business plan for project manager

Project Management Business Plan Template

Written by Dave Lavinsky

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Executive Summary

Business overview.

ProPlan Solutions is a startup project management company located in Santa Clara, California. The company is founded by Ron Henderson who has experience in project management, in addition to several years of experience in project management. Now, with the expertise of knowledge and business acumen, Ron has determined he can confidently start and effectively grow a successful ProPlan Solutions company. Ron believes his experience of strategic growth, marketing skills, financial capabilities, and wide and deep knowledge of program management practices will provide everything needed for long-term growth and profitability.

ProPlan Solutions will provide a comprehensive array of services for a wide variety of clients. ProPlan Solutions will be the complete solution, providing services and products to each client while supporting the strategic goals of the company. ProPlan Solutions will be the ultimate choice in project management for clients to ensure that every need of the customer is fully and completely met.

Product Offering

The following are the services that ProPlan Solutions will provide:

• Project planning
• Project initiation and actionable steps
• Streamline project processes
• Build project collaboration
• Guaranteed on-time completion of projects
• Stakeholder engagement
• Stakeholder initiation and communication
• Budgeting and resource allocation
• Risk assessment
• Rick management

Customer Focus

ProPlan Solutions will target all construction companies within the greater Santa Clara region. They will target project managers who work independently. They will target city government planning officials. They will target commercial building owners and stakeholders.

Management Team

ProPlan Solutions will be owned and operated by Don Henderson. He recruited his former administrative manager, Stanley Marshall, to be the administrative director in ProPlan Solutions. In addition, Don recruited Darlene Cooper to be the marketing director, overseeing all forms of marketing, including social media and other channels.

Don Henderson is a graduate of Ohio State University, where he earned a degree in Innovation. He has been instrumental in his former employment in leading a wide and diverse number of projects-in-process by employing his expertise, knowledge and capabilities learned while on the job for more than a decade. He believes his organizational skills and diligence will allow him to grow his clientele base and his team of employees to a long-term strategic goal.

Stanley Marshall is the former administrative manager where Don was formerly employed. Stanley is well-known for his ability to break every project or task into digestible bites to then put them all together with a 99.9% accuracy rate. Stanley will become the new administrative director, overseeing employees, organizational needs and the construction of projects that conform to timelines.

Darlene Cooper is a personal acquaintance of Don Henderson and, after observing her social media and public relations skills, he asked Darlene to join the new company as the marketing director. She will build the pipeline of potential clients by marketing the skills and capabilities of the leaders within ProPlan Solutions and the history of successful projects behind the executive staff.

Success Factors

ProPlan Solutions will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly-qualified team of ProPlan Solutions
• Comprehensive menu of services and products
• Streamlined project processes via proprietary software
• Project collaboration with all players
• ProPlan Solutions offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.

Financial Highlights

ProPlan Solutions is seeking $200,000 in debt financing to launch its ProPlan Solutions. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for ProPlan Solutions.

Company Overview

Who is proplan solutions.

ProPlan Solutions is a newly established, full-service project management in Santa Clara, California. ProPlan Solutions will be the most reliable, cost-effective, and efficient choice for construction projects of all sizes within the Bay Area region. ProPlan Solutions will provide a comprehensive menu of project planning and completion services for any company or stakeholder to utilize. Their full-service approach includes a comprehensive slate of steps to completion and a guaranteed project completion date.

  ProPlan Solutions will be able to manage large and small projects from start to finish. The team of professionals are highly qualified and experienced in project initiation, processes, and completion with collaboration. ProPlan Solutions removes all headaches and issues of challenging projects and ensures all issues are taken care of expeditiously while delivering the best customer service.

ProPlan Solutions History

ProPlan Solutions is owned and operated by Don Henderson, a former project manager who has a wide and deep level of experience in multiple projects. Don has worked for a major management corporation for over ten years and he has the expertise across a wide variety of projects to effectively lead his teams to success in each project managed. Ron has gained the trust and commitment of three large technology-based companies in Santa Clara and is working to finalize the contracts at this time.

Since incorporation, ProPlan Solutions has achieved the following milestones:

• Registered ProPlan Solutions, LLC to transact business in the state of California.
• Has a contract in place for a 10,000 square foot office at one of the midtown buildings
• Reached out to numerous contacts to include ProPlan Solutions in their project planning.
• Began recruiting an executive staff of three persons and an administrative staff of four to work at ProPlan Solutions.

ProPlan Solutions Services

The following will be the services ProPlan Solutions will provide:

Industry Analysis

The project management industry is expected to grow over the next five years to over $7 billion. The growth will be driven by new technology that drives innovation and new projects that follow. There will be new risk assessments needed and timelines for project management could be more demanding, which would propel growth. This depends on the addition of software and application methods. The growth will also be driven by increasing demand for complex project management, particularly in the technology sector. The growth will be driven by small management projects combined for expediency and collaboration.

Costs will likely be reduced as software reduces the time and personnel needed when new tasks can be managed and completed by robotic or computer-driven technological solutions. Costs will likely be reduced as new constructs become adopted and the point of use becomes widened with many early adopters leading to full market adaptability that will reduce the cost per project.

Customer Analysis

Demographic profile of target market, customer segmentation.

ProPlan Solutions will primarily target the following customer profiles:

• Construction companies
• Technology-driven companies
• Independent project managers
• City or statewide planning officials
• Commercial building owners
• Collaborators and stakeholders of construction projects

Competitive Analysis

Direct and indirect competitors.

ProPlan Solutions will face competition from other companies with similar business profiles. A description of each competitor company is below.

The Rodgers Group

The Rodgers Group provides risk analysis and risk management during complex projects while in process. The risk analysis component is determined by Trenton Rogers, a skilled professional with ten years of expertise gained before he started The Rodgers Group. Potential risk assessments and projections will include changes in project scope, unforeseen challenges, and market competition. The Rodgers Group also manages mitigation strategies, preparing multiple “what if” scenarios for their client base.

EX Strategies

Started by London Breed in 2015, EX Strategies is focused on projects that involved exit strategies. In many cases, this requires lengthy and specific client consultations and care as the exit process can be lengthy. EX Strategies handles all potential exit strategies, including mergers, acquisitions, and transiting to a consulting model as needed. The market conditions and business goals of every business owner are determined prior to any constructions or projects get underway.

The Sustainable Assessment Company

The Sustainable Assessment Company specializes in projects that determine sustainability, no matter how large or small the project may be. Founded by Josiah Stein in 2020, the company focuses on the fact that most construction now contains sustainability plans and solutions. Therefore, the Sustainable Assessment Company looks forward and backward at new and existing organizations to determine viability of the initial plans and creates solutions that lead to higher-performing levels of sustainability. As many companies are committed to community engagement, along with social and environmental responsibility, the Sustainable Assessment Company supports and creates new constructs for success in these areas.

Competitive Advantage

ProPlan Solutions will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

ProPlan Solutions will offer the unique value proposition to its clientele:

Promotions Strategy

The promotions strategy for ProPlan Solutions is as follows:

Word of Mouth/Referrals

ProPlan Solutions has built up an extensive list of contacts over the years by providing exceptional service and expertise to their former clients. The contacts and clients will follow them to the new company and help spread the word of ProPlan Solutions.

Professional Associations and Networking

Industry associations will be joined and networking efforts will become an on-going effort at ProPlan Solutions. Trade associations in the national arena will also be joined. New technology trade associations will also be adopted, as companies seek the newest technology to apply the most effective innovations.

Website/SEO Marketing

ProPlan Solutions will fully utilize their website. The website will be well organized, informative, and list all the services that ProPlan Solutions provides. The website will also list their contact information and list a few of their largest projects completed successfully. The website will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “project management company” or “risk assessments near me,” ProPlan Solutions will be listed at the top of the search results.

The pricing of ProPlan Solutions will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for ProPlan Solutions. Operation Functions:

• Don Henderson will be the owner and president of the company. Don will oversee all staff and manage client relations. Don has spent the past year recruiting the following staff:
• Stanley Marshall will be the new administrative director, overseeing employees, organizational needs and the construction of projects that conform to timelines.
• Darlene Cooper brings social media skills and public relations expertise to ProPlan Solutions. She will become the marketing director, building the pipeline of potential clients within the marketing skills and capabilities she carries.

Milestones:

ProPlan Solutions will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel and staff employment contracts for the ProPlan Solutions
• 6/1/202X – Finalize contracts for ProPlan Solutions clients
• 6/15/202X – Begin networking at industry events
• 6/22/202X – Begin moving into ProPlan Solutions office
• 7/1/202X – ProPlan Solutions opens its doors for business

Financial Plan

Key revenue & costs.

The revenue drivers for ProPlan Solutions are the fees they will charge to clients for their services. .

The cost drivers will be the overhead costs required in order to staff ProPlan Solutions. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

ProPlan Solutions is seeking $200,000 in debt financing to launch its project management company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Projects Per Month: 15
• Average Revenue per Month: $25,000
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, tow truck business plan faqs, what is a project management business plan.

A project management business plan is a plan to start and/or grow your project management business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Project Management business plan using our Project Management Business Plan Template here .

What are the Main Types of Project Management Businesses?

There are a number of different kinds of project management businesses, some examples include: Marketing project management, Construction project management, Engineering project management, and IT project management.

How Do You Get Funding for Your Project Management Business Plan?

Project Management businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Project Management Business?

Starting a project management business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster. 1. Develop A Project Management Business Plan - The first step in starting a business is to create a detailed project management business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your project management business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your project management business is in compliance with local laws. 3. Register Your Project Management Business - Once you have chosen a legal structure, the next step is to register your project management business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 4. Identify Financing Options - It’s likely that you’ll need some capital to start your project management business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 7. Acquire Necessary Project Management Equipment & Supplies - In order to start your project management business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your project management business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

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Blog Marketing

4 Project Management Plan Examples & How To Write One

By Midori Nediger , Dec 11, 2023

Have you ever been part of a project that didn’t go as planned?

It doesn’t feel good.

Wasted time, wasted resources. It’s pretty frustrating for everyone involved.

That’s why it’s so important to create a comprehensive project management plan   before your project gets off the ground.

In this guide, we’ll explore how to create and design a successful project management plan.

We’ll also showcase easy-to-customize project plan templates you can create today with our user-friendly drag-and-drop editor. Let’s get started!

  Click to jump ahead:

What is a project management plan?

4 project management plan examples, what are the 5 stages of a project management plan, what are the 7 components of a project management plan, how do you write a project plan, 5 things you need to know before creating a project management plan, the takeaway: project plan best practices.

A project management plan is a formal document that defines how a project is going to be carried out by outlining the scope, goals, budget, timeline and deliverables of a project. Its crucial role lies in ensuring the project stays on course.

You write a project plan  during the project planning stage of the  project life cycle , and it must be approved by stakeholders before a project can move on the execution stage.

If some of these terms are new to you, you can get up to speed with this post on project management terms . 

This means your project plan must be engaging, organized, and thorough enough to gain the support of your stakeholders.

Further Reading : New to project management? Read our blog post on the 4 stages of the project life cycle .

The importance of a project management plan

A well-developed project management plan sets the foundation for a successful project by providing a roadmap that guides the project team toward successful project completion. A good project management plan can ensure that:

• Project objectives and goals are clearly defined and understood
• Project scope is effectively managed
• Resources are allocated efficiently to maximize productivity and minimize waste
• Risks are identified, assessed and mitigated
• Project tasks and activities are well-organized and executed in a timely manner.
• Communication among team members , stakeholders and project sponsors is effective and transparent
• Changes to the project are properly evaluated, approved and implemented
• Lessons learned and best practices are documented for future reference and improvement
• Stakeholders are engaged and satisfied with the project outcomes
• The project is delivered within the specified timeline, budget and quality standards

A project management plan is probably the most important deliverable your stakeholders will receive from you (besides the project itself).

It holds all of the information that stakeholders will use to determine whether your project moves forward or gets kicked to the curb.

That’s why it’s a good idea to start with a project management plan template. Using a template can help you organize your information logically and ensure it’s engaging enough to hold your stakeholders’ attention.

Construction project management plan template

Time is money, especially with construction projects. Having a construction plan template brings order to the chaos.

Instead of staring at a messy pile of construction stuff, you’ve got a plan that breaks everything down into bite-sized pieces.

And let’s not forget the paperwork. Construction projects have rules and regulations to follow. Your project plan helps you stay on the right side of the law with all the necessary documentation and compliance measures.

Start with a meticulous project overview, like in the second page of this template:

Though you may think this project will be similar to others you’ve done in the past, it’s important to nail the details.

This will also help you understand the scope of work so you can estimate costs properly and arrive at a quote that’s neither too high or low. Ontario Construction News has great advice on this process.

Simple project management plan template

This simple project management plan template that clearly lays out all of the information your stakeholders will need:

Simple project management communication plan template

A key part of project management is making sure everyone’s in the loop. A project communication plan ensures everyone knows how, where, who and when the team will communicate during the course of the project. Also construction scheduling is a critical aspect of the project management plan as it helps to ensure that all necessary tasks are completed within the allocated time frame and budget.

The key is to figure out what kind of communications is valuable to stakeholders and what is simply overwhelming and won’t lead to better decisions.

This template clearly outlines all of these factors to help manage expectations and eliminate confusion about what will get communicated and when:

Commercial development project plan template

The below project management plan template is simple and minimal, but still uses a unique layout and simple visuals to create an easy-to-read, scannable project overview.

This template is perfect for building or construction management , or any technical projects:

When picking a project plan template, look for one that’s flexible enough to accommodate any changes your stakeholders might request before they’ll approve the project. You never know what might change in the early planning stages of the project! You can also use project management tools to help you with your planning !

The Project Management Institute (PMI) outlines five key stages of the project management plan, which are commonly known as the project management process groups. These stages provide a framework for managing projects effectively. The five stages are as follows:

Initiation: This is the first stage of the project management plan. It involves identifying and defining the project’s purpose, objectives and scope.

Planning: In the planning stage, detailed plans are developed to guide the execution and control of the project. This includes defining project deliverables, developing a project schedule, estimating resources and costs, identifying risks and creating a comprehensive project management plan.

Execution: The execution stage involves putting the project plan into action. Project tasks are performed, resources are allocated and project team members work towards achieving project objectives.

Monitoring and Control: During this stage, project progress is regularly monitored and actual performance is compared against planned performance. Key performance indicators (KPIs) are tracked, and necessary adjustments are made to keep the project on track. This stage involves assessing risks, addressing issues and changes and ensuring that project objectives are being met.

Closure: The closure stage marks the end of the project. It involves finalizing all project activities, completing any remaining deliverables, obtaining client or stakeholder approval,and formally closing out the project. Lessons learned are documented and a project review is conducted to identify areas for improvement in future projects.

It’s important to note that these stages are iterative, and project management is often an ongoing process. Throughout the project lifecycle, project managers may need to revisit and adjust plans based on changing circumstances and new information.

Before you start assembling your own plan, you should be familiar with the main components of a typical project plan .

A project management plan should include the following sections:

• Executive Summary: A short description of the contents of the report
• Project Scope & Deliverables: An outline of the boundaries of the project, and a description of how the project will be broken down into measurable deliverables
• Project Schedule: A high-level view of project tasks and milestones ( Gantt charts are handy for this)
• Project Resources: The budget, personnel, and other resources required to meet project goals
• Risk and Issue Management Plan: A list of factors that could derail the project and a plan for how issues will be identified, addressed, and controlled
• Communication Management Plan: A plan for how team and stakeholder communication will be handled over the course of the project
• Cost and Quality Management Plan: This section encompasses the project’s budget, cost estimation,and cost control mechanisms. It also includes quality assurance and control measures as well as any testing or verification activities to be performed.

Basically, a project plan should tell stakeholders what needs to get done, how it will get done, and when it will get done.

That said, one size doesn’t fit all. Every project management plan must be tailored to the specific industry and circumstances of the project. You can use a project management app for smoother project planning.

For example, this marketing plan looks client facing. It is tailored to sell the client on the agency:

Whereas this commercial development plan focuses on specific objectives and a detailed timeline:

With those basics out of the way, let’s get into some tips for creating a project management plan that’s as engaging as it is professional.

Further Reading : If you’re looking to create a proposal, read our in-depth business proposal guide. Then try our job proposal templates or business proposal templates .

To write a successful project plan, follow these 5 steps below to create an effective project plan that serves as a valuable tool for project management:

1. Highlight the key elements of your project plan in an executive summary  

An executive summary is a brief description of the key contents of a project plan .

I t’s usually the first thing stakeholders will read, and it should act like a Cliff’s-notes version of the whole plan.

It might touch on a project’s value proposition, goals, deliverables, and important milestones, but it has to be concise (it is a summary, after all). First, make sure you develop a proof of concept .

In this example, an executive summary can be broken into columns to contrast the existing problem with the project solution:

The two-column format with clear headers helps break up the information, making it extremely easy to read at a glance.

Here’s another example of a project management plan executive summary. This one visually highlights key takeaways with big fonts and helpful icons:

In this case, the highlighted facts and figures are particularly easy to scan (which is sure to make your stakeholders happy).

But your executive summary won’t always be so simple.

For larger projects, your executive summary will be longer and more detailed.

This project management plan template has a text-heavy executive summary, though the bold headers and different background colors keep it from looking overwhelming:

It’s also a good idea to divide it up into sections, with a dedicated header for each section:

Regardless of how you organize your executive summary, it should give your stakeholders a preview of what’s to come in the rest of the project management plan.

