Lesson 2: Tools to use when creating a business plan
Business plan tools are essential resources that streamline the planning process and provide valuable guidance. They offer pre-designed templates that save time and effort, making the planning journey more efficient, especially for those new to entrepreneurship.
Throughout this lesson, we will provide an overview of different business plan tools and discuss their benefits and limitations. By the end of the session, you will be equipped with the knowledge to select the most suitable tool to create a comprehensive and successful business plan.
Let’s delve into the world of business plan tools and discover how they can elevate your planning process, ensuring you have a solid foundation for your business venture.
LivePlan:
LivePlan is a cloud-based business planning software that helps create a professional business plan with step-by-step guidance. It includes templates, financial forecasting tools, and other features to help create a comprehensive plan.
Can be found at: https://www.liveplan.com/
Advantages
- User friendly interface
- Pre-designed templates for various industries.
- Accurate financial forecasting.
- Collaborative features for team collaboration.
- Real-time updates for continuous refinement.
Disadvantages
- User friendly interface
- Pre-designed templates for various industries.
- Accurate financial forecasting.
- Collaborative features for team collaboration.
- Real-time updates for continuous refinement.
How to use LivePlan
LivePlan is a user-friendly business planning tool that simplifies the process of crafting a comprehensive business plan. To use it effectively, start by signing up and selecting a suitable business plan template. Then, enter your business details, including your company’s mission and market research. Utilize LivePlan’s financial forecasting tools to project income statements, balance sheets, and cash flows. Outline your marketing strategies, management team, and conduct a SWOT analysis. Throughout the process, review and edit your plan to ensure accuracy. Finally, export or share your plan, seek feedback, and use it as a dynamic roadmap for your business’s success. LivePlan streamlines the entire business planning process, making it accessible and actionable for entrepreneurs and businesses of all sizes.
Bizplan:
Bizplan is a business planning tool that provides a drag-and-drop interface to help create a plan. It includes financial forecasting tools, pitch deck templates, and other features to help create a compelling business plan.
Can be found at: https://www.bizplan.com/
Advantages
- Intuitive user interface.
- Extensive template library.
- Collaborative team features.
- Robust financial modelling tools.
- Secure cloud storage
Disadvantages
- Subscription-based model.
- Learning curve for new users.
- Limited offline access.
- Customization constraints.
- Limited industry-specific insights.
How to use BizPlan
Bizplan is a powerful business planning platform that simplifies the creation of business plans. Begin by signing up and selecting a business plan template that suits your needs. Enter your company’s details, including your mission and market research. Use Bizplan’s intuitive tools to create financial projections, such as income statements and cash flow forecasts. Describe your marketing strategies, management team, and conduct a SWOT analysis. Collaborate with team members by inviting them to review and edit the plan. Once you’re satisfied, export or share your plan and utilize it as a guiding document for your business journey. With Bizplan’s user-friendly interface and robust features, creating a comprehensive business plan becomes a straightforward and efficient process for entrepreneurs and businesses.
StratPad:
StratPad is a cloud-based business planning tool that provides a step-by-step approach to creating a business plan. It includes templates, financial forecasting tools, and other features to help create a solid plan.
Advantages
- Simple and intuitive interface.
- Step-by-step guidance.
- Real-time collaboration.
- Robust financial projections.
- Variety of plan types.
Disadvantages
- Limited customization.
- Subscription-based model.
- Online access required.
- Learning curve for new users.
- Generic industry templates.
How to use StratPad
StratPad is a versatile business planning tool that makes the process of creating a business plan accessible and straightforward. Begin by signing up and selecting a business plan template or starting from scratch. Enter your business information, including your mission, vision, and market analysis. Utilize StratPad’s financial forecasting tools to create projected income statements, balance sheets, and cash flow statements. Outline your marketing and sales strategies, team structure, and conduct a SWOT analysis. Collaborate with team members by sharing your plan and gathering feedback. Once your plan is complete, export it to various formats or share it digitally. StratPad empowers entrepreneurs and businesses to develop and refine their business plans efficiently, guiding them toward their goals and success.
Business Plan Pro:
Business Plan Pro is a downloadable software that provides over 500 sample business plans, as well as financial forecasting tools and other features.
Can be found at: https://www.paloalto.com/software
Advantages
- Professional templates for easy plan creation.
- Financial forecasting tools for accurate projections.
- User-friendly interface for accessibility.
- Customization options to tailor plans.
- Additional support and resources.
Disadvantages
- Cost associated with the software.
- Learning curve for new users.
- Potential need for internet access.
- Limited industry-specific insights.
- Compatibility and updates considerations.
How to use Business Plan Pro
Business Plan Pro is a comprehensive business planning software designed to streamline the process of creating a business plan. Begin by installing the software and selecting a template that best fits your business type or industry. Follow the step-by-step wizard to enter your business details, including mission, market analysis, and financial data. Utilize the built-in financial forecasting tools to generate projected financial statements. Describe your marketing strategies, organizational structure, and complete a SWOT analysis. Business Plan Pro offers guidance and examples throughout the process to ensure clarity and completeness. Once your plan is ready, you can export it to various formats or share it digitally. With its user-friendly interface and robust features, Business Plan Pro is a valuable tool for entrepreneurs and businesses looking to create a well-structured and professional business plan.
Social Business Canva:
This tool is available online easily. It could be adapted to the topic of “Green Entrepreneurship”, since the Social Business Canva is referring to Social Impact.
Can be found at: https://bmtoolbox.net/tools/social-business-model-canvas/
Advantages
- Easy to apply
- Easy to understand the general structure
- Components that take into account the characters of a social business
- Easy to compare different business model frameworks
- Comprehensive high-level overview
Disadvantages
- Value exchange between different actors and the core concept are not visible
- No team or cultural aspects (only within resources)
How to use Social Business Canva
Access the Tool: Go to the “Social Business Canva” website at https://bmtoolbox.net/tools/social-business-model-canvas/.
Explore the Canvas: Familiarize yourself with the canvas layout. It typically consists of multiple sections or blocks, each representing a different aspect of your social business model.
Understand the Sections: Take note of the various sections on the canvas, including “Customer Segments,” “Value Proposition,” “Channels,” “Customer Relationships,” “Key Resources,” “Revenue Streams,” “Cost Structure,” and “Key Activities.” Each section corresponds to a critical element of your social business plan.
Input Information: Begin by entering your ideas, strategies, and plans into each section. Describe your target customer segments, what unique value your social business provides, how you’ll reach customers, and how you’ll maintain relationships with them. Also, detail key resources, activities, revenue streams, and cost structure relevant to your green entrepreneurship venture.
Iterate and Refine: Use the canvas as a visual tool to iterate and refine your social business model. It allows you to quickly see how different elements of your plan interact and make adjustments accordingly.
Share and Collaborate: If you’re working on your social business model with a team, the tool may offer collaboration features that allow multiple users to contribute and edit the canvas. Share your canvas with team members or advisors for feedback and input.
Access Guidance: If you’re new to social entrepreneurship or business modeling, the tool’s website may provide guidance, tutorials, or resources to help you create a well-structured social business model.
Export and Use: Once your social business model is complete and refined, consider exporting it in various formats for sharing or presentation purposes. Use your canvas as a dynamic roadmap for your green entrepreneurship journey.
Remember that the “Social Business Canva” is designed to make the process of developing and visualizing your social business model more accessible and effective. It’s a flexible tool that allows you to adapt and refine your plan as your green entrepreneurship project evolves.
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