One in three clients who first approach me regarding a business plan is uncertain whether they actually need a business plan, a business proposal or a business presentation or pitch deck. Most often, the consultation process begins with helping the client to identify their needs and my role in facilitating the business planning process. Indeed, there are times when the client’s needs are outside the sphere of niche services I offer, however, the exchange usually ends with the potential client being clarified regarding their needs. So, this article is designed to help the business owner decide which is the most suited to their needs.
Business Plan
A business plan is a written plan, documenting a business’ business model and providing a roadmap for goals and identifying channels, key resources, success factors and projections regarding financial outcomes of a three to five year period. A business plan should be written for every business, but my cater to internal and external stakeholders. That is, the plan may be used as a road for management and employment as well financial institutions and investors for funding. The audience of the business plan is paramount to it design, tone and structure.
Business Proposal
A business proposal is a sales document written that is written with the aim to sell a particular product, service or partnership to a potential client. The proposal will highlight the value proposition, the term and cost. It is meant to be an article of persuasion.
Pitch Deck
A pitch deck or business plan presentation is a document designed to be a presentation. It’s created primarily to persuade potential investors that the company is an opportunity to invest in by highlighting the company’s value proposition, market trends, competitive advantage and performance to date.
If you know, which you need, you are one step closer to getting your business set up for funding and operations.
Shandean Reid
Business Plan Consultant & Author
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