strategic business plan for bank

Bank Business Plan Template

Written by Dave Lavinsky

Bank Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their banks.

If you’re unfamiliar with creating a bank business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a bank business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Bank Business Plan?

A business plan provides a snapshot of your bank as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for Your Bank Business

If you’re looking to start a bank or grow your existing bank, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your bank to improve your chances of success. Your bank business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Banks

With regards to funding, the main sources of funding for a bank are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for banks.

Finish Your Business Plan Today!

How to write a business plan for a bank.

If you want to start a bank or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your bank business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of bank you are running and the status. For example, are you a startup, do you have a bank that you would like to grow, or are you operating a chain of banks?

Next, provide an overview of each of the subsequent sections of your plan.

Give a brief overview of the bank industry.
Discuss the type of bank you are operating.
Detail your direct competitors. Give an overview of your target customers.
Provide a snapshot of your marketing strategy. Identify the key members of your team.
Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of bank you are operating.

For example, you might specialize in one of the following types of banks:

Commercial bank : this type of bank tends to concentrate on supporting businesses. Both large corporations and small businesses can turn to commercial banks if they need to open a checking or savings account, borrow money, obtain access to credit or transfer funds to companies in foreign markets.
Credit union: this type of bank operates much like a traditional bank (issues loans, provides checking and savings accounts, etc.) but banks are for-profit whereas credit unions are not. Credit unions fall under the direction of their own members. They tend to serve people affiliated with a particular group, such as people living in the same area, low-income members of a community or armed service members. They also tend to charge lower fees and offer lower loan rates.
Retail bank: retail banks can be traditional, brick-and-mortar brands that customers can access in-person, online, or through their mobile phones. They also offer general public financial products and services such as bank accounts, loans, credit cards, and insurance.
Investment bank: this type of bank manages the trading of stocks, bonds, and other securities between companies and investors. They also advise individuals and corporations who need financial guidance, reorganize companies through mergers and acquisitions, manage investment portfolios or raise money for certain businesses and the federal government.

In addition to explaining the type of bank you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

When and why did you start the business?
What milestones have you achieved to date? Milestones could include the number of clients served, the number of clients with positive reviews, reaching X number of clients served, etc.
Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the bank industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the bank industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your bank business plan:

How big is the bank industry (in dollars)?
Is the market declining or increasing?
Who are the key competitors in the market?
Who are the key suppliers in the market?
What trends are affecting the industry?
What is the industry’s growth forecast over the next 5 – 10 years?
What is the relevant market size? That is, how big is the potential target market for your bank? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your bank business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, small businesses, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of bank you operate. Clearly, corporations would respond to different marketing promotions than individuals, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Bank Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other banks.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes trust accounts, investment companies, or the stock market. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

What types of customers do they serve?
What type of bank are they?
What is their pricing (premium, low, etc.)?
What are they good at?
What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

Will you provide loans and retirement savings accounts?
Will you offer products or services that your competition doesn’t?
Will you provide better customer service?
Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a bank business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of bank company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide savings accounts, auto loans, mortgage loans, or financial advice?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your bank. Document where your company is situated and mention how the site will impact your success. For example, is your bank located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your bank marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

Advertise in local papers, radio stations and/or magazines
Reach out to websites
Distribute flyers
Engage in email marketing
Advertise on social media platforms
Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your bank, including reconciling accounts, customer service, accounting, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sign up your Xth customer, or when you hope to reach $X in revenue. It could also be when you expect to expand your bank to a new city.

Management Team

To demonstrate your bank’s potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing banks. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a bank or successfully running a small financial advisory firm.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day, and/or offer sign up bonuses? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your bank, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a bank:

Cost of furniture and office supplies
Payroll or salaries paid to staff
Business insurance
Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your bank location lease or a list of accounts and loans you plan to offer.

Writing a business plan for your bank is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the bank industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful bank.

Bank Business Plan Template FAQs

What is the easiest way to complete my bank business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your bank business plan.

How Do You Start a Bank Business?

Starting a bank business is easy with these 14 steps:

Choose the Name for Your Bank Business
Create Your Bank Business Plan
Choose the Legal Structure for Your Bank Business
Secure Startup Funding for Your Bank Business (If Needed)
Secure a Location for Your Business
Register Your Bank Business with the IRS
Open a Business Bank Account
Get a Business Credit Card
Get the Required Business Licenses and Permits
Get Business Insurance for Your Bank Business
Buy or Lease the Right Bank Business Equipment
Develop Your Bank Business Marketing Materials
Purchase and Setup the Software Needed to Run Your Bank Business
Open for Business

Don’t you wish there was a faster, easier way to finish your Bank business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success. Click here to see how a Growthink business plan consultant can create your business plan for you.

How to Write a Business Plan to Start a Bank

Published Feb.29, 2024

Updated Apr.23, 2024

By: Alex Silensky

Average rating 5 / 5. Vote count: 3

No votes so far! Be the first to rate this post.

Table of Content

Bank Business Plan Checklist

A bank business plan is a document that describes the bank’s goals, strategies, operations, and financial projections. It communicates the bank’s vision and value proposition to potential investors, regulators, and stakeholders. A SBA business plan should be clear, concise, and realistic. It should also cover all the essential aspects of the bank’s business model.

Here is a checklist of the main sections that you should keep in mind while building a bank business plan:

Executive summary
Company description
Industry analysis
Competitive analysis
Service or product list
Marketing and sales plan
Operations plan
Management team
Funding request
Financial plan

Sample Business Plan for Bank

The following is a bank business plan template that operates in the USA. This bank business plan example is regarding ABC Bank, and it includes the following sections:

Executive Summary

ABC Bank is a new bank for California’s SMBs and individuals. We offer convenient banking services tailored to our customers’ needs and preferences. We have a large target market with over 500,000 SMBs spending billions on banking services annually. We have the licenses and approvals to operate our bank and raised $20 million in seed funding. We are looking for another $30 million in debt financing.

Our goal is to launch our bank by the end of 2024 and achieve the following objectives in the first five years of operation:

Acquire 100,000 customers and 10% market share
Generate $100 million in annual revenue and $20 million in net profit
Achieve a return on equity (ROE) of 15% and a return on assets (ROA) of 1.5%
Expand our network to 10 branches and 50 ATMs
Increase our brand awareness and customer loyalty

Our bank has great potential to succeed and grow in the banking industry. We invite you to read the rest of our microfinance business plan to learn about how to set up a business plan for the bank and how we will achieve our goals.

Industry Analysis

California has one of the biggest and most active banking industries in the US and the world. According to the Federal Deposit Insurance Corp , California has 128 financial institutions, with total assets exceeding $560 billion.

