Company Description/Overview
Products/Services Offered
Market Analysis
Marketing and Sales Strategies
Operations and Management
Financial Plan
Appendices
A business plan is a detailed document laying out how the business will function and develop in its first few years. The key is the “plan” part of the name, as it will specify how you will launch, gain customers, operate, make money, and, with any luck, expand.
Yet what many first-time business owners seem to forget is that a business plan is not a static document. The initial version is based largely on assumptions, supported by research. But as you run your business you’ll learn what works and what does not and make endless tweaks to your plan.
Thus, creating a business plan is not a one-time action – it’s a dynamic and continuous process of crafting and adapting your vision and strategy.
A business plan is generally much more detailed and broader than a business proposal, and has several elements :
A business proposal is created in connection to a specific business deal being offered by one party to another. As mentioned, when you take a business plan to an investor, you’re proposing a business relationship, so in this case a business plan and a business proposal are much the same.
But a business proposal could also be for others purposes, including:
A business proposal may offer specific terms for the potential relationship, or it may be just about the benefits the relationship will bring, with terms to be negotiated later. Essentially, it’s a sales tool to get people or companies to do business with you in some way.
Business proposals can be structured in various ways, but usually, they’ll include a summary of what your company can offer, a scope of the work to be done together, and sometimes, a price quote or a proposed structure of the business relationship.
Clearly, a business plan and a business proposal are similar – and can even be one and the same. At the same time, they can also serve very different purposes. Unlike a business plan, a business proposal can have a variety of aims and thus does not have a “one size fits all” structure.
Whichever one you need, be sure to take your time with the research and writing so your business has the best chance for success.
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The difference between a business plan and planning.
A business plan is the result of thinking, researching, strategizing, and reaching conclusions about how to pursue opportunities. It may exist only in the head of the planner, but it’s better when written down.
Whether elaborate or simple, a written business plan is an assembly of facts, ideas, assumptions and projections about the future. Here are three ways to use a written plan:
1. Document the due diligence on a new business or the future of an existing one.
2. Evaluate opportunities and challenges and compare them with your strengths and weaknesses.
3. Assist when getting a bank loan and is essential when courting investors.
So how does a static, written plan work when a business is always in motion? It works when you turn your plan into planning. A plan is like a parked car; planning is taking that car on a trip.
Planning is measuring your business motion against the baseline of assumptions and projections you made in your plan. Planning allows you to see how smart you were when the plan was written, or where your research and assumption skills need work. It also highlights external forces you face.
Written business plans often become collateral damage during challenging economic times. But you can’t allow planning to meet the same fate. Indeed, when things slow down there is even greater need to check your position than when things are rocking and rolling.
Here is a critical two-step planning activity that is the heart of a business plan and the essence of planning. Beginning with these will help you operate more successfully anytime, but especially when things are slow.
-Build a 12-month cash flow spreadsheet in a program like Excel so you can project and track the monthly relationship between cash collections and cash disbursements from all sources. This planning tool will provide a rolling picture of cash flow in any given month.
-Look at the “Ending cash” number at the bottom of each month’s column. A negative number in any month means you’ll need to add cash from sales, reduce expenses, add cash from another source, like a bank loan, or some combination.
A banker once told me that if I could bring him only one financial document with a loan request it should be a 12-month cash flow projection that includes both how the borrowed cash would be used and the debt service. I always listen to my banker, and you should too.
Write this on a rock… A business plan is important, but planning is essential.
Published: June 28, 2024
Years ago, I had an idea to launch a line of region-specific board games. I knew there was a market for games that celebrated local culture and heritage. I was so excited about the concept and couldn't wait to get started.
But my idea never took off. Why? Because I didn‘t have a plan. I lacked direction, missed opportunities, and ultimately, the venture never got off the ground.
And that’s exactly why a business plan is important. It cements your vision, gives you clarity, and outlines your next step.
In this post, I‘ll explain what a business plan is, the reasons why you’d need one, identify different types of business plans, and what you should include in yours.
Table of Contents
What is a business plan used for.
What does a business plan need to include, types of business plans.
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A business plan is a comprehensive document that outlines a company's goals, strategies, and financial projections. It provides a detailed description of the business, including its products or services, target market, competitive landscape, and marketing and sales strategies. The plan also includes a financial section that forecasts revenue, expenses, and cash flow, as well as a funding request if the business is seeking investment.
The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.
The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.
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A business plan and proposal are two different documents with two different purposes and functions. 3 min read
A business plan and proposal are two different documents with two different purposes and functions. A business plan is a document that clearly spells out how a business intends to realize its objectives and goals, while a business proposal is a sales document that a business entity uses to request a contract from a client.
A business plan and a business proposal are different from each other by content, goals, writing style, and structure. The major difference between both is that a business plan is a document that presents facts, while a business proposal is a request for a deal and a quotation of prices.
You can think of a business plan as the documentation of a company's grand vision. Business plans are naturally tactical. It's like stating where and when you want to start, when you want to get to the next point in view, and how you intend to accomplish that progress. A business plan includes descriptions of how the business is intended to run, the details of financial goals, possible business rivalry, marketing strategy, executive summary, and other factors that affect a company's planned business growth.
A business plan is particularly effective in making potential investors interested in a company (especially a startup company that's yet to make a name in its industry). Additionally, a business plan can provide an idea of what a company requires for professionals such as attorneys, accountants, and potential employees. A business plan distinctly describes the scope of the business, and in so doing, clears your thoughts as a business owner.
The business plan should be honestly made because it's the outline of the company's vision. It indicates whether or not the business goals of the company are realistically achievable. Experts say an effective business plan would take approximately six weeks of thorough research and groundwork to create. In other words, you typically can't create an effective business plan in one day, present it to potential investors the next day, and achieve desired results.
A business proposal goes to a prospective client directly from an established business. It's an attempt to sell a business entity's service or product to a client, and not an attempt to sell the business itself. Also, a business proposal isn't an estimate. Though costs and certain other details will be provided in the business proposal, an estimate is a lot more unofficial and simply a provision to skim over the costs. It doesn't present the entire picture.
Basically, business proposals show a particular idea, such as a new, profitable undertaking. The proposal is intended to get investors to support the particular business endeavor being suggested. For instance, a well-known eatery chain may wish to extend its business to a nearby state. Such an eatery would have to compose a business proposal in order to get the financial support of its target investors.
Though the business proposal provides an overview of what the company does (similar to a business plan), its major objective is to provide the details of the suggested business idea, including providing answers in advance for any concerns that could be raised by potential investors.
Basically, a business plan has three components: business model description, sales tactics, and financial goals. However, more elaborately, it has the following sections of information:
A solicited business proposal, when presented in response to a request for proposal (RFP), should be in the format requested by the client in their RFP. The same format may or may not be used for an unsolicited business proposal. Its purpose is to suggest and develop a business idea. Therefore, it's recommended to use the same format or some other format that's well-known in the field of endeavor.
An unsolicited business proposal offers a business entity the flexibility to choose what structure they deem appropriate. However, the proposal is expected to meet industry standards, no matter what format is used. For instance, it should emphasize major areas of interest, be thoroughly researched, offer a proposition of value, and feature a call to action.
If you need help with a business plan and proposal, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
Hire the top business lawyers and save up to 60% on legal fees
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Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.
Investopedia / Ryan Oakley
Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.
Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.
A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.
There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.
While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.
A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.
While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.
Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.
The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.
Common elements in many business plans include:
Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.
Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.
A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.
How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.
The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.
A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.
As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.
University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.
Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."
Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."
Harvard Business Review. " How to Write a Winning Business Plan ."
U.S. Small Business Administration. " Write Your Business Plan ."
SCORE. " When and Why Should You Review Your Business Plan? "
“Ok, so you sell things.”
Well, honestly, I wasn’t surprised or peeved at the half-baked knowledge of my friend’s father when he made a snap judgment and conveniently labeled my marketing profession as sales.
After all, this wasn’t my first time when someone tagged me as a salesperson. So, I took a deep breath and explained to him how sales are different from marketing.
We, humans, dwell in a herd mentality and hone our word skills from our surroundings. Sometimes, we are simply careless, sometimes oblivious, but most of the time, we actually don’t know that the word has a different meaning.
This can be ignored in a casual conversation, but using the wrong words in a business space can change the implied meaning and lead to miscommunication. For example, cost vs. price , digitization vs. digitalization , warranty vs. guarantee , machine learning vs. artificial intelligence , etc.
“Don’t use words too big for the subject. Don’t say ‘infinitely’ when you mean ‘very’; otherwise you’ll have no word left when you want to talk about something really infinite.” – C. S. Lewis
This Process Street guest post untangles the confusion between two crucial terms – business plan and business proposal. These are used interchangeably in the business world, but their meaning and application are pretty different.
Words are the building blocks of communication. There is a French phrase for using the right word – le mot juste .
Let us strive for le mot juste !
Hop on and be a part of this fantabulous journey.
What is a business proposal, business plan vs. business proposal: what are the differences.
Here we go!
A business plan is a formal guide that acts as a blueprint, deciphering every root and branch to make a business successful. It is a written document that provides insights to internal and external stakeholders on business vision, goals, and strategies to achieve those goals.
“Without a plan, even the most brilliant business can get lost. You need to have goals, create milestones and have a strategy in place to set yourself up for success.” – Yogi Berra
A business plan, at its core, is an explanation of the below questions –
A business plan is not a bag of puffery statements. It is a document with factual information necessary for the survival of a business. You can create a business plan with the right tools or opt for a good business coach to get you started.
Let’s see what Tim Berry , business plan expert, founder and chairman of Palo Alto Softwar and bplans.com , has to say on business plans.
“What I love most about business plans is the business planning: like walking, it’s constant correction and review and revision. Planning, done right, is steering a business, managing growth, aiming the business towards the right future.” – Tim Berry , Small Business Trends
According to a study done by Palo Alto Software, those who create business plans double their chances to succeed in business .
Let us get down to brass tacks and understand why a business plan is super-duper important.
Record and present business information The primary intent of a business plan is to record and communicate information. It must document the business goals and the methods to attain those goals in a structured manner. It keeps businesses on track with their objectives.
A blueprint for seeking business investment ️ Whether you are a fledgling start-up or an established business seeking expansion or diversification, writing a winning business plan acts as a magnet to attract investors. It builds confidence and trust among investors about the lucrativeness of a business idea.
Lay down the right path ✔️ Not everything discussed verbally at an ideation stage transforms into reality in a pragmatic environment. Jotting down a business plan differentiates achievable from impracticable based on market dynamics, opportunities and threats, and company’s strengths and weaknesses. It sets the right track for business growth.
Establish short-term and long-term goals A business plan sets down short-term and long-term goals and the direction to accomplish them, right from baby steps to giant leaps. It becomes a basis to revisit the goals from time-to-time and make iterations depending on the present scenario.
“Any business plan won’t survive its first encounter with reality. The reality will always be different. It will never be the plan.” – Jeff Bezos, CEO of Amazon
Get clarity on your business A frequent question that pops-up in business discussions is: “Are we doing it right?”
A well-articulated business plan brings insightful knowledge on each aspect of a business – from what it has to offer to how to market the offerings.
Make informed decisions A business plan is a reality check to track what is being fruitful and what is causing hindrance. It paves the way to make a business sustainable.
Predict future financial performance Financial projection is the spotlight of a business plan. It’s the carrot that captivates the eyeballs and tickles investors to fund a new business.
A promising business plan talks about the company’s future financial performance – expenditure, profit, revenue, etc.
Explore new business opportunities A business plan is a flexible document that enables learning on the go. It bolsters research and infuses businesses with new and more feasible business opportunities. It gives organizations a fresh outlook and ushers them to be a howling success.
Now that we have answered the ‘what’ and ‘why’ of a business plan, let us move forward to solve the next riddle – how do you prepare it?
Identify your company’s vision, mission, and values Start by answering and figuring out your business personality:
This is your organization’s compass that acts as a foundation for the succeeding steps.
Know your target audience Dig deep into:
Learn market trends Identifying market trends keeps businesses ahead of the game. Analysis of industry data leads to business growth and profitability in the long run.
Weigh in the impact of unforeseen circumstances From financial turbulence to natural calamities and pandemics – a lot can go wrong in the future and leave a business shaking. Expect the unexpected and gird your loins for these testing times.
Creating a winning business plan increases the chances of success and spurs investors to fund your business.
According to a study published in Small Business Economics , entrepreneurs that create a plan are 152% more likely to start their business and appoint a registered agent and 129% more likely to push forward with their business beyond the initial start-up phase and grow it.
Here are the key components of an excellent business plan:
Executive summary First impression is the last impression!
An executive summary is a crucial part of this document. It provides the essence of the whole plan:
It should be informative and able to spark readers’ interest to know more about the business plan.
Overview of the business This section lists down information on:
…and all other related details.
Market analysis and strategies Put forth a strong case built on the solid rock of data analysis and statistics – present data on target market size, industry trends, sales forecasts, and marketing strategy.
Operating plan The operating plan highlights the operational requirements for the smooth functioning of a business. It includes facilities, supply chain management, inventory, manufacturing, shipment, logistics, staff management – everything under the sun that covers capital and expense (CapEx) requirements.
Growth plan This section answers the question: “Where do you see the business going in the next few years?” It provides visibility to investors on the milestones and how you will make money in near future.
Marketing plan Thee marketing plan section describes how to market the offerings to create and fulfill customers’ needs (who are the customers, product positioning, pricing policy, and promotional strategies?)