2. Plot your project schedule visually with a Gantt chart

A carefully planned project schedule is key to the success of any project. Without one, your project will likely crumble into a mess of missed deadlines, poor team management, and scope creep.

Luckily, project planning tools like Gantt charts and project timelines make creating your project schedule easy. You can visually plot each project task, add major milestones, then look for any dependencies or conflicts that you haven’t accounted for.

For example, this Gantt chart template outlines high-level project activities over the course of an entire quarter, with tasks color-coded by team:

A high-level roadmap like the one above is probably sufficient for your project management plan. Every team will be able to refer back to this timeline throughout the project to make sure they’re on track.

But before project kickoff, you’ll need to dig in and break down project responsibilities by individual team member, like in this Gantt chart example:

In the later execution and monitoring phases of the project, you’ll thank yourself for creating a detailed visual roadmap that you can track and adjust as things change.

You can also use a project management tool to keep your team organized.

Further Reading:   Our post featuring  Gantt chart examples  and more tips on how to use them for project management.

3. Clarify the structure of your project team with a team org chart

One of the hardest aspects of project planning is assembling a team and aligning them to the project vision.

And aligning your team is all about communication–communicating the project goals, communicating stakeholder requests, communicating the rationale behind big decisions…the list goes on.

This is where good project documentation is crucial! You need to create documents that your team and your stakeholders can access when they have questions or need guidance.

One easy thing to document visually is the structure of your team, with an organizational chart like this one:

In an organizational chart you should include some basic information like team hierarchy and team member contact information. That way your stakeholders have all of the information they need at their fingertips.

But in addition to that, you can indicate the high-level responsibilities of each team member and the channels of communication within the team (so your team knows exactly what they’re accountable for).

Here’s another simple organizational structure template that you can use as a starting point:

Create an organizational chart with our organizational chart maker .

4. Organize project risk factors in a risk breakdown structure

A big part of project planning is identifying the factors that are likely to derail your project, and coming up with plans and process to deal with those factors. This is generally referred to as risk management .

The first step in coming up with a risk management plan is to list all of the factors at play, which is where a risk breakdown structure comes in handy. A risk breakdown structure is a hierarchical representation of project risks, organized by category.

This risk breakdown structure template, for example, shows project risk broken down into technical risk, management risk, and external risk:

Once you’ve constructed your risk breakdown structure, you’ll be ready to do a deep dive into each risk (to assess and plan for any triggers and outcomes).

Streamline your workflow with business process management software .

5. Plan ahead: create project status reports to communicate progress to stakeholders

As I mentioned earlier, communication is fundamental in any project.

But even so, something that’s often overlooked by project managers is a communication management plan–a plan for how the project team is going to communicate with project stakeholders . Too often, project communication defaults to ad-hoc emails or last-minute meetings.

You can avoid this by planning ahead. Start with a project kickoff meeting and include a project status report template as part of your communication plan.

Here’s an example of a simple project status report that you might send to stakeholders on a weekly basis:

This type of report is invaluable for communicating updates on project progress. It shows what you’ve accomplished in a clear, consistent format, which can help flag issues before they arise, build trust with your stakeholders , and makes it easy to reflect on project performance once you’ve reached your goals.

You might also want to include a broader status report for bigger updates on a monthly or quarterly basis, like this one:

The above template allows you to inform stakeholders of more major updates like new budget requirements, revised completion dates, and project performance ratings.

You can even include visualization of up-to-date project milestones, like this example below:

Want more tips on creating visuals to enhance your communications? Read our visual communication guide for businesses . 

Before diving into creating a project management plan, it is crucial to have a clear understanding of the project objectives and the expectations of stakeholders involved.

Without a firm grasp of these fundamental elements, your project may face significant challenges or fail to deliver the desired outcomes.

Here are key points to consider when creating a project management plan:

• Project Objectives: Clearly understand the project objectives and what you want to achieve. Identify the desired outcomes, deliverables and the purpose of the project.
• Scope of the Project: Determine the boundaries and extent of the project. Define what is included and excluded to ensure clarity and prevent scope creep .
• Stakeholders: Identify all stakeholders who will be impacted by or have an interest in the project. Understand their needs, expectations and level of involvement.
• Resources: Assess the resources required to execute the project successfully. This includes human resources, budget, equipment and materials. Determine their availability and allocation.
• Risks and Constraints: Identify potential risks, uncertainties and constraints that may affect the project. Understand the challenges, limitations and potential obstacles that need to be addressed.

Now that you have these key areas identified, let’s get started with creating your proje

• Use headers, columns, and highlights to make your executive summary easy to read
• Plot your project schedule with a Gantt chart (with tasks color-coded by department or team member)
• Use visuals like organizational charts and risk breakdown structures to communicate across your team and with stakeholders
• Pick a flexible template that you can update to align with stakeholder requests

How to Write a Business Plan for Project Management Services

• Jean Scheid
• Categories : Project planning for pms
• Tags : Project management

The Importance of a Business Plan

A business plan not only defines the type of business you want to start, but also includes projections on revenues and expenses. There are also things like performing a market analysis, a SWOT analysis , a cash flow pro forma and the all-important narrative that will get your business plan for project management services noticed.

There is much on Bright Hub to help you write the essential elements of a business plan (links provided below), but what about that narrative that tells lenders or investors what and how you plan to offer project management services?

Define Your Project Management Business

A project management company should be able to easily step in to any organization that lacks a project manager and effectively manage every element of the project. These are the items you must describe your specialties and even include sample project management service contracts, staff qualifications, and how you plan on handling project planning, goals, milestones, risks and controls.

You must also possess a wide knowledge of the various project management methodologies and ascertain which methodology will be best for any project your tackle.

The Small Business Administration (SBA) offers tips on what should be included in a business plan and most of the elements are the same no matter what type of company you intend to start. However, in the “Business” section of your business plan for project management services, the following elements vary from company to company according to the SBA :

• Description of the Business – Here’s where your narrative has to shine, catch the reader’s eye and convince them why your project management services are different. If you plan on also providing green project management services, mention that. Anything you plan on doing different than you competitors should be mentioned in this part of the plan.
• Marketing – How will you market your project management services? A good marketing plan is essential, especially since you will be competing with other firms.
• Competition – Who is you competition and what can you do better than they can. Be specific on how you will manage projects and how you can save your clients not only money, but time.
• Operating Procedures – How will each project be managed? List the stages of your project management services from start to finish. Include examples of project scope statements, change control plans and risk management plans.
• Personnel – Be realistic, but make the personnel of your company stand out. Make sure you include all their education, training and successful projects they have worked on in the past.

Other Items to Consider

When writing a business plan for project management services, you’ll want to include a template of a service agreement. You can find a free template in my article, Project Management Legal Issues . This article also provides some other important tips and suggestions you should consider when writing your business plan.

As promised above, here at Bright Hub, we have free templates for just about every element of your business plan, except the narrative that will be specific to your services. Here are some useful templates:

• Income Statement Template
• Balance Sheet Template
• Cash Flow Template
• Sample Initial Sales Forecast

Along with these useful tools and free templates on writing a business plan for project management services, you may also want to learn the basics and read How to Write a Simple Business Plan .

Finally, business plan software such as Business Plan Pro may also help you write your plan and we’ve got a review of this software package right here on Bright Hub .

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Project Management Plan: Samples, Examples & Free Template

Learn how to create a project management plan that actually works and ensures you get your project over the line on time and on budget, with samples and examples

Table of Contents

What is a project management plan, what is a project management plan used for, what are the main elements of a project plan, how to write a project management plan, sample project management plan outline, using our project management plan template to build your project plan, project management plan: faq's.

A project management plan is a comprehensive document that outlines how a project will be executed, monitored, controlled and closed. For project managers and their teams, it's the ultimate toolkit for achieving their objectives while managing day-to-day pressures such as time, cost, scope, resourcing and risk. This guide outlines what a project management plan is used for, why it's important , and offers a step-by-step guide on how to make one that actually works.

Your project plan document is where you go deep on the ins, outs, overs, and unders of your project. It's where you break this vision down into the day-to-day execution of your project, covering everything you need to do to reach your project goals.

A detailed project plan will plot out everything from timelines to budget, resourcing to deliverables, and more, giving you a blueprint of what needs to be done (and when) that you can use to guide — and assess — your project.

The key components of a project management plan are:

Project Objectives

Scope Statement

Schedule Management

Cost Management

Resource Management

Communication Plan

Stakeholder Management

Procurement Management

Closure Criteria

Project Organization

Ready to get down to business? Here are 5 key things you need to do when writing a project plan.

1. Identify the baselines for your project

Before you begin writing a project plan, you need to make sure you have the basics down. Start by identifying the baselines for the project’s scope, schedule and cost, as the rest of your project planning will need to fit in around those constraints.

As mentioned above, these baselines should already be roughly outlined in your project charter — but here’s where you really start to map them out and create accurate estimates. And the more detailed, the better, because these are what you’ll be using for comparison to measure how your project performs.

2. Identify your project dependencies

Or in other words, ask yourself: what needs to happen before this other thing can happen? Identifying your project dependencies at the outset of your project means you can plan your timelines more efficiently, spot potential blockers, and ensure that you avoid unnecessary delays.

3. Identify project stakeholders

You’ll already have done the groundwork for this in your stakeholder analysis, but as you flesh out your project management plan and think through the phases of your project in more detail, you’ll likely start to find more project stakeholders at each phase.

Now is also a good time to go deeper on which stakeholders need to be informed and involved at which stages, for a more comprehensive stakeholder management plan you can use at each phase of your project.

4. Identify project milestones

What are the key markers of your project’s progress? It can be a concrete deliverable, the end of a phase in a stage-gate process — whatever milestones make sense to you, breaking your project down into manageable chunks, each with a defined goal, helps to keep the team motivated, allows you to celebrate each achievement, and signposts how the overall progress is coming along.  Learn more about using Milestones here .

5. Identify who’s responsible for what

Once you start to get a big-picture understanding of the work that’s needed and the resources you have to complete it, you can start deciding who should do what. Giving each item an owner is essential to getting things done. No more “oh, was I supposed to do that?” — once you identify who’s responsible for what, you can ensure accountability and transparency.

The 5 Stages of Team Development

All teams develop according to some natural patterns and using that knowledge, you can offer some guidance to build the kind of team that communicates well and finds better ways to collaborate and achieve the goals you’ve established. Here’s what you need to know.

Now let's go through a sample project plan. In the below example, we highlight the main sections of the plan and what needs to be included in each one to set your project up for success.

Section 1: Executive summary

The executive summary offers a concise overview of the entire project. It includes key highlights such as the project's purpose, objectives, scope, timeline, budget, and major stakeholders. It's often the first section stakeholders read to get a high-level understanding of the project.

Section 2: Project introduction

This section sets the stage by providing context and background information about the project. It explains why the project is being undertaken and introduces the main objectives and scope of the project.

Section 3: Project objectives

Here, the project's specific goals and objectives are outlined in detail. Objectives should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) to provide clarity and guidance.

Section 4: Project scope

The scope section defines what is included and excluded from the project. It helps prevent scope creep by establishing clear boundaries and also mentions any assumptions and constraints that may affect the project.

Section 5: Schedule management

This section details the project's timeline, including milestones and deadlines. It breaks down the project into tasks and identifies task dependencies. Often, visual representations like Gantt charts are used for clarity.

Section 6: Cost management

Here, the project budget is presented, including cost estimates for various project components. It may also outline cost control measures to ensure the project stays within budget.

Section 7: Quality management

This section focuses on the quality standards and objectives for the project. It describes quality control and assurance processes, as well as any inspection and testing procedures that will be implemented.

Project management template

Save time on setup without sacrificing attention to detail. With our project management template, you can quickly create project management plans that help you complete your project on time and on budget.

Section 8: Resource management

In this section, the project team is introduced, and roles and responsibilities are defined. It addresses resource allocation, scheduling, and, if applicable, procurement needs.

Section 9: Risk management

The risk management section identifies potential risks and uncertainties that could impact the project. It discusses risk assessment, prioritization, and mitigation strategies to reduce the impact of these risks.

Section 10: Communication plan

The communication plan outlines how project information will be shared with stakeholders and team members. It specifies communication methods, frequency, and reporting channels to ensure effective communication throughout the project.

Section 11: Stakeholder management

This section lists project stakeholders and analyzes their interests, influence, and expectations. It also outlines strategies for engaging and managing these stakeholders to ensure their needs are addressed.

Section 12: Procurement management

If procurement of goods or services is involved, this section explains the procurement strategy, vendor selection criteria, and how contracts will be managed.

Section 13: Change management

Change management procedures are detailed here, including how changes to the project scope, schedule, or other aspects will be requested, evaluated, approved, and communicated.

Section 14: Closure criteria

Criteria for determining when the project is complete and ready for closure are specified in this section. It may also include plans for project handover and post-project evaluation.

Section 15: Project organization

This section describes the project team's structure, roles, and responsibilities, ensuring everyone understands their positions and reporting lines. It may also mention external stakeholders and their roles if applicable.

Once you’ve documented your project management plan, bring it to life with a project management tool that will help you to stay on track, keep your team accountable, and promote transparency.

Here are 3 ways you can use Teamwork.com to supercharge your project management plan.

Add your supporting documentation to Teamwork Spaces

Use the Teamwork.com and Teamwork Spaces integration to link a project in Teamwork.com with a space in Teamwork Spaces, so your important project documents are only ever a click away.

Some documents you might want to add in addition to your project charter and project management plan include:

Scoping documents

Risk assessments

Change management plans

SOPs for important project processes

List of stakeholders and their roles

Outline of approval processes

Communications management plan

Any other best practices documentation or supporting info as necessary

You can even embed task lists into your pages and mark tasks as complete right from Teamwork Spaces, so you can keep work flowing without even needing to switch tabs.

Start adding your Milestones

Break down your work into Milestones and task lists that are going to help you reach them. With Teamwork.com, you can assign an owner to each Milestone, map out your Milestone due dates and see them represented in the project calendar, and even get a full change history for milestones so you can track any edits.

Visualize your task dependencies with a Gantt chart

Gantt chart-style views are a useful way to get a visual representation of your tasks and their dependencies, allowing for better scheduling and resourcing. In Teamwork.com, you can drag and drop to quickly rearrange your project schedule , without throwing everything out of order or straying off-plan.

Remember: software should support the way you work, not dictate it. So regardless of methodology or team type, create a project plan that works for you and your team — and find a tool that helps you put it into action.

Use our project plan template

Now that you know how to create a project management plan that actually works, you’re ready to implement using our team management software . To help you get up and running quickly, we’ve created a ready to use project plan template . Our project template will help you quickly create project plans that ensure all of your projects are completed on time and on budget

What is a project management plan template?

A project management plan template is a pre-designed framework that provides a structured format for creating a project management plan. It serves as a starting point for project managers and teams to develop their specific project plans, saving time and ensuring that key project management components are properly addressed.

How can a template help you build a great project management plan?

A template can help you build a great project management plan by saving time, ensuring comprehensive coverage of project management aspects, and incorporating industry best practices and visual aids for clarity. They also support collaboration, version control, and customization to fit the unique needs of each project, making them a valuable tool for project managers in achieving successful project outcomes.

What is the main purpose of a project management plan?

The main purpose of a project management plan is to provide a comprehensive and structured roadmap for successfully executing, monitoring, controlling, and closing a project. It serves as a central document that outlines project objectives, scope, schedule, budget, quality standards, resource allocation, risk management strategies, and communication approaches.

What tools do I need to help manage a project plan?

To effectively manage a project plan, you'll need a set of tools and software that cover various aspects of project management. These include project management software, communication and collaboration platforms, file and document management solutions, time and task tracking apps, and budgeting and financial management tools.

What steps are involved in the project planning process?

The steps involved in the project planning process include defining specific project objectives and scope, identifying deliverables and key milestones, budgets, risk assessment and quality control measures. It should also include a communication plan and stakeholder engagement strategies.

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Project Management Plan

If you are someone with a decent knowledge of planning, strategizing, and increasing a company’s profit through it, then a project management business might be your cup of tea.

Several business owners want their business’s voice to be heard and recognized, but with a hundred other tasks to do, they are left with no time to plan or look back on the progress of their strategies. And here’s where project management teams can help.

And if you are planning to start your project management business, you’ll need a project management business plan.

We have created a project management plan template for you to get a good idea about what a perfect project management plan should look like and what details you should include in your plan.

Industry Overview

The project management market was valued at 5.37 billion dollars in 2020 and is expected to rise going forward too.

The major reason behind the rise of this market is the value addition and results in it offers. Also, as project managers become experts at what they do, the demand and value of their services rise too.

But at the same time, you must have proof that your services can add value to your client’s business. Proper planning and in-depth knowledge of the industry and its trends can help you do that.

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Things to Consider Before Writing Project Management Business Plan

Identify your niche.

Although you might be tempted to take up different projects, you need to niche down and find out which area you want to turn into your area of expertise. Taking up similar projects helps you find out and develop optimal solutions to the major problems that exist in that market.

Note down your deliverables

Note down what would be included in your set of deliverables. It helps you set the right customer expectations and also helps you manage your resources more effectively.

Note down common risks in the industry

Smart people learn from other people’s mistakes, and so should you. Analyze common risks and how to avoid them, so you get to provide better services to your clients. It also helps you get through common problems that hold other businesses back. Hence, it is necessary to analyze common risks for the betterment of your business.