The California banking industry is regulated and supervised by various federal and state authorities. However, they also face several risks and challenges, such as:

High competition and consolidation
Increasing regulation and compliance
Rising customer demand for digital and mobile banking
Cyberattacks and data breaches
Environmental and social issues

The banking industry in California is highly competitive and fragmented. According to the FDIC, the top 10 banks and thrifts in California by total deposits as of June 30, 2023, were:

Customer Analysis

We serve SMBs who need local, easy, and cheap banking. We divide our customers into four segments by size, industry, location, and needs:

SMB Segment 1 – Tech SMBs in big cities of California. These are fast-growing, banking-intensive customers. They account for a fifth of our market share and a third of our revenue and are loyal and referable.

SMB Segment 2 – Entertainment SMBs in California’s entertainment hubs. These are high-profile, banking-heavy customers. They make up a sixth of our market and a fourth of our revenue and are loyal and influential.

SMB Segment 3 – Tourism SMBs in California’s tourist spots. These are seasonal, banking-dependent customers. They represent a quarter of our market and a fifth of our revenue and are loyal and satisfied.

SMB Segment 4 – Other SMBs in various regions of California. These are slow-growing, banking-light customers. They constitute two-fifths of our market and a quarter of our revenue and are loyal and stable.

Competitive Analysis

We compete with other banks and financial institutions that offer similar or substitute products and services to our target customers in our target market. We group our competitors into four categories based on their size and scope:

1. National Banks

Key Players – Bank of America, Wells Fargo, JPMorgan Chase, Citibank, U.S. Bank
Strengths – Large customer base, strong brand, extensive branch/ATM network, innovation, robust operations, solid financial performance
Weaknesses – High competition, regulatory costs, low customer satisfaction, high attrition
Strategies – Maintain dominance through customer acquisition/retention, revenue growth, efficiency

2. Regional Banks

Key Players – MUFG Union Bank, Bank of the West, First Republic Bank, Silicon Valley Bank, East West Bank
Strengths – Loyal customer base, brand recognition, convenient branch/ATM network, flexible operations
Weaknesses – Moderate competition, regulatory costs, customer attrition
Strategies – Grow market presence through customer acquisition/retention, revenue optimization, efficiency

3. Community Banks

Key Players – Mechanics Bank, Bank of Marin, Pacific Premier Bank, Tri Counties Bank, Luther Burbank Savings
Strengths – Small loyal customer base, reputation, convenient branches, ability to adapt
Weaknesses – Low innovation and technology adoption
Strategies – Maintain niche identity through customer loyalty, revenue optimization, efficiency

4. Online Banks

Key Players – Ally Bank, Capital One 360, Discover Bank, Chime Bank, Varo Bank
Strengths – Large growing customer base, strong brand, no branches, lean operations, high efficiency
Weaknesses – High competition, regulatory costs, low customer satisfaction and trust, high attrition
Strategies – Disrupt the industry by acquiring/retaining customers, optimizing revenue, improving efficiency

Market Research

Our market research shows that:

California has a large, competitive, growing banking market with 128 banks and $560 billion in assets.
Our target customers are the SMBs in California, which is 99.8% of the businesses and employ 7.2-7.4 million employees.
Our main competitors are national and regional banks in California that offer similar banking products and services.

We conclude that:

Based on the information provided in our loan officer business plan , there is a promising business opportunity for us to venture into and establish a presence in the banking market in California.
We should focus on the SMBs in California, as they have various unmet banking needs, preferences, behavior, and a high potential for growth and profitability.

Operations Plan

Our operational structure and processes form the basis of our operations plan, and they are as follows:

Location and Layout – We have a network of 10 branches and 50 ATMs across our target area in California. We strategically place our branches and ATMs in convenient and high-traffic locations.
Equipment and Technology – We use modern equipment and technology to provide our products and services. We have computers and software for banking functions; security systems to protect branches and ATMs; communication systems to communicate with customers and staff; inventory and supplies to operate branches and ATMs.
Suppliers and Vendors – We work with reliable suppliers and vendors that provide our inventory and supplies like cash, cards, paper, etc. We have supplier management systems to evaluate performance.
Staff and Management – Our branches have staff like branch managers, customer service representatives, tellers, and ATM technicians with suitable qualifications and experience.
Policies and Procedures – We have policies for customer service, cash handling, card handling, and paper handling to ensure quality, minimize losses, and comply with regulations. We use various tools and systems to implement these policies.

Management Team

The following individuals make up our management team:

Earl Yao, CEO and Founder – Earl is responsible for establishing and guiding the bank’s vision, mission, strategy, and overall operations. He brings with him over 20 years of banking experience.
Paula Wells, CFO and Co-Founder – Paula oversees financial planning, reporting, analysis, compliance, and risk management.
Mark Hans, CTO – Mark leads our technology strategy, infrastructure, innovation, and digital transformation.
Emma Smith, CMO – Emma is responsible for designing and implementing our marketing strategy and campaigns.
David O’kane, COO – David manages the daily operations and processes of the bank ensuring our products and services meet the highest standards of quality and efficiency.

Financial Projections

Our assumptions and drivers form the basis of our financial projections, which are as follows:

Assumptions: We have made the following assumptions for our collection agency business plan :

Start with 10 branches, 50 ATMs in January 2024
Grow branches and ATMs 10% annually
10,000 customers per branch, 2,000 per ATM
5% average loan rate, 2% average deposit rate
80% average loan-to-deposit ratio
$10 average fee per customer monthly
$100,000 average operating expense per branch monthly
$10,000 average operating expense per ATM monthly
25% average tax rate

Our financial projections are as per our:

Projected Income Statement
Projected Cash Flow Statement
Projected Balance Sheet
Projected Financial Ratios and Indicators

Select the Legal Framework for Your Bank

Our legal structure and requirements form the basis of our legal framework, which are as follows:

Legal Structure and Entity – We have chosen to incorporate our bank as a limited liability company (LLC) under the laws of California.

Members – We have two members who own and control our bank: Earl Yao and Paula Wells, the founders and co-founders of our bank.

Manager – We have appointed Mark Hans as our manager who oversees our bank’s day-to-day operations and activities.

Name – We have registered our bank’s name as ABC Bank LLC with the California Secretary of State. We have also obtained a trademark registration for our name and logo.

Registered Agent – We have designated XYZ Registered Agent Services LLC as our registered agent authorized to receive and handle legal notices and documents on behalf of our bank.

Licenses and Approvals – We have obtained the necessary licenses and approvals to operate our bank in California, including:

Federal Deposit Insurance Corporation (FDIC) Insurance
Federal Reserve System Membership
California Department of Financial Protection and Innovation (DFPI) License
Business License
Employer Identification Number (EIN)
Zoning and Building Permits

Legal Documents and Agreements – We have prepared and signed the necessary legal documents and agreements to form and operate our bank, including:

Certificate of Formation
Operating Agreement
Membership Agreement
Loan Agreement
Card Agreement
Paper Agreement

Keys to Success

We analyze our market, customers, competitors, and industry to determine our keys to success. We have identified the following keys to success for our bank.