Management plan This section outlines how your organization is structured and basically how strong you are together. It describes the skills, background, and responsibilities of the management team. It builds conviction that the business is in good hands and has a proficient human capital.
Financial plan and projections This is the part where numbers become the king.
It draws up deets on inflow and outflow of money, sales forecast, profit and loss statement, balance sheet, cash flow statement, and budget expense. It discloses and forecasts the company’s financial goals, profitability model, and charts a course for the coming years.
Conclusion and appendix Conclude the business plan by succinctly bringing out the key pointers – the business’s vision, mission, goals, strengths, and growth trajectory. Make it compelling and to-the-point. Add relevant appendices to strengthen your business plan.
Pro tip: Use an all-inclusive ready-made business plan template document and Process Street ‘s business plan workflow to create unbeatable business plans.
Click here to access the Business Plan Checklist!
There are varying types of business plans depending on the purpose and usage:
A business proposal is the mantra that draws you closer to win a customer or bag a project.
Generally, it is a formal response to a Request for Proposal (RFP) sent by a prospective client looking for the right solution to their problems. It explains the particulars of a seller’s offerings and convinces the buyer that the proposed solution is the gateway to their business’s success and productivity.
“And, after all, winning business is what writing proposals is all about.” ― Tom Sant, Persuasive Business Proposals: Writing to Win More Customers, Clients, and Contracts
A business proposal comprises of four main points :
A business proposal is a testimony in itself that asserts, “I am the best you can get.”
Here are the reasons why you should and must make a business proposal :
The heart of preparedness is research and further research. After all, the devil is in the details.
Talk to prospective customers, visit their website(s), read published articles, and be a know-it-all for your prospective clients.
Sort out the ‘who’ First and foremost, dig every possible information about the client:
Understand the challenges Find what’s bothering them and what is causing hindrance to their business success. Learn about their existing solution and its challenges.
Stitch the glitch and offer the best solution After a thorough review of all the points mentioned above, find the best solution to your prospective client’s problems.
List down key differentiators This will help you to beat the competition in the dust. It draws a comparison chart and puts you in a superior position.
According to Gray Mackenzie, founder of GuavaBox ,
“Prior to submitting a proposal, make sure you have clearly defined all the major points verbally with the potential customer. By discussing the scope, cost, timeline, and details prior to submitting a written proposal, you can uncover objections earlier in the process.” – Gray Mackenzie, 10 Sales Experts Share Their Best Business Proposal Tips
Let’s get down to the fundamental elements that form a business proposal. Learn how to create a business proposal that stands out and close sales.
Title page/Cover page The name says it all.
Pretty easy-peasy thing to understand, right? After all, you have been creating the title pages since school days.
Still, make a note: Always write a gripping title that intrigues prospective clients’ interest and urges them to read on.
Other components that should be included on the title page are:
Table of contents (TOC) As the name suggests, a TOC is a well-structured layout of the document. It helps to skim and scan and navigate speedily through different sections of a business proposal.
Executive summary It sets the tone for a proposal and makes the reader inquisitive about reading subsequent sections. It sums up the entire business proposal – the purpose of sharing the proposal and why and how your solution is the right fit for the prospective client. Leave no stone unturned to boast about your offerings in the executive summary.
Details of offerings This is an in-depth description of the products or services your company has to offer.
How will the offerings solve the client’s problems? This explains why your products/services are the right fit to address a prospective client’s needs and why it is a better alternative than the competition.
The methodology/implementation of offerings This section is a blanket explanation of how the promised deliverables will be executed. It provides step-by-step clarity on each action along with timelines. It gives the client peace of mind and builds trust and confidence in the offering.
Pricing, payment, and legal matters Here, you talk about the pricing structure, applicable taxes, payment schedule, cancellation policy, and how you plan to solve the legal matters (if any arise in the future).
Here are some tips for this section:
Details about your company This is an exhaustive overview of your company. Don’t forget to add relevant customer testimonials, case studies, or success stories to build your case among prospective customers.
Signatures and Call to action This is the moment that gets butterflies in your stomach; the closure. This is the concluding part of a business proposal. Here (if all your prayers get answered), you and your client sign the proposal and secure the deal. Hurray!
Pro tip: Once you send the business proposal, don’t sit idle in your cocoon day-dreaming of winning the proposal. Always proactively do follow-ups with the prospective clients and clarify their doubts.
For start-ups or small businesses, drafting a business proposal can be an unnerving experience. They work fingers to the bone to write a perfect business proposal. Spending too much time on it might lead to missing the deadline and eventually losing out on a golden opportunity.
According to a report by Better Proposal , sending a business proposal within 24 hours increases the likelihood of winning the deal by 25%.
Here’s the secret sauce to speedily create flawless business proposals :
First, pick a professionally vetted and ready-to-use business proposal template and draft a business proposal like a cakewalk. Such as the Business Proposal Template included below.
Next, always use Process Street ‘s super-powered business proposal template checklist and ensure no step gets missed in the process.
It even turns out a blessing for big businesses since they have to draft multiple proposals all the time. Templates and checklists save a lot of time, enhance productivity, and increase the chances of success.
Majorly, there are two types of business proposals:
Solicited business proposal Also known as an invited business proposal, it comes into play when a buyer, or a company, outlines its requirements and requests suppliers to present an offer. It can be a response to a public tender issued by big corporations or government agencies.
Alternatively, a solicited business proposal can also be submitted as a response to the RFP shared by a prospective client.
The difference between the two is that while the earlier one is open to all bidders, the latter’s scope is limited as it is shared with shortlisted suppliers.
Pro tip: Do a thorough check before submitting an invited business proposal. Missing out on-minute details can kick you out from their consideration list.
Unsolicited business proposal An uninvited or unsolicited business proposal is a proactive attempt to create a business opportunity. This proposal is sent to prospective clients without being asked.
The good news is, there are slim chances of your rival sending a business proposal simultaneously, so less or no competition.
The bad news is, it might breathe in the customer’s inbox for a few days and then, without being read, depart to the heavenly abode -the trash folder.
But still, like a cold call, it leaves some impression on prospective clients and shoots up the chances to cut a deal in the long run.
Pro tip: An unsolicited business proposal is mostly sent through emails. Make certain to write an attention-grabbing headline and a convincing explanation to draw attention.
Here’s a comparison chart that distinguishes between business plan and business proposal:
Here are the secret ingredients to make awesome and captivating business plans and proposals:
This is not the right place to brag about your vocabulary skills. You want the prospective customer to focus on reading rather than wasting time looking up for a word.
Always remember! Communication is the key.
So, go simple and ditch those heavy jargons.
Don’t wear-out the pupils of your prospects with long-winded documents. Capitalize on the multisensorial abilities of humans as well.
Visuals increase people’s desire to read content by 80%.
Leverage the power of visuals and make your document easily graspable by adding graphs, infographics, flowcharts, tables, images, and videos.
Do not forget to add positive feedback or customer testimonials. If similar projects have been delivered in the past, do add relevant links and case studies of that work. It helps to build trust and strengthen your case.
“Make sure you have great success stories that you can share with potential clients. At the end of the day, most, if not all, potential clients want to know you will provide value to them and generate positive ROI.” – Mathew Bivens, Podcast and marketing consultant, 10 Sales Experts Share Their Best Business Proposal Tips
Ensure the document is free from grammar and spelling errors.
Your document should reflect your brand. Bring consistency in all your documents and design them as per the brand guidelines.
Time is money!
The likelihood of getting a ‘yes’ on your business plans and business proposals depends on how fast you can create a flawless document.
Empower your organization with a smart and all-in-one document builder tool like Revv – create, communicate, collaborate, and close your documents in no time.
Business plans and business proposals are two different worlds with distinct purposes and goals. But, both play a prime role in increasing the odds of business success.
People often get the wrong end of the stick and ask for a business plan when they mean business proposal or vice-versa.
But, we don’t need to worry about that since we are now clear on what is what.
Cheers to us!
P.S: Don’t forget to subscribe to the Process Street blog to get notified of our upcoming articles. We also have a podcast “Tech Out Loud” featuring content written by respected industry leaders such as Peep Laja , Sujan Patel , Tomasz Tunguz , and more!
What is your take on business plans and business proposals? Have you ever got your wires crossed with these two terminologies? Don’t forget to post your comments below.
Hey, I'm Molly, Junior Content Writer at Process Street with a First-Class Honors Degree in Development Studies & Spanish. I love writing so much that I also have my own blog where I write about everything that interests me; from traveling solo to mindful living. Check it out at mollystovold.com .
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Organize your projects with project plans to keep things on track—before you even start. A project plan houses all the necessary details of your project, such as goals, tasks, scope, deadlines, and deliverables. This shows stakeholders a clear roadmap of your project, ensures you have the resources for it, and holds everyone accountable from the start. In this article, we teach you the seven steps to create your own project plan.
Project plans are essential to keeping your project organized and on track. A great project plan will help you kick off your work with all the necessary pieces—from goals and budgets to milestones and communication plans—in one place. Save yourself time (and a few headaches) by creating a work plan that will make your project a success.
Project planning is the second stage in the project management process, following project initiation and preceding project execution. During the project planning stage, the project manager creates a project plan, which maps out project requirements. The project planning phase typically includes setting project goals, designating project resources, and mapping out the project schedule.
If you're still unsure about what a project plan is, here's how it differs from other project elements:
Project plan vs. work plan: A project plan and a work plan are the same thing. Different teams or departments might prefer one term or another—but they both ultimately describe the same thing: a list of big-picture action steps you need to take to hit your project objectives .
Project plan vs. project charter: A project charter is an outline of your project. Mostly, you use project charters to get signoff from key stakeholders before you start. Which means your project charter comes before your project plan. A project charter is an outline of a simple project plan—it should only include your project objectives, scope, and responsibilities. Then, once your charter has been approved, you can create a project plan to provide a more in-depth blueprint of the key elements of your project.
Project plan vs. project scope: Your project scope defines the size and boundaries of your project. As part of your project plan, you should outline and share the scope of your project with all project stakeholders. If you’re ever worried about scope creep , you can refer back to your pre-defined scope within your project plan to get back on track.
Project plan vs. agile project: Agile project management is a framework to help teams break work into iterative, collaborative components . Agile frameworks are often run in conjunction with scrum and sprint methodologies. Like any project, an Agile project team can benefit from having a project plan in place before getting started with their work.
Project plan vs. work breakdown structure: Similar to a project plan, your work breakdown structure (WBS) helps you with project execution. While the project plan focuses on every aspect of your project, the WBS is focused on deliverables—breaking them down into sub-deliverables and project tasks. This helps you visualize the whole project in simple steps. Because it’s a visual format, your WBS is best viewed as a Gantt chart (or timeline), Kanban board , or calendar—especially if you’re using project management software .
Project plans set the stage for the entire project. Without one, you’re missing a critical step in the overall project management process . When you launch into a project without defined goals or objectives, it can lead to disorganized work, frustration, and even scope creep. A clear, written project management plan provides a baseline direction to all stakeholders, while also keeping everyone accountable. It confirms that you have the resources you need for the project before it actually begins.
A project plan also allows you, as the person in charge of leading execution, to forecast any potential challenges you could run into while the project is still in the planning stages. That way, you can ensure the project will be achievable—or course-correct if necessary. According to a study conducted by the Project Management Institute , there is a strong correlation between project planning and project success—the better your plan, the better your outcome. So, conquering the planning phase also makes for better project efficiency and results.
To create a clear project management plan, you need a way to track all of your moving parts . No matter what type of project you’re planning, every work plan should have:
Goals and project objectives
Success metrics
Stakeholders and roles
Scope and budget
Milestones , deliverables , and project dependencies
Communication plan.
Not sure what each of these mean or should look like? Let’s dive into the details:
You’re working on this project plan for a reason—likely to get you, your team, or your company to an end goal. But how will you know if you’ve reached that goal if you have no way of measuring success?
Every successful project plan should have a clear, desired outcome. Identifying your goals provides a rationale for your project plan. It also keeps everyone on the same page and focused on the results they want to achieve. Moreover, research shows that employees who know how their work is contributing to company objectives are 2X as motivated . Yet only 26% of employees have that clarity. That’s because most goal-setting happens separate from the actual work. By defining your goals within your work plan, you can connect the work your team is doing directly to the project objectives in real-time.
In general, your project goals should be higher-level than your project objectives. Your project goals should be SMART goals that help you measure project success and show how your project aligns with business objectives . The purpose of drafting project objectives, on the other hand, is to focus on the actual, specific deliverables you're going to achieve at the end of your project. Your project plan provides the direction your team needs to hit your goals, so you can create a workflow that hits project objectives.
Your project plan provides the direction your team needs to hit your goals, by way of your project objectives. By incorporating your goals directly into your planning documentation, you can keep your project’s North Star on hand. When you’re defining your project scope, or outlining your project schedule, check back on your goals to make sure that work is in favor of your main objectives.
Once you’ve defined your goals, make sure they’re measurable by setting key success metrics. While your goal serves as the intended result, you need success metrics to let you know whether or not you’re performing on track to achieve that result. The best way to do that is to set SMART goals . With SMART goals, you can make sure your success metrics are clear and measurable, so you can look back at the end of your project and easily tell if you hit them or not.
For example, a goal for an event might be to host an annual 3-day conference for SEO professionals on June 22nd. A success metric for that goal might be having at least 1,000 people attend your conference. It’s both clear and measurable.
