusion to reinforce your goals and objectives. If you need financing, clearly state the amount you need and how it will be used. As with your executive summary, your conclusion should be succinct, clear and leave a positive impression.

Include Your Contact Information

Potential investors and lenders need to know how to reach you. Don’t forget to include your business name, contact information, website and social media presence in your plan.

Create Your Plan with the RBC Business Plan Template

This comprehensive template will guide you through a series of questions, resources and tips to help you write your plan. Best of all, you can go at your own pace and come back to work on it anytime.

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RBC business advisors can help your company at every stage—from starting up to simplifying operations and funding growth. An RBC business advisor will work with you to:

• Understand your vision and business goals
• Set up the right financial products and solutions
• Explore options to effectively manage cash flow, pay employees and get paid
• Connect you to a suite of business advice and solutions that go beyond traditional banking

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Free Project Plan Templates (2024 Guide)

Katie is a Chicago-based editor. She started her career writing and editing content about home warranty, renters insurance, homeowners insurance and other home services topics before transitioning to home improvement products. She has spent the last year and a half working at a software company, managing content about CRMs, project management tools and other tech topics.

Project plans are a useful tool for project managers. Each project plan summarizes the project, giving the entire team an overview of what’s to come.

Instead of starting from scratch with your project plan, you can use a template. This template gives you a space to put your overall project objective, followed by your smaller steps and milestones.

If you want to learn more about what project plans look like and how to use project plan templates, keep reading.

What Is a Project Plan?

A project plan is a document that provides an overview of a project. It lays out all of the elements needed to get the project done. These elements can include:

• Contributors

Having all of this information in a central document ensures that the team has a resource to reference to get the project done on time and on budget. They can return to this document throughout the project lifecycle if they need refreshers on what to do. 

Why You Need a Project Plan

A carefully crafted project plan helps prevent:

• Missed deadlines
• Budget misuse 
• Scope confusion

In sum, it brings the team together, ensuring that everyone feels involved and knows what to do. 

Free Project Plan Templates

If you are new to using project plans and want some guidance, you can find many free templates online. Some of the tools and platforms that have them include:

• Microsoft Excel: Given the complexity of Microsoft Excel, it can be difficult to learn how to use. Luckily, it has a basic project plan template that includes cells for tasks, start and end dates and statuses. You can also build onto the template with charts, timelines and other visuals.
• Microsoft Word: Most people are familiar with Microsoft Word or another similar word processor. This makes it easy to learn how to use Word to create a project plan. Like the Excel template, the Word template has spots for basic project plan elements. However, it has formatting limitations that can prevent you from looking at the project from a timeline or calendar view.
• Google Docs: Google Docs is similar to Microsoft Word. The main difference is that it offers real-time collaboration. This means that several team members can be in the document at the same time updating the progress on their tasks. 

To get a more advanced project plan template, you may have to turn to project management (PM) software, such as Trello, Notion or Airtable. You can usually start with a free plan or free trial with one of these providers to get project plan templates and other basic PM features. Given that these software solutions specialize in PM, your project plans are going to have more project details and need fewer formatting changes.

How To Make a Project Plan

Whether you are customizing a template or creating a document from scratch, follow the below steps to build your project plan. 

• Determining Project Objective

Start by defining the overarching purpose of the project. Ask yourself what you want to accomplish by the end of the project. Having a sentence or two about the objective in your project plan acts as a guiding light. Contributors who are deep in the trenches can return to this objective to remember what they are working toward.

• Defining Major Tasks/Deliverables

Take the main objective, and break it into smaller tasks. Each task should have one deliverable (e.g., article written, report prepared). That way, you know to mark the task complete once you have the deliverable.

• Building Project Schedule

The next step is to create the timeline. Think about:

• When you want the entire project to be done
• How much time each task needs to be completed
• What tasks, if any, can happen at the same time by different team members

Once you have the dates and durations figured out, you can create a visual to represent them. Try a timeline, calendar or Gantt chart . 

• Assigning Ownership

Assign each task an owner. There may be other team members who help the owner; you can list them as contributors. But, having just one owner ensures that you know who to contact about progress.

In terms of the overarching project, the owner should be the project manager or team lead.

• Managing Resources

Now, you can define the resources you need to complete the tasks. Ask yourself:

• If so, put it in a shared folder that the entire team can access.
• If not, designate a team member to prepare it before the start date of the project.
• If so, share the login information with the entire team.
• If not, designate a team member to look into purchasing the tool before the start date of the project.
• If so, no action is needed.
• If not, designate a team member to look into hiring a new contractor or employee or training an existing employee before the start date of the project.
• Allocating Budget

Now that you know what tools you need to complete the project, it’s time to check if they fall within your project budget. If they don’t, you may need to adjust the project goal or tasks. Or, get creative with what resources you already have. For example, maybe you use the Microsoft Excel subscription you already pay for as opposed to purchasing a PM software plan.

This step is also where you allocate the overall project budget to each step. You know you have done this correctly when you add up the budgets from all of the steps and get the overarching project budget.

• Planning for Potential Risks

Last but not least, your project plan should have some level of risk planning. In a perfect world, every step goes as planned. However, that isn’t always possible. So, brainstorm a list of potential risks. For example, maybe a contributor leaves the company before the project is complete. 

Come up with an alternative route the project could take for each listed risk. That way, the project doesn’t take too much of a detour, and you can stick to the budget and due date as closely as possible.

Executing Your Project Plan

After you build your plan, it’s time to send it out to the team and start on the project.

Informing the Team

We recommend involving your team in the planning process of the project. As they are the ones who will be doing the work, they have the best insight into what is required (e.g., how much time and budget to allocate). Even still, it’s a good idea to end planning officially by sending out an email with the complete project plan or hosting a meeting to walk through the complete project plan.

Tracking Ongoing Progress

As soon as the project kicks off, start tracking progress. If you keep on top of this from the beginning, you won’t get lost as it gets later and later into the project. This makes your job easier when it comes time to report on progress to upper management. 

Here are a few tracking tips:

• Implement project tracking software: If you are already using PM software for your project, make use of its tracking features. You can usually create a custom dashboard to track the data points that are important to you. 
• Refresh statuses regularly : Have the owner of each task update the status on a daily or weekly basis. That way, you do not have to message each owner every time you want a progress update.
• Update project plan elements: You may start the project and realize that your plan wasn’t realistic in a given area. For instance, maybe you didn’t allocate enough time for one step. Or, maybe you have a new employee who is better suited to a task ownership role. Treat the project plan as a living document that you update as you go. 

The Bottom Line

A project plan helps you organize your project before you start on it. You can create a project plan from scratch or use a template from Microsoft Excel, Google Docs, PM software or another tool. Either way, think through every element of the project, including owner, contributors, due date, budget and tasks.

Frequently Asked Questions About Project Plan Templates

What are the key elements of a good project plan.

A good project plan defines the following elements:

Can you manage a project without a formal plan?

You can manage a project without a formal plan, but you may run into disorganization. Your team may face missed deadlines, scope confusion and overspending.

How can you collaborate with remote team members on a project plan?

If you have a remote team, you can use video conferencing software to meet with everyone to plan the upcoming project. You can also use Google Workspace or another tool that allows for real-time collaboration to edit the project plan at the same time from different parts of the country or world.

Can you connect a project plan to a project management platform?

Yes, you can connect project plans to Asana, Smartsheet or other project management software. Project management platforms usually offer their own project plan templates that you can use instead. 

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