Customer Satisfaction

Customer satisfaction is vital for any business, especially a bank relying on loyalty and referrals. It is the degree customers are happy with our products, services, and interactions. It is influenced by:

Product and service quality – High-quality products and services that meet customer needs and preferences
Customer service quality – Friendly, professional, and helpful customer service across channels
Customer experience quality – Convenient, reliable, and secure customer access and transactions

We will measure satisfaction with surveys, feedback, mystery shopping, and net promoter scores. Our goal is a net promoter score of at least 8.

Operational Efficiency

Efficiency is key in a regulated, competitive environment. It is using resources and processes effectively to achieve goals and objectives. It is influenced by:

Resource optimization – Effective and efficient use and control of capital, staff, and technology
Process improvement – Streamlined, standardized processes measured for performance
Performance management – Managing financial, operational, customer, and stakeholder performance

We will measure efficiency with KPIs, metrics, dashboards, and operational efficiency ratios. Our goal is an operational efficiency ratio below 50%.

Partner with OGSCapital for Your Bank Business Plan Success

Highly efficient service.

Highly Efficient Service! I am incredibly happy with the outcome; Alex and his team are highly efficient professionals with a diverse bank of knowledge.

Are you looking to hire business plan writers to start a bank business plan? At OGSCapital, we can help you create a customized and high-quality bank development business plan to meet your goals and exceed your expectations.

We have a team of senior business plan experts with extensive experience and expertise in various industries and markets. We will conduct thorough market research, develop a unique value proposition, design a compelling financial model, and craft a persuasive pitch deck for your business plan. We will also offer you strategic advice, guidance, and access to a network of investors and other crucial contacts.

We are not just a business plan writing service. We are a partner and a mentor who will support you throughout your entrepreneurial journey. We will help you achieve your business goals with smart solutions and professional advice. Contact us today and let us help you turn your business idea into a reality.

Frequently Asked Questions

How do I start a small bank business?

To start a small bank business in the US, you need to raise enough capital, understand how to make a business plan for the bank, apply for a federal or state charter, register your bank for taxes, open a business bank account, set up accounting, get the necessary permits and licenses, get bank insurance, define your brand, create your website, and set up your phone system.

Are banks profitable businesses?

Yes, banks are profitable businesses in the US. They earn money through interest on loans and fees for other services. The commercial banking industry in the US has grown 5.6% per year on average between 2018 and 2023.

Download Bank Business Plan Sample in pdf

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

Ice Vending Machine Business Plan

OGScapital at the National Citizenship and Immigration Conference

How to Start a Plumbing Business in 2024: A Detailed Guide

Vegetable Farming Business Plan

Trading Business Plan

How To Write A Textile Manufacturing Business Plan

Any questions? Get in Touch!

We have been mentioned in the press:

Search the site:

How to Write a Successful Bank Business Plan (+ Template)

Creating a business plan is essential. Still, it can be beneficial for bank s that want to improve their strategy or raise funding.

A well-crafted business plan outlines your company’s vision and documents a step-by-step roadmap of how you will accomplish it. To create an effective business plan, you must first understand the components essential to its success.

This article provides an overview of the key elements that every bank business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Bank Business Plan?

A bank business plan is a formal written document describing your company’s business strategy and feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a critical document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Bank Business Plan?

A bank business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Bank Business Plan

The following are the key components of a successful bank business plan:

Executive Summary

The executive summary of a bank business plan is a one- to two-page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

Start with a one-line description of your bank company
Provide a summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast, among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started and provide a timeline of milestones your company has achieved.

You may not have a long company history if you are just starting your bank business. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company or been involved in an entrepreneurial venture before starting your bank firm, mention this.

You will also include information about your chosen bank business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an essential component of a bank business plan. Conduct thorough market research to determine industry trends and document the size of your market.

Questions to answer include:

What part of the bank industry are you targeting?
How big is the market?
What trends are happening in the industry right now (and if applicable, how do these trends support your company’s success)?

You should also include sources for your information, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, a bank business’ customers may include small businesses, large corporations, and individuals. Each customer segment will have different requirements that your bank company will need to cater to.

You can include information about how your customers decide to buy from you and what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or bank services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will differ from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your bank business may have:

Proven track record with a focus on customer service.
Superior technology that makes banking easier and more convenient for customers.
Range of products and services to meet the needs of different customer segments.
Sound financial position with a commitment to responsible lending practices.
Extensive branch and ATM network.

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be laid out, including the following 4 Ps.

Product/Service : Detail your product/service offerings here. Document their features and benefits.
Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, or launch a direct mail campaign. Or you may promote your bank business via PR or events.

Operations Plan

This part of your bank business plan should include the following information:

How will you deliver your product/service to customers? For example, will you do it in person or over the phone?
What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

You also need to include your company’s business policies in the operations plan. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, your Operations Plan will outline the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a bank business include reaching $X in sales. Other examples include expanding to new markets, launching new products and services, and hiring key personnel.

Management Team

List your team members here, including their names and titles, as well as their expertise and experience relevant to your specific bank industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here, you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix).

This includes the following three financial statements:

Income Statement

Your income statement should include:

Revenue : how much revenue you generate.
Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs and the cost of any equipment and supplies used to deliver the product/service offering.
Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Bank

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

Assets : Everything you own (including cash).
Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Bank

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include cash flow from:

Investments

Below is a sample of a projected cash flow statement for a startup bank business.

Sample Cash Flow Statement for a Startup Bank

You will also want to include an appendix section which will include:

Your complete financial projections
A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and grow your bank company. It not only outlines your business vision but also provides a step-by-step process of how you will accomplish it.

Now that you know how to write a business plan for your bank, you can get started on putting together your own.

Finish Your Business Plan in 1 Day!

Wish there was a faster, easier way to finish your business plan?

With our Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

The complete guide to banking business strategy in 2022

How to harness the power of technology advancements, exceed customer expectations, and deploy smarter strategies for growth at scale.

Table of contents

The need for digital

The difference between growth and scale

Recommit to customer obsession

Future-proof your offerings

How Blend can help

While it may be a challenging time to be operating in the financial services industry, opportunities for growing your business are in abundance.

The long-established products and services of old, delivered through physical distribution networks via traditional sales and marketing techniques, are no longer fit for purpose. However, you can find a way to level-up against digital-first providers and pioneering banks that are not held back by legacy systems or decades-old processes.

You also have new opportunities to become more customer-centric . Based on their interactions with companies in other sectors, today’s consumers expect you to offer around-the-clock availability, friction-free experiences, and personalized offerings. And they are no longer prepared to wait weeks or even months for an account to be opened, a loan to be granted, or a mortgage to be approved. Adapt to meet these expectations, and you can thrive.

Finally, global uncertainty is compounding fluctuations in historically cyclical financial patterns. But fostering resilience can help you grow. Learn to adapt against a backdrop of uncertainty.