Running a project usually means getting collaborators involved in the execution of it. In your project management plan, outline which team members will be a part of the project and what each person’s role will be. This will help you decide who is responsible for each task (something we’ll get to shortly) and let stakeholders know how you expect them to be involved.
During this process, make sure to define the various roles and responsibilities your stakeholders might have. For example, who is directly responsible for the project’s success? How is your project team structured (i.e. do you have a project manager, a project sponsor , etc.)? Are there any approvers that should be involved before anything is finalized? What cross-functional stakeholders should be included in the project plan? Are there any risk management factors you need to include?
Consider using a system, such as a RACI chart , to help determine who is driving the project forward, who will approve decisions, who will contribute to the project, and who needs to remain informed as the project progresses.
Then, once you’ve outlined all of your roles and stakeholders, make sure to include that documentation in your project plan. Once you finalize your plan, your work plan will become your cross-functional source of truth.
Running a project usually costs money. Whether it’s hiring freelancers for content writing or a catering company for an event, you’ll probably be spending some cash.
Since you’ve already defined your goals and stakeholders as part of your project plan, use that information to establish your budget. For example, if this is a cross-functional project involving multiple departments, will the departments be splitting the project cost? If you have a specific goal metric like event attendees or new users, does your proposed budget support that endeavor?
By establishing your project budget during the project planning phase (and before the spending begins), you can get approval, more easily track progress, and make smart, economical decisions during the implementation phase of your project. Knowing your budget beforehand helps you with resource management , ensuring that you stay within the initial financial scope of the project. Planning helps you determine what parts of your project will cost what—leaving no room for surprises later on.
An important part of planning your project is setting milestones, or specific objectives that represent an achievement. Milestones don’t require a start and end date, but hitting one marks a significant accomplishment during your project. They are used to measure progress. For example, let’s say you’re working to develop a new product for your company . Setting a milestone on your project timeline for when the prototype is finalized will help you measure the progress you’ve made so far.
A project deliverable , on the other hand, is what is actually produced once you meet a milestone. In our product development example, we hit a milestone when we produced the deliverable, which was the prototype. You can also use project dependencies —tasks that you can’t start until others are finished. Dependencies ensure that work only starts once it’s ready. Continuing the example, you can create a project dependency to require approval from the project lead before prototype testing begins.
If you’re using our free project plan template , you can easily organize your project around deliverables, dependencies, and milestones. That way, everyone on the team has clear visibility into the work within your project scope, and the milestones your team will be working towards.
In order to achieve your project goals, you and your stakeholders need clarity on your overall project timeline and schedule. Aligning on the time frame you have can help you better prioritize during strategic planning sessions.
Not all projects will have clear-cut timelines. If you're working on a large project with a few unknown dates, consider creating a project roadmap instead of a full-blown project timeline. That way, you can clarify the order of operations of various tasks without necessarily establishing exact dates.
Once you’ve covered the high-level responsibilities, it’s time to focus some energy on the details. In your work plan template , start by breaking your project into tasks, ensuring no part of the process is skipped. Bigger tasks can even be broken down into smaller subtasks, making them more manageable.
Then, take each task and subtask, and assign it a start date and end date. You’ll begin to visually see everything come together in a cohesive project timeline . Be sure to add stakeholders, mapping out who is doing what by when.
We’ve established that most projects include multiple stakeholders. That means communication styles will vary among them. You have an opportunity to set your expectations up front for this particular project in your project plan. Having a communication plan is essential for making sure everyone understands what’s happening, how the project is progressing, and what’s going on next. And in case a roadblock comes up, you’ll already have a clear communication system in place.
As you’re developing your communication plan, consider the following questions:
How many project-related meetings do you need to have? What are their goals?
How will you manage project status updates ? Where will you share them?
What tool will you use to manage the project and communicate progress and updates?
Like the other elements of your project plan, make sure your communication plan is easily accessible within your project plan. Stakeholders and cross-functional collaborators should be able to easily find these guidelines during the planning and execution phases of your project. Using project planning tools or task management software that integrates with apps like Slack and Gmail can ensure all your communication happens in one easily accessible place.
Next, to help you understand what your project management plan should look like, here are two example plans for marketing and design projects that will guide you during your own project planning.
Let’s say you’re the Content Lead for your company, and it’s your responsibility to create and deliver on a content marketing calendar for all the content that will be published next year. You know your first step is to build your work plan. Here’s what it might look like:
You establish that your goal for creating and executing against your content calendar is to increase engagement by 10%. Your success metrics are the open rate and click through rate on emails, your company’s social media followers, and how your pieces of content rank on search engines.
There will be five people involved in this project.
You, Content Lead: Develop and maintain the calendar
Brandon and Jamie, Writers: Provide outlines and copy for each piece of content
Nate, Editor: Edit and give feedback on content
Paula, Producer: Publish the content once it’s written and edited
Your budget for the project plan and a year’s worth of content is $50,000.
Your first milestone is to finish the content calendar, which shows all topics for the year. The deliverable is a sharable version of the calendar. Both the milestone and the deliverables should be clearly marked on your project schedule.
You’ve determined that your schedule for your content calendar project plan will go as follows:
October 15 - November 1: The research phase to find ideas for topics for content
November 2 - November 30: Establish the topics you’ll write about
December 1 - January 1: Build the calendar
January 1 - December 31: Content will be written by Brandon and Jamie, and edited by Nate, throughout the year
January 16 - December 31: Paula will begin publishing and continue to do so on a rolling basis throughout the year.
You’ll have a kick-off meeting and then monthly update meetings as part of your communication plan. Weekly status updates will be sent on Friday afternoons. All project-related communication will occur within a project management tool .
Kerry Hoffman, Senior Project Manager of Marketing Operations at ClassPass , oversees all marketing projects undertaken by the creative, growth, and content teams. Here are her top three strategies for managing project plans:
Identify stakeholders up front: No matter the size of the project, it’s critical to know who the stakeholders are and their role in the project so you ensure you involve the right people at each stage. This will also make the review and approval process clear before the team gets to work.
Agree on how you want to communicate about your project: Establish where and when communication should take place for your project to ensure that key information is captured in the right place so everyone stays aligned.
Be adaptable and learn other people’s working styles: Projects don’t always go according to plan, but by implementing proper integration management you can keep projects running smoothly. Also, find out how project members like to work so you take that into account as you create your plan. It will help things run smoother once you begin executing.
Congratulations—you’re officially a work planning pro. With a few steps, a little bit of time, and a whole lot of organization, you’ve successfully written a project plan.
Keep yourself and your team on track, and address challenges early by using project planning software like Asana . Work through each of the steps of your project plan with confidence, and streamline your communications with the team.
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Business Plan Template
When you start a new business or own a young company, you often hear terms like business plan or business proposal. But the question is: do you need a business plan? Or is it a proposal that you need? Or both?
Being new to the game, these terms can seem quite intimidating, and you probably don’t know where to start.
Don’t worry. We’ve created a simple business plan vs. business proposal comparison so you can determine which one to prioritize.
Let’s start by defining them!
A business plan documents a company, its business objectives, and how it plans to achieve them. It includes data regarding business goals, marketing strategies, products, services, market research, financial projections, and the dream team.
Pretty much everything a company will use to achieve its intentions.
Okay! And what about the business proposal?
On the other hand, a business proposal is a document that describes your business’s offerings, like a product or service, to help you win potential clients and partners.
It also outlines your business, including its unique value proposition and how your company can help solve customers’ specific problems.
Now that we know the two business documents aren’t the same let’s see how they are different and in what ways.
Even though used interchangeably (and wrongly), a business plan and proposal are poles apart. Here’s how:
Before you ask why you need a business plan , it’s, first and foremost, to legitimize a business idea that you’ve been brewing in your head.
But it’s also to document company strategies, objectives, and operations that help you create a clear idea on how to achieve your company goals. All that data becomes one source of truth that works as a communication tool. That becomes your golden ticket to wooing investors and lenders.
On the other hand, a business proposal’s purpose is entirely about convincing a potential client and partner that your project is worth their time and money.
Unlike a business plan, it only focuses on a specific product, service, or opportunity instead of the entire business.
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When you write your business plan , it will typically follow a specific structure containing the following components:
Similarly, when you write a business proposal , you’ll typically encounter a structure as well. It goes like this:
A business plan’s target audience is internal stakeholders, investors, and lenders interested in your company’s long-term goals and path to success.
On the flip side, business proposals go to potential clients from established businesses. They target external or new clients, partners, or funding agencies with a specific focus on:
Do you know how many types of businesses exist today? Two words: Too many!
Now, that implies there are many different types of business plans . But here’s a quick list of the most common types:
Business proposal types can be broadly divided into two categories:
It’s already challenging to overcome market entry barriers in saturated markets and persuade potential investors. Creating a compelling business proposal and plan shouldn’t be too!
Here’s how to go about it:
It’s okay if you were confused about the difference between a business plan and a proposal before today. You now know the distinction between the two lies in their purpose, components, structure, audience, and type.
While a business plan provides a thorough overview of the entire business and targets internal stakeholders, investors, and lenders, a business proposal focuses on specific projects or opportunities and targets external clients, partners, or funding agencies.
When you understand these differences and employ the best practices in creating both documents, your business can effectively communicate its vision, strategy, and value proposition, securing a solid spot in this competitive world.
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What is the difference between a business plan and a business idea.
A business idea is a concept’s initial spark for a product, service, or opportunity. However, a business plan is a detailed document outlining how a business idea will be executed and managed.
A good proposal is 10-20 pages long. However, it can be longer based on the industry, buyer requirements, product or service type, the scale of buyer needs, and other aspects unique to the business.
The business plan comes first since it legitimizes a business idea. Then comes a proposal because it’s specific to a particular project or opportunity and not the business as a whole.
A business plan is a detailed roadmap for your entire venture. It helps you gain investments, beat competition, make sound decisions, communicate with stakeholders, and identify risks. So, yes, you need a business plan.
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Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
How to rescind a business letter, 6 types of business plans.
A business plan and a business proposal are very different documents, with different purposes and goals. A business plan is a factual broad description of a company on the executive and operational level. A business proposal is a focused sales document intended to describe how a company will approach a project, state the value of the project to the client and solicit the client's business. A business plan is a written presentation of fact. A business proposal is a quote and call to action.
A business plan documents your vision for your business and how you intend to achieve that vision. It contains financial projections of what the business will cost to develop and operate plus an estimation of the revenues to be generated. Its purpose is to provide a reasonably detailed explanation of your business for use by potential investors, suppliers, prospective employees, accountants, attorneys and other people who need a quick but comprehensive understanding of what your company does and its potential for success. The primary reason for a business plan is to record and convey information.
Proposals may be unsolicited business ideas presented to a potential customer or partner, or they may be answers to requests for proposal submitted to your company by a potential client. They are limited in scope to a particular project or need. A business proposal also generally has a specific audience. The primary reason for a business proposal is to solicit or develop a business opportunity.
A business plan has three elements: description of the business model, the marketing model and financial projections. It consists of informative sections, including the executive summary, business description, marketing model, analysis of industry competition, build-out plan, operations plan, introduction of management, and a discussion of financial issues and projection of results. It is introduced by an executive summary, which can be a dense abstract or a longer marketing tool to attract interest in the business plan. The business plan is an informational document designed to factually display your company's operations and potential.
A business proposal written in response to a Request for Proposal (RFP) should follow the format requested in the RFP. Generally, this involves a quick description of your company's services and products that are relevant to the goals of the RFP, a reiteration of the scope of work, answers to specific questions posed in the RFP and a quote detailing materials, tools, labor, delivery and other elements of the cost of the project.
An unsolicited business proposal intended to create and develop a business opportunity follows essentially the same format but anticipates questions the potential client might have. A proposal is more of a marketing document, designed to convince the audience to do business by presenting a value proposition and a call to action.
Victoria Duff specializes in entrepreneurial subjects, drawing on her experience as an acclaimed start-up facilitator, venture catalyst and investor relations manager. Since 1995 she has written many articles for e-zines and was a regular columnist for "Digital Coast Reporter" and "Developments Magazine." She holds a Bachelor of Arts in public administration from the University of California at Berkeley.
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It’s natural to get confused between a business proposal and a business plan if you are planning to turn your idea into reality. While business proposals and plans may sound similar on the surface, they have differences — such as distinct purposes and formats.
A business plan describes your business goals, strategies, and financial projections. A business proposal, on the other hand, proposes a specific solution to a problem or opportunity and helps you persuade the relevant stakeholder to invest in your business.
However, writing a business proposal or a business plan can be challenging, especially if you are confused about their purpose. In this blog, we will explain the difference between a business plan and a business proposal and its major components.
A business plan tells the investors how you plan to ship your product to enough people to clock revenue. It’s about the strategies that will make you the first buck.
A business plan keeps your team on the same page — you can use it as a guiding light. It can help you track the progress of your business, give you a roadmap, and help you make decisions about your business’s future.
Plus, it can be helpful when it comes to pitching your business idea to a third party, for example, when seeking a loan.
A business plan is majorly divided into three sections, which include an executive summary, a sales and marketing strategy, and a financial plan.
An executive summary is a brief, clear, and compelling overview of your business. It is usually the first section of the document, and it contains the most important information, such as your strengths.
These can be further broken down into the following sections:
A business proposal is a separate written document that outlines a specific business opportunity, project, or idea and presents it to potential clients.
It intends to persuade them to take action, such as accepting a business deal or entering into a partnership, thereby helping you get new customers or partners.