Find out ways to reach out to your potential customers

There would be definite ways that would help you reach out to potential customers better and faster. Your business needs to find these mediums and market your business to help you increase your audience’s awareness regarding your brand. It also ensures that you get results equivalent to your marketing efforts.

Such mediums could be a specific social networking site, email, websites, print ads, online communities, and so on. You should research to find out which is the best for your niche.

Chalking Out Your Business Plan

The project management plan is required to understand how the project will be executed, monitored, controlled, and closed during the project development life cycle.

Before you start writing your project management plan, spend as much time as you can reading through some samples of project management plans.

Not only will that give you a good idea of what it is you’re aiming for, but it will also show you the different sections that different entrepreneurs include and the language they use to write about themselves and their plans.

Project Management Plan Outline

This is the standard project management plan outline which will cover all important sections that you should include in your business plan.

• Project Purpose, Objectives, and Success Criteria
• Project Deliverables
• Assumptions, Dependencies, and Constraints
• Definitions and Acronyms
• Evolution of the Plan
• External Interfaces
• Internal Structure
• Roles and Responsibilities
• Estimation Plan
• Staffing Plan
• Staff Training Plan
• Resource Acquisition Plan
• Project Commitments
• Data Control Plan
• Requirements Control Plan
• Schedule Control Plan
• Budget Control Plan
• Communication, Tracking, and Reporting Plan
• Metrics Collection Plan
• Risk Management Plan
• Financial Management Plan (Cost/Budget Management)
• Issue Resolution Plan
• Project Close-Out Plan
• Process Model
• Methods, Tools, and Techniques
• Configuration Management Plan
• Quality Assurance Plan
• Documentation Plan
• Process Improvement Plan

After  getting started with Upmetrics , you can copy this project management plan template into your plan and modify the required information and download your project management plan pdf and doc file. It’s the fastest and easiest way to start writing your plan.

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Download a sample project management business plan

Need help writing your business plan from scratch? Here you go; download our free project management business plan pdf to start.

It’s a modern business plan template specifically designed for your project management business. Use the example business plan as a guide for writing your own.

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About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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Project Management

12 minute read

How to Create a Project Management Plan (Step by Step)

Devan Ciccarelli

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Here’s how to create a project management plan, even if you have zero experience doing so.

Whether you’re a newly hired project manager or one who’s been slaying the game for years, having the right plan in place is essential to the success of your project. After all, when you have everything outlined and neatly organized, you’ll score a much better chance of managing a project that runs smoothly from start to finish.

Bad news: It’s this step, actually creating the plan, that trips many managers up. Fortunately, with the help of today’s article, you won’t fall into that trap. I’ll show you everything you need to know about how to create a project management plan so you have a roadmap to run with.

We’ll cover how to:

Step 1: Identify the goal of the project

Step 2: map out the scope, step 3: develop an outline or plan, step 4: share this initial idea with your team, step 5: finalize your plan.

• Step 6: Use a Gantt chart to keep things organized

Step 7: Distribute your project management plan

Step 8: hold a project post mortem.

So let’s jump right in.

Want to learn more?

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How to create a project management plan

Follow these eight steps to build a solid project management plan from the ground up:

To build anything of substance, the first step you’ll want to tackle is creating the right foundation.

Ask yourself these questions to lay the groundwork:

• Why are you creating this project?
• What’s the goal of it?
• How will this affect your stakeholders?
• What about your team?

And to help you answer those, make sure you do the following:

Research and homework

• You may already have a good idea of why you’re creating this project, but it’s essential to back this up with research.
• How is your company doing things right now? What’s working? What doesn’t work?
• Are there enough resources available? What else is needed?
• Figure out the real the problem at hand and gain a deep understanding of the current mechanics before you try to improve them.

Meet with your team for feedback

• Meet with anyone who could be involved in this project during this stage. Before narrowing things down, be sure to speak with any employees who will be involved in this project.
• You need to see things from their perspective so you have all your ducks in a row when it comes time to introduce the plan to your stakeholders.
• Once that’s taken care of, you can then meet your stakeholders with confidence.

Figure out who is a stakeholder

• Sure, you may have a Board of Directors or some other stakeholders involved, but don’t forget, those aren’t the only people to consider.
• Your customers and employees may also be stakeholders in this project.
• In short, anyone who could be affected by these changes is a stakeholder and must be considered as such.
• After you nail down your “why” and meet with both your team and all prominent stakeholders, you’re ready to set your priorities and goals.

Identify priorities

• Before you dive into your goals, consider your priorities first. What is more important here? What can take a backseat?
• Identify your priorities before moving on to finalizing your goals.

Set clear goals

• Once you’ve tackled all of that, you’re ready to set specific, measurable goals.
• These goals serve as the foundation of your project management plan so it’s crucial that you spend enough time figuring them out before moving on to the rest of our steps.

You’ll need to answer:

• What are you hoping to achieve here?
• How will you measure that?
• What’s considered a success?

With that important information nailed down, you can then map out your project’s scope.

If you were to compare your project management plan to building a house, your first step is the concrete foundation.

This next step is the blueprint for how things will get done and what your project will look like once it’s in motion.

So answer these next questions before proceeding:

What is your budget?

• Before you create an elaborate project scope that’s out of reach, you need to consider your budget first. And I’m not only referring to your financial investment here.
• You must also take into account your other valuable resources, such as time and manpower. How much of these can you afford to use?
• Outline your budget in terms of financial investment, time, and resources needed. Only then will you be able to create a realistic project scope, which is also your next step.

What is your project scope?

• As with setting goals, it’s important to stretch your project to the right limits. You don’t want to go so far that your team can’t reach its targets, yet you also don’t want to create a project that doesn’t accomplish much.
• To help strike the right balance, create a project scope that is crystal clear and outlines all of the details — both big and small.
• Your project scope should also include your deliverables and the deliverable schedule .
• For more on keeping your project's scope within bounds, check out our definitive guide to scope creep .

What are your deliverables?

• Everyone on your team should know what needs to be delivered and when. By spelling this out in your project scope, you’ll do just that.
• Not only does this deliverables list create a workflow everyone can follow, it also helps keep everyone on track.
• You’ll also show stakeholders or clients what they can expect, which naturally builds accountability into your project management plan.
• So when you account for all the deliverables you’re responsible for, your next task is to plot out your deliverable schedule.

What is your deliverable schedule?

• It’s crucial that you don’t over promise during this step. Do that and your team will be left scrambling throughout the project and your deliverables will suffer in quality.
• A better approach is to use the research you conducted in step 1 to hone in on a realistic delivery schedule.
• If your research uncovered that the task takes 2 weeks to complete, it’s not a good idea to only give your team a few days and hope everything somehow falls into place within a shorter time frame.
• It’s also smart to add a buffer to any areas you’re not sure of, just to be safe. This gives your project and your team the breathing room needed to get the job done correctly.
• If you’re worried that your stakeholders will be concerned about the amount of time needed, reassure them that to do the job right the first time, it needs to take that much time. Otherwise you’ll be stuck re-working things for months to come.
• Now that you have all of this sketched out, you’re ready to create the first draft of your project plan.

Your next step is to create an outline and plan of action based on everything you’ve learned so far.

While this is only a first draft at this point, it pays to finalize as much as you can (as if it were the real thing) so you can avoid multiple rounds of revisions.

In this outline, include the project’s:

• “Why”
• Stakeholders
• Deliverables
• Deliverable schedule

You should also include a page about your research to highlight your biggest key findings and discuss how they inspired your project management plan.

Polish up your document, add some branding elements, and you’ll be ready to share it with your team.

Before you get too excited and send your document to every one of your stakeholders, you need to finalize it with your team beforehand.

This step is one that many project managers overlook for time’s sake — and it’s a crucial and costly mistake.

When there’s a disconnect between the initial plan and how the work is implemented, you’re going to face several snags along the way.

You’re better off finalizing this draft plan with your team before it gets to the approval stage.

This ensures that your project will run as smoothly as your dreams.

So in this stage, hold a kickoff meeting to:

• Explain the ins and outs of the project
• Let your team know what’s expected of them and when
• Work out any kinks that may come up

It’s especially important to pay attention to that last point.

No matter how hard you try to cover all of your bases, hiccups will inevitably surface in any project.

But with proper planning, you’ll minimize problems as much as humanly possible. I’ll touch more on this next.

Using the feedback from your team, you’re ready to finalize your plan.

This official plan will be the one you’ll send to stakeholders so it’s important to take your time here.

You should also add a section about any issues that may come up, including how you plan to handle them.

While it may seem counterintuitive to highlight possible hiccups to your stakeholders, you’ll be showing them that you’re taking a proactive, instead of reactive, approach. This foresight is always appreciated.

It’s also ideal to assign roles during this phase of the project plan so stakeholders know how to get in touch with your points of contact during each step.

The best way to display this type of information, both internally and externally for stakeholders, is through a Gantt chart.

Step 6: Use a Gantt chart to keep things organized

If you have Excel, you can use this free Gantt Chart template to create a timeline of deliverables.

This helpful tracker ensures that both your team and stakeholders know what to expect and when.

As the project unfolds, keep this updated throughout the day so anyone can see where your project presently stands.

Once you’ve finished creating your project management plan and created a timeline using a Gantt chart, you can finally share your plan with everyone.

When your plan is ready to send out to stakeholders and everyone else on your team, you’ll be able to answer questions and start putting your plan into motion.

To stay on track, plot out the big milestones first and then how you plan to achieve each one using smaller targets, such as daily, weekly, or monthly goals.

After that, you’re simply managing deliverables and your team. Easy peasy.

Now, before you use this template again on your next project, conduct a project post mortem as I’ll show you next.

This is similar to a kickoff meeting except that it happens after a project has finished.

I spoke in depth about the topic in this guide so I’ll keep things brief here. If you need more help, check out that guide when you’re done reading this one.

With a project post mortem, your goal is to find out how your project went from start to finish, including any bumps in the road you experienced.

• Did you run on schedule?
• If there were any milestones missed, what caused the delay? Can that be prevented for the next one?
• Are there any other issues you ran into?

You should also compare how your results fared with your initial plan.

By taking this time to reflect, you’ll all but guarantee that your next project doesn’t fall victim to the same mistakes.

You also want to highlight what went well and give your team the kudos they deserve for a job well done.

This will help keep the positive momentum moving right into your next project.

Jot down everything you discover here so you can use this intel to improve your next project management plan.

Create your project management plan now

Don’t let the thought of creating a project management plan from scratch stress you out.

Follow these 8 steps and you’ll have everything you need to make your project a success starting today!

Want to brush up on your project management skills? Check out the Project Management Basics and Project Management for Team Members courses to get a solid foundation in how to better manage your projects.

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Crafting fluff-free content is Devan’s jam. When she’s not writing for GoSkills, you’ll find her outside reading, soaking up the sun, or hiking her next adventure.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

• Product goals and deadlines for each month
• Monthly financials for the first two years
• Profit and loss statements for the first three to five years
• Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

• Executive summary
• Description of business
• Market analysis
• Competitive analysis
• Description of organizational management
• Description of product or services
• Marketing plan
• Sales strategy
• Funding details (or request for funding)
• Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

• What is the vision and mission of the company?
• What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

• What business are we in?
• What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

• Who is our customer? 
• What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

• Who is the competition? 
• What do they do best? 
• What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

• What is the product or service?
• How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

• Who is the target market (if different from existing customer base)?
• What channels will you use to reach your target market?
• What resources does your marketing strategy require, and do you have access to them?
• If possible, do you have a rough estimate of timeline and budget?
• How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

• What is the sales strategy?
• What are the tools and tactics you will use to achieve your goals?
• What are the potential obstacles, and how will you overcome them?
• What is the timeline for sales and turning a profit?
• What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

• How much capital do you currently have? How much capital do you need?
• How will you grow the team (onboarding, team structure, training and development)?
• What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

• How and when will the company first generate a profit?
• How will the company maintain profit thereafter?

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

• Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
• Add a Company Overview Document the larger company mission and vision. 
• Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
• Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
• Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
• Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
• Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
• Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
• Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
• Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

• Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
• List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
• Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
• Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
• Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
• Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
• Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
• Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

• Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
• Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
• Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
• Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
• Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

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When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated March 4, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information you need to cover in a business plan sometimes isn’t quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

If you’re looking for a free downloadable business plan template to get you started, download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

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One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

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

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

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

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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Business Plan Template

Use this free Business Plan Template for Word to manage your projects better.

To start your business journey on the right foot, download our free business plan template and break down your business goals into actionable components.

Before you can start your business, you need to find your niche, seek financial backing and create a business plan to bring your idea to fruition. Our free business plan template will guide you through every step of the way. But first, let’s quickly define what a business plan is.

What Is a Business Plan?

A business plan is a document that explains how a business will operate and establish itself in the market to generate profits. Business plans are usually created before a new business starts, to make sure there are no loose ends that could affect its profitability or ability to operate. They can also be created for business improvement purposes.

Business plans are also crucial for raising funds for new business ventures, as they’re used to provide the key details an investor should know to determine whether or not a business is a sound investment.

What Is a Business Plan Template?

Our business plan template outlines the business, product or service that you want to launch. It also details the market you’re targeting, the goals and objectives of the venture and how you propose to achieve them.

The business plan is one of the three pillars that any new idea must stand on to be successful. The other two are a marketing plan and a financial plan. These will be touched upon in part within the business plan template and included in full as supporting documents.

What Should Be Included In a Business Plan Template?

Business plans vary from one organization to another. However, there are key elements that any business plan should have to provide a clear picture of a business, especially if you’re creating a business plan to request funding from investors. Here’s an outline that includes some of the most fundamental aspects to add to your business plans.

• Executive summary
• Company description
• Market analysis
• Marketing & sales strategy
• Operational plan
• Financial projections
• Organizational structure and management
• Legal structure

While you can decide how thorough you want your business plan to be, you’ll want to provide as many details as possible. A detailed business plan can reveal significant flaws in your business model. Business planning flaws such as ignoring industry trends can cost your company money, or could even lead to bankruptcy, so it’s important that you take your time when making a business plan.

How to Use This Free Business Plan Template

Now, let’s dive into each of those sections to have a better idea of how to use this business plan template for Word.

Executive Summary

Here’s where you lay out your idea. Your executive summary is the elevator pitch, something that encapsulates your business plan contents in just one page or a couple of paragraphs.

The main purpose of your executive summary is to highlight the key elements from your business plan thatyou wish to communicate to investors or stakeholders such as the market opportunity, an overview of how you’ll manage the venture, competitive advantages, key aspects of the company background, etc.

Company Description

This section explains what your company does and what it intends to achieve.

• Mission statement: The mission statement is a short action declaration that explains the purpose of your business and what it does. It should be one or two sentences long.
• Vision statement: The vision statement is similar to your mission statement in terms of length, but the vision statement states the future goals of the organization.
• Value proposition: The value proposition explains how your company will offer value to customers in a unique way that differentiates it from the competition.
• Core values: The core values are the guiding principles that shape your company’s organizational culture, such as integrity, innovation and collaboration.

Market Analysis

This section should explain to readers how your company intends to compete and position itself in a particular market. To do so, you should include the following:

• Industry analysis: Provide an overview of your business industry. Briefly explain if there are any current trends that might affect your business, either positively or negatively, such as new competitors, new technologies or any other changes. You should include statistics to explain how your industry has grown over the years to convince stakeholders of its value.
• Target market: The target market section should explain the ideal customer for your products. Your marketing activities will be focused on this type of customer, so it should be the most profitable customer to serve. You can easily express what your target market is by creating buyer personas.
• Direct competitors: Direct competitors are businesses that offer exactly the same type of product you do and also serve the same target market. For this reason, you should use your unique value proposition to differentiate from them. Think about two different brands of soda. They offer the exact same product to the same market, at the same place.
• Indirect competitors: Indirect competitors are businesses that offer substitute products to your target market, which means they don’t offer the same product as you do, but their product could also be used to satisfy the same customer need. Now think about butter and margarine. While the product isn’t exactly the same, it can be purchased by customers to satisfy the same need.
• SWOT analysis: SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis is a very important part of a business plan because it allows you to do a quick assessment of your current competitive position by looking at the internal strengths and weaknesses of your business while also considering any opportunities and threats from the external environment, such as the risk of new competitors or the opportunity of an underserved market.

Marketing & Sales Strategy

The purpose of this section is to explain how your company will market the product to your customers. It uses the 4 Ps of marketing as the guiding principle.

• Product: Explain what your product is, how it works and how it’s meant to be used. Also, explain some of the main attributes or features that make it superior to other products on the market. This can be anything such as lower production costs , durability or ease of use.
• Price: Pricing is an important part of your marketing strategy. Use this template to indicate your estimated profit margin along with a general description of the expected costs.
• Place: Place simply refers to two main things. Your sales channels, which are the methods you use to sell your product, such as online e-commerce platforms or brick-and-mortar locations and your distribution channels, which are the methods of transportation you’ll use to bring your product from the production line to the final customer.
• Promotion: Use this section to explain the various methods you’ll use to advertise your product, such as websites, social media platforms or traditional methods such as TV, newspaper or radio ads.