Whether optimizing for competition, customers, or consistency, digital strategies that scale are the foundation for success. Let’s explore why.

Illustration of banking strategy blueprint

Compounding the need for digital

All of the above opportunities can be unlocked through digitalization, which promises greater convenience, improved customer experiences, reduced overhead, and faster time-to-market, among other benefits. And the pioneers are proving its worth: Accenture research has found that a small number of digital-focused banks (the top 12%) are benefiting from significant financial returns. In fact, the report goes on to find that digital-focused banks are achieving their success through higher operating leverage that squeezes more profitability out of every dollar of assets.

The rest of the industry is certainly taking note. Sixty-seven percent of banks believe they will lose market share within just two years if they fail to transform themselves digitally.

Unfortunately, many banks are failing to act on this realization. Research suggests that less than a third of banks are currently implementing a digital strategy .

It’s time for that to change.

How can you use the growth/scale distinction to prioritize digital development strategies?

It can be easy to fall into the trap of confusing growth and scale, but there’s an important distinction to be made between the two.

Growth is revenue-focused and happens when resources grow at the same pace as revenue.
Scale is still about growing revenue but without an associated growth in cost. It’s about increased returns, greater stability, lower cost per customer acquisition, and improved efficiency and productivity.

If you're able to scale digitally, you can not only experience growth but also reduce wasted resources and cut costs.

Man and woman sitting next to each other in house looking at laptop

With this in mind, scale is a key consideration when developing your digital strategy. Here are three scale-aligned areas to focus on:

1. Scale by recommitting to your customer obsession

Companies that lead in customer experience outperform those that don’t by nearly 80% . That’s because customers who enjoy positive experiences are likely to spend 140% more than customers who report negative experiences.

Along with the fact that it costs up to 25 times more to win new business than it does to keep existing customers, this illustrates just how important the customer experience is to your ability to scale. By focusing on delivering exceptional experiences to your existing customers you can capture additional revenue while minimizing new expenditures.

It’s time to better meet customer needs

If you recommit to your customer obsession, you can deliver the service that consumers are crying out for . By creating seamless, hassle-free banking experiences for customers across all channels and all product lines, you can build customer relationships that last beyond a single interaction.

But this doesn’t automatically mean making everything digital.

Customers want:

Flexibility They want a choice of channels, but also the ability to switch from one to another on their terms — and without disrupting or fragmenting their journey.
Convenience They get frustrated when applications take too long, and they are put off when they are asked to spend their valuable time sourcing paper-based documents to support their application, especially for “simple” products such as deposit accounts.
Human support when things get difficult They want you to be there for them at the moments that matter, and they want to be understood. Fifty-one percent of consumers expect that banks will anticipate their needs and make relevant suggestions before they even make contact.

Putting it into practice The mortgage team at University of Wisconsin Credit Union (UWCU) has been able to establish a reputation among its members as a company at the forefront of innovation.

Members are using the technology provided to them at high rates and finding the features easy to navigate. In fact, 83% of applications that are started online are submitted.

Meanwhile, Blend’s consumer single sign-on and asset pre-fill is giving borrowers the “show me you know me” experience they were looking for. The UWCU member base quickly showed their enthusiasm for the new feature, with twice as many applicants utilizing data connectivity for assets as a result.

2. Scale by future-proofing your offerings

Demand for your products is constantly fluctuating, which impacts the economics of selling it. While you may have a full suite of offerings available at any given moment, the amount of internal resources dedicated to any one depends mostly on its current profitability. When the perfect storm of low cost products being in high demand hits, it’s important that you are ready to pounce.

Doing this successfully typically requires the physical reallocation of people as well as adjustments to process. However, a more scalable approach minimizes the need for what is essentially continuous reinvestment into products as demand changes.

This requires a deep understanding of new market requirements and the agility to launch new products in a timely manner. To achieve this, m any financial institutions end up choosing one-off point solutions that may help them get a single product to market quickly, but can leave them with a siloed infrastructure that leads to inconsistent experiences. It’s the exact opposite of future-proofing your business.

How can you secure your future success?

A better approach is implementing a solution that can support all lines of business.

Having one system that supports all products helps ensure there is consistent access to them at all times.

What’s more, it simplifies the transitioning of resources, because each product is situated within the same system. It also minimizes the amount of human capital change required to do so. Ultimately, this will:

Enable your organization to consistently meet customer needs
Help you succeed more effectively against the competition
Ensure you have a diverse product portfolio that secures your future success

Putting it into practice

Our partnership with Elements Financial is a great example of what can be achieved with a scalable technology investment. Four years ago, the company came to us to help them elevate their member experience for mortgage and home equity. We achieved great success, and so they asked us to expand our partnership with the addition of a portfolio of new products: the Consumer Banking Suite.

It’s paid off. With Blend, the average member’s mortgage application-to-fund time decreased by five calendar days. Streamlined applications may be a contributing factor in the growth Elements has realized: approved applications for deposit accounts, vehicle loans, personal loans, and credit cards have increased by 11% on average.

What started as a tool to improve experience for mortgage and home equity is now enabling Elements to originate loans across products on the same platform. One investment has scaled alongside the team’s needs.

Learn how to apply a future-oriented strategy to a key lending product: home equity

3. Scale by fully embracing (the right) technology

The path to digital shouldn’t require you to rip and replace your technology on a regular basis, yet it’s a situation we see all too often.

Cloud-based platforms offer an alternative. They can help you scale through integrations that connect the old with the new, delivering a consistent, unified experience. Automatic software updates remove the burden of stressful and inconvenient upgrade procedures, which can be a drain on lenders’ IT teams. Overheads are reduced too — lenders may no longer need to invest in their own server, networks, and other expensive infrastructure.

Dad working from home with daughter on his shoulders

Perhaps most importantly, a good cloud solution provides cumulative value, not a one-off benefit that then tapers.

That’s partly because the technology scales with you — constant innovation on the bank side is matched by the same on the tech side. But it’s also because there’s a multiplicative effect of combining feature sets. I f you have a point solution that does one thing well, and then a separate one that does something else well, you likely aren’t benefiting from synergies across the two. However, when a single system has multiple features and/or products, the value is magnified.

What should you look for in your cloud solution?

Two key features will help you get the most from your cloud solution:

Automation Despite what you may have heard, automation isn’t about replacing human workers. It’s about unlocking human potential. Good cloud solutions do this by removing manual and often repetitive processes and automating them conveniently and efficiently.
Machine intelligence Software that uses machine learning, predictive analytics, and business intelligence is not only able to collect data, but also identify and analyze it. This enables features such as instant decisioning and verified pre-approval and can offer machine-powered recommendations that create a personalized feel for customers and help you close more loans.

New York-based M&T Bank joined forces with Blend to help it drive continuous improvement and to achieve the agility it needed to navigate times of change. When unprecedented demand for a unique product offering emerged, M&T leadership turned to Blend to scale their delivery.