A business proposal should be customized to the needs and interests of the receiver. A generic proposal will rarely help you meet your business goals.
At the same time, ensure your proposal is well-organized, persuasive, and creative. Check out these free business proposal templates to impress your clients.
Proposals are solicited from you, or you send them on your initiative.
You write a solicited proposal in response to a prospect’s or customer’s request for a product. They may ask you verbally, or they may issue a written request for proposals (RFP). A solicited business proposal contains a detailed description of the product, service, or solution that you offer to solve the customer's problem or need. It’s generally easier to write because you know what the customer wants or expects.
But if you’re writing the proposal on your own, which is the case with unsolicited business proposals, then you’re convincing the receiver to work with you or buy from you. Such proposals are often challenging to write because you have to convince them they have a problem and you have a solution.
The following are the key components of a business proposal :
While a business plan outlines your goals and explains how you will achieve them, a proposal sells your product to potential customers.
In the following table, we have summarized the main differences between a business plan and a business proposal:
To wrap up, a business proposal is a document that pitches your products or services to a potential client, while a business plan outlines your goals, strategies, and financial projections for your business.
With business management software like Cone, you can easily streamline and automate your proposal creation while ensuring your proposals are bespoke and customized. Sign up for free and experience the seamless proposal creation process for yourself. While you’re at it, check out other business proposals and management resources we have for you.
Fahad Usmani, PMP
January 6, 2024
A few months back, I attended a local PMI chapter seminar. This topic arose while conversing with other professionals: “Are project plan and project management plan the same?”
This discussion led us to some interesting discoveries, which I will share, along with my research on the topic.
During our conversation, we concluded that there was no standard difference between the project plan and the project management plan.
The organization you work for determines the difference. They may decide to stick with only one term, both terms may be used as synonyms for each other, or they can refer to different types of plans.
Let’s discuss these two plans in detail.
The project plan is also called a work plan in some organizations.
A project plan can simply be defined as a formal, approved document used to broadly guide the project and facilitate communication among the stakeholders . The project plan takes its objective from the project charter and the scope statement .
The project plan speaks in general, for example:
The project management plan is a formal, approved document that guides you precisely on how the work of a project will be done.
For example:
A project management plan comprises many subsidiary plans, such as scope management, cost management, risk management , and procurement management plans.
The project management plan is a meta-plan of the project plan. It contains the plan that guides the project management team to complete the project successfully.
Some of the differences between these two plans are as follows:
Please note that the PMBOK Guide does not differentiate between the project plan and the project management plan; therefore, this topic is not very important for the PMP exam . I have written this blog post because I thought it would be a good read for you, and you should now be able to differentiate these two terms if you ever encounter them.
A project plan and a project management plan can refer to the same thing or be different. In some organizations, you may see a distinction between these terms, and others will use them interchangeably. You should speak with your seniors to find out how the company uses these terms.
How about your organization? Do you differentiate, or is there no difference at all? Please share your experience through the comments section.
I am Mohammad Fahad Usmani, B.E. PMP, PMI-RMP. I have been blogging on project management topics since 2011. To date, thousands of professionals have passed the PMP exam using my resources.
This is the most popular Question Bank for the PMP Exam. To date, it has helped over 10,000 PMP aspirants prepare for the exam.
This is a PMI-approved 35 contact hours training program and it is based on the latest exam content outline applicable in 2024.
In project management, we make assumptions and constraints always limit us. They are also a part of our lives.
For example, suppose you plan to go shopping at a mall that takes one hour to reach by car.
You assumed that you would leave your home at around 6:00 pm and reach the mall by 7:00 pm.
This was your assumption. What about the constraints?
In the given example, you can think of two. The first constraint is money. If you have 500 USD in your hand, you cannot shop for more than this amount. The second constraint is the mall’s closing time; let us say it is at 10:30 pm. This means you cannot continue your shopping after that.
Today, we will discuss WBS Dictionary, a vital project management document that complements the Work Breakdown Structure. This is an important document; without it, you cannot monitor the scope performance. WBS Dictionary is a part of the scope baseline. The scope baseline has three components; the other two components are the scope statement and WBS. …
The project scope statement is one of the most important project documents. You must understand it if you are in project management. This statement is a part of the scope baseline. Work Breakdown Structure (WBS) and WBS Dictionary are other components of the scope baseline. I will explain the project scope statement in detail in…
The success of a project depends on the project plan. Without a project plan, project managers cannot measure the project’s progress, team members will be in the dark, and the project will be unsuccessful. Today’s blog post will provide a few project plan examples and samples to help you develop your project plan. However, before…
Critical Path Method (CPM) is a project schedule modeling technique. Mr. Morgan R. Walker and James E. Kelly developed this technique in the late 1950s.
Project planners use this method to develop schedules for many kinds of projects including IT, research, and construction.
Critical Path Method is a lengthy and complex concept. Please follow each step in this blog post and don’t move on until you understand the previous steps. If you follow this advice and complete the blog post, you won’t have any problems solving the questions on Critical Path Method.
The bottom-up estimation technique helps project managers estimate the project cost or duration. This quantitative estimation technique provides the most accurate estimation. For example, consider the government floated a firm fixed contract to construct a building and provided a detailed scope of work. So, how will you estimate the project cost for bid submission? You…
Thanks for sharing really appreciate. If possible fo you have template or sample of what a High-Level Project Plan will look like
Hello Fahad. I am pmp professional and currently preparing for CCM. for me project management plan deals with the goals of the project within the organization objectives that’s aligned with the objectives of the organization and the program iwhich this project is part of. A project plan is dealing with safely constructing the project components to achieve the bigger picture( the project management plan)- project plan deals with the constructability of the project, safety, mobilization, commissioning, projects as built drawing and handover proceedures. its a contractor and CM at risk responsibility to execute construction plan while its the owner agent’s responsibility to execute the project management plan to make sure owner put his investment in the right spot. generally speaking prject plan is site specifi while management plan is organization specific.
Thanks Hatem for sharing.
Do’n you think the content of Project Plan as mentioned above similar to the content of Charter? If this is the case then why we are creating 02 separate documents i.e. Project Plan and charter?
The project charter is only one or two page document while the project plan is more detailed.
what is the difference between Project Management Plan & Statement of Work (SoW) ?
Project management plan is a detail plan about how are you going to accomplish the task. The project statement of work is a document which explains high level description of the deliverables of the project.
What is the difference between Project schedule and schedule baseline?
Project schedule is your performance and schedule baseline is what your performance should be.
how about Project Management Plan Vs Project Charter ? can u explain details?
Read about the project charter:
https://pmstudycircle.com/2012/05/project-charter-a-document-to-formally-authorize-the-project/
Who approves Project Management plan (PMP) ? Is it a PM or Sponsor or both? As PM prepares the PMP, is it sponsor who approves it?
Most of the times, sponsor is worried about deliverables not the plan. Usually the approved by the senior management of your company.
I agree with you to differentiate Project Plan and Project Management Plan. Project Plan is a high-level document which is usually prepared by a consultant who works for BOD or the company’s owner before a project manager is assigned to handle the next process of the project. Project Plan is sometimes called Project Execution Plan. Project Plan usually consist of strategy, policies, and other important information required by a project manager who will handle the project. Starting with reviewing the Project Plan, the project manager will prepare Project Charter dan Project Management Plan. That’s why Project Plan is not included in PMBOK.
I hope it might get included in a future version of the PMBOK Guide.
Hi Fahad, What is the difference project Management Plan and Project Document? Please explain with examples.
Thank you so much. Neil
Management plan help you run the project; for example, cost management plan, risk management plan, etc. While any document can be a project document such as risk register, stakeholder register, issue log, etc.
thanks for your explanation but i have a question. what is the relationship between project and planning? am waiting your answer thank youuu sooooooooo
To complete any project you develop the project plan.
Below blog posts will help you understand the concepts better:
https://pmstudycircle.com/2012/01/project-plan-vs-project-management-plan/
https://pmstudycircle.com/2012/03/what-are-the-project-and-operation-difference-between-them/
https://pmstudycircle.com/2012/03/project-management-vs-program-management-vs-portfolio-management/
Hi Fahad, Thanks for this. Is the project plan the same with project charter? Contractor call it as project plan while project owner call it as project charter?
Or would you please explain what is the Project Charter in the view of the contractor?
Thanks in advance.
No, project charter is not same as the project plan. Project plan is a detail description about how you’re going to complete your project. On the other hand, the project charter is a document which authorizes the project existence, and give the project manager authority to run the project. Project charter is consist of just one or two pages.
Visit below link to read about the project charter:
so the project plan is considered as statement of work (SOW) from contractors point of view?
Statement of work includes only job description. While the project management plan describe how you are going to achieve it.
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One of the most searched queries on Google is "business proposal vs business plan", and we are here to break the confusion.
April 13, 2023
What's Inside?
You are starting a new business, and you aren't sure what you need to do. You heard that you needed a business proposal and a business plan, but you weren't sure what's the difference between them.
You did some research and couldn't find what you are looking for... You decided to create both of them, but you need weeks to write and refine them.
Don't worry, we are here to remove this confusing process. Let's see what's the difference between them. You may, and probably do need both of them. But which one should be your priority?
When you're starting a business, one of the most important things you'll need to do is create a business plan . This document will outline your company's goals and strategies for achieving them over the next five years.
A business proposal , on the other hand, is a sales document that you put together to pitch potential projects to clients. It's not the same as a business plan, and it usually includes cost quotes for potential projects.
The main difference between a business proposal and a business plan is that, while a business plan is informative, a business proposal is intended to showcase operations, goals, and potential.
The executive summary of a business plan will include information about the company leadership structure or the introduction of management. Generally, business plans include an executive summary part while business plans don't.
We have seen some samples that use executive summaries but since the main goal is to close a deal. We suggest keeping them short and clean.
The business proposal format depends on whether the business is solicited or unsolicited . Details of products and services offered, the scope of work and responses to specific questions in an RFP are included in a business proposal.
A business plan documents the vision of a business and how it will be achieved. A business proposal offers comprehensive information for potential investors, suppliers, accountants, etc.
A proposal shows the external player what the company is all about and how it intends to carry out its project. Keep these differences in mind when you're putting together your next business presentation --you'll need to tailor your content accordingly!
A business plan is a document that outlines the business goals, strategies, and tactics a company will use to achieve those goals. The business plan also includes an overview of the company, its management team, the target market, and the products and services the company plans to offer.
It usually includes information about the company's products and services, target market, marketing plans , financial forecasts, and management team bios.
Here's a sample template to use while creating a detailed business plan.
A business plan is a key document for any business. It lays out the goals and strategy of the business and helps to ensure that everyone involved in the business is on the same page. It can also be used as a tool to help secure funding from investors or banks.
A business plan is a document that outlines the strategy and goals of a company. It can be used as a planning tool , to track progress, or as a basis for making decisions . A well-written business plan provides a roadmap for the business , and it can help attract investors or partners.
There are many reasons to create a business plan. Some of the most common reasons include:
A business proposal is a written document that offers a solution to a problem or a way to achieve a goal. It is often used to sell products or services to a potential customer. A business proposal must be well-written, clear, and concise in order to convince the reader to take the desired action.
A business proposal is a formal response sent to an RFP (request for proposals). It is a way for the seller to convince the buyer that their proposed solution is the right one in order to win business. Business proposals are meant to persuade a prospective client.
A business proposal typically consists of four main points: what are the challenges, how your solution solves the problems, why they should choose you over others, and the best pricing options available. The price is typically stated in the document. If a business is requesting proposals, they should be sent in their format. An RFP response should include specific details about the scope of work and the cost estimate.
Here's a sample template to use while creating a detailed business proposal.
A business proposal is a key part of the business development process . It is a document that outlines the business goals, strategies, and tactics that will be used to achieve those goals. A proposal is used to convince potential clients or partners that your business is the best option for them.
It's typically used to pitch an idea to a potential client or customer. A well-crafted proposal can help you win new business and close deals.
Your company might be expanding into a new market and need to propose a new product or service. Or, you might be approached by another company with an opportunity you'd like to explore. Maybe you've identified a gap in the market and want to propose a new product or service to fill it.
Well, we do have a comprehensive guide to business proposal creation with templates and examples, but if you need a more brief explanation, keep reading!
When preparing for a business proposal, it is important to do your research and understand the client's needs. You should also have a clear understanding of your own company's capabilities and what you can offer the client. Additionally, it is important to be well-organized and to have a strong pitch.
You should have a clear understanding of your target audience and what will appeal to them. You also need to have a good grasp of the competition and what they are offering. In addition, you should be familiar with the terms and conditions of any potential contracts that may be involved.
Your proposal should be neatly formatted and easy to read. It should also be free of grammatical errors and typos. Be sure to proofread your work carefully before submitting it.
Make sure you provide complete contact information, as well as an outline of your proposed solution or service. If possible, include testimonials from past clients who have been satisfied with your work.
Remember that you are offering a valuable service that can help the reader achieve their goals. Believe in yourself and your ability to succeed, and you will be able to deliver a winning proposal every time
When writing a business proposal, make sure to follow this brief outline:
- Introduce yourself and your company
- Outline the proposal's purpose
- Explain the problem that you're trying to solve
- Describe your solution
- Explain the benefits of your solution
- List your qualifications
- Request a meeting
It should include an overview of the product or service, information about the company proposing it, financial projections, and terms and conditions. A well-crafted proposal can help your company win new contracts and increase sales.