Operational Plan

This section should provide a quick overview of how your business will operate by outlining the following areas:

• Day-to-day operations: Briefly explain how your business will serve customers or manufacture products. The goal is to provide a quick overview of the daily operations of your business for stakeholders and investors.
• Supply chain: Every business needs to purchase raw materials, parts and components to deliver products or services to its target market. Use this section to explain the key steps in your supply chain , and who are your key suppliers.
• Permits and regulatory compliance: Use this section to list any permits or regulatory compliance standards your products should meet, if any.

Financial Projections

Use this section to attach any financial documents you might have. If you’re starting a new business you can use financial forecasts. Here are some of the financial documents you can include.

• Income statements
• Balance sheets
• Cash flow statements
• Capital expenditure budgets
• Cost forecasts
• Gross profit projections
• Profit & loss statement
• Projected balance sheet

In addition to these documents, it’s advisable to include an exit strategy. The exit strategy is a contingency plan that’s executed to minimize losses for investors and business owners in the event of bankruptcy or if the business must be terminated at some point. Use this section to briefly explain how you’d execute your exit strategy.

Management Team and Key Personnel

It helps to build confidence and give investors a sense of the risk they’re dealing with if you can provide profiles of your executive and management team. In fact, anyone who will be instrumental in executing the business plan should be included. Their skills and experience can go a long way to realizing your business plan.

Legal Structure

Last but not least, use this section to explain whether your business is a sole proprietorship, partnership, corporation or any other type of legal structure.

While you can decide how thorough you want your business plan to be, the more details you provide the better, as a detailed business plan can reveal significant flaws in your business model. Business planning flaws such as ignoring industry trends can cost your company money, or could even lead to bankruptcy, so it’s important that you take your time when making a business plan.

Why Should You Use a Business Plan Template?

The main reason for a business plan template is to show off your idea in the best possible way to attract investors by collecting the points that show why your business, product or service is viable.

The other reason is that nothing is possible without a plan. Launching a new business, product or service is a project, and a project without a plan is like a boat without a rudder. It might not sink, but it’s unlikely to get where you want it to go.

There are more detailed reasons to take the time and effort required to fill in our business plan template. For example, a bank and investors won’t let you in the door without a business plan. The same is true for any potential partners.

On top of that, the template provides broad strokes as to how to implement your idea . This is vitally important if you sway your investors and need to make the plan a reality.

Once you have investors on board, you need to turn your business plan into a viable project. Project management software like ProjectManager can help. Our Gantt charts can organize tasks, track costs, allocate resources and more. Plus, live dashboards give you a high-level view of performance to catch issues before they become problems. With project management software, you can plan, track and report on everything that matters. We’ll help you make your business plan a successful venture.

When Should You Use This Free Business Plan Template for Word?

You should use a business plan template when you’re getting ready to shop your idea for the bank, investors or a partner. Before using our template, you’ll want to have done all the necessary due diligence.

In other words, once you have an idea for the business, product or service, you need to do market research to see where it fits in the larger commercial landscape. Then, you’ll need to figure out how much capital you’ll need to realize the idea.

Once you have all the work done for your proposal, then you can start the process of filling in the business plan template. The more thorough your preparation, the more convincing your plan and the more likely you’ll get it off the ground.

Who Should Use This Free Business Plan Template for Word?

Anyone who is planning to run a business needs to use our business plan template. It’s your roadmap  and provides you with a plan forward by outlining objectives, establishing priorities and more.

You’ll also need this business plan template if you already have an established business and are looking for buyers to sell it to. This is also true if you’re looking to determine the value of your business says for taxes or estate planning.

How to Track the Execution of Your Business Plan With ProjectManager

ProjectManager is award-winning software that helps you organize your plan and execute it more effectively. Once you’ve filled in your business plan template, the real work begins. Our tool helps you create a schedule and manage your resources to successfully deliver your plan.

Gantt Charts to Plan

Use our Gantt chart project view to input your tasks or import the task list from any spreadsheet. You can also use one of the many industry-specific templates loaded into the tool to get you started. Then add durations for your tasks and they’ll populate the timeline side of the Gantt, giving you a full picture of the plan laid out chronologically.

Dashboards to Track Progress

When you execute your plan, you need to monitor its actual progress to make sure you’re on track. Our real-time dashboard collects status updates and automatically monitors your schedule, costs and other vital metrics, displaying them in easy-to-read graphs and charts. This high-level view helps you catch issues before they become problems.

Reports for Your Stakeholders

Keeping executives and other stakeholders in the loop is important. One-click reporting makes it simple to get data on the performance of your plan as it’s executed and then share those reports. They can even be filtered to give stakeholders the only information they want.

There’s so much more that ProjectManager does to make sure your plan is a success. From unlimited file storage to resource and team management, we allow you to make your business plan and implement it successfully.

What Other Free Excel Templates Can Help You Build a Business Plan?

Our business plan template collects a lot of information, but in order to have a thought-through plan, you’ll want to use some of the other free project management templates we have free on our website.

Project Charter Template

For your plan to work, you need to have a project charter. Our free project charter template helps you figure out the scope of your project, identify objectives and deliverables and even start figuring out the tasks, resources and costs for the work to come.

Statement of Work Template

The statement of work outlines the course of your project plan, including activities, deliverables and the timetable. It defines these essential components of any plan and acts as the first step in your journey to creating a project plan. The free statement of work (SOW) template lays it all out for you.

Project Proposal Template

Before the plan comes the proposal. It’s the pitch to get your project approved so you can then create a plan. The free project proposal template sets the stage and all you have to do is add the details. When approved you have already made the first step towards a plan, which makes it that much easier.

Related Business Planning Resources

If you’re looking for more information about business and planning, then check out the resources page on our website. We have tutorial videos, blog posts and guides that address every aspect of project management. Here are just a few relevant articles.

• 15 Free Word and Excel Templates for Business 
• Strategic Planning in Business
• Why You Need a Reliable Business Continuity Plan
• How to Choose a Project Planner That’s Right for You

ProjectManager is an online tool that gives you real-time data to make better decisions when managing your project. Organize your teams, help them collaborate and drive your project more efficiently to a successful end. Join the tens of thousands of teams that already use ProjectManager and take your free 30-day trial today.

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Deliver faster, collaborate better, innovate more effectively — without the high prices and months-long implementation and extensive training required by other products.

Sandeep Kashyap

The Best Business Project Management Guide to Refer to in 2024

For many organizations, efficient business project management (BPM) is easier said than done. Many business owners consider it as a costly investment that is justified only if you manage large, complex projects.

That said, BPM is crucial irrespective of the size of the business. 

This detailed guide will cover everything you want to know about BPM methodology so you can make well-informed decisions for your business.

Trust ProofHub To Make Your Business More Efficient. Book your demo .

What is business project management?

Business project management can be defined as the process of streamlining various internal business projects to carry forward the company’s strategies or objectives. There are no external clients involved and the entire project will yield no revenue.

What are business project management processes?

Depending on the industry, the term ‘project’ can mean a lot of things to business owners and managers. 

From managing an event to designing and launching a website, a project is an assignment undertaken that is expected to be completed and delivered successfully.  

To achieve this end goal, project managers implement project management processes and techniques to streamline tasks and projects.

Let us know more about the BPM process steps. 

In this stage, the project is broadly defined and the process starts with a project charter or business case. 

Generally, project managers use the following methods to determine whether to go ahead with the project or not. 

• Business Case Document – This document describes the potential financial gains that a business may get out of the project, which validates the need to pursue the project.  
• Feasibility Study – This study evaluates the project’s goals, timeline, and costs to determine if the project has to be implemented. It balances available resources with project requirements to see if continuing makes sense. 

Project planning is the next step after the project receives a green flag from stakeholders. In this phase, project managers identify technical requirements, create a detailed project schedule, create communication plans, and set up project goals/deliverables. 

Setting SMART or CLEAR goals are the two most popular methods for setting project goals. 

• S.M.A.R.T Goals

A SMART goal stands for Specific, Measurable, Achievable, Realistic, and Timely. The SMART criteria ensure that all project goals are critically analyzed to enable managers to set well-defined, specific, and achievable goals. 

• C.L.E.A.R Goals

It is a relatively newer method that is designed to cater to today’s dynamic, fast-paced business environment. A CLEAR goal stands for Collaborative, Limited, Emotional, Appreciable, and Refinable. 

This phase involves defining the project scope and developing a project management plan . Project managers develop a work breakdown structure (WBS, which visualizes the entire project in different sections for team management. 

This stage is where all the actual work happens as project teams begin with the execution of assigned tasks according to defined workflows. Project managers monitor every team member and task to ensure that the project progresses ahead as planned. 

Maintaining effective collaboration between project teams and stakeholders is important in this phase to ensure that everyone stays on the same page and important information does not fall through the cracks. 

Monitoring and controlling

Project monitoring, controlling, and execution occur at the same time. As project teams execute predefined plans, they must constantly monitor their performance and progress. 

Project managers can establish Key Performance Indicators and Critical Success Factors to make sure that project teams do not deviate from the original plan.

Evaluation and closing

Once the project is finished, teams should evaluate and officially close it. The project closure is officially communicated to stakeholders and resources are released to other projects. The project manager is responsible for terminating contracts ( if any ) and completing the necessary paperwork. 

Let ProofHub bring order to chaotic business project management. Start your Free Trial today

3 Real-world business project management examples

Given below are some simple project management examples that will help you understand how project management software can resolve most problems in the most efficient way possible.

1. Delia by design 

• Challenge. Delia by Design spent a lot of time on proofing via email. Files and designs were attached and forwarded via email, and sometimes these emails were not tracked by recipients. As a result, feedback got delayed and important projects missed deadlines. 
• Solution. That’s when Delia by Design choose ProofHub to get rid of their time-consuming, proofing via email problem once and for all. With ProofHub’s inbuilt online proofing tool , Delia by Design could easily speed up the review of designs and documents in real time. 

Collaborating on files is quick and easy. You can share the file link with other collaborators, grant them access, and use markup tools to add clear and actionable feedback for specific regions. 

Threaded comments enable collaborators to give/reply to suggestions or feedback. Once the changes are made, users can approve files with a single click. 

2. Petrone group

• Challenge. Petrone Group was struggling with scattered projects, poor communication, and inefficient coordination within the team. As a result, both productivity and performance nosedived and this became an urgent matter that called for a quick resolution.
• Solution. Petrone Group used ProofHub as their all-in-one solution to bring all their work to one place through a suite of powerful features. 

Communication tools ( chat, discussions, @mentions, @ real-time updates, announcements ), work management tools ( file management, task management, board view, table view, Gantt charts, ) and time tracking tools worked wonderfully well for them. 

The entire team at Petrone Group was on the same page, which resulted in improved transparency and collaboration. Tasks were assigned and tracked, individual performance was monitored, and work processes were streamlined for better organization and efficiency. 

3. Fractal fox

• Challenge. The team at Fractal Fox faced collaboration problems aplenty as all members could not access the required information at the right time. Poor collaboration caused misunderstandings within the team regarding task statuses and allocation. 
• Solution. ProofHub, with its task management feature , enabled Fractal Fox to bring clarity to its task allocation process. Managers were able to create tasks, divide them into subtasks, assign them to the right people, and track their progress in one place. 

Task management ensured clear distribution of job roles and responsibilities, which eliminated confusion and misunderstanding among team members. The result was there for all to see – improved team spirit, increased productivity, and timely completion and submission of work. 

Advantages Of business project management

If you’re still skeptical about whether or not your business needs efficient project management, read on to know the benefits. 

Once you understand how BPM can benefit your business in various ways, it’s likely that you’d consider implementing it in your daily operations. 

Improves productivity, reduces costs and workload 

Business project management helps your business improve productivity, and reduce costs and workload through streamlining and optimizing work processes. Tracking features of BPM, like time tracking, Gantt charts, Kanban board s , etc, ensure that every individual’s progress can be tracked to ensure deadlines are met. 

Enhances team collaboration 

Using a powerful collaborative software for project management , like ProofHub , keeps the entire team, stakeholders, and clients on the same platform. Everyone will have immediate access to all project-related activities and updates, which fuels transparency and better coordination.

Eliminates confusion about job roles and responsibilities

It’s not uncommon for team members to drop tasks, forget details, and miss deadlines. 

By using a business project management solution, you can put an end to this chaos. You can communicate the role and responsibilities of every team member and to whom they have to report to . 

FImproves customer satisfaction 

The BPM process can help you not just meet but exceed your customers’ expectations. You can communicate with clients about their clear expectations from the project as well as its objectives. 

Helps with problem resolution  

Using business project management methodology helps you figure out how exactly to approach a problem. A structured way of organizing work and streamlining processes can help you identify potential bottlenecks in time before they cause your project to deviate from the track and lose its direction. 

Unlimited uses, powerful features, ease of usage! ProofHub offers it all. Subscribe ASAP !

Software for business project management

1. proofhub.

ProofHub helps you organize various aspects of your project and brings your dispersed team members on a common platform, giving you ultimate control. Why use multiple tools for managing business projects when ProofHub offers a suite of powerful tools in one place? 

Be it task management, communication, reporting, time management, file management or more, ProofHub enables you and your team to be more efficient as everyone knows their job roles, set deadlines, particular suggestions to implement, etc. 

ProofHub enables businesses to easily streamline workflows, maintain team collaboration, ensure smooth communication, organize work, create project plans and execute them, and track the progress of individuals. 

The main features of ProofHub include: 

• Why go back and forth with long email threads when collaborating on your digital files and documents? Use File Management and Online Proofing to organize all your designs and documents in a centralized location, easily access them and speed up the review and feedback of designs and documents with your team members.
• ProofHub helps project managers have a smooth flow of communication with team members, clients, and other stakeholders through features like Instant Chat, Discussions, Real-time updates, Mentions, and Announcements for a quick sharing of work-related information and making conversations more descriptive by attaching documents, files, GIFs, images, etc.
• Make sure the work is done on time and stay ahead of deadlines with ProofHub’s Scheduling Calendar which helps you and your team to organize all your tasks, events, and milestones in one place. Never miss anything important with Automatic reminders and you can make a task repeat periodically ( daily, monthly, weekly, yearly ) with Recurring tasks. 
• Project teams have the flexibility to add more steps to their workflow with Custom Workflows. You can also choose a standard Basic workflow with two default stages ( To-do and Done ) or a Kanban workflow with three default stages ( Backlog, In-progress, and Complete ). 
• Time is money for businesses and project teams. Can you afford to waste it? Of course not! ProofHub’s Time tracking tool helps you and your team avoid time wastage and record how much time is being spent on different tasks. You can track time manually or with automatic timers, set time estimates, and create custom time reports of people and projects. 
• Check your project’s progress with multiple views – Gantt, Board, Table, and Calendar views. Visualize potential bottlenecks and take timely actions to keep your projects on track. 
• Jot down your ideas in Notes and save them in Notebooks . Subscribe to others for easy collaboration. This way it becomes the central source of truth for everyone eliminating any kind of confusion.    

ProofHub offers two flat-rate pricing plans that allow an unlimited number of users. The Essential plan is priced at $45 per month when billed annually. The Ultimate Control plan is priced at $89 per month when billed annually. 

Capterra: 4.5/5

G2: 4.5/5 

 👉Did you know that ProofHub has been recognized as a High Performer project management tool by G2? Get started today for FREE ! 

This simple BPM software can help you track tasks, define workflows with 50+ apps, and manage work. Its flexibility and vast capabilities make it an ideal solution for managing small, simple projects. Though Asana lacks resource management tools, budgeting, and expense tracking,  you can use Asana to monitor plans, check progress, and discuss work in one place. 

It is customizable and allows businesses to streamline communication across companies and teams. Integration with hundreds of other apps allows businesses to manage all their work from one tool. 

Main features of Asana include: 

• Workflow builder to streamline projects in one single place
• Timeline to create project plans to help you stay on schedule 
• Kanban boards to visualize and track your work
• Automation to reduce errors and spend less time on routine tasks
• Workload to check the workload of team members across projects
• Calendar to view your team’s work on a single, shared calendar
• Forms to submit and manage requests in one place
• Reporting to get real-time insight into progress on any stream of work

The Paid plan starts from $10.00 per user, per month when billed annually. 

G2: 4.3/5 

Wrike offers an array of basic and advanced features to project managers to give them 360-degree visibility on all projects, which helps in making workload and resource management an effortless task. It’s flexible to be used across any industry, especially large businesses that want to use it across multiple departments. 

Its unique dashboard, enterprise-grade functionality, and department-specific solutions make it a popular and reliable business project management if you’re an agency, marketing team, or professional services provider. 

Main features of Wrike include:

• Automate work intake with Dynamic Request Forms
• Visual proofing enables clear visual communication directly in assets 
• Work Intelligence solution provides real-time predictions of at-risk projects and suggested remediations
• Purpose-built templates to get your projects up and running in no time
• Interactive Gantt charts to visualize all your work in a timeline view 
• Kanban boards help you track projects and identify overdue tasks
• Calendar view displays your work items and tracks what needs to be done and when 
• Time tracking to track the exact hours of your employees  

The Paid plan starts from $9.80 per user, per month. 

Capterra: 4.3/5 

G2: 4.2/5 

4. Basecamp

Basecamp markets itself as an “ all-in-one toolkit for working remotely .” The tool stands out because of its advanced built-in collaboration tools that enable businesses to improve communication within teams and ensure that every member has visibility to scheduled events, tasks, and milestones. 

Although Basecamp is a capable BPM tool, it is missing out on some crucial features such as multiple project views and task prioritization. It would be fair to term Basecamp as an efficient remote work solution rather than a typical project management platform. 