“Partnering with Blend meant we could move quickly enough to be there for our customers when they needed it,” said Chris Kay, who leads M&T’s consumer and business banking divisions. “The team’s dedication to making this work on a short timeline is a testament to the type of partner Blend is, and the way your platform could adapt to this new situation and scale rapidly was especially impressive.”

Learn how to unlock digital agility with Blend

At Blend, we don’t consider ourselves a vendor. We are a partner. We believe in getting to know our financial services customers, in understanding their needs and challenges, and in working hand-in-hand to help them get the very best out of our software.

We are here to help you scale digitally by focusing on the three scale-aligned areas we’ve discussed above.

We help you recommit to your customer obsession

Blend’s cloud-based platform has been built with elevated customer experiences in mind. It offers:

Digital applications that are easy to navigate: Blend’s conversational interface is designed to guide customers through the application process.
Speedy applications Because Blend connects to external data sources, customers benefit from pre-filled fields and automatic data verification.
Omnichannel support Blend allows your customers to start and stop the application process across devices, with human support available right at the moment that matters.

Blend also helps your lending teams to nurture customer relationships, building longevity and boosting long-term revenue at the same time. You can use the platform to create a consistent experience across all lines of business — signifying your commitment to your customers.

We are building to a future where, when a customer chooses to open a deposit account for example, they are recommended natural next step products such as a credit card or a car loan — and they can apply for those products in the same environment. This will create a natural, consistent flow that mirrors consumers’ typical purchasing patterns.

Ultimately, we believe this will result in more loyal — and more valuable — customers.

We help you future-proof your success

Thanks to its expanded suite of out-of-the-box offerings and configuration capabilities, Blend’s cloud-based platform supports any consumer banking product.

Its comprehensive component library, pre-built templates, drag-and-drop workflow building, and integrated data services help product teams take ideas to market faster but in a consistent and structured way.

Ultimately, it gives the agility you need to provide the right product at the right time for your customers, supporting your position as the go-to advisor for every financial need.

In addition, we are consistently adding new modular features that help you put emphasis on the highest value-add experiences in alignment with market trends. For example, we recently released a standalone income product after hearing from customers that the fragmented offerings available were not meeting their needs.

We help you embrace the right technology

Blend’s cloud-native platform allows you to do business wherever you are. With automatic updates, you can be sure you always have the latest version of our software with the best functionality.

And that’s not all. Using machine intelligence, our platform can:

Verify data automatically , and pre-fill fields on the application using data from the borrower.
Aggregate data from tax offer platforms and payroll providers.
Fix common sources of friction by analyzing applicant data and documents to flag and surface issues.

All this can improve the overall waiting and processing time, leading to happier customers and happier bankers too. And the right technology is only right for you if it is also committed to growing with you. Our customer-first approach puts you at the center of our roadmap.

Ready to scale successfully to grow every line of business?

Explore our Consumer Banking Suite

Build plans, manage results, & achieve more

Learn about the AchieveIt Difference vs other similar tools

We're more than just a software, we're a true partner

Strategic Planning
Business Transformation
Enterprise PMO
Project + Program Management
Operational Planning + Execution
Integrated Plan Management
Federal Government
State + Local Government
Banks + Credit Unions
Manufacturing

Best practices on strategy, planning, & execution

Real-world examples of organizations that have trusted AchieveIt

Ready-to-use templates to take planning to the next level

Research-driven guides to help your strategy excel

Pre-recorded & upcoming webinars on everything strategy & planning

*NEW!* Podcast 🎙️

The Importance of Strategic Planning for Banks, Credit Unions, and Financial Institutions

RELATED TAGS:

financial institution , Strategic Planning , supply chain

Financial institutions worldwide help customers reach financial goals and understand responsibilities. They use various tools to meet customer needs and stay on track with corporate goals.

A financial institution’s strategic plan can help these organizations stay prepared for upcoming trends. These plans allow institutions to identify clear goals and create actionable plans to meet them.

Read on to learn more about strategic planning for banks and other financial institutions.

In This Article

What Is Strategic Planning?

Why is strategic planning important for financial institutions, why banks, credit unions, and financial institutions should implement a strategic plan, how to get started with strategic planning, achieveit strategic planning for banks, credit unions, and financial institutions.

Strategic planning is an ongoing process businesses use to identify goals and create actionable steps to achieve them . The activity helps employees and shareholders agree on desired outcomes that match the organization’s overall vision. You can also use strategic planning to analyze current industry trends and modify behaviors to meet new demands.

Many organizations create a written strategic plan to track their objectives. This document typically features components like:

A mission statement that explains the plan’s overall context and purpose
Clear timelines for implementing a strategy and reaching a goal
Periodic benchmarks or objectives that show continual progress
Explanation of leaders and other members with specific roles or tasks assigned

An effective strategy explains an organization’s current goals and acknowledges how these will lead to more success. Plans can help you prepare for alterations in demand, supply chain disruptions, or personnel changes.

Strategic planning can bring many benefits to businesses in any industry.

Establishing a core vision: A strategic plan requires you and your shareholders to identify a central concept for your organization. You can then use this shared outlook to unify all stakeholders and employees around a single purpose. By explaining your company’s goals and the reasoning behind them, you can provide an increased sense of responsibility. You can also use this insight to inform everyday tasks and behaviors and motivate employees to find more purpose in their work.
Using a data-centric approach: Strategic planning consists of analyzing decisions and backing them up with data. As you break down each of your current strategies, you can evaluate their effectiveness and decide whether to keep them or alter them. Because you have to justify all your methods, you remove any chances of implicit biases or other restraints that could hinder your progress. For example, you might incorrectly assume the most obvious solution is the best for your organization instead of considering more complex options.
Tracking real-time progress: Lastly, a strategic plan allows you to track quantifiable progress toward your goals. You can set benchmarks for crucial stages and divide these by departments, teams, or individuals. Then, you can monitor progress by how well these groups meet them.

Overall, strategic planning is crucial because it allows organizations to identify and directly work toward objectives. Without knowing where you want to go or how you plan to get there, it becomes challenging for your company to move forward.

Financial institutions should strive to make thorough and actionable plans for future goals. Banks, credit unions, insurance services, and other financial organizations are responsible for providing customers with accurate data and informative suggestions.

During the COVID-19 pandemic, the financial field has experienced a surge in electronic payments and other digital changes. As the industry continues to shift toward electronic formats, institutions must adapt existing practices to meet new demands.

Why Banks, Credit Unions and Financial Institutions Should Implement a Strategic Plan

By creating a bank strategic plan, financial institutions can prepare to meet these and other challenges in the industry. Your plan can identify current goals and outline the steps you will take to achieve them. During this process, you can analyze existing strategies and find ways to enhance them.

A strategic plan can improve your financial institution’s ability to meet customer expectations. As you optimize your practices, you can establish your institution as a leader in your field.

