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Do you need a lean or traditional business plan for your startup?

On Behalf of | Mar 22, 2022 | Business Formation & Planning

A Florida startup should utilize every resource available to maximize success and attract investment capital. Your business plan is one such resource that you can use to help grow your new startup.

You have two choices when creating a business plan. You can go the traditional route with a highly detailed plan, or you can trim it down to a lean plan to help potential partners or investors focus on the key elements of your company.

Advantages of a traditional business plan

One possible benefit of taking the traditional path is that your business plan may appear more familiar to investors and potential partners. Another advantage is that you can include more details about your company.

Here are two more benefits. You have space to address the current and future financial projections of your business, which is something that many investors like to see. A traditional plan also allows you to drill down on your target market, which can also help investors make financial decisions

Even if you prefer the notion of a lean plan, it is wise to have a traditional plan waiting in the wings in case investors request more information.

Advantages of a lean business plan

It takes much less time to draft a lean strategy than a detailed traditional plan. You can also swap out lengthy blocks of text for visually attractive charts and bullet-point lists. A lean plan may help potential investors or partners visualize your startup as a viable Florida business

Whether you decide to draft a lean business plan, a traditional one or one of each, it is wise to learn more about business formation and planning. Doing so helps ensure that you remain compliant with the law and make no costly mistakes when starting a new business.