Main features of Basecamp include: 

• To-do lists to track work, deadlines, progress, responsibilities, and other details 
• Real-time group chat lets you quickly exchange messages 
• Project schedule displays dated to-dos, deadlines, milestones, and relevant details
• Hill charts give a visual, intuitive sense of projects’ progress
• Automatic check-ins let you automatically ask questions to your team on a regular basis
• All-access allows anyone in your Basecamp account to see and join projects  
• File storage offers an organized space to create, share, and discuss docs, files, and images
• Notification management lets you control how you want to receive notifications

Flat pricing at $99 per month. 

G2: 4.1/5 

5. LiquidPlanner

LiquidPlanner is one of the few project management solutions that dynamically adapt to change and manage unpredictability to enable teams to plan, predict, and perform with confidence. 

Its intelligent predictive scheduling engine runs multiple simulations across all your projects to help businesses create realistic and accurate forecasts. The engine factors in all the complexity of your projects and people’s availability to model and help you optimize performance. Structured prioritization helps teams align on urgent/high-priority projects first. 

Main features of LiquidPlanner include: 

• Intelligent Predictive scheduling runs multiple simulations across all your projects
• Balanced workload lets you visualize the bandwidth for the entire team across all projects and tasks
• Perfect prioritization creates a single source of truth and realistic schedules
• Ranged estimation captures uncertainty to deliver predictably and consistently
• Time management helps you track your team’s time spent on tasks and projects
• Intelligent insights automate the heavy work of projects and provide a simple environment for collaborative planning

The Paid plan starts from $15 per user, per month when billed annually. 

Capterra: 4.3/5

Choosing the best business project management software can take time, but it’s worth it. When deciding which software to use, it’s important to consider what kind of work your team does, how many employees are in the organization, and how you want to operate your business. There are several top-rated options to suit every team’s requirements.

With a reliable business projects management application, like ProofHub , business owners and team managers can get useful insights into how their teams work, whether projects are on track, and how to get them back on track when they deviate. Sign up now and save BIG!

What is Project Management?

Project management involves planning and dividing a project into various tasks and subtasks, allocating them, and communicating with all stakeholders to ensure timely completion and delivery.

Why is project management important?

Project management is important to bring direction and purpose to projects so they can be successfully completed and delivered within specified timeframes.

What does a project manager do?

Project manager organizes, plans, and executes projects, supervises teams, defines project goals, communicates with stakeholders, and sees a project through to its closure.

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Project management vs business management explained

Running a business requires both project management and business management skills, but they’re actually two different fields of management. The leadership roles within these fields come with different responsibilities.

In this article, you’ll learn about the significant differences between project management vs business management, and how they each contribute to achieving a business’s objectives and goals. We’ll also share how you can leverage many of monday.com’s project features to optimize your projects and manage your business better.

Project management vs business management: what’s the difference?

Ultimately, the key difference between project management and business management lies in the nature of the work.

Project management refers to the successful execution of one or several projects within limitations such as time, scope, cost, and quality. The project manager in question focuses on tasks such as coordinating resources, project planning, allocating the budget, acting as an intermediary between clients, and keeping the team motivated and on track to complete the project with optimal results.

Business management refers to the oversight of business operations in a specific area to ensure everything is running smoothly. This could include sales, marketing, manufacturing, and more.

Let’s take a closer look at what project management vs business management looks like side-by-side:

How does a project manager differ from a business manager?

A project manager focuses on tasks such as coordinating resources, project planning, allocating a budget, acting as an intermediary between clients, and motivating the team to complete a project with optimal results.

A business manager, on the other hand, focuses on daily operational tasks such as sales, marketing, manufacturing, and so on.

Let’s take a look at what the roles of a project manager and business manager look like side-by-side:

How to use project management to support positive business management

When you consider project management vs business management, you’re essentially comparing apples and oranges. While the necessary tasks in running a small business are to those of running a corporation, both will use some essential management skills to allocate resources, direct staff, and market their products.

For example, as a business grows, several operational aspects can lose efficacy. Signs of this can include:

• Missed deadlines
• Prioritization mistakes
• Conflicts regarding resources and effort
• Task planning and execution issues
• A lack of required information
• Poor communication and mediation with clients

A general business manager will often find themselves overwhelmed as operations grow and objectives change. Project management can help by implementing a structured framework by which a specific goal is achieved, which works by maximizing resources and productivity.

Generally speaking, project management gives businesses greater control over their operations by managing them on a smaller scale.

In other words, things like product or service quality, customer service, marketing, and more can be optimized by having a project manager prioritize specific tasks and assign teams to them. Not only does this free up time for business managers to focus on operational goals and productivity, it streamlines business growth by properly delegating tasks and resources — all within a specific timeframe.

monday.com features to optimize your project and business management

If you want to successfully implement project management strategies to complement your business management and overall operational goals, you’ll need a platform that will allow you to prioritize and streamline all of your tasks, tools, documents, and more.

monday.com can help you drive growth by enabling you to create effective workflows that bring your teams together to reach project goals more efficiently.

monday.com Work OS allows you to manage multiple projects from one place. From strategic planning to project management, these features help you and your team drive your projects home:

• Gantt charts: Create a project road map that keeps track of a project’s scope, schedule, milestones, dependencies, resources, and metrics.
• Project dashboards: Get access to real-time and high-level data for your project’s goals, budget, scheduling, resources, and more to make better-informed decisions in seconds.
• Workload View: Manage your team resources, assign tasks, and adapt to changing priorities.
• Milestone calendars: Mark and manage significant checkpoints in a project’s timeline and measure and share progress with clients and team members.
• Advanced integrations: Connect to your most important tools like Google Drive, Slack, and Salesforce to align teams across your business.
• Project templates: Choose from a variety of pre-designed templates from our template center that you can customize for every new project.

monday.com is also made me to be used by project managers and business managers alike. For example, you can use the Portfolio Management Template to manage multiple project dashboards and workflows.

What is the next role after a project manager?

After gaining experience and becoming a senior project manager, you have several options: You can become a chief operating officer (COO) of a company, management consultant, program manager, or even a portfolio manager.

Is PMO a stressful job?

Yes, project management can be very stressful. PMOs are responsible for on-time delivery of projects that are also on budget, meeting client expectations, and handling hefty to-do lists.

What is the career path of a project manager?

After gaining experience in the field, a project manager will typically be on track to senior- or executive-level positions in project management. This includes project management office (PMO) and director or chief operating officer (COO) positions and more.

Master project and business workflows with monday.com 

Strategic project management can complement your business management processes by zeroing in on priority tasks and ensuring they’re completed efficiently. This will give your business management team more time to focus on operational growth and other overall business objectives. It also ensures product and service objectives are delivered on time and surpass client expectations.

You can set up the solid processes and analysis you need for both project management and business management using monday.com.

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How to Start a Project Management Consulting Business

Managers who have to juggle complex business projects are under a lot of stress. This is why project management consultants are so valuable. They use their expertise within a specific field to help other businesses and firms to develop and manage a project. It reduces the stress managers experience and helps a business complete a project on schedule and within its budget.

Consultants typically assist upper level management in overseeing a project from its beginning to its completion, providing a "soup to nuts" service that's often very "hands on."

You may also be interested in additional low cost business ideas .

Learn how to start your own Project Management Consulting Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a project management consulting business by following these 10 steps:

• Plan your Project Management Consulting Business
• Form your Project Management Consulting Business into a Legal Entity
• Register your Project Management Consulting Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Project Management Consulting Business
• Get the Necessary Permits & Licenses for your Project Management Consulting Business
• Get Project Management Consulting Business Insurance
• Define your Project Management Consulting Business Brand
• Create your Project Management Consulting Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your project management consulting business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Project Management Consulting Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your project management consulting business?

Business name generator, what are the costs involved in opening a project management consulting business.

A project management consulting business is a low overhead business. You only need access to a computer, a phone, and a small office to run this business. You can start for less than $1,000.

What are the ongoing expenses for a project management consulting business?

Ongoing expenses are minimal and include costs for office space, computer maintenance and software maintenance and upgrades for project management applications. These costs may range from several hundred dollars per month to several thousand dollars, depending on how large the agency is.

Who is the target market?

Target market for this service are reasonably successful businesses that need help planning and completing complex business projects.

How does a project management consulting business make money?

Project management consulting businesses make money by charging clients a fee for service (per project) or a per-hour fee for consulting. Service contracts are common in some industries, but many businesses hire consultants on a per project or even a per-month basis.

Project management consultants can charge anywhere between $100 and $500 per hour for consulting. Consultants can also charge on a "per-project" basis, with fees ranging from $1,000 to several hundred thousand dollars.

How much profit can a project management consulting business make?

Project management consultants can make anywhere from $50,000 per year per consultant to $1 million or more in fees for large projects with large corporate clients.

How can you make your business more profitable?

If you want to make the business even more profitable, consider partnering with other non-competing consultants. For example, a project management consultant may need the help of a marketing consultant, a customer service consultant, or some other outside agency which can implement some or all the solutions your agency proposes for your client. By becoming a "one stop shop," you can simplify the process for your clients, making it more convenient to do business with you.

This, in turn, can command higher consulting fees.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your project management consulting business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a project management consulting business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.

• If you plan to lease a location :
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a project management consulting business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
• If you plan to purchase or build a location :
• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your project management consulting business will be in compliance and able to obtain a CO.

Services Contract

Project management consulting businesses should require clients to sign a services agreement before starting a new project. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and intellectual property ownership.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Project Management Consulting Business needs and how much it will cost you by reading our guide Business Insurance for Project Management Consulting Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a project management consulting business

Promote your business locally through networking, local pay-per-click advertising, website advertising, email marketing, and direct mail. Once you get your first few clients, you can work off referrals.

How to keep customers coming back

Attract more clients through referral business. This will become your main source of leads and clients. In addition to this, you can retain existing clients by providing exceptional customer service and by making projects profitable for your clients.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

This business is perfect for seasoned business owners and advisors who have extensive experience in business management, project management, and who perform well under stress. Because many high level business projects are under strict deadlines, consultants must also be excellent at managing their time well.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a project management consulting business?

A typical day at a project management consulting firm consists of meeting with clients, reviewing a project's scope, analyzing key performance indicators, and assessing the viability of various projects a business wants to undertake.

Consultants must perform detailed analysis of a project and submit reports to management and sometimes the board of directors to get approval for funding and even the project itself.

A project management consulting business may juggle many different projects at once, relying on an organized system of assistants and templates to complete various project milestones.

Consulting companies must also manage client expectations, behaviors, and attitudes toward the project and set realistic expectations about completion times and budgets.

What are some skills and experiences that will help you build a successful project management consulting business?

Business consultants are highly specialized in their education. They often have extensive experience in business management, project management, and financial management. Project managers must have excellent time management and communication skills. Finally, the consultant must understand all aspects of the project management process that most corporations use.

What is the growth potential for a project management consulting business?

This type of consulting business can grow into a large enterprise, but most businesses are run as small agencies. This is because project management consulting is a highly specialized industry where only one or a few individuals have the expertise to advice a business through all stages of a project. Therefore, it's difficult to scale this business.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a project management consulting business?

Work with local businesses that you already have relationships with. Consider approaching local businesses and offering them complimentary services in exchange for testimonials or referrals for successfully completed projects. You may have to offer discounted rates until your name recognition is enough to command higher fees.

How and when to build a team

Building a team isn't necessary, but some agencies decide to hire assistants to handle various aspects of the consulting process. Sometimes, an assistant can reduce some of the workload of a consultant by performing routine tasks, working from a template. This can save clients money and simultaneously increase total revenue for the consulting business by streamlining various processes.

For example, the project management process is mostly the same for all businesses. Initial interviews reveal basic information, like costs, project goals, scope, and budgets. This information can be gathered and analyzed by an assistant before a consultant comes in to take over the project. Maintaining a "pipeline" of leads this way, where assistants are completing the initial phases of the consulting work, helps optimize workflow for the consulting business.

Useful Links

Industry opportunities.

• International Project Management Association
• Project Management Institute (Certification)
• IMC USA(Certification)

Real World Examples

• Blue Beyond Consulting-Castro Valley, CA
• PM Solutions-Chadds Ford, PA
• Line Of Sight- Ellicott City, NJ

Further Reading

• Interview With A Project Manager at Boston Consulting Group
• Discover more Consulting based Business Ideas

Have a Question? Leave a Comment!

• Business strategy |
• What is a project management office (PM ...

What is a project management office (PMO)?

If your company is struggling to collaborate, feeling disorganized, or implementing a major change, PMO can help set and maintain organizational processes across the entire business. Learn how your teams can use a PMO for better cross-collaboration and project management.

This is where a project management office (PMO) comes in. PMOs increase efficiency and effectiveness by standardizing processes and defining best practices across your organization. In this article, we’ll dive into what a project management office is, what they do, and how your team can benefit from a PMO.

A project management office (PMO) sets and maintains your organization's project management best practices —including defining how your organization executes core processes and strategic initiatives. A PMO can be an internal team or an external support system. 

You may have heard the acronym “PMO” referred to as a program or portfolio management office, but these are distinct types of PMOs:

A project management office (PMO) guides all project management initiatives. 

A program management office (PgMO ) guides employees to use best practices when undertaking projects and programs. 

A portfolio management office (PfMO ) guides all change management processes within an organization.

To support cross-functional collaboration and reduce chaos, a PMO defines, standardizes, establishes, and runs business-critical planning and operational processes across the entire organization or within a specific department. Typically, this includes determining how products and services are built and delivered at a department or company level.

These teams are shared services organizations, meaning that in most cases they are a central support team that drives and enables the work of many other teams and departments. 

Who works within the PMO?

An internal project management office is a shared services team. Usually, these project managers work as cross-functional partners to standardize processes across the department or organization they support. 

In addition to project and process managers, PMOs also consist of business strategy team members—who not only standardize processes but help to optimize and improve upon them. 

How do PMO teams differ by organization size? 

Smaller companies: At a small organization, you might have one PMO team that standardizes project management best practices across all of your departments. 

Larger companies: Alternatively, in larger companies with many different systems and less cross-functional collaboration, PMOs may be embedded in the departments they serve. 

Internal vs. external PMOs

An internal PMO is an in-house team that supports project success. Internal PMOs are permanent teams that collect all of your organization’s processes to establish standards and best practices. These teams are tasked with:

Providing trainings

Updating guidelines

Standardizing and maintaining best practices

Supporting change management initiatives

Alternatively, an external project management office is an agency or consulting group that helps you create best practices for your company. External PMOs:

Intake processes and suggest optimized best practices

Do not enforce those practices or continue supporting your organization 

The type of PMO you invest in depends on your organization’s unique needs. However, an internal PMO is generally better equipped to support your organization in the long term. In this article, we’ll talk about the roles, responsibilities, challenges, and benefits of an internal PMO. 

What are the three types of PMOs?

There are three types of internal PMOs. The type of PMO you choose depends on where your company is at, how disorganized projects are, and what your specific needs are. 

Supportive PMO: Focuses on providing mentoring, training, information, and support—without being too prescriptive. Supportive PMOs will often provide suggestions and structure for projects, but allow each project manager to decide whether they want to adopt those suggestions or not.

Controlling PMO: Most beneficial if you need to reign in processes and ensure every team is marching to the same beat. Unlike a supportive PMO, a controlling PMO will standardize guidelines and expect project managers to follow those guidelines effectively. Controlling PMOs may also review projects to ensure they’re compliant. 

Directive PMO: Takes over the project management elements and coordinates most project planning details like resource allocation , project risk management , and project scoping . Because the PMO is effectively running most large initiatives, these project management offices tend to staff the most people.  

PMO roles and responsibilities

A PMO helps you standardize project management processes across the business. They do that by putting best practices and guidelines in place for your team. PMOs:

Get teams on the same page: Schedule a project kickoff meeting to go over scope, deliverables, timelines, and roles  

Establish who’s in charge: Define clear ownership between project leads, budget owners, and other stakeholders

Standardize tools: Create templates for projects and project briefs

Develop guidelines: Outline best practices for how project milestones are set and how project health is communicated

Design reporting processes: Standardize how project status is reported

Set expectations: Set clear expectations around project planning, QBRs , and post mortems

WIth a PMO in place, teams know exactly what’s expected of them so they can complete projects efficiently and on time. These roles and responsibilities can be summarized by the following categories.

Accountability, visibility, and discoverability are advantages that come from proper project management and using the right tools. ”

Project governance

Project governance is the framework for decisions made during the project life cycle. This includes details within the project itself—like where information is stored, who has access to information, and how the team will collaborate—and best practices like the five phases of project management or other project management methodologies. 

Project governance also standardizes, in broad strokes, how the organization supports projects. In this case, a PMO establishes project governance rules to ensure that their organization is investing in projects that are contributing to long- and short-term company goals. 

Data-driven reporting

In addition to establishing project best practices, a PMO is an analytical partner to leadership teams. Part of the office’s role is to frame key questions, determine and get agreement on analytical approaches, and summarize data to generate action plans if necessary. 

The PMO brings reporting capabilities to effectively evaluate project performance. These metrics empower project teams to make data-driven project decisions and reduce business risks.

We had half a dozen workflows that were tracked separately. It was great to conjoin them in Asana, see how they interlock, and notice dependencies that you couldn’t see in a spreadsheet.”