If your financial institution is ready to create a strategic plan but isn’t sure where to start, here are some steps you can take.

Assess current trends: One of the best ways to start the process is by examining current trends in the financial industry. For instance, you can assess its growth levels, significant leaders or competitors in the field or what services are in demand. Identifying trends can help you alter your plans to meet these needs.
Define your mission and values: Next, identify your organization’s overall mission and values. You can use these to guide your plans and ensure your actions stay aligned with your purpose. Most mission statements are quantifiable and have a concrete deadline. For instance, you might want to reach a specific amount of revenue by a particular date. Then, as you start creating actionable steps, you can ensure they will lead to your ultimate mission.
Analyze areas of improvement: It’s also good to identify areas of weakness within your organization. Whether you haven’t met revenue goals or want to improve your customer service, acknowledging these weaknesses can help you resolve them during your plan. You can create concrete ways to respond to lacking areas, improving efficiency and success overall.
Outline corporate goals: Next, you should state your specific corporate goals for your institution. For instance, you might want to expand your customer base, reach a particular revenue number, or expand marketing campaigns. The more specific and quantifiable these goals are, the easier it will be to track your progress toward them.
Delegate specific tasks: You will need your entire team’s help to achieve broad organizational goals. By breaking down tasks and regulating them to specific departments or employees, you can foster a sense of responsibility and maintain even workloads.
Consider your budget and staff: Lastly, remember your staff and budget availability as you draft your strategic plan. Ensure you have enough resources to complete your goals by the desired deadline. For example, if you have a smaller staff, it might take you six months to reach a goal rather than three. Remembering your available resources can help you create realistic and successful objectives.

AchieveIt Strategic Planning for Banks, Credit Unions and Financial Institutions

Every organization needs a strategic plan to stay on track with goals and move toward a successful future. Your plan helps you unify members around a shared vision and improve existing techniques. Strategic planning for financial institutions is crucial for overall success.

We’ve developed our financial software to meet the financial industry’s demands. Its high-quality tools and data can help you plan and execute goals. Use real-time updates to account for all data, or use our uniformly formatted reports to directly track your goal progress.

Let’s do this. To get started with AchieveIt, request a demo today .

Meet the Author Chelsea Damon

Chelsea Damon is the Content Strategist at AchieveIt. When she's not publishing content about strategy execution, you'll likely find her outside or baking bread.

How to Run a Successful Strategic Planning Session

The Differences Between Long-Term, Mid-Term, and Short-Term Planning

How to Align Company Goals with OKRs: A Step-by-Step Approach

Hear directly from our awesome customers

See first-hand why the world's best leaders use AchieveIt

See AchieveIt in action

Stay in the know. Join our community of subscribers.

Subscribe for plan execution content sent directly to your inbox.

Small Business Resources is now the Center for Business Empowerment.

Suggested Keywords

Center for Business Empowerment

How to write an effective business plan in 11 steps (with workbook)

February 02, 2023 | 14 minute read

Writing a business plan is a powerful way to position your small business for success as you set out to meet your goals. Landmark studies suggest that business founders who write one are 16% more likely to build viable businesses than those who don’t and that entrepreneurs focused on high growth are 7% more likely to have written a business plan. 1 Even better, other research shows that owners who complete business plans are twice as likely to grow their business successfully or obtain capital compared with those who don’t. 2

The best time to write a business plan is typically after you have vetted and researched your business idea. (See How to start a business in 15 steps. ) If conditions change later, you can rewrite the plan, much like how your GPS reroutes you if there is traffic ahead. When you update your plan regularly, everyone on your team, including outside stakeholders such as investors, will know where you are headed.

What is a business plan?

Typically 15-20 pages long, a business plan is a document that explains what your business does, what you want to achieve in the business and the strategy you plan to use to get there. It details the opportunities you are going after, what resources you will need to achieve your goals and how you will define success.

Why are business plans important?

Business plans help you think through barriers and discover opportunities you may have recognized subconsciously but have not yet articulated. A business plan can also help you to attract potential lenders, investors and partners by providing them with evidence that your business has all of the ingredients necessary for success.

What questions should a business plan answer?

Your business plan should explain how your business will grow and succeed. A great plan will provide detailed answers to questions that a banker or investor will have before putting money into the business, such as:

What products or services do you provide?
Who is your target customer?
What are the benefits of your product and service for customers?
How much will you charge?
What is the size of the market?
What are your marketing plans?
How much competition does the business face in penetrating that market?
How much experience does the management team have in running businesses like it?
How do you plan to measure success?
What do you expect the business’s revenue, costs and profit to be for the first few years?
How much will it cost to achieve the goals stated in the business plan?
What is the long-term growth potential of the business? Is the business scalable?
How will you enable investors to reap the rewards of backing the business? Do you plan to sell the business to a bigger company eventually or take it public as your “exit strategy”?

How to write a business plan in 11 steps

This step-by-step outline will make it easier to write an effective business plan, even if you’re managing the day-to-day demands of starting a new business. Creating a table of contents that lists key sections of the plan with page numbers will make it easy for readers to flip to the sections that interest them most.

Use our editable workbook to capture notes and organize your thoughts as you review these critical steps. Note: To avoid losing your work, please remember to save this PDF to your desktop before you begin.

1. Executive summary

The executive summary is your opportunity to make a great first impression on investors and bankers. It should be just as engaging as the enthusiastic elevator pitch you might give if you bumped into a potential backer in an elevator.

In three to five paragraphs, you’ll want to explain what your business does, why it will succeed and where it will be in five years. The executive summary should include short descriptions of the following:

Business concept. What will your business do?
Goals and vision. What do you expect the business to achieve, both financially and for other key stakeholders, such as the community?
Product or service. What does your product or service do — and how is it different from those of competitors?
Target market. Who do you expect to buy your product or service?
Marketing strategy. How will you tell people about your product or service?
Current revenue and profits. If your business is pre-revenue, offer sales projections.
Projected revenue and profits. Provide a realistic look at the next year, as well as the next three years, ideally.
Financial resources needed. How much money do you need to borrow or raise to fund your plan?
Management team. Who are the company’s leaders and what relevant experience will they contribute?

2. Business overview

Here is where you provide a brief history of the business and describe the product(s) or service(s) it offers. Make sure you describe the problem you are attempting to solve, for whom you will solve it (your customers) and how you will solve it. Be sure to describe your business model (such as direct-to-consumer sales through an online store) so readers can envision how you will make sales. Also mention your business structure (such as a sole proprietorship , general partnership, limited partnership or corporation) and why it is advantageous for the business. And be sure to provide context on the state of your industry and where your business will fit into it.

3. Business goals and vision

Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial. You may also wish to provide jobs or solve a societal problem. If that’s the case, mention those goals as well.

If you are seeking outside funding, explain why you need the money, how you will put it to work to grow the business and how you expect to achieve the goals you have set for the business. Also explain your exit strategy—that is, how you would enable investors to cash out, whether that means selling the business or taking it public.

