How long should an ideal business plan cover?

[King Belieal]

A business plan is a document that highlights the intentions of the entrepreneur in driving the business to grow bit by bit.

When making business plans, how many years should be captured by that plan after which a new plan is made? I believe that 3 years is enough per business plan. What do you think?

 

[magnus2022]

All depends on the type of business and the capital involved. For instance, agricultural business should not be long like banking or transportation business. Agriculture business may have a plan of 2 yrs before review but transportation business have have a plan for five years or more.

 

[Augusta]

Yes it depends on the business. it is good to have a plan that would help you for a very long time though

 

[eLdavis]

For me i think it depends on the individual, most people might make a plan for five years, so lesser and I have even seen cases where people make plans for ten years.

 

[Suba]

Making a business plan doesn't happen all at once so it's not like making a cake, making a business plan takes a long time, even though initially when a new business is being operated the business plan is made simply but completely. In general, business plans are regularly reviewed and updated to suit market conditions, economic conditions, etc. The best time span is 3-6-12 months. This time span has been proven to make your business grow more.

 

[Xtynehappy]

The business plan should give the businessmen a clearly road map on how the business should go to.

 

[Suba]

That is why the business plan must always be updated or adjusted to current financial conditions, especially regarding whether the current marketing strategy is still effective.

 

[Starmix]

I always add and not change my previous plans. They might suit in the next level of my strategies and marketing style. I usually add new plans monthly.

 

[King Belieal]

I always add and not change my previous plans. They might suit in the next level of my strategies and marketing style. I usually add new plans monthly.

Good approach. It helps not to distort the foundation of the business while being adaptive. What would you do if you want to add a new related products to the business line? Still tweak the original plan?

 

[Suba]

A business plan is a draft concept of how money will be spent by entrepreneurs, so a business plan will have a big influence on business development. One way is a marketing strategy and sales strategy.

 

[Starmix]

Good approach. It helps not to distort the foundation of the business while being adaptive. What would you do if you want to add a new related products to the business line? Still tweak the original plan?

That's what I'm doing to my milk tea business especially this time when I increase the price of my milk tea. It's part of my plan because the price of the milk tea ingredients is skyrocketing, so I followed the new selling price.

 

[Augusta]

Even if it can be drawn for a long period of time I don't think it is a bad idea. Just have a workable plan in place to help with directions

 

[King Belieal]

Drawing it for a longer time duration might not be possible. That's because you are not fully aware of how the economy would turn out later on.

 

[Augusta]

Some people work with predictions so they can still draw their plans for the future with the prediction they believe might just be the outcome in future

 

[Starmix]

Planning is always done by businesses owners. Like me, I'm always planning on what to do now that the prices of my milk tea ingredients drastically increased.

 

[Augusta]

Planning is always done by businesses owners. Like me, I'm always planning on what to do now that the prices of my milk tea ingredients drastically increased.

Yea, a good person must have his or her plan in place. It can be for a long duration if you wish

 

[Starmix]

Yea, a good person must have his or her plan in place. It can be for a long duration if you wish

There are plans that just pops up and I do list down them . I am always bringing a small planner and a pen to write whatever comes to my mind wherever i am. Even topics for Dbucks,lol.