Strategic planning

A strategic plan is a three- to five-year roadmap detailing where your organization wants to go and how it will get there. A project management office is often the team responsible for creating and monitoring the strategic plan. This includes:

Helping business partners develop their strategy

Standardizing who sets goals

Defining annual OKRs

Breaking OKRs into quarterly plans

Creating a system to track goal progress

Establishing how goals are communicated

The PMO then ensures the strategic plan continues to flow down to the project level by:

Defining how projects should be pitched—including providing a standard project charter or business case template

Standardizing how and when project stakeholders are assigned—for example, by encouraging organization-wide adherence to RACI charts

Information sharing

When teams set up information, folders, and tools for their own use, they aren’t thinking about how other team members will access this information. But this model of information isolation leads to more manual, duplicative work. In fact, the average knowledge worker spends 60% of their time on work about work—things like searching for documents, following up on work status, and communicating about work. 

Part of a PMO’s job is to reduce information silos like these. To do so, a PMO will: 

Create a central source of truth for key information

Establish best practices for how team members should collaborate

Standardize security practices for information storage and sharing

Assign and monitor responsibility for updating information regularly

Ensure everyone knows who’s doing what by when to reduce duplicative work

When work is decentralized and dependencies are unclear, everything feels like a top priority. It creates stress and anxiety.”

Tool adoption and maintenance

A key part of standardizing processes is ensuring everyone is using—and knows how to use—the same tools. If your teams aren’t all using the same work management software already, a PMO will drive the change management process and adoption of a new tool, monitor usage, facilitate trainings, and automate processes where possible.

Resource management

Resource management is the process of planning and scheduling your team’s resources in order to complete a project. In this case, a resource is everything from equipment and financial funds to tech tools and employee bandwidth. 

PMO resource management depends on how big your organization is. For small organizations, the PMO may be the team directly allocating resources to different projects. For larger organizations, a PMO might establish a system of resource management planning and change control processes to prevent scope creep . At the enterprise level, this can also include capacity planning and resource forecasting.

Not having a centralized tool creates disorganization. We didn’t know what everyone was working on unless we asked them, but then you only get an answer for that moment in time. Since things move so fast, we needed a place where everything lives so you can see the current status and what’s coming up.”

Standardized language

A key part of effective teams is how well your team communicates and collaborates cross-functionally. Part of a PMO’s role is to audit existing processes across different teams and standardize those processes in order to enable more effortless cross-functional collaboration. If necessary, this includes aligning on standardized language within your organization to build shared values and support healthy organizational culture.

Ongoing training

Once their standardized processes are successfully up and running, a PMO’s final responsibility is to schedule ongoing training sessions to train new project managers and support new initiatives. For example, a PMO might host training sessions on how to start setting team- or company-wide key performance indicators (KPIs) or offer webinars on how to resolve conflict within a project . 

Benefits of a project management office

The biggest benefit of a PMO is gaining the tools to standardize systems and processes. When everyone on your team is in sync, you lower the barrier to cross-functional collaboration and unlock higher-impact work. 

This is simultaneously one of the most challenging things to tackle as a PMO and one of the main reasons PMOs are used in the first place. Over time, teams and departments naturally develop their own processes. In order to get their best work done, each team implements its own standards, technologies, and project management tools. But because they’re only adopting processes and tools that meet their specific team’s needs, this can quickly create information silos and knowledge gaps. 

Left unchecked, these silos lead to operational inefficiencies and make cross-functional coordination challenging. 

In addition to helping teams get their best work done, a PMO:

Aligns projects to corporate strategy , connecting daily work to company goals

Enables cross-functional collaboration by standardizing systems

Fosters strategic decision-making through project governance

Establishes organization-wide project management standards

Shares real-time visibility and context between teams

Develops, shares, and monitors project management best practices across your organization

Trains new project managers or teaches new project management skills

Integrates and democratizes data throughout your organization

Increases operational efficiency by standardizing and streamlining processes

Improves resource utilization by establishing a resource management plan

Reduces time and cost spent on projects

Create a successful PMO that drives collaboration

PMO teams help everyone move in the same direction so teams know what to do, why it matters, and how to get it done. If you think a PMO is right for you, start by investigating what teams are currently doing. The first step to creating a PMO is understanding where you are—once you’ve aggregated all of this information, you then define best practices and empower cross-functional collaboration.

Want to learn more about work management software? Learn more about how you can coordinate work across all levels of your organization with Asana.

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Project Management

How to drive a successful project management software implementation.

ClickUp Contributor

March 7, 2024

Projects come in myriad shapes and sizes, from your house remodeling to designing an enterprise data warehouse. Even within an organization, the engineering team might have a software development project, the HR a yearly team outing project, finance a budget allocation project, etc.

No matter the scale, every project has its own set of complexities. Effective project management is the only way to manage complexities, eliminate wastage, optimize resources, and reach the goal. 

Thankfully, today, we have software that can take care of that. In this blog post, we explore how you can drive a successful project management software implementation in your organization—from planning to adoption.

What is project management software?

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Understanding Project Management Software Implementation

To understand what project management software implementation entails, you need to know the answer to several questions. Let’s get to it.

Project management software is a digital tool designed to manage the activities, resources, and tasks related to a project. A good project manager would input all the data and events surrounding a project into the software and give all stakeholders visibility.

Project management software implementation is the process of selecting, setting up, and deploying project management tools for various users. We discuss the step-by-step process of this activity later in this blog post.

Project management itself has evolved significantly over the last couple of decades. 

Spreadsheet era : Early project management tools were simply spreadsheets. Project managers created endless tables and charts to manage all information in one place. This was highly manual and difficult to collaborate on.

ERP/CRM era : From spreadsheets, big organizations moved to enterprise resource planning (ERPs) and customer relationship management (CRM) software, which allowed them to manage tasks related to specific projects. For instance, CRM could handle the marketing workflow.

Without the focus on project management, these tools were a make-shift solution. They were inadequate and inefficient. Moreover, they were also a challenge to implement or even use.

Simple task manager era : As the SaaS model grew, many simple task management tools became popular. Project managers were fitting their hundreds of tasks into simple checklists, making managing projects at scale impossible. 

Powerful project management software era : As the SaaS market matured, project management tools became significantly more powerful. An all-in-one project management tool like ClickUp empowers you to manage any kind of project precisely the way you want to. 

With flexibility, customizations, integrations, and automation, powerful project management software is every project manager’s superpower! 

It’s like having a virtual command center at your fingertips, enabling seamless communication, collaboration, and progress tracking.

The pandemic and the rise in hybrid work models have placed project management software at the epicenter of organizational productivity. As a distributed workforce became the norm, project management software became the virtual office.

If that sounds like big talk, we hear you. Let’s see in granular detail why you need to consider project management software implementation.

Your business is a bustling beehive of activity. Projects are the honey and your team, the diligent bees. Without a system to organize, prioritize, and track these projects, things can quickly become sticky. Good project execution can avoid that and add extraordinary value. Here’s how. 

Consolidation : A project management software consolidates all the information, actions, and outcomes of a project. At any point, anything you—or anyone else—needs can be found here. This makes project management simple and effective.

Visibility : Implementing project management software provides visibility into all your projects, highlighting what’s on track and what needs a nudge. With this transparency, you can easily make tough decisions. 

Collaboration : Among remote/hybrid teams, project management software implementation bridges the physical distance, enabling seamless collaboration regardless of time zones or locations. 

Even if you are a co-located team, project management solutions enable collaboration with partners, vendors, customers, sponsors, etc., bringing every key stakeholder on the same page.

Predictability : Project management software lets you compare plans with actuals in real-time. You can tinker with your upcoming plans based on your performance to be more accurate. 

Automation : Great project management software doesn’t just allow you to do the work but carries some of the weight, too. It automates repetitive/predictable processes, freeing up your project team’s time to focus on what they do best. 

Continuous improvement : Project management software records everything about a project. Depending on where you look, it’s a treasure trove of insights into everything you can improve in the future.

As you can see, the benefits of project management software go far beyond just organizing work. It injects pace and precision into your business processes. It enables project managers to maximize outcomes from their existing resources.

However, the key to leveraging the best project management tools for business success is in the implementation. If you set it up wrong, it can become a nightmare, hindering work on a daily basis.

In the next section, we explore how you can set up your project management software to accelerate business success.

Key Steps for Implementing a Project Management Software

Implementing project management software sets the foundation for all activities you perform on it. Weak foundations can be unreliable and inefficient and, therefore, barely used. 

To set a strong foundation, you need a successful software implementation plan. Well, you’re in luck! Here’s the roadmap with examples using a software development project.

Before you set out on your shopping trip, you need to figure out what you want. So, begin your project management software implementation with a comprehensive needs assessment process. 

1. Gather requirements

Ask your project teams what they need. Identify every stakeholder involved in your organization’s projects and seek their input. For example:

• A developer might need features to add user stories, manage backlog, prioritize tasks, include acceptance criteria, etc.
• A quality analyst might need a description of use cases, checklists, the ability to comment to the developer, etc.
• The project manager might want to see reports, get notifications of overdue tasks, etc., like in a product management software

Make a clear list of everything you need in the project management software.

2. Identify challenges

Not all needs are articulated by team members. As Ford would say, when asked, most people think they need a faster horse. So, observe the current project management process and identify gaps.

For instance, if you’re managing projects on spreadsheets, you might sorely lack the ability to have a conversation around a specific task in context. This scattered communication makes work ineffective.

3. Define success

Clearly articulate what the success of project management software implementation would look like. Is it faster deployment cycles, enhanced team synergy, or better stakeholder satisfaction? 

These metrics will come in handy while evaluating the return on investment in the project management software.

The number of options you have for project management software is 442 (according to G2)! If you’re in charge of vendor selection, your work is cut out for you. Some of the most common features to look for while selecting the right product are as follows.

Task management

While this is the most basic need, ensure a hierarchy of checklists, sub-tasks, tasks, lists, folders, workspaces, etc. ClickUp’s project hierarchy is designed to enable better organization and greater control. For software teams, ClickUp also enables customizability for tasks, such as bugs, milestones, change requests, etc.

Documentation

All projects have resources, documents, and insights that the team members need to access from time to time. Choose a tool that enables this effortlessly.

ClickUp Whiteboard gives you a clean canvas to brainstorm/plan workflows. ClickUp Docs allows you to write and share documents at the click of a button. With ClickUp AI , you can automatically summarize long documents for easier access.

ClickUp’s project management templates also give you the springboard to get started!

Not all projects make sense the same way. Project managers need different views to make different decisions. 

ClickUp offers 15+ views to see your information your way: 

• Calendar view helps in scheduling, dragging and dropping tasks for better efficiency
• Timeline view maps dependencies, so you can build contingency plans
• Workload view shows team availability and productivity for better resource allocation
• Chat view enables real-time collaboration

ClickUp includes agile project management tools for software teams, such as scrum boards, burnup/burndown charts, etc. 

Integrations

A good project management tool must speak to your current and future tech stack. For a software team, this might be GitHub to link commits, pull requests, and issues. 

For a content team, this could be connecting to Google Docs for easy access to all assets. And, of course, everyone likes Slack integration. 

ClickUp seamlessly integrates with over 1,000 tools, including Vimeo, Zoom, and Tableau. 

Once you’ve found a tool/project management software that checks all your boxes, it’s time to implement it and launch it for your users.

This phase is pivotal, marking the transition from planning to action, where strategic vision starts taking tangible form. 

• Get stakeholder sign-off : Bring the organizational leadership and sponsors on the same page about the vision and goals
• ERP set up : Configure the ERP system to ensure it is primed to support your implementation lifecycle and integrate other tools as appropriate
• Get a team onboard : Set up a project implementation team with project managers, supervisors, liaison officers, etc. 
• Launch the project : Communicate with everyone involved, get the potential users excited about what’s coming

When adopting a vendor’s software, it’s a project to manage the project management software implementation (yes, it’s a bit meta there!).

So, project management methodologies need to be followed:

• Breaking the project management software implementation into manageable tasks
• Planing a clear timeline for each task/milestone
• Setting clear objectives for the implementation, such as security standards, data transfer protocols, user onboarding, etc.

A project management software implementation plan is your roadmap, preempting every turn and checkpoint. If you’re new to implementation planning, we’ve got you covered.

ClickUp’s Project Implementation Plan Template is your project’s blueprint to outline the project scope, phases, key activities, and responsibilities. 

ClickUp’s Advanced Implementation Plan Template offers a comprehensive framework for software development projects that involve multiple teams or departments. 

ClickUp’s Implementation Management Template is your project dashboard, offering a high-level view of progress, tasks, and milestones. 

It’s similar to using a version control dashboard to monitor the development progress, branch statuses, and merge requests, ensuring the project progresses smoothly and stays aligned with its objectives.

For organizations implementing new software, product adoption is one of the biggest challenges. If the tool needs to meet its vision and achieve its goals, everyone needs to embrace it and use it every day. This needs a little nudge.

• Create training programs to get users introduced to the product
• Identify early adopters who can become champions among their teams
• Collect feedback from early adopters and adjust accordingly
• Create project plan templates
• Set up mechanisms for ongoing support

Before you close out the project management software implementation, there are three final steps.

Software configuration testing : Ensure that the project management software is implemented to your specifications. This includes:

• Any custom branding, colors, and logos
• User profiles and access control
• Authorization and authentication

User acceptance testing : Ensure that your users have tested all the features that they need. Encourage them to think of various scenarios in which they’ll use the product and test that workflow.

Quality assurance : This is a matter for your IT teams. Conduct thorough testing for security, vulnerabilities, integrations, compliance, etc. If you’ve used a software development template , you’ll have a checklist of everything to check at this stage.

However thoroughly you implement your project management software, you’re likely to encounter challenges. Let’s see how you can overcome them.

Overcoming Implementation Challenges and Risks

Adopting new software presents a number of technical, logistical, and cultural challenges. Here’s how you can avoid project management challenges or address them when they do arise.

Your organization is going to be resistant to change. This is normal and to be expected. To overcome this challenge, begin early.

While you’re implementing your new software, also execute a change management strategy. 

• Communicate regularly and clearly with all stakeholders
• Schedule townhalls/meetings to eliminate fears and answer questions
• Discuss the transition to the new system
• Reassure your teams with plans to handle disruptions

No one likes new processes imposed on them from the top. So, engage them early and include them in the decision-making process.

Involve key stakeholders—such as project managers, team leaders, IT, and end-users—from the initial stages of selecting and planning software implementation. Understanding their needs, concerns, and expectations, ensuring the solution meets the requirements.

If you change the entire project management system overnight, your teams are going to feel overwhelmed. To avoid this, phase it out.

Phased software implementation allows you to test the software with a smaller group, iron out concerns, and roll out company-wide when you’re absolutely sure.

Today’s software is intuitive and doesn’t need comprehensive training to use. However, while discovering products by themselves, your users might miss out on powerful features they don’t encounter.

Make sure your project team uses the software to its full potential by offering training sessions. Make online tutorials, FAQs, and user documentation available. You can also do this informally by organizing knowledge-sharing sessions.

Good software implementation process is ongoing. Monitor how users are using the product throughout the project management life cycle . Learn the most and least popular features. Collect feedback on what the product is missing.

Take all this back to the vendor and optimize the product regularly.

Whether it’s a #lifeproject or a work-related project, managing it needs an armor of tools. ClickUp’s comprehensive project management software is designed to be your flexible, customizable, and powerful armor.

With features for creativity, collaboration, organization, conversations, reporting, and more, ClickUp’s free project management software empowers teams to work together effectively. ClickUp stands out as an all-encompassing tool that not only facilitates software implementation but also enriches distributed workforce management. 

Whether you’re a software development team yourself or you’re a business incorporating a project management solution into your organization, ClickUp is made for you.

Don’t take our word for it. Try ClickUp for free today !

FAQs About Project Management Software Implementation

Software implementation project management is the structured process of planning, organizing, and overseeing the deployment of a software system in an organization. 

This order of words—software implementation project management—refers to managing any software project. 

It is slightly different from the topic of this blog post—project management software implementation—which refers to adopting a project management software.

Implementing a new project management software is a 6-step process consisting of:

• Conducting a needs assessment and defining business requirements
• Vendor selection and choosing the right software
• Project launch and implementing ERP
• Developing implementation timeline and setting objectives
• Planning for training and support 
• Testing software configuration, acceptance testing, and quality assurance

In project management, system implementation refers to the selection and adoption of a new software system. Often, organizations choose the term system implementation because they are also changing/optimizing their processes and workflows.

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How generative AI can help banks manage risk and compliance

Generative AI (gen AI) is poised to become a catalyst for the next wave of productivity gains  across industries, with financial services very much among them. From modeling analytics to automating manual tasks to synthesizing unstructured content, the technology is already changing how banking functions operate, including how financial institutions manage risks and stay compliant with regulations.

It’s imperative for risk and compliance functions to put guardrails around gen AI’s use in an organization. However, the tech can help the functions themselves improve efficiency and effectiveness. In this article, we discuss how banks can build a flexible, powerful approach to using gen AI in risk and compliance management and identify some crucial topics that function leaders should consider.

Seizing the promise of gen AI

Gen AI has the potential to revolutionize the way that banks manage risks over the next three to five years. It could allow functions to move away from task-oriented activities toward partnering with business lines on strategic risk prevention and having controls at the outset in new customer journeys, often referred to as a “ shift left ”  approach . That, in turn, would free up risk professionals to advise businesses on new product development and strategic business decisions, explore emerging risk trends and scenarios, strengthen resilience, and improve risk and control processes proactively.