Here's another sample template you can use while creating a business proposal:
Here's a story of our customer John who joined the Decktopus community 2 years ago.
John had been working in sales for years, but he had never worked in a company that sold products. When he was hired by a new startup, he was excited about starting making sales and increasing profits. However, he soon realized that there was no one in the company who knew how to sell. The founder of the company told him that he would need to create a presentation template to share with the other reps.
John wasn't sure where to start. He read article after article, trying to gather information about what made a good business proposal. After weeks of research, he finally created a template that he felt confident in sharing with his fellow reps. He was excited to see how it would help them increase sales and profits.
This is the outline we gathered while our support team helped him along the way:
-Executive Summary
-Problem/Opportunity Statement
-Business Plan
- Marketing Plan
-Financial Plan
An unsolicited proposal is one in which the company offers a product or service to a potential customer who has not solicited it. Here's an unsolicited proposal template .
A solicited proposal is one in which the company responds to a request for proposal (RFP) from a potential customer. Here's a solicited proposal template .
A proposal to bid is a document that a company submits to a potential customer in response to an RFP.
The purpose of the proposal to bid is to persuade the potential customer that the bidder's product or service is the best option among those being considered.
Here's a proposal to bid template .
A business plan has three main sections: the executive summary, a description of the business model, and financial projections.
The first section is an introduction that should be no more than one or two pages long. It should include a brief overview of your company, its products and services, and how you plan to make money.
The second section, a description of the business model, provides details about your company's competitive landscape, industry trends, and how you plan to reach your target market.
The marketing model is an informative section that should include detailed information about the industry competition and build-out plan. This part of the document can be several pages long and will help investors understand your company's place in the market.
While all three sections are important, remember that potential investors will likely focus on the financial projections most closely when deciding whether to invest in your company. The financial projections section is important because it shows potential investors how you expect your business to grow over time.
A well-crafted business plan can help convince potential investors to put their money into your company.
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Business plan and proposal software solution, business proposal templates, business plan templates, basic business proposal writing guide, latest articles.
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Explore the distinguishing factors and circumstances that make a Business Plan or Business Proposal more fitting for driving success and growth in your enterprise. Gain insights into the purpose, audience, and strategic value of each document, and learn when it’s best to utilize a Business Plan or pitch with a Business Proposal.
Table of Contents
The main difference between a Business Plan and a Business Proposal is that a business plan is a formal document that outlines the company’s goals, strategies, market analysis, financial needs, and projections for the future, aimed at providing a roadmap for the business’s success and often used to secure funding or guide the management team. On the other hand, a business proposal is a tailored document created to pitch a specific product, service, or solution to a potential client or partner, detailing how the business can fulfill a particular need or solve a specific problem for the recipient, often with the goal of initiating a transaction or project.
A Business Plan is a comprehensive document that outlines a company’s objectives, strategies, market analysis, financial forecasts, and operational structures. It primarily serves as an internal roadmap for the company’s strategic direction and helps to attract investors by showcasing the company’s potential for growth and profit. Business plans are often developed during the foundational stages of a company and updated periodically to guide the company through different stages of growth.
A Business Proposal , on the other hand, is a targeted pitch provided to a specific client or partner to convince them to do business with you. Unlike a business plan, a business proposal is not a broad overview of the entire company. Instead, it is a customized suggestion that outlines how your business can solve a particular problem or meet a specific need of the prospective client. The proposal highlights the benefits of selecting your company’s products or services and typically includes pricing, terms, and conditions for a potential engagement or project.
A business plan should be reviewed and revised at least annually, or more frequently if there are significant changes in the market, the business model, or if new challenges or opportunities arise .
A business proposal may not be necessary when transactions are straightforward and do not require detailed explanations, such as standard retail sales or when there is already an established relationship with the client based on trust and familiarity.
Absolutely. If a proposal leads to a successful project and client satisfaction, it can serve as the foundation for a long-term business relationship and future projects or collaborations.
An unsolicited business proposal is one that is offered without an explicit request from the potential client. It often reflects the proposer’s initiative to identify potential needs of the recipient and offer solutions to unaddressed challenges.
To make a business proposal stand out, it should clearly articulate the unique value proposition, be tailored to the client’s specific needs, contain compelling and concise content, and demonstrate a deep understanding of the client’s industry and challenges.
Yes, a business proposal should ensure that all claims and statements are truthful and that no proprietary or confidential information is disclosed without permission. Additionally, the terms and conditions should be clearly outlined to avoid any misunderstandings, and if accepted, it can be the basis for a legally binding contract.
The decision between a Business Plan and a Business Proposal hinges on the specific requirements, goals, and context of your enterprise. A Business Plan lays the foundation for your company’s long-term strategy, risk mitigation, and operational guidance, with an expansive view of the business’s aims and the means to attract investors. Conversely, a Business Proposal concentrates on the immediacy of client-specific projects, presenting a tailored solution with a persuasive edge to secure contracts and foster client relationships swiftly.
Aspect | Business Plan | Business Proposal |
---|---|---|
A formal document outlining a company’s strategic direction, goals, and requirements. | A customized document designed to pitch a product or service to a potential client. | |
Used for strategic planning, securing investment, and internal guidance. | Aimed at winning a specific contract or project by addressing a client’s needs. | |
Potential investors, stakeholders, and company management. | Specific clients or partners with particular needs or requests. | |
Broad, covering all areas of the business including long-term goals and operations. | Specific to an offering that aligns with the client’s issue or challenge. | |
In-depth market analysis, financial projections, strategies, and organizational details. | Customized solutions, benefits, pricing, and terms for a prospective engagement. | |
Prepared infrequently, at startup or significant growth stages. | Generated as needed when seeking new business or responding to RFPs. | |
Standardized with sections like executive summary, market analysis, and financials. | Custom-tailored to the client’s request, often varying in structure. | |
Long-term outlook, often spanning multiple years. | Focused on a specific project or service timeframe. | |
Follows a consistent format for different uses. | Highly customized to the potential client’s requirements. | |
May seem inflexible due to its long-term and broad nature. | Adaptable and specific to client or project needs. | |
Provides a thorough business model and can attract investors with detailed planning. | Directly addresses a client’s needs and can initiate business quickly. | |
Can be time-consuming, costly, and may require frequent updating. | Lacks long-term strategic details and may depend excessively on the prospects. | |
When establishing a new business, seeking funding, and defining long-term strategy. | When targeting a client request, competitive bidding, and project-specific opportunities. | |
Both outline strategic approaches, require research, set clear objectives, are persuasive in nature, and include financial information and action plans. |
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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.
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:
Primary focus on single projects | Primary focus on tasks involving daily operations |
Purpose is to create, manage, and achieve project goals | Purpose is to manage and organize operations to achieve business objectives |
Deals with the management of project budgets and resources | Deals with the management of daily workplace budgets and resources |
Management is based on each project’s timeline and has a start and end date | Management is permanent although operational goals may change |
Focuses on increasing efficiency and productivity within project teams | Focuses on increasing efficiency and productivity within the entire workplace |
Can be complex and has a single objective | Management is always related to products/services and processes |
The manager and team member roles are project-based (temporary) | The manager and team member roles are permanent, as is the process |
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:
The focus is on the and execution of a project or projects. | The focus is on managing various daily operational tasks with business objectives in mind. They’re usually associated with one department of a business. | |
Planning revolves around the coordination of a specific project and team roles within that project. | Planning is typically done once per year to review any changing business objectives and includes other department or general managers. | |
Must monitor the specific budget allocated for the project. | Helps to manage the overall business budget, which is usually consistent and predictable. | |
Projects have a start date and an end date. | This type of management does not have an end date, making it a constant position. | |
The goal is to achieve that objective within the scope, timeline, and budget of the project. | The goal is to maintain consistent operational or departmental functioning while managing working relationships. | |
A project manager must define key performance indicators (KPIs) to manage and measure progress within a project. | KPIs revolve around service continuity, outputs, product sales, and other operational functions. |
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:
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.
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:
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.
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.
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.
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.
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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Setting strategy should push your organization outside its comfort zone.
Planning is comforting but it’s a terrible way to make strategy, says Roger Martin , former dean of the Rotman School of Management at the University of Toronto. In contrast, setting strategy should push your organization outside its comfort zone – if you’re doing it right.
“Plans typically have to do with the resources you’re going to spend. Those are more comfortable because you control them,” Martin explains. “A strategy, on the other hand, specifies a competitive outcome that you wish to achieve, which involves customers wanting your product or service. The tricky thing about that is that you don’t control them.”
Key topics include: strategic planning, competitive strategy, risk management, innovation, and travel and tourism industry.
HBR On Strategy curates the best case studies and conversations with the world’s top business and management experts, to help you unlock new ways of doing business. New episodes every week.
ANNOUNCER: HBR On Strategy .
HANNAH BATES: Welcome to HBR On Strategy , case studies and conversations with the world’s top business and management experts, hand-selected to help you unlock new ways of doing business. Today, we bring you a conversation with one of the world’s leading thinkers on strategy – Roger Martin, former dean of the Rotman School of Management at the University of Toronto. In this episode, you’ll learn the difference between strategy and planning AND how to escape the common traps of strategic planning. Martin says starting with a plan is comforting to many of us, but it’s a terrible way to make strategy. His episode, called “A Plan is Not A Strategy,” originally aired as part of the HBR Quick Study video series in June 2022. Here it is.
ROGER MARTIN: This thing called planning has been around for a long, long time. People would plan out the activities they’re going to engage in. More recently, has been a discipline called strategy. People have put those two things together to call something strategic planning. Unfortunately, those things are not the same, strategy and planning. So, just putting them together and calling it strategic planning doesn’t help. What most strategic planning is in the world of business has nothing to do with strategy. It’s got the word, but it’s not. It’s a set of activities that the company says it’s going to do.
We’re going to improve customer experience. We’re going to open this new plant. We’re going to start a new talent development program. A whole list of them, and they all sound good, but the results of all of those are not going to make the company happy because they didn’t have a strategy. So, what’s a strategy? A strategy is an integrative set of choices that positions you on a playing field of your choice in a way that you win. So, there’s a theory. Strategy has a theory. Here’s why we should be on this playing field, not this other one, and here’s how, on that playing field, we’re going to be better than anybody else at serving the customers on that playing field. That theory has to be coherent. It has to be doable. You have to be able to translate that into actions for it to be a great strategy. Planning does not have to have any such coherence, and it typically is what people in manufacturing want– the few things they want, to build a new plant, and the marketing people want to launch a new brand, and the talent people want to hire more people– that tends to be a list that has no internal coherence to it and no specification of a way that that is going to accomplish collectively some goal for the company.
See, planning is quite comforting. Plans typically have to do with the resources you’re going to spend. So we’re going to build a plan. We’re going to hire some people. We’re going to launch a new product. Those are all things that are on the cost side of businesses. Who controls your costs? Who’s the customer of your costs? The answer is, you are. You decide how many square feet to lease, how many raw materials to buy, how many people to hire. Those are more comfortable because you control them. A strategy, on the other hand, specifies an outcome, a competitive outcome that you wish to achieve, which involves customers wanting your product or service enough that they will buy enough of it to make the profitability that you’d like to make. The tricky thing about that is that you don’t control them. You might wish you could, but you can’t. They decide, not you. That’s a harder trick. So that means putting yourself out and saying, here’s what we believe will happen. We can’t prove it in advance, we can’t guarantee it, but this is what we want to have happen and that we believe will happen. It’s much easier to say, I’ll build a factory, I will hire more people, et cetera, than I will have customers end up liking our offering more than those of competitors.
The tricky thing about planning is that while you’re planning, chances are at least one competitor is figuring out how to win. When US air carriers were busily planning what routes to fly and da-da-da, there was this little company in Texas called Southwest that had a strategy for winning. And at first, that looked largely irrelevant because it was tiny. What Southwest Airlines was aiming for was an outcome.
What they wanted to be is a substitute for Greyhound, a way more convenient way to get around at a price that wasn’t extraordinarily much greater than a Greyhound bus. Southwest said, everybody else is flying hub and spoke. They have hubs, and they fly hub and spoke. We’re going to fly point to point so that we don’t have aircraft waiting on the ground because you only make money when you’re in the air.
We’re going to only fly 737s, one kind of aircraft, so that our gates are set up for those, our systems are set up for those, our training, our simulations are set up. We’re not going to offer meals on the flights because we’re going to specialize in short flights. We’re not going to book through travel agents. We’re going to encourage people to book online because that’s less expensive for everybody and more convenient. So, their strategy ended up having a substantially lower cost than any of the major carriers so that they could offer substantially lower prices.
Because it had a way of winning, it got bigger and then bigger and then bigger and then bigger and bigger and bigger and bigger until it flies the most passenger seat miles in America. The major carriers were not trying to win against one another. They were all playing to play, as I say. They were playing to participate, maybe buy more planes, get more gates, maybe grow some, not having a theory of here’s how we could be better than our competitors.
And that was fine until somebody came along and said, here’s a way to be better than everybody else for this segment. And so that segment then goes. It’s gone. And the main playing to play players have to share a smaller pie that’s left over after Southwest takes whatever share it wants.
If you’re trying to escape this planning trap, this comfort trap of doing something that’s comfortable but not good for you, how do you start? The most important thing to recognize is that strategy will have angst associated with it. It’ll make you feel somewhat nervous because as a manager, chances are you’ve been taught you should do things that you can prove in advance.