4. Management and organization

Many investors say they bet on the team behind a business more than the business idea, trusting that talented and experienced people will be capable of bringing sound business concepts to life. With that in mind, make sure to provide short bios of the key members of your management team (including yourself) that emphasize the relevant experience each individual brings, along with their special talents and industry recognition. Many business plans include headshots of the management team with the bios.

Also describe more about how your organization will be structured. Your company may be a sole proprietorship, a limited liability company (LLC) or a corporation in one or more states.

If you will need to hire people for specific roles, this is the place to mention those plans. And if you will rely on outside consultants for certain roles — such as an outsourced CFO — be sure to make a note of it here. Outside backers want to know if you’ve anticipated the staffing you need.

5. Service or product line

A business will only succeed if it sells something people want or need to buy. As you describe the products or services you will offer, make sure to explain what benefits they will provide to your target customers, how they will differ from competing offerings and what the buying cycle will likely be so it is clear that you can actually sell what you are offering. If you have plans to protect your intellectual property through a copyright or patent filing, be sure to mention that. Also explain any research and development work that is underway to show investors the potential for additional revenue streams.

6. Market/industry analysis

Anyone interested in providing financial backing to your business will want to know how big your company can potentially grow so they have an idea of what kind of returns they can expect. In this section, you’ll be able to convey that by explaining to whom you will be selling and how much opportunity there is to reach them. Key details to include are market size; a strengths, weaknesses, opportunities and threats (SWOT) analysis ; a competitive analysis; and customer segmentation. Make it clear how you developed any projections you’ve made by citing interviews or research.

Also describe the current state of the industry. Where is there room for improvement? Are most companies using antiquated processes and technology? If your business is a local one, what is the market in your area like? Do most of the restaurants where you plan to open your café serve mediocre food? What will you do better?

In this section, also list competitors, including their names, websites and social media handles. Describe each source of competition and how your business will address it.

7. Sales and marketing

Explain how you will spread the word to potential customers about what you sell. Will you be using paid online search advertising, social media promotions, traditional direct mail, print advertising in local publications, sponsorship of a local radio or TV show, your own YouTube content or some other method entirely? List all of the methods you will use.

Make sure readers know exactly what the path to a sale will be and why that approach will resonate with customers in your ideal target markets as well as existing customer segments. If you have already begun using the methods you’ve outlined, include data on the results so readers know whether they have been effective.

8. Financials

In a new business, you may not have any past financial data or financial statements to include, but that doesn’t mean you have nothing to share. Preparing a budget and financial plan will help show investors or bankers that you have developed a clear understanding of the financial aspects of running your business. (The U.S. Small Business Administration (SBA) has prepared a guide you can use; SCORE , a nonprofit organization that partners with the SBA, offers a financial projections template to help you look ahead.) For an existing business, you will want to include income statements, profit and loss statements, cash flow statements and balance sheets, ideally going back three years.

Make a list of the specific steps you plan to take to achieve the financial results you have outlined. The steps are generally the most detailed for the first year, given that you may need to revise your plan later as you gather feedback from the marketplace.

Include interactive spreadsheets that contain a detailed financial analysis showing how much it costs your business to produce the goods and services you provide, the profits you will generate, any planned investments and the taxes you will pay. See our startup costs calculator to get started.

9. Financial projections

Creating a detailed sales forecast can help you get outside backers excited about supporting you. A sales forecast is typically a table or simple line graph that shows the projected sales of the company over time with monthly or quarterly details for the next 12 months and a broader projection as much as five years into the future. If you haven’t yet launched the company, turn to your market research to develop estimates. For more information, see “ How to create a sales forecast for your small business. ”

10. Funding request

If you are seeking outside financing such as a loan or equity investment, your potential backers will want to know how much money you need and how you will spend it. Describe the amount you are trying to raise, how you arrived at that number and what type of funding you are seeking (such as debt, equity or a combination of both). If you are contributing some of your own funds, it is worth noting this, as it shows that you have skin in the game.

11. Appendix

This should include any information and supporting documents that will help investors and bankers gain a greater understanding of the potential of your business. Depending on your industry, you might include local permits, licenses, deeds and other legal documents; professional certifications and licenses; media clips; information on patents and other intellectual property; key customer contracts and purchase orders; and other relevant documents.

Some business owners find it helpful to develop a list of key concepts, such as the names of the company’s products and industry terms. This can be helpful if you do business in an industry that may not be familiar to the readers of the business plan.

Tips for creating an effective business plan

Use clear, simple language. It’ll be easier to win people over if your plan is easy to read. Steer clear of industry jargon, and if you must use any phrases the average adult won’t know, be sure to define them.

Emphasize what makes your business unique. Investors and bankers want to know how you will solve a problem or gap in the marketplace differently from anyone else. Make sure you’re conveying your differentiating factors.

Nail the details. An ideal business plan will be detailed and accurate. Make sure that any financial projections you make are realistic and grounded in solid market research. (If you need help in making your calculations, you can get free advice at SCORE.) Seasoned bankers and investors will quickly spot numbers that are overly optimistic.

Take time to polish it. Your final version of the plan should be neat and professional with an attractive layout and copy that has been carefully proofread.

Include professional photos. High-quality shots of your product or place of business can help make it clear why your business stands out.

Updating an existing business plan

Some business owners in rapidly growing businesses update their business plan quarterly. Others do so every six months or every year. When you update your plan make sure you consider these three things:

Are your goals still current? As you’ve tested your concept, your goals may have changed. The plan should reflect this.
Have you revised any strategies in response to feedback from the marketplace? You may have found that your offerings resonated with a different customer segment than you expected or that your advertising plan didn’t work and you need to try a different approach. Given that investors will want to see a marketing and advertising plan that works, keeping this section current will ensure you are always ready to meet with one who shows interest.
Have your staffing needs changed? If you set ambitious goals, you may need help from team members or outside consultants you did not anticipate when you first started the business. Take stock now so you can plan accordingly.

Final thoughts

Most business owners don’t follow their business plans exactly. But writing one will get you off to a much better start than simply opening your doors and hoping for the best, and it will be easier to analyze any aspects of your business that aren’t working later so you can course-correct. Ultimately, it may be one of the best investments you can make in the future of your business.

Business plan FAQs

What are common mistakes when writing a business plan.

The biggest mistake you can make when writing a business plan is creating one before the idea has been properly researched and tested. Not every idea is meant to become a business. Other common mistakes include:

Not describing your management team in a way that is appealing to investors. Simply cutting and pasting someone’s professional bio into the management section won’t do the trick. You’ll want to highlight the credentials of each team member in a way that is relevant to this business.
Failing to include financial projections — or including overly optimistic ones. Investors look at a lot of business plans and can tell quickly whether your numbers are accurate or pie in the sky. Have a good small business accountant review your numbers to make sure they are realistic.
Lack of a clear exit strategy for investors. Investors may want the option to cash out eventually and would want to know how they can go about doing that.
Slapdash presentation. Make sure to fact-check any industry statistics you cite and that any charts, graphs or images are carefully prepared and easy to read.