These advances could lead to the creation of AI- and gen-AI-powered risk intelligence centers that serve all lines of defense  (LODs): business and operations, the compliance and risk functions, and audits. Such a center would provide automated reporting, improved risk transparency, higher efficiency in risk-related decision making, and partial automation in drafting and updating policies and procedures to reflect changing regulatory requirements. It would act as a reliable and efficient source of information, enabling risk managers to make informed decisions swiftly and accurately.

For instance, McKinsey has developed a  gen AI virtual expert  that can provide tailored answers based on the firm’s proprietary information and assets. Banks’ risk functions and their stakeholders can develop similar tools that scan transactions with other banks, potential red flags, market news, asset prices, and more to influence risk decisions. These virtual experts can also collect data and evaluate climate risk assessments to answer counterparty questions.

Finally, gen AI could facilitate better coordination between the first and second LODs in the organization while maintaining the governance structure across all three. The improved coordination would enable enhanced monitoring and control mechanisms, thereby strengthening the organization’s risk management framework.

Emerging applications of gen AI in risk and compliance

Of the many promising applications of gen AI for financial institutions, there’s a set of candidates that banks are exploring for a first wave of adoption: regulatory compliance, financial crime, credit risk, modeling and data analytics, cyber risk, and climate risk. Overall, we see applications of gen AI across risk and compliance functions through three use case archetypes.

Through a virtual expert , a user can ask a question and receive a generated summary answer that’s built from long-form documents and unstructured data. With manual process automation , gen AI performs time-consuming tasks. With code acceleration , gen AI updates or translates old code or writes entirely new code. All these archetypes can have roles in the key responsibilities of risk and compliance:

• Regulatory compliance . Enterprises are using gen AI as a virtual regulatory and policy expert by training it to answer questions about regulations, company policies, and guidelines. The tech can also compare policies, regulations, and operating procedures. As a code accelerator, it can check code for compliance misalignment and gaps. It can automate checking of regulatory compliance and provide alerts for potential breaches.
• Financial crime . Gen AI can generate suspicious-activity reports based on customer and transaction information. It can also automate the creation and update of customers’ risk ratings based on changes in know-your-customer attributes. By generating and improving code to detect suspicious activity and analyze transactions, the tech can improve transaction monitoring.
• Credit risk . By summarizing customer information (for example, transactions with other banks) to inform credit decisions, gen AI can help accelerate banks’ end-to-end credit process. Following a credit decision, it can draft the credit memo and contract. Financial institutions are using the tech to generate credit risk reports and extract customer insights from credit memos. Gen AI can generate code to source and analyze credit data to gain a view into customers’ risk profiles and generate default and loss probability estimates through models.
• Modeling and data analytics . Gen AI can accelerate the migration of legacy programming languages, such as the switch from SAS and COBOL to Python. It can also automate the monitoring of model performance and generate alerts if metrics fall outside tolerance levels. Companies are also using gen AI to draft model documentation and validation reports.
• Cyber risk . By checking cybersecurity vulnerabilities, gen AI can use natural language to generate code for detection rules and accelerate secure code development. It can be useful in “red teaming” (simulating adversarial strategies and testing attack scenarios). The tech can also serve as a virtual expert for investigating security data. It can make risk detection smarter by speeding and aggregating security insights and trends from security events and behavior anomalies.
• Climate risk . As a code accelerator, gen AI can suggest code snippets, facilitate unit testing, and assist physical-risk visualization with high-resolution maps. It can automate data collection for counterparty transition risk assessments and generate early-warning signals based on trigger events. As a virtual expert, gen AI can automatically generate reports on environmental, social, and governance (ESG) topics and sustainability sections of annual reports (see sidebar, “How generative AI can speed financial institutions’ climate risk assessments”).

How generative AI can speed financial institutions’ climate risk assessments

Risk functions can benefit from generative AI (gen AI) across a variety of analyses. In the case of climate risk assessments, the technology—via tools based on generative pretrained transformers—can instantaneously draw from multiple, lengthy reports and distill answers from source materials (exhibit).

In addition, gen AI can provide support to relationship managers to accelerate the assessment of climate risk for their counterparties. It can automatically generate syntheses of counterparty transition plans and compare them against actual emissions to evaluate progress toward goals.

Beyond measurement, gen AI can aid climate impact analysis by ultimately automating reporting on environmental, social, and governance topics. It can aid risk by automating climate risk drafts, and it can spur growth by using customer data to personalize green financial products.

Consider the benefits of gen AI automation in helping customers move to net zero. The tech can identify market trends and environmental impact from years of company reports. In turn, financial institutions can use that new information to find investment opportunities.

Once companies have embedded gen AI in these roles and functions, they have seen a second wave of emerging use cases across other aspects of risk management. Gen AI can streamline enterprise risk by synthesizing enterprise-risk-management summaries from existing data and reports. It can help accelerate the internal capital adequacy assessment process and model capital adequacy by sourcing relevant data. Banks can also use it to summarize risk positions and draft risk reports and executive briefings for senior management.

Another area in which gen AI can play an important role is operational risk. Banks can use it for operational automation of controls, monitoring, and incident detection. It can also automatically draft risk and control self-assessments or evaluate existing ones for quality.

Key considerations in gen AI adoption

While several compelling use cases exist in which gen AI can propel productivity, prioritizing them is critical to realizing value while adopting the tech responsibly and sustainably. We see three critical dimensions that risk leaders can assess to determine prioritization of use cases and maximize impact (exhibit).

Chief risk officers can base their decisions on assessments across qualitative and quantitative dimensions of impact, risk, and feasibility. This process includes aligning with their banks’ overall visions for gen AI and associated guardrails, understanding relevant regulations (such as the EU AI Act), and assessing data sensitivity. All leaders need to be aware of the novel risks associated with this new tech. These risks can be broadly divided into eight categories:

• impaired fairness, when the output of a gen AI model may be inherently biased against a particular group of users
• intellectual property infringement, such as copyright violations and plagiarism incidents, as foundation models typically leverage internet-based data
• privacy concerns, such as unauthorized public disclosure of personal or sensitive information
• malicious use, such as dissemination of false content and use of gen AI by criminals to create false identities, orchestrate phishing attacks, or scam customers
• security threats, when vulnerabilities within gen AI systems can be breached or exploited
• performance and “explainability” risks, such as models providing factually incorrect answers and outdated information
• strategic risks through noncompliance with ESG standards or regulations, creating societal or reputational risks
• third-party risks, such as leakage of proprietary data to the public realm through the use of third-party tools

Winning strategies for planning a gen AI journey

Organizations that can extract value from gen AI should use a focused, top-down approach to start the journey. Given the scarcity of talent to scale gen AI capabilities, organizations should start with three to five high-priority risk and compliance use cases that align with their strategic priorities. They can execute these use cases in three to six months, followed by an estimation of business impact. Scaling the applications will require the development of a gen AI ecosystem that focuses on seven areas:

• a catalog of production-ready, reusable gen AI services and solutions (use cases) that can be easily plugged into a range of business scenarios and applications across the banking value chain
• a secure, gen-AI-ready tech stack that supports hybrid-cloud deployments to enable support for unstructured data, vector embedding, machine learning training, execution, and pre- and postlaunch processing
• integration with enterprise-grade foundation models and tools to enable fit-for-purpose selection and orchestration across open and proprietary models
• automation of supporting tools, including MLOps (machine learning operations), data, and processing pipelines, to accelerate the development, release, and maintenance of gen AI solutions
• governance and talent models that readily deploy cross-functional expertise empowered to collaborate and exchange knowledge (such as language, natural-language processing, and reinforcement learning from human feedback, prompt engineers, cloud experts, AI product leaders, and legal and regulatory experts)
• process alignment for building gen AI to support the rapid and safe end-to-end experimentation, validation, and deployment of solutions
• a road map detailing the timeline for when various capabilities and solutions will be launched and scaled that aligns with the organization’s broader business strategy

At a time when companies in all sectors are experimenting with gen AI, organizations that fail to harness the tech’s potential are risking falling behind in efficiency, creativity, and customer engagement. At the outset, banks should keep in mind that the move from pilot to production takes significantly longer for gen AI than for classical AI and machine learning. In selecting use cases, risk and compliance functions may be tempted to use a siloed approach. Instead, they should align with an entire organization’s gen AI strategy and goals.

For gen AI adoption by risk and compliance groups to be effective and responsible, it is critical that these groups understand the need for new risk management and controls, the importance of data and tech demands, and the new talent and operating-model requirements.

Risk management and controls

With gen AI, a new level of risk management and control is necessary. Winning responsibly requires both defensive and offensive strategies. All organizations face inbound risks from gen AI, in addition to the risks from developing gen AI use cases and embedding gen AI into standard workplace tools. So banks will need to evolve their risk mitigation capabilities accordingly.

The first wave heavily focuses on human-in-the-loop reviews to ensure the accuracy of model responses. Using gen AI to check itself, such as through source citations and risk scores, can make human reviews more efficient. By moving gen AI guardrails to real time and doing away with human-in-the-loop reviews, some companies are already putting gen AI directly in front of their customers. To make this move, risk and compliance professionals can work with development team members to set the guardrails and create controls from the start.

Risk functions need to be vigilant to manage gen AI risks at the enterprise level. They can fulfill that obligation by taking the following steps:

• Ensure that everyone across the organization is aware of the risks inherent in gen AI, publishing dos and don’ts and setting risk guardrails.
• Update model identification criteria and model risk policy (in line with regulations such as the EU AI Act) to enable the identification and classification of gen AI models, and have an appropriate risk assessment and control framework in place.
• Develop gen AI risk and compliance experts who can work directly with frontline development teams on new products and customer journeys.
• Revisit existing know-your-customer, anti–money laundering, fraud, and cyber controls to ensure that they are still effective in a gen-AI-enabled world.

Data and tech demands

Banks shouldn’t underestimate the data and tech demands related to a gen AI system, which requires enormous amounts of both. Why? For one, the process of context embedding is crucial to ensure the accuracy and relevance of results. That process requires the input of appropriate data and addressing data quality issues. Moreover, the data on hand may be insufficient. Organizations may need to build or invest in labeled data sets to quantify, measure, and track the performance of gen AI applications based on task and use.

Data will serve as a competitive advantage in extracting value from gen AI. An organization looking to automate customer engagement using gen AI must have up-to-date, accurate data. Organizations with advanced data platforms will be the most effective at harnessing gen AI capabilities.

Talent and operating-model requirements

Since gen AI is a transformational technology requiring an organizational shift, organizations will need to understand the related talent requirements. Banks can embed operating-model changes into their culture and business-as-usual processes. They can train new users not only on how to use gen AI but also on its limitations and strengths. Assembling a team of “gen AI champions” can help shape, build, and scale adoption of this new tech.

We expect gen AI to empower banks’ entire risk and compliance functions in the future. This implies a profound culture change that will require all risk professionals to be conversant with the new tech, its capabilities, its limitations, and how to mitigate those limitations. Using gen AI will be a significant shift for all organizations, but those that navigate the delicate balance of harnessing the technology’s powers while managing the risks it poses can achieve significant productivity gains.

Rahul Agarwal is an associate partner in McKinsey’s New Jersey office, Andreas Kremer is a partner in the Berlin office, Ida Kristensen is a senior partner in the New York office, and Angela Luget is a partner in the London office.

The authors wish to thank Adrija Banerjee, Stephan Beitz, Adrian Foerster, Yilin Li, Anke Raufuss, Ibtesam Siddiqui, and Claudia Satrústegui for their contributions to this article.

This article was edited by David Weidner, a senior editor in the Bay Area office.

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More From Forbes

How To Write A Basic Business Plan

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Creating a successful business starts with a strong plan. Regardless of your experience level, learning how to write a basic business plan is essential to mapping out your company's path to success. With a clearly defined plan, you can identify potential challenges, set goals, and create a roadmap for growth.

Business plans can be incredibly beneficial for entrepreneurs in any stage of their business venture. Whether you're just starting out or seeking funding to expand, a well-crafted business plan can serve as a roadmap for success. Not only does it provide direction for your business, but it can also help you identify potential roadblocks, set realistic goals, and track your progress over time.

A well-written business plan can help potential investors or lenders understand your business model , mission, and strategies, making it easier for them to provide the resources you need to grow your business. So, if you're looking for a tool to help ensure your business's success, consider crafting a comprehensive and engaging business plan.

Your business plan doesn't become obsolete once your business is up and running. In fact, your business plan can continue to guide your decision-making even after your doors are open. Your plan serves as a blueprint for success and can remind you of your original goals and objectives.

By referring back to your business plan, you can ensure that your decisions align with your overall mission and vision for your company. With a solid business plan in place, you can keep your business on track and ensure that you continue to achieve your goals as your business grows and evolves.

WWE Raw Results, Winners And Grades On March 11, 2024

A’s president dave kaval is having delusions of grandeur about relocating to las vegas, manipulated kate middleton photo sparks royal frenzy of jokes and memes, business plan basics.

At its core, a business plan is a written description of your company's future. It outlines what you plan to do and how you plan to do it.

Here is what you typically find in a basic business plan:

1. Executive Summary

A snapshot of your business plan as a whole, touching on your company’s profile, mission, and the main points of your plan. Think of it as an elevator pitch that presents your company's profile and core mission in a concise yet engaging manner.

2. Company Description

A more detailed look at your business goals, and what sets it apart in the marketplace. It is imperative to stand out from the competition to succeed, so list your differentiators and how you add value.

3. Market Analysis

It involves delving into your industry, identifying potential customers, and analyzing your competition to develop a strong understanding of the market. By garnering this knowledge, you can tailor your marketing and sales strategies to better meet the needs of your target audience.

4. Organization and Management

Your business's legal structure, organizational structure, and product or service life cycle. By keeping a close eye on your organization and management, you can ensure that your business is positioned for success in the long term.

5. Marketing and Sales Strategy

How you plan to attract and retain customers. It's not enough to simply offer a great product or service, you need to be able to effectively communicate your value proposition to your target audience.

6. Funding Request

If you are seeking funding, how much you need and what it will be used for. Securing funding can be a crucial component to kickstarting your business ventures.

7. Financial Projections

Projecting your profits, losses, and cash flow helps you plan in advance and make informed decisions. By crunching the numbers and analyzing past data, you can estimate future earnings and get a better understanding of your company's financial health.

8. Appendix

This is where you can include any additional information, such as resumes, permits, leases, and other legal documentation.

The bottom line is that a well-crafted business plan not only provides direction and structure but also helps you articulate your vision and goals. With a clear understanding of your target audience, competition, and financial projections, you're better equipped to make informed decisions and navigate the complexities of running a business. Ultimately, a business plan is an investment in your success, and it's essential for building a viable business.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business . She is the founder of She Means Profit, which is a podcast and blog . As a Finance Strategist for small business owners, Melissa helps successful business owners increase their profit margins so that they keep more money in their pocket and increase their net worth.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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Sample Property Management Business Plan

Writing a business plan is a crucial step in starting a property management business. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring property management business owners, having access to a sample property management business plan can be especially helpful in providing direction and gaining insight into how to draft their own property management business plan.

Download our Ultimate Property Management Business Plan Template

Having a thorough business plan in place is critical for any successful property management venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A property management business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The property management business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your property management as Growthink’s Ultimate Property Management Business Plan Template , but it can help you write a property management business plan of your own.

Example – AssetGuard Properties

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

AssetGuard Properties is a forward-thinking property management company based in Tulsa, Oklahoma, dedicated to providing top-tier property management services. Our mission is to simplify the property management process for our clients while enhancing the value and profitability of their real estate assets. We specialize in managing residential properties, offering a comprehensive suite of services designed to meet the unique needs of property owners and tenants alike. Our focus on technology and customer service sets us apart in the industry, ensuring efficient operations and high satisfaction rates among clients and tenants. By leveraging our expertise and innovative approaches, we aim to become a leader in the property management sector in Tulsa and beyond.

Our success is built on a foundation of key factors and accomplishments. Firstly, our in-depth understanding of the Tulsa real estate market allows us to provide tailored advice and services to our clients. The implementation of cutting-edge technology for property management has significantly increased our operational efficiency and customer satisfaction. Additionally, our team’s expertise in marketing and customer service has helped us quickly build a robust portfolio of properties. We have established strong relationships with local vendors and contractors, ensuring cost-effective maintenance and repair services. Our proactive approach to obtaining necessary licenses and certifications has positioned us favorably within regulatory frameworks, setting the stage for a successful launch and sustained growth.

The property management industry is experiencing significant growth, driven by increasing demand for residential rental properties and the complexities of managing these assets. The trend towards professional management services among property owners who seek to maximize profitability while minimizing hassles is a key growth driver. In Tulsa, Oklahoma, this trend is mirrored by a robust real estate market with a growing inventory of rental properties. The industry’s competitive landscape is shaped by both large-scale companies and smaller, localized firms offering property management services. AssetGuard Properties is well-positioned to capitalize on these industry dynamics through our focus on customer service, technology integration, and local market expertise.

Our target customers are property owners and investors in the Tulsa area who own one or more residential rental properties. These clients range from individual property owners to real estate investment groups seeking professional management services to optimize their property’s profitability and minimize operational hassles. Our customer analysis has identified a demand for property management services that provide value through efficient operations, effective tenant management, and strategic marketing to keep occupancy rates high. AssetGuard Properties addresses these needs by offering comprehensive management solutions tailored to the unique requirements of each client, ensuring their investment properties are well-managed and profitable.