You can’t prove in advance that your strategy will succeed. You can look at a plan and say, well, all of these things are doable. Let’s just do those because they’re within our control. But they won’t add up to much. In strategy, you have to say, if our theory is right about what we can do and how the market will react, this will position us in an excellent way.
Just accept the fact that you can’t be perfect on that, and you can’t know for sure. And that is not being a bad manager. That is being a great leader because you’re giving your organization the chance to do something great. The second thing I do is say, lay out the logic of your strategy clearly. What would have to be true about ourselves, about the industry, about competition, about customers for this strategy to work?
Why do you do that? It’s because you can then watch the world unfold. And if something that you say is in the logic that would have to be true for this to work is not working out quite the way you hoped, it’ll allow you to tweak your strategy. And strategy is a journey, what you want to have as a mechanism for tweaking it, honing it, and refining it so it gets better and better as you go along.
Another thing that helps with strategy is not letting it get overcomplicated. It’s great if you can write your strategy on a single page. Here’s where we’re choosing to play. Here’s how we’re choosing to win. Here are the capabilities we need to have in place.
Here are the management systems. And that’s why it’s going to achieve this goal, this aspiration that we have. Then you lay out the logic, what must be true for that all to work out the way we hope. Go do it, and watch and tweak as you go along.
That may feel somewhat more worry-making, angst-making than planning, but I would tell you that if you plan, that’s a way to guarantee losing. If you do strategy, it gives you the best possible chance of winning.
HANNAH BATES: That was Roger Martin — Professor Emeritus and former Dean of the Rotman School of Management at the University of Toronto. That video is part of the HBR Quick Study YouTube series – short takes on big topics in business and work. It was edited and produced by Scott LaPierre, with video and animation by Dave Di Iulio, Elie Honein, and Alex Belser. More HBR Quick Study videos can be found on YouTube or HBR.org. HBR On Strategy will be back next Wednesday with another hand-picked conversation about business strategy from the Harvard Business Review. In the meantime, we have another curated feed that you should check out: HBR On Leadership . And visit us any time at HBR.org, where you can subscribe to Harvard Business Review and explore articles, videos, case studies, books, and of course, podcasts, that will help you manage yourself, your teams, and your career. This episode of HBR On Strategy was produced by Anne Saini, and me, Hannah Bates. The show was created by Anne Saini, Ian Fox, and me. Special thanks to Maureen Hoch, Adi Ignatius, Karen Player, Anne Bartholomew, and you – our listener. See you next week.
This article is about strategy.
A business plan and a business proposal are very different documents. If you do an Internet search for how to write a business proposal, the results are predominantly focused on writing a business plan. Nevertheless, the two documents have different purposes and goals. A business plan is a factual broad description of a company and its prospects. A business proposal is a focused sales document intended to describe how a company will approach a project, state the value of the project to the client, and solicit the client's business. A business plan is a written presentation of facts. A business proposal is a quote and call to action.
A business plan documents your vision for your business and how you intend to achieve that vision. It contains financial projections of what the business will cost to develop and operate plus an estimation of the revenues to be generated. Its purpose is to provide a reasonably detailed explanation of your business for use by potential investors, suppliers, prospective employees, accountants, attorneys, and other people who need a quick but comprehensive understanding of what your company does and its potential for success. The primary reason for a business plan is to record and convey information.
Proposals may be unsolicited business ideas presented to a potential customer or partner, or they may be answers to requests for proposals submitted to your company by a potential client. They are limited in scope to a particular project or need. A business proposal also generally has a specific audience. The primary reason for a business proposal is to solicit or develop a business opportunity.
A business plan has three elements: description of the business model , the marketing model, and financial projections. It consists of informative sections, including the executive summary, business description, marketing model, analysis of industry competition, build-out plan, operations plan, the introduction of management, and a discussion of financial issues and projection of results. It is introduced by an executive summary, which can be a dense abstract or a longer marketing tool to attract interest in the business plan. The business plan is an informational document designed to factually display your company's operations and potential.
A business proposal is written in response to an RFP--A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service or valuable asset, to potential suppliers to submit business proposals --should follow the format requested in the RFP.
Generally, this involves a quick description of your company's services and products that are relevant to the goals of the RFP, a reiteration of the scope of work, answers to specific questions posed in the RFP and a quote detailing materials, tools, labor, delivery and other elements of the cost of the project. An unsolicited business proposal intended to create and develop a business opportunity follows essentially the same format but anticipates questions the potential client might have. A proposal is more of a marketing document, designed to convince the audience to do business by presenting a value proposition and a call to action.
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27 comments on “ the difference between a business plan and a business proposal ”.
Great work! the topic is really an interesting one, well a business plan is something organizing your work like with QuickBooks tool hub, and the business proposal is the opposite of the latter one. For better account, management one should download the QuickBooks tool hub. keep it up the great work. looking towards your next blog.
This could be the best and most simplified article on this issue I’ve come across. Straight to the point and very informative.
I have really liked it and thus so much grateful of the author,,, High arcuity comrades
i have never found it broken down as easy as this before. Thank you. it’s very helpful
Amazing job! The best and most informative article explicitly calling out the purpose and goals of a Business Plan and a Business Proposal.
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I appreciate your thought there with that one, because of course I agree, but I’m confused with why you thought it should be added. Don’t you think plan vs. actual is included with point 3, “It’s specific. You can track results against plan,” and then point 8 “It has to bring the planning process with it, meaning regular review and course correction?”
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In this video, Jennifer Bridges discusses why project planning is not the same as project management—and why you need to know the difference.
Jennifer discussed the definitions of project planning as compared to project management . The PMBOK® Guide, produced by the Project Management Institute (PMI) defines five processes that comprise the lifecycle of a project: initiation, planning, executing, monitoring & controlling and closing.
Planning your project is just one another phase in project management. We dig into more detail in our Ultimate Guide to Project Planning , but know now that the planning phase is made up of a whole host of other activities, such as:
And that’s just to name a few! Each of those activities are practically fields of study in and of themselves and discreet skills that the project manager uses when managing a project. That’s why most project managers advise using a project planning software to keep track of all the planning phase activities.
Hopefully that clarifies. To learn more about the roles of a project manager, check out Jennifer’s video The Project Manager & Team Roles .
Thanks for watching!
Hello, I’m Jennifer Whitt, Director of ProjectManager.
Hello and welcome to our whiteboard session today on why project planning isn’t project management. Have you ever wondered the difference? Well, it’s two terms that often get misused in the marketplace, and we wanted to take the time to distinguish the difference.
If you look on the board here, we have a diagram and it’s actually referenced from “The Project Management Body of Knowledge,” the Fourth Edition by PMI, the Project Management Institute. They have a great diagram there that distinguishes the two this way.
If you look at the diagram, we have the start of the project and the end of the project and a lot of things going on in between. There are five process groups identified by the Project Management Institute. There are the initiating processes, there are planning processes, executing processes, monitoring and controlling processes, and the closing processes. That’s five project management process groups here that make up the whole life cycle of the project.
As you can see, the project planning process group is only one of five. Here’s what happens in the planning process or the planning phase of the project. Here are some sample project planning activities. Developing the project management plan, so the project management plan includes all of the plans that identify how the project is run, when it’s run, by who, who does what, when, and where for each of the planning documents. In here also the project manager collects requirements, helps define the scope, creates a work breakdown structure, develops a schedule, estimates costs, defines the budget, and many other activities that go on in the planning process.
Then what happens in the project management process, so this is the whole thing. Sample project management activities include the application of knowledge, skills, tools, techniques to the project activities to meet the project requirements. You can actually see what the difference is. Many times you may see project managers who do all the planning for the project, and they actually sit those project plans on the desk and not use them. As you can see, the difference of this, the management part, the project management is actually utilizing these planning documents to execute, monitor and control, and actually close out the project.
You can see the difference between the two. You need both. Project planning isn’t project management.
If you need a tool to help you plan your project and manage it as well, then sign up for our software now at ProjectManager.com.
Start planning your projects.
Business Education
19 Aug, 2024
Distinguishing business models from plans is crucial for success. Models outline value creation and profit generation, while plans detail strategies, research, and projections. Together, they form the blueprint for long-term success and operational execution.
A business model is the backbone of any company, detailing the plan for how it intends to operate, generate revenue , and make a profit. It's less about the nitty-gritty details found in a business plan and more about the overall concept of how the business creates value for customers and captures value for itself. Essentially, a company's business model describes the way the company sells its products or services and how it establishes and maintains customer relationships to achieve financial success.
At its core, a business model involves identifying the value proposition of the company, which is what makes its products or services attractive to customers . It also outlines the customer segments targeted, the key activities and resources needed to operate, and the channels through which it reaches its customer base. Importantly, it details the revenue streams the business will pursue to generate income and the cost structure that outlines the expenses involved.
A business plan is a detailed roadmap for building a successful business. Unlike the broader strokes of a business model that describes how a company creates and delivers value, business plans are a comprehensive document that outlines the specifics of business strategy. They serve as a guide to what the business intends to do and how it plans to do it and are often used to attract investors and secure financing.
The heart of a business plan includes an executive summary, which is a snapshot of the business and its plans for success. This section briefly explains the business idea, key objectives, and how the business will achieve its goals. It's followed by detailed sections that outline the business's structure, market analysis, value proposition, marketing and sales strategies, financial projections, and more.
Key components of a business plan include the business model canvas, which lays out the key resources and activities needed to operate the business. It also delves into the cost structure, detailing all the expenses the business will face. A thorough market analysis assesses the existing market, target customers, and competitive landscape. This helps in formulating a solid marketing strategy and establishing a unique value proposition that sets the business apart from its competitors.
Financial planning is also crucial, with sections dedicated to expected financial performance, revenue generation, and a detailed financial forecast. This helps potential investors and business owners understand the financial viability and growth potential of the business.
There are many types of business models, each defining a unique way a company creates value for its customers and generates profits. Understanding different business models helps owners and entrepreneurs select the right approach for their business concept and target market. Here are some common business models:
Understanding these business models helps a company decide the best strategy for market entry and growth. Each model has its own set of operational details, target market strategies, and financial implications. Selecting the right business model is crucial for a company's success, aligning with its core values, customer needs, and long-term goals. As the business evolves, it may adopt multiple models or shift strategies to adapt to changing market conditions or customer feedback.
Understanding the difference between a business model and a business plan is crucial for anyone diving into the world of entrepreneurship or looking to scale their business. Here are the key differences:
While a business model provides a conceptual framework for understanding how the company creates value and money, the business plan offers a detailed guide on how to implement these concepts and achieve specific business goals. Both are vital, but they serve different purposes and address different needs within the business's lifecycle.
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Project vs. program vs. portfolio management: decoding the big picture.
August 15, 2024
Although project, program, and portfolio management are commonly used in the workplace, the distinctions between them can be unclear.
While the terms sound identical, and some err on the side of using them interchangeably, they represent distinct levels of planning, organization, and execution. Think of them as different interrelated layers of management.
Understanding the nuanced differences between project vs. program vs. portfolio management will help strategize resource allocation, achieve long- and short-term goals, and maximize value delivery.
On that note, here’s a rundown of these terms, their differences, and how they contribute to overall organizational success.
Roles and responsibilities of a project manager, skills and qualifications required for project management, strategic objectives of program management, roles and responsibilities of a program manager, skills and qualifications required for program management, strategic objectives of portfolio management, roles and responsibilities of a portfolio manager, skills and qualifications required for portfolio management, key differences between project, program, and portfolio management, clickup: managing projects to portfolios (and everything in-between), project, portfolio, or program—manage it like a pro with clickup.
A project is a temporary endeavor undertaken to convert a brilliant idea into a viable, unique, and successful product, service, or result that aligns with the business vision. Project management involves coordinating resources and activities while managing stakeholders to deliver successful project outcomes.
To do this, project managers make use of software solutions for planning, organizing, executing, monitoring, controlling, and reporting on tasks within a project. At the same time, project managers are also responsible for managing stakeholder interests and expectations and cultivating strong relationships.
The Project Management Institute (PMI) defines project management as “the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.”
The key objectives of project management include:
A project manager is typically involved in:
Here are some skills and qualifications that make you a good project manager :
Program management is project management at a higher level, where you focus on interrelated projects instead of a specific product or service. These are driven towards organizational change.
Program management calls for the centralized management of a group of related projects to achieve strategic organizational objectives. As with project management, the manager (a program manager, in this case) is responsible for planning, organizing, executing, monitoring, controlling, and closing a collection of projects—aka programs.
However, they do it at a larger scale while working on multiple projects across cross-functional teams and varied stakeholders. Program managers are also responsible for grouping similar or related projects with the same strategic goal to deliver better results and profitability for larger business goals.
Program management helps achieve strategic objectives as listed below:
Program managers are largely tasked with the following items of work:
To become a successful program manager, you’ll need the following skills and qualifications:
When you zoom out further, programs give way to project portfolios—a collection of programs.
Project portfolio management is the centralized end-to-end management of programs and projects.
Simply put, portfolio management is essentially program and project management—just on a larger scale. It involves selecting, prioritizing, and controlling all the ongoing projects and programs and aligning them to achieve the strategic objectives of the organization as a whole. Portfolio managers have to work with cross-functional teams, manage risks at the portfolio levels, allocate resources like budget and timeline, and maximize the desired outcome.
Portfolio managers work to achieve the following objectives:
In the project portfolio management approach, a portfolio manager is tasked with the following roles and responsibilities:
Successful portfolio managers possess the following skills and qualifications for effective portfolio management:
Despite the close interconnection, project, program, and portfolio management follow distinct and well-defined levels of planning and execution. One can view them as a set of Russian dolls with project management nested inside program management, which is enclosed within portfolio management.