Top Competitors: PropertyManagePro, RealEstateGuardians, TulsaPropertyMasters.

Competitive Advantages: AssetGuard Properties distinguishes itself through a strong emphasis on technology and customer service, enabling more efficient property management and higher satisfaction among clients and tenants. Our deep understanding of the Tulsa market and our ability to build strong relationships with local vendors also provide us with an edge in offering cost-effective and quality services.

Our marketing plan focuses on highlighting our comprehensive property management services, competitive pricing, and the value we bring to property owners and investors. We offer a range of services from tenant screening to maintenance, all tailored to meet the diverse needs of our clients, ensuring their properties are well-maintained and profitable. Pricing is structured competitively to offer great value while ensuring our services’ sustainability. Promotional strategies include a strategic marketing campaign leveraging both digital (social media, SEO, targeted online ads) and traditional advertising mediums (local newspapers, property investment seminars) to build brand awareness in Tulsa. By demonstrating our expertise and value proposition, we aim to attract and retain a growing base of satisfied clients.

Our operations plan outlines key processes and milestones critical to our success. This includes obtaining all necessary licenses and certifications, launching our business with a strong marketing campaign, and building a portfolio of managed properties. We will implement efficient property management systems and software for seamless operations, recruit and train a skilled team, and strive to achieve a positive cash flow. Milestones include reaching $15,000/month in revenue and establishing strong local vendor relationships. Regularly reviewing and adjusting our business strategy based on performance and market trends will ensure our sustained growth and success in the property management industry.

Our management team comprises seasoned professionals with extensive experience in property management, real estate, and customer service. This diverse expertise ensures that all aspects of our business, from operational efficiency to client relations, are managed with the highest standards of professionalism and integrity. Our team’s leadership is dedicated to fostering a culture of innovation, accountability, and continuous improvement, driving AssetGuard Properties towards achieving its goals and setting new benchmarks in the property management industry.

Welcome to AssetGuard Properties, a new Property Management company serving customers in Tulsa, OK. As a local business, we’re proud to fill the gap in high-quality property management services within the area. Our commitment to excellence and understanding of the local market sets us apart, ensuring that our clients receive the best possible service.

At AssetGuard Properties, our range of services is designed to meet all your property management needs. This includes Property Marketing and Advertising to ensure your property gets the visibility it deserves, Tenant Screening and Placement to find reliable tenants, Rent Collection and Financial Management to streamline your income, Property Maintenance and Repairs to keep your investment in top condition, and Lease Agreement Management to ensure all legalities are properly handled. Our comprehensive services are tailored to maximize your property’s potential while minimizing your stress.

Our base in Tulsa, OK, positions us perfectly to serve local customers with an understanding and appreciation of the community. This local insight enhances our ability to manage properties effectively and respond promptly to both property owners and tenants’ needs.

AssetGuard Properties stands out as a leader in the property management industry for several reasons. Firstly, our founder brings valuable experience from successfully running a property management business, ensuring that we’re built on a foundation of proven strategies and insights. Secondly, our commitment to offering better services than our competition means that we’re always striving to innovate and improve, ensuring our clients receive unparalleled service.

Since our establishment on January 7, 2024, as a Sole Proprietorship, we’ve made significant strides in building our brand. Our achievements include the creation of a distinctive logo, the development of our company name, and securing a prime location for our operations. These accomplishments mark the beginning of our journey towards becoming the leading property management service in Tulsa, OK.

The Property Management industry in the United States is a thriving sector, with a current market size estimated to be around $88 billion. This industry encompasses a wide range of services, including residential and commercial property management, real estate asset management, and maintenance services.

Market research indicates that the Property Management industry is expected to experience steady growth in the coming years. By 2025, the market size is projected to reach $116 billion, driven by factors such as increasing urbanization, growing demand for rental properties, and the rise of property management technology solutions.

Recent trends in the Property Management industry, such as the adoption of cloud-based property management software, the focus on sustainability and energy efficiency in property management practices, and the increasing demand for professional property management services, bode well for AssetGuard Properties. As a new player in the market serving customers in Tulsa, OK, AssetGuard Properties is well-positioned to capitalize on these trends and establish a strong presence in the industry.

Below is a description of our target customers and their core needs.

Target Customers

AssetGuard Properties will target a diverse range of customers, with a primary focus on local residents in need of property management services. This segment includes homeowners who are seeking to rent out their properties but lack the time or expertise to manage them effectively. These customers will benefit from AssetGuard’s comprehensive management solutions, which are designed to maximize rental income while minimizing the hassle and time commitment for property owners.

The company will also cater to real estate investors who own multiple properties or are looking to expand their portfolios within Tulsa. Recognizing the unique needs of this customer segment, AssetGuard Properties will tailor their services to support investors in optimizing the performance of their rental properties. This includes offering market analysis, tenant placement, and maintenance services, all of which will be crucial for investors aiming to achieve high occupancy rates and return on investment.

Another important customer segment for AssetGuard Properties consists of tenants looking for rental properties. By maintaining a portfolio of well-managed and appealing properties, AssetGuard will attract tenants seeking quality rentals in the Tulsa area. The company will ensure tenant satisfaction through responsive customer service and efficient handling of maintenance requests, therefore building a loyal tenant base that contributes to the stability and profitability of the managed properties.

Customer Needs

AssetGuard Properties caters to the needs of residents who prioritize high-quality property management services. These individuals expect responsive and effective management that can promptly address any issues that arise, ensuring their living experience remains comfortable and hassle-free. This includes everything from regular maintenance to emergency repairs, all handled with professionalism and care.

Moreover, AssetGuard Properties understands the importance of clear communication and transparency between property managers and residents. Customers can expect regular updates regarding any changes or developments concerning their residence. This commitment to open dialogue builds trust and ensures that residents are always informed and involved in the management of their homes.

In addition to the basics, AssetGuard Properties also recognizes the evolving needs of modern residents. This includes the integration of technology in property management, offering digital solutions for payment processing, service requests, and communication. Such conveniences cater to the lifestyle of today’s renters, who expect efficiency and modern amenities in their living environments.

AssetGuard Properties’s competitors include the following companies:

Sunstone Property Management offers comprehensive property management services tailored to both residential and commercial properties. Their services range from tenant screening and leasing to maintenance and financial reporting. Sunstone Property Management operates primarily in the Tulsa, OK area, focusing on high-quality residential units and commercial spaces. The company structures its pricing based on the property type and services required, offering competitive rates that appeal to property owners looking for value and quality. Sunstone is known for its efficient use of technology in property management, which enhances communication with property owners and tenants. However, their specialization in high-end properties may limit their appeal to a broader market segment.

Bates & Assoc Realty specializes in real estate sales and property management services, including marketing properties, tenant placement, rent collection, and property maintenance. They cater to residential properties, with a strong presence in the Tulsa, OK region. Their pricing model is competitive, offering tiered services to meet different property owners’ needs. Bates & Assoc Realty generates significant revenue from both property management fees and real estate transactions, indicating a robust and diverse business model. The company boasts a strong local market knowledge, giving them an edge in property valuation and marketing. Nevertheless, their focus on real estate sales alongside property management could dilute their focus and potentially affect the quality of property management services.

PMI Green Country provides a wide array of property management solutions that include residential, commercial, and association management. Their services encompass all aspects of property management, from tenant screening and leasing to maintenance and beyond. PMI Green Country serves the Tulsa, OK area, and its surroundings, catering to a diverse clientele that includes single-family homes, apartment complexes, and commercial properties. They offer a flexible pricing model that adjusts to the size and complexity of the property being managed, making them accessible to a wide range of property owners. PMI Green Country is part of a larger national franchise, which gives them access to a vast network of resources and expertise in property management. However, being part of a national franchise might limit their ability to customize services to the unique needs of the Tulsa market.

Competitive Advantages

At AssetGuard Properties, we pride ourselves on delivering unparalleled property management services, setting us apart from the competition. Our approach is deeply rooted in understanding the unique needs of each property owner and tenant, allowing us to tailor our services for optimal satisfaction. We leverage the latest technology to streamline operations, from maintenance requests to rent collection, ensuring efficiency and convenience for all parties involved. This commitment to excellence and innovation in service delivery not only enhances the value of the properties we manage but also fosters a sense of trust and reliability among our clients.

Furthermore, our team comprises seasoned professionals with extensive knowledge and experience in the real estate and property management industry. This expertise enables us to offer insightful advice and strategic solutions that maximize returns and minimize risks for property owners. Additionally, our strong local presence in Tulsa, OK, equips us with an in-depth understanding of the market dynamics, allowing us to position properties advantageously. By choosing AssetGuard Properties, clients can expect a partnership that not only elevates their property management experience but also contributes significantly to their investment’s success. Our dedication to excellence, combined with our competitive edge in service quality and market intelligence, makes us the preferred choice for property management needs.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

At AssetGuard Properties, we understand the value of your real estate investment and the importance of maintaining its integrity and profitability. We offer a comprehensive suite of property management services designed to alleviate the burden from property owners, ensuring their assets are well-managed and lucrative. Our services cater to all aspects of property management, from marketing and tenant placement to maintenance and financial oversight.

Our Property Marketing and Advertising service ensures your property doesn’t stay vacant for long. We employ a blend of traditional and digital marketing strategies to attract a wide pool of potential tenants. By showcasing your property in its best light, we aim to secure reliable tenants swiftly. This service is priced at an average of $250, which includes listing your property on top real estate websites, social media platforms, and conducting open houses.

Tenant Screening and Placement is another critical service we offer. Finding the right tenant is paramount to a stress-free property management experience. Our comprehensive screening process includes background checks, credit checks, employment verification, and previous landlord references. This rigorous process ensures that only the most qualified tenants occupy your property. For this invaluable peace of mind, our clients can expect to invest around $100 per tenant screening.

Rent Collection and Financial Management are essential to maintaining the cash flow of your investment. We provide a streamlined process for tenants to pay their rent, reducing late payments and ensuring consistent revenue. Additionally, we offer detailed financial reporting for property owners, including income statements and expense reports. This service is available for an average fee of 8-10% of the monthly rent collected, ensuring that your financial interests are expertly managed.

Property Maintenance and Repairs are inevitable in property management. Our goal is to preserve the value of your property through regular maintenance and prompt, efficient repair work when necessary. We have established relationships with trusted contractors and service providers to ensure quality work at competitive prices. The cost for this service varies depending on the nature of the maintenance or repair but expect to pay a management fee of 10-15% on top of the actual repair costs.

Lastly, Lease Agreement Management is vital to ensure that the terms of the lease are upheld by both parties. We handle everything from lease drafting to enforcement, including renewals and terminations. Our expertise in local real estate laws ensures that your lease agreements are comprehensive and compliant. This service is offered at a flat rate of $200 per lease agreement, providing peace of mind that all legal and procedural bases are covered.

At AssetGuard Properties, we pride ourselves on being a full-service property management solution that meets the diverse needs of property owners in Tulsa, OK. Our competitive pricing, combined with our commitment to excellence, makes us the ideal partner for your property management needs.

Promotions Plan

AssetGuard Properties harnesses the power of online marketing to attract customers, utilizing a multifaceted approach to ensure visibility and engagement. The company will deploy a robust digital marketing strategy, incorporating search engine optimization (SEO) to improve their website’s ranking on search engine results pages. This ensures that when potential customers in Tulsa, OK, search for property management services, AssetGuard Properties appears prominently.

Social media platforms will also play a crucial role in their promotional efforts. AssetGuard Properties will create and maintain active profiles on major social networks, including Facebook, Instagram, and LinkedIn. Through these channels, the company will share valuable content, property listings, and customer testimonials to build a community and engage directly with potential clients. Paid advertising campaigns on these platforms will target specific demographics, ensuring that promotional materials reach those most likely to require property management services.

Email marketing campaigns will further bolster AssetGuard Properties’ promotional activities. By gathering email addresses through their website and social media channels, the company will send out newsletters, special offers, and updates about new listings or services. This direct line of communication will keep the company top-of-mind for current and potential clients.

Beyond digital efforts, AssetGuard Properties will engage in local community events and sponsorships. Participation in local fairs, property expos, and community gatherings will increase brand visibility and allow for face-to-face interaction with potential customers. Sponsorship of local sports teams or events can also enhance their reputation as a community-oriented business.

Referral programs will incentivize existing clients to refer friends and family, creating a word-of-mouth marketing channel that can be highly effective in building trust and expanding the customer base. Offering discounts or other benefits for successful referrals will motivate current clients to share their positive experiences with others.

In summary, AssetGuard Properties will employ a comprehensive promotional strategy that combines online marketing with community engagement and referral programs. By leveraging the power of SEO, social media, email marketing, local events, and referral incentives, AssetGuard Properties aims to attract and retain customers in Tulsa, OK, establishing itself as a leading property management service in the area.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of AssetGuard Properties, there are several key day-to-day operational processes that we will perform.

• Maintain open and effective communication channels with property owners and tenants to address any concerns, requests, or feedback in a timely manner.
• Conduct regular inspections of managed properties to ensure they are in good condition and comply with local housing standards and regulations.
• Coordinate maintenance and repair work by hiring and overseeing reliable contractors, ensuring that work is completed satisfactorily and within budget.
• Manage financial operations, including rent collection, payment of bills and taxes, and generating monthly financial reports for property owners.
• Advertise and market vacant properties through various channels to minimize vacancy periods and attract suitable tenants.
• Screen potential tenants by conducting background and credit checks to ensure they meet the rental criteria.
• Handle lease agreements, renewals, and terminations, ensuring all documentation is accurate and legally compliant.
• Provide exceptional customer service to both property owners and tenants to build and maintain positive relationships.
• Stay informed about local real estate market trends and property laws to offer knowledgeable advice and services to clients.
• Implement efficient property management software to streamline operations, from tenant screening to maintenance requests and financial reporting.

AssetGuard Properties expects to complete the following milestones in the coming months in order to ensure its success:

• Obtain Necessary Licenses and Certifications : Secure all required local, state, and federal licenses for operating a property management business in Tulsa, OK. This includes any specific property management or real estate broker licenses that may be required by Oklahoma law.
• Launch Our Property Management Business : Officially launch AssetGuard Properties with a strategic marketing campaign to build awareness in the Tulsa area. This includes developing a strong brand identity, creating an engaging website, and utilizing social media and local advertising to reach potential clients.
• Build a Robust Property Portfolio : Acquire a portfolio of properties to manage that will generate consistent revenue. This involves networking with property owners, real estate agents, and investors to showcase the value AssetGuard Properties can bring to their investments.
• Implement Efficient Operational Systems : Develop and implement efficient property management systems and software that will allow for effective management of properties, including tenant screening, lease management, maintenance requests, and financial reporting. This will ensure high customer satisfaction and operational efficiency.
• Hire and Train Qualified Staff : Recruit and train a team of professionals with expertise in property management, customer service, and maintenance. This ensures that all properties are managed effectively and that tenants and property owners receive high-quality service.
• Achieve a Positive Cash Flow : Focus on reaching operational efficiency and financial stability by achieving a positive cash flow. This involves managing expenses carefully while growing the revenue base by increasing the number of managed properties and possibly adjusting the fee structure to remain competitive yet profitable.
• Get to $15,000/Month in Revenue : Implement strategies to grow monthly revenue to at least $15,000. This could involve expanding the property portfolio, optimizing the fee structure for services provided, and seeking additional revenue streams related to property management such as maintenance and renovation services.
• Establish Strong Relationships with Local Vendors and Contractors : Build a network of reliable and cost-effective local vendors and contractors for maintenance and repair services. This will help in managing operational costs effectively and ensuring quick and quality service to the managed properties.
• Implement a Customer Feedback Loop : Develop a system for collecting and analyzing feedback from both property owners and tenants. Use this feedback to continually improve service offerings and customer satisfaction, which in turn will help in retaining clients and attracting new ones through positive word-of-mouth.
• Review and Adjust Business Strategy : Regularly review the business performance against set goals and industry trends. Be prepared to adjust the business strategy, marketing efforts, and operational processes based on performance data, customer feedback, and changing market conditions to ensure sustained growth and success.

AssetGuard Properties management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Kaylee Richardson, CEO

Kaylee Richardson, CEO, brings a wealth of experience to AssetGuard Properties, underpinned by a proven track record in the property management sector. With an entrepreneurial spirit, Kaylee has previously demonstrated her capability by successfully running a property management business. Her expertise not only lies in managing and scaling businesses effectively but also in understanding the intricacies of the real estate market and customer needs. Kaylee’s leadership is expected to drive AssetGuard Properties towards achieving its vision by leveraging her strategic thinking, operational excellence, and commitment to service quality.

To reach our growth goals, AssetGuard Properties requires initial funding to cover startup costs, operational expenses, and marketing initiatives. This investment will enable us to quickly establish our brand, build a strong property portfolio, and achieve operational efficiency. Our financial projections indicate that with the right level of funding, we can reach our revenue targets, achieve a positive cash flow within the first year of operations, and sustain long-term growth. Our plan outlines a clear path to profitability, ensuring a solid return on investment for our financial backers.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Property Management Business Plan Example PDF

Download our Property Management Business Plan PDF here. This is a free property management business plan example to help you get started on your own property management plan.  

How to Finish Your Property Management Business Plan in 1 Day!

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!