To better understand the correlation and difference, let’s examine the key characteristics of project, program, and portfolio management across different factors.
Generally, a project would have a well-defined scope with specific deliverables and outcomes. Given that programs are a collection of interrelated or similar projects contributing to a shared goal, their scope is wider than that of a project. Product portfolios represent the broadest scope as they encompass all projects and programs within the organization.
Project management solely focuses on the specific deliverables within permissible constraints, as envisioned in the project scope document. Program management is concerned with achieving strategic business objectives by coordinating a group of related projects. The portfolio level represents a holistic view of the organizational strategy and returns in relation to the overall investments.
Project managers work with clear start and end dates, and the duration between these endpoints is typically short. Program timelines feature a medium-term horizon that spans multiple projects. In contrast, portfolio management requires long-term commitment as it aligns with the organization’s strategic plan.
Project management delivers a tangible result, product, or service. Program management delivers business benefits that allow businesses to evolve and adapt in response to a change. Portfolio managers are responsible for sustainable growth and business development as they drive shareholder value through optimized investments and resource allocation.
Project management exists at the operational level and focuses on tactical execution. Program managers bridge the gap between operational and strategic levels by aligning projects with organizational objectives. On the other hand, portfolio management operates at the strategic level since it involves decisions about investments and resource allocation.
The well-defined boundaries, deliverables, and limitations make project management less complex. Program managers deal with moderate complexity due to the interplay of various projects. Portfolio managers operate at the highest level of complexity as they consider the entire organization’s strategic planning and project management.
When it comes to managing resources, project managers primarily work on allocating dedicated resources to specific project activities. Program managers orchestrate resource sharing across multiple projects within the program. The portfolio manager is involved in a more strategic planning of resources as they aim to optimize resource utilization across the organization while maximizing the ROI.
To recap, here is a table representing the key differences between project, program, and portfolio management:
Specific deliverable | Group of interrelated projects | Collection of projects and programs | |
Outputs and deliverables | Strategic initiatives and outcomes | Strategic alignment and optimization | |
Short-term (weeks or months) | Medium-term (months or years) | Long-term (years) | |
Tangible results, products, or services | Business benefits and change | Overall organizational value | |
Operational level | Between operational and strategic level | Strategic level | |
Low | Moderate | High | |
Project-specific resources | Shared resources across multiple projects | Resource optimization across the portfolio | |
Low-level, immediate risks | Medium-level risks with interdependencies | High-level risks with proportionate returns | |
Time-based Cost-based Scope-based Quality-based Resource-based | Benefit realization Stakeholder satisfaction Change management effectiveness Program alignment | Portfolio value Portfolio balance Time-to-market Resource allocation efficiency Strategic alignment |
It’s no secret that ClickUp is a project management powerhouse. ClickUp for Project Managers offers project teams a comprehensive set of features to do everything—from preparing a work breakdown structure to project closure and handover.
However, did you know that you can also use ClickUp for managing Portfolios and programs?
Yes! ClickUp is versatile and 100% customizable, so you can organize a particular project, track transformation programs, and analyze portfolio performance.
For instance, ClickUp Spaces is a centralized hub for managing your projects, programs, and portfolios. Such a flexible architecture offers a high-level view of all the ongoing activities so that nothing slips through the cracks. You have granular control to zoom in and zoom out when required.
Similarly, you get multiple Views on ClickUp that allow you to visualize your work your way. You can use the List view to see details of individual projects, define relationships between projects within a program using Mind Maps , or track projects and programs using Kanban Boards .
Most importantly, ClickUp helps you get started with project, program, and portfolio management with its ready-to-use templates . Here are some top templates for every management need:
While the differences between project, program, and portfolio management may be nuanced, understanding this is crucial for business success. Equipped with this knowledge, you’ll be in a position to define clearer roles, responsibilities, and objectives at different levels. It also facilitates resource optimization, risk management, and more. This results in smoother collaboration, organizational alignment, and desired outcomes—all of which make businesses successful.
Specialized project portfolio management software like ClickUp can help you manage strategic initiatives across all three levels.
Sign up for ClickUp to experience how you can manage projects, programs, and portfolios in a single place!
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After completing this lesson, you will be able to plan costs for networks .
Cost planning in projects and networks.
You can plan costs for a project in the SAP Project System (PS) based on work breakdown structure (WBS) elements and/or network activities.
This lesson focuses on cost planning using activities. Some customers use networks without assigned WBS elements. However, most customers use networks and activities assigned to WBS elements. Planned costs are aggregated from activities to superior WBS elements.
A benefit of the network costing method is that it can be copied to a new project and, if parts of the project are moved, cost planning is moved automatically along with the activities. In addition, planning is done by means of cost elements and is period-based.
James and linda discuss costing in networks.
James is a project planner at Hybrid Machinery. Linda is the project controller. They discuss the costing process in a network.
When you plan dates and resources in network activities, the system can automatically determine the corresponding planned costs as a result of network costing.
Planned costs are determined for the following objects:
Activity elements are calculated in the same way as activities. Overhead costs are calculated according to the configuration of the network.
You can use network costing in the following ways:
Costing of networks is also based on cost elements. Planned costs are distributed to periods according to the network schedule.
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Who should consider buying a townhouse, what is a townhouse understanding this unique housing option.
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A townhouse can offer the best of both worlds when living in an urban environment — you get the proximity to the city and all its amenities, plus the freedom and space that comes with owning a single-family home.
But buying a townhouse can mean different things depending on where you live and the community you're thinking about buying in. Let's take a closer look at what exactly a townhouse is and who this type of home could be a good fit for.
What makes a townhouse unique.
The term "townhouse" can be used to describe a variety of different property types and styles. But its main distinguishing feature is that it's a home that shares at least one wall with an adjacent home.
Townhouses often have multiple stories and can be tall but narrow. They may have a small backyard. In big cities with high population density, townhouses are typically built in rows along the city's streets, with homeowners sharing a wall on both sides of their homes.
You can find townhouses in suburban areas, too, but they often look a little different. Where population density is lower, properties labeled "townhouses" may share a wall with just one other home and may only be one or two stories high. They often also have bigger yards and larger footprints compared to the townhouses you'll find in cities.
Townhouses are often single-family homes, though in some cases, they can be condos. Confused? Let's define some things to clarify.
A single-family home is a dwelling that houses one family or household and has its own utilities and HVAC systems. Though the term "single-family home" is often used to refer to detached houses that stand alone, a townhouse is considered a single-family home as long as it's separated from adjacent units with a ground-to-roof wall, according to the U.S. Census Bureau .
Condos can come in many different forms, since "condominium" actually refers to a type of ownership. With condos, you only own the interior walls of your unit and everything within those walls. Everything else is co-owned by all the owners within the condo association. So, it's possible for a townhouse to be set up as a condo.
Many townhouses are part of homeowners associations, or HOAs. In neighborhoods that are governed by HOAs, homeowners have to pay a regular fee that covers the maintenance and repair of common areas. They also often have rules that the homeowners within the HOA have to follow, such as what types of changes can be made to the exterior of your home or how tall your grass can be.
Advantages of living in a townhouse.
Owning a townhouse may be more achievable for first-time homebuyers compared to a detached home. Because townhouses typically have smaller footprints, they can be more affordable (though if you're buying in a major city in a sought-after neighborhood, you can expect townhouses to command top dollar). A smaller townhouse can also be easier for new homeowners when it comes to maintenance, especially if the HOA takes care of some of the exterior upkeep.
If you're looking for city living but want a little more of your own space, a townhouse could be a better fit compared to an apartment-style condo or co-op.
"People who value their privacy love townhouses," says Guy Hobson, a real estate agent with Coldwell Banker Warburg . "They come and go without the eyes of building staff and neighbors. The private garden comes in handy as a place to be outside without having to leave your property."
"Townhouses are typically multiple floors and don't always have an elevator, so it is lots of up and down stairs," says Hobson. If climbing stairs every day isn't for you, a townhouse might not be the best fit.
Hobson also notes that these homes can be "natural light challenged" since they tend to be relatively narrow, with no side windows.
Because you're sharing at least one wall with your neighbors, townhouses can be somewhat noisy. If you're worried about overhearing your neighbors as they go about their daily business (or having them overhear you), you might prefer a detached dwelling.
You should also consider whether you want to live in a community with an HOA. Not everyone likes HOAs since they can be expensive, and some HOAs have strict rules dictating what members can and can't do with the homes they own.
Be sure to get any townhouse you're thinking about purchasing inspected, especially if it's an older home.
"Historic houses can sometimes have real, hidden issues that can be costly down the line if not spotted by the inspector," Hobson says.
Owning a townhome is similar to owning any other type of home. If you use a mortgage to purchase the property, you'll make a monthly mortgage payment . Your monthly payment amount will be determined by how much you borrow and your mortgage rate .
You'll also pay property taxes and homeowners insurance premiums. If you have a mortgage, your lender will typically include those costs in your monthly payment.
Homeowners insurance on a townhouse may be slightly cheaper than insurance for a freestanding home, depending on the size of the townhouse and its building materials. If your townhouse is a condo, you may only need insurance for the inside of the home if the condo association's insurance covers the exterior. This could be more affordable than a standard insurance policy for a single-family home.
HOA fees vary quite a bit; some homeowners may pay just $100 a month, while high-end communities can charge more than $1,000 a month. You can't skip out on this fee, so make sure you can afford it before you buy in a neighborhood with an HOA.
If you own a townhouse, you may need to collaborate with your neighbors from time to time on certain repairs. This is particularly an issue when it comes to shared roofs.
If the townhouse roof needs to be repaired or replaced, it generally makes more sense to have the entire job completed at one time. But that means you'll need to work with your neighbors to agree on how to get the job done and how to share costs.
A townhouse can be a good fit for lots of homebuyers, but townhouses near city centers can be a particularly good fit for young professionals and smaller households. Being near amenities and public transportation while also having your own backyard is one of the benefits of townhouses that you won't often get with other types of housing.
If you have a larger family or a lot of kids, a city townhouse could feel cramped compared to a detached home. But families might like townhouse-style living in less dense areas of the city or the suburbs, where units may be more spacious and affordable. Retirees may also like living in these types of townhouse communities, particularly in ones where the HOA takes care of most of the maintenance.
You can't compare townhouses and condos because they're two separate concepts. Townhouses are a type of dwelling, while a condo refers to how a property is owned. When you own a condo, you own your individual unit, and everything else, including the land the condos sit on, is typically shared by the owners within the condo association. So a townhouse can be a condo.
Townhouses can be cheaper than freestanding single-family homes since they're often smaller. But they aren't always cheaper, especially if you're comparing townhouses in the middle of major cities to single-family houses in a cheaper nearby suburb.
Whether you own the land in a townhouse depends on how ownership is structured. If a townhouse is a condo, you might share ownership of the land with other owners in your condo association. But if it's a single-family home on its own parcel of land, you likely own the land your home sits on.
Maintenance responsibilities in a townhouse depend on whether you have an HOA and what the HOA is responsible for. Often, townhouse owners are responsible for their own exterior and interior maintenance, though some HOAs may provide services like lawn mowing or snow shoveling.
FILE - A member of the Texas delegation holds a sign during the Republican National Convention July 17, 2024, in Milwaukee. (AP Photo/Matt Rourke, File)
FILE - Republican presidential candidate former President Donald Trump speaks at a campaign rally March 16, 2024, in Vandalia, Ohio. (AP Photo/Jeff Dean, File)
WASHINGTON (AP) — “Mass Deportation Now!” declared the signs at the Republican National Convention, giving a full embrace to Donald Trump’s pledge to expel millions of migrants in the largest deportation program in American history.
Some Republicans aren’t quite ready for that.
Lauren B. Peña, a Republican activist from Texas, said that hearing Trump’s calls for mass deportations, as well as terms like “illegals” and “invasion” thrown around at the convention, made her feel uncomfortable. Like some Republicans in Congress who have advanced balanced approaches to immigration, she hopes Trump is just blustering.
“He’s not meaning to go and deport every family that crosses the border, he means deport the criminals and the sex offenders,” Peña said.
But Trump and his advisers have other plans. He is putting immigration at the heart of his campaign to retake the White House and pushing the Republican Party towards a bellicose strategy that hearkens back to the 1950s when former President Dwight D. Eisenhower launched a deportation policy known by a racial slur — “Operation Wetback.”
Trump, when pressed for specifics on his plan in an interview with Time Magazine this year, suggested he would use the National Guard, and possibly even the military, to target between 15 million and 20 million people — though the government estimated in 2022 there were 11 million migrants living in the U.S. without permanent legal permission.
His plans have raised the stakes of this year’s election beyond fortifying the southern border, a longtime conservative priority, to the question of whether America should make a fundamental change in its approach to immigration.
After the southern border saw a historic number of crossings during the Biden administration, Democrats have also moved rightward on the issue , often leading with promises of border security before talking about relief for the immigrants who are already in the country.
And as the November election approaches, both parties are trying to reach voters like Peña, 33. Latino voters could be pivotal in many swing states.
Trump won 35% of Hispanic voters in 2020, according to AP VoteCast , and support for stronger border enforcement measures has grown among Hispanic voters. But an AP analysis of two consecutive polls conducted in June by the AP-NORC Center for Public Affairs Research shows that about half of Hispanic Americans have a somewhat or very unfavorable view of Trump.
Still, Peña, who described herself as a multiracial Hispanic person, has become a new and enthusiastic recruit for the GOP. She was drawn to Trump after seeing people debilitated by drugs in the public housing complex where she lives in Austin. She feels that government programs have failed low-income people and that the recent migration surge has put a pinch on public assistance like food stamps.
But Peña said she also feels concern when her fellow Republicans discuss ideas like barring children who don’t have permanent legal status from public schooling.
“Being Hispanic, it’s a difficult topic,” she said. “I feel like we need to give these people a chance.”
What to know about the 2024 Election
Still, GOP lawmakers have largely embraced Trump’s plans. “It’s needed,” House Speaker Mike Johnson , R-La., said at a July interview at the conservative Hudson Institute.
Some, however, have shown tacit skepticism by suggesting more modest goals.
Sen. James Lankford , an Oklahoma Republican, pointed to over 1 million people who have already received a final order of removal from an immigration judge and said, “There’s a difference between those that are in the process right now and those that are finished with the process.”
Lankford, who negotiated a bipartisan border package that Trump helped defeat earlier this year, added that it would be a “huge” task both logistically and financially just to target that group.
Other Republicans, including Floridians Sen. Marco Rubio and Rep. Mario Diaz Balart, suggested Trump in the White House would prioritize migrants with criminal backgrounds.
Indeed, Trump entered office in 2016 with similar promises of mass deportation but only succeeded in deporting about 1.5 million people.
This time, though, there’s a plan.
Trump has worked closely with Stephen Miller, a former top aide who is expected to take a senior role in the White House if Trump wins. Miller describes a Trump administration that will work with “utter determination” to accomplish two goals: “Seal the border. Deport all the illegals.”
To accomplish that, Trump would revive travel bans from countries deemed undesirable, such as majority-Muslim countries. He would launch a sweeping operation by deputizing the National Guard to round up immigrants, hold them in massive camps and put them on deportation flights before they could make legal appeals.
Beyond that, Trump has also pledged to end birthright citizenship — a 125-year-old right in the U.S. And several of his top advisers have laid out a sweeping policy vision through the Heritage Foundation’s Project 2025 that would choke off other forms of legal migration.
The Trump administration, under those plans, could also grind to a halt temporary programs for over 1 million migrants, including recipients of the Deferred Action for Childhood Arrivals program, Ukrainians and Afghans who fled recent conflicts as well as others who receive temporary protection due to unrest in their home country.
The policies would have far-reaching disruptions in major industries like housing and agriculture, including in key battleground states.
“If the 75,000-plus immigrants who perform the hardest of work in Wisconsin’s dairy and agriculture were gone tomorrow, the state economy would tank,” said Jorge Franco, the CEO of the Hispanic Chamber of Commerce of Wisconsin.
Rep. Maria Elvira Salazar, a Florida Republican who has pushed legislation that would allow a path to citizenship for longtime residents, argued that large-scale deportations were now necessary because of recent surges in border crossings under President Joe Biden. But she also hoped that Trump could see the difference between recent arrivals and longtime residents.
“There is a group of congresspeople that will make sure that the new administration understands it because there’s another aspect: the business community,” she said. “The developers in construction … and the farmers, what are they going to say? They need hands.”
Meanwhile, Democrats feel that Trump’s threats are now motivating Latino voters.
“The mass deportation put a lot of people on high alert,” said María Teresa Kumar, the CEO of Voto Latino, a leading voter registration organization that is backing Democrat Kamala Harris .
Like many other groups aligned with Harris, Voto Latino has seen an outpouring of interest since she rose to the top of the Democratic ticket. Kumar said the organization has registered nearly 36,000 voters in the weeks since Biden left the race — almost matching its tally from the first six months of the year.
In a heavily Latino House district on the southern tip of Texas, Democratic Rep. Vicente Gonzalez said voters want to see better management of the border, but at the same time, many also have friends or family members who don’t have their immigration documentation in order.
“Much more could be done, in terms of good policy, that would help control surges at the border,” Gonzalez said. “But mass deportation, it just gives people heartburn.”
Tamara Keith
The Democratic National Committee projects images on Trump International Hotel in Chicago on Aug. 18, 2024 ahead of the party's convention this week. Jeff Schear/Getty Images hide caption
CHICAGO—When Democrats arrived on Sunday night for their party’s national convention, they were greeted with a special message projected onto the exterior of the Trump International Hotel and Tower.
“Project 2025 HQ.”
It was another sign of how the Democratic Party has worked to co-opt and weaponize a conservative action plan for Trump’s second term as a rallying cry and organizing tool for their supporters. The plan is playing a prominent role in the speeches and programming at the Democratic National Convention this week.
Nearly a year ago, Democrats began working to raise awareness of Project 2025 , an obscure document written by conservatives and for conservatives, to make it into a household name.
North Carolina voter Ina Schuner printed out Project 2025 and put it in a massive three-ring binder so she could study it. Tamara Keith/NPR hide caption
The message reached North Carolina voter Ina Schuner, who had voted Republican her entire adult life until former President Donald Trump came on the political scene.
Earlier this year, she printed out the entire document and put it in a massive three-ring binder. It took more than a ream of paper.
“This is it,” Schuner said, pulling the binder out from the back seat of her SUV. “It’s very thick as you can see, 900 pages.”
“This is the destruction of democracy,” she said. “They literally wrote it down.”
The Heritage Foundation's Project 2025 booth at the National Conservative Conference in Washington, D.C., on July 8, 2024. DOMINIC GWINN/AFP hide caption
Project 2025 was produced by the Heritage Foundation, with contributions from former Trump administration officials. It includes plans for everything from cutting off access to medication abortion to “deconstructing the administrative state” by replacing tens of thousands civil servants with political appointees.
The fact that regular voters like Schuner know about it is a triumph for Democrats, who have been working to inject it into the American political bloodstream.
Schuner isn’t sure where she first heard about it. But she thinks it may have been TikTok, where there are thousands of explainer videos.
@splashofteal There is so much to unpack #Project2025 #greenscreen ♬ original sound - SplashofTeal
Harris campaign communications director Michael Tyler says back in the spring, the campaign noticed online conversations bubbling up organically, and saw a chance to make Project 2025 a shorthand for all things Trump.
“They're not necessarily going to go and Google every single policy proposal, but you say, ‘Hey: google Project 2025:’ that is a very easy way for folks to dig in and understand, writ large, the threat that Trump poses to our economy, our democracy, and our way of life,” Tyler said.
Taraji P. Henson speaks onstage during the 2024 BET Awards on June 30, 2024 in Los Angeles. Paras Griffin/Getty Images hide caption
Then on June 30, Taraji P. Henson hosted the BET Awards, and told viewers to google it.
“They are attacking our most vulnerable citizens. The Project 2025 plan is not a game. Look it up!” Henson said.
And, look it up they did. The campaign even created a website for people to land on if they searched it.
Then, former President Donald Trump added rocket fuel by disowning the plan.
“I have no idea what it is,” Trump said in an interview with Fox News.
“It’s a group of extremely conservative people got together and wrote up a wish list of things, many of which I disagree with entirely. They’re too severe.”
An exterior view of The Heritage Foundation building on July 30, 2024 in Washington, DC. Andrew Harnik/Getty Images hide caption
Trump hasn’t been clear about which parts he supports and what he thinks is too extreme. But Democratic strategist Jesse Ferguson said the denials aren’t working.
“There’s a wise phrase that describes how voters saw Donald Trump’s approach to Project 2025: he who denied it, supplied it,” Ferguson said.
Back in May, the Democratic-aligned polling group Navigator found fewer than a quarter of people knew what Project 2025 was, Ferguson said. But now, 59% of people know what it is. The overwhelming majority view it unfavorably and most associate it with Trump.
“This plan has escaped from being simply a policy white paper in Washington into a household brand and a well-known blueprint,” Ferguson said.
Minnesota Gov. Tim Walz speaks at a press conference on July 17, 2024 in Milwaukee, Wis., about Project 2025 and Republican policies on abortion. Jim Vondruska/Getty Images hide caption
And it is now a regular part of Vice President Harris’s stump speech. As Harris toured swing states with her running mate, Gov. Tim Walz, she used Project 2025 to contrast Democratic values against those of Trump.
“Donald Trump has a different plan: just look at his Project 2025 agenda,” Harris said on Aug. 10 in Las Vegas, drawing a chorus of boos from the audience. “I keep saying, ‘I can't believe they put that in writing,’” Harris said, prompting laughter.
Heritage has been drafting plans for Republican presidents since the time of Ronald Reagan. But they’ve never before entered the mainstream, said Frank Luntz, a pollster who spent most of his career on GOP messaging.
“The Democrats were successful in defining and demonizing Project 2025 before anyone even knew what it was,” Luntz said.
NPR’s Alejandra Marquez Janse and Jordan-Marie Smith contributed to this story.
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The main difference between a business plan and a business proposal is that a business plan documents your growth strategy while a business proposal is a specific ask for someone to take an action you desire (e.g., buy your product/service, invest in your company, partner with you, etc.). In this article, we will define a business plan and a ...
Business Plan. Business Proposal. Purpose. Outlines a company's mission, vision, and means to achieve its goals. Proposes a specific project or solution to a client or potential partner. Audience. Investors, stakeholders, financial institutions, and internal team. Potential clients, partners, or businesses. Content.
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A business plan provides a detailed roadmap for your company's future. It outlines your objectives, strategies, and the specific actions you need to achieve your goals. When you define your path forward, a business plan helps you stay focused and on track, even when you face challenges or distractions.
A business plan and a business proposal are different from each other by content, goals, writing style, and structure. The major difference between both is that a business plan is a document that presents facts, while a business proposal is a request for a deal and a quotation of prices. A Business Plan. You can think of a business plan as the ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
A promising business plan talks about the company's future financial performance - expenditure, profit, revenue, etc. Explore new business opportunities. A business plan is a flexible document that enables learning on the go. It bolsters research and infuses businesses with new and more feasible business opportunities.
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A project plan is a series of formal documents that define the execution and control stages of a project. The plan includes considerations for risk management, resource management and communications, while also addressing scope, cost and schedule baselines. Project planning software is used by project managers to ensure that their plans are ...
While a business plan provides a thorough overview of the entire business and targets internal stakeholders, investors, and lenders, a business proposal focuses on specific projects or opportunities and targets external clients, partners, or funding agencies. When you understand these differences and employ the best practices in creating both ...
A business plan is a factual broad description of a company on the executive and operational level. A business proposal is a focused sales document intended to describe how a company will approach ...
A business plan describes your business goals, strategies, and financial projections. A business proposal, on the other hand, proposes a specific solution to a problem or opportunity and helps you persuade the relevant stakeholder to invest in your business. However, writing a business proposal or a business plan can be challenging, especially ...
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An organization uses a project charter to obtain the authorization of stakeholders to begin a project. The company's stakeholders may sign off on the project charter, signifying that the scope meets the needs and expectations of the group. A project plan, also known as a work plan, outlines the project scope and objectives based on the project ...
Some of the differences between these two plans are as follows: The project plan describes the plan broadly with less attention to detail. It deals with high-level planning, while the project management plan uses every possible detail. The project plan deals with the "what" part of the project, while the project management plan deals with ...
A business proposal, on the other hand, is a sales document that you put together to pitch potential projects to clients.It's not the same as a business plan, and it usually includes cost quotes for potential projects. The main difference between a business proposal and a business plan is that, while a business plan is informative, a business proposal is intended to showcase operations, goals ...
Key Differences between a Business Plan and a Business Proposal. Purpose: A business plan is primarily used for strategic planning and securing investment, while a business proposal is aimed at winning a specific contract or project. Audience: The audience for a business plan is typically potential investors, stakeholders, or company management ...
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Planning is comforting but it's a terrible way to make strategy, says Roger Martin, former dean of the Rotman School of Management at the University of Toronto. In contrast, setting strategy ...
A business plan is a factual broad description of a company and its prospects. A business proposal is a focused sales document intended to describe how a company will approach a project, state the value of the project to the client, and solicit the client's business. A business plan is a written presentation of facts.
As you can see, the difference of this, the management part, the project management is actually utilizing these planning documents to execute, monitor and control, and actually close out the project. You can see the difference between the two. You need both. Project planning isn't project management. If you need a tool to help you plan your ...
However, there are several major differences: Scope: A project plan covers a single project, whereas a strategic plan covers an entire organization. Purpose: A project plan is designed to keep a team on track to achieve project goals and deliverables. In contrast, a strategic plan is designed to create alignment across an organization by ...
Business Plan: A business plan is a detailed document that outlines the specific strategies, goals, and actions of a business. It's a comprehensive plan that includes market analysis, financial projections, and operational details aimed at guiding the business's trajectory and attracting investors.
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This assignment and billing plan forms the basis for planning revenues in your project. In the project execution phase, the locks for the individual items in the billing plan are lifted automatically when the activities 0100 and 0110 are confirmed. After a billing run, the actual project revenues can also be updated automatically in this way.
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Trump, when pressed for specifics on his plan in an interview with Time Magazine this year, suggested he would use the National Guard, and possibly even the military, to target between 15 million and 20 million people — though the government estimated in 2022 there were 11 million migrants living in the U.S. without permanent legal permission.. His plans have raised the stakes of this year ...
"Project 2025 HQ." It was another sign of how the Democratic Party has worked to co-opt and weaponize a conservative action plan for Trump's second term as a rallying cry and organizing tool ...