What are the different types of business plans?

There are a variety of styles of business plans. Here are three major types:

Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages.

One-page business plan. This is a simplified version of a formal business plan designed to fit on one page. Typically, each section will be described in bullet points or in a chart format rather than in the narrative style of an executive summary. It can be helpful as a summary document to give to investors — or for internal use. Another variation on the one-page theme is the business model canvas .

Lean plan. This methodology for creating a business plan is ideal for a business that is evolving quickly. It is designed in a way that makes it easy to update on a regular basis. Lean business plans are usually about one page long. The SBA has provided an example of what this type of plan includes on its website.

Is the business plan for a nonprofit different from the plan for other business types?

Many elements of a business plan for a nonprofit are similar to those of a for-profit business. However, because the goal of a nonprofit is achieving its mission — rather than turning a profit — the business plan should emphasize its specific goals on that front and how it will achieve them. Many nonprofits set key performance indicators (KPIs) — numbers that they track to show they are moving the needle on their goals.

Nonprofits will generally emphasize their fundraising strategies in their business plans rather than sales strategies. The funds they raise are the lifeblood of the programs they run.

What is the difference between a business plan, a strategic plan and a marketing plan?

A strategic plan is different from the type of business plan you’ve read about here in that it emphasizes the long-term goals of the business and how your business will achieve them over the long run. A strong business plan can function as both a business plan and a strategic plan.

A marketing plan is different from a business plan in that it is focused on four main areas of the business: product (what you are selling and how you will differentiate it), price (how much your products or services will cost and why), promotion (how you will get your ideal customer to notice and buy what you are selling) and place (where you will sell your products). A thorough business plan may cover these topics, doing double duty as both a business plan and a marketing plan.

Explore more

Editable business plan workbook

Starting a new business

1 . Francis J. Green and Christian Hopp. “Research: Writing a Business Plan Makes Your Startup More Likely to Succeed.” HBR. July 14, 2017. Available online at https://hbr.org/2017/07/research-writing-a-business-plan-makes-your-startup-more-likely-to-succeed.

2 . CorpNet, “The Startup Business Plan: Why It’s Important and How You Can Create One,” June 29, 2022.

Important Disclosures and Information

Bank of America, Merrill, their affiliates and advisors do not provide legal, tax or accounting advice. Consult your own legal and/or tax advisors before making any financial decisions. Any informational materials provided are for your discussion or review purposes only. The content on the Center for Business Empowerment (including, without limitations, third party and any Bank of America content) is provided “as is” and carries no express or implied warranties, or promise or guaranty of success. Bank of America does not warrant or guarantee the accuracy, reliability, completeness, usefulness, non-infringement of intellectual property rights, or quality of any content, regardless of who originates that content, and disclaims the same to the extent allowable by law. All third party trademarks, service marks, trade names and logos referenced in this material are the property of their respective owners. Bank of America does not deliver and is not responsible for the products, services or performance of any third party.

Not all materials on the Center for Business Empowerment will be available in Spanish.

Certain links may direct you away from Bank of America to unaffiliated sites. Bank of America has not been involved in the preparation of the content supplied at unaffiliated sites and does not guarantee or assume any responsibility for their content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.

Credit cards, credit lines and loans are subject to credit approval and creditworthiness. Some restrictions may apply.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S" or “Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC , and a wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC, and wholly owned subsidiaries of BofA Corp.

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets division of Bank of America Corporation. Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and Member of SIPC , and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA.

Investment products:

Banks Strategic Plan Template

Great for beginners
Ready-to-use, fully customizable Subcategory
Get started in seconds

In the fast-paced world of banking, staying ahead of the competition requires a well-defined strategy. And that's where ClickUp's Banks Strategic Plan Template comes in. This template is designed to help banks and financial institutions set long-term goals, identify growth opportunities, and optimize resource allocation. With this template, you can:

Define your bank's vision, mission, and core values
Set specific and measurable goals and objectives
Develop strategies to achieve those goals
Identify potential risks and create contingency plans
Monitor progress and make adjustments as needed

Ready to chart the course for your bank's success? Try ClickUp's Banks Strategic Plan Template today!

Benefits of Banks Strategic Plan Template

A strategic plan template for banks offers a multitude of benefits:

Sets clear and actionable long-term goals and objectives for the bank
Identifies growth opportunities in the financial market and helps stay competitive
Optimizes resource allocation by aligning them with strategic priorities
Enables effective risk management and mitigation strategies
Provides a roadmap for decision-making and prioritization
Enhances communication and alignment among bank employees and stakeholders
Facilitates monitoring and evaluation of progress towards strategic objectives
Supports continuous improvement and adaptation to changing market conditions.

Main Elements of Banks Strategic Plan Template

ClickUp's Banks Strategic Plan template is a powerful tool to help you stay organized and focused on achieving your bank's strategic goals.

Here are the main elements of this template:

Custom Statuses: Keep track of the progress of your strategic plan with 5 different statuses - Cancelled, Complete, In Progress, On Hold, and To Do.
Custom Fields: Use 8 custom fields such as Duration Days, Impact, Progress, Ease of Implementation, Team Members, Department, and Project Lead to store important information about each strategic initiative.
Custom Views: Access 6 different views including Progress, Gantt, Workload, Timeline, Initiatives, and Getting Started Guide to visualize your strategic plan from different angles and track the progress of each initiative.
Project Management: Utilize features like Gantt chart to visualize the timeline of your strategic plan, Workload view to manage team capacity, and Progress view to track the completion of each initiative.

How to Use Strategic Plan for Banks

Creating a strategic plan for your bank is crucial to set clear goals and guide your organization towards success. Follow these steps to effectively use the Banks Strategic Plan Template in ClickUp:

1. Define your mission and vision

Start by clearly articulating the mission and vision of your bank. The mission statement should outline the purpose and values of your organization, while the vision statement should paint a picture of where you want to be in the future. This will provide a solid foundation for your strategic plan.

Use a Doc in ClickUp to draft and refine your mission and vision statements.

2. Conduct a SWOT analysis

Perform a thorough analysis of your bank's strengths, weaknesses, opportunities, and threats (SWOT). Identify the internal factors that contribute to your bank's success and areas where improvement is needed. Additionally, assess external factors such as market trends, competition, and regulatory changes that may impact your bank's operations.

Use custom fields in ClickUp to track and categorize each aspect of your SWOT analysis.

3. Set strategic goals and objectives

Based on your SWOT analysis, establish strategic goals and objectives that align with your bank's mission and vision. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Break them down into smaller, actionable objectives that can be easily tracked and monitored.

Create tasks in ClickUp to represent each strategic goal and assign them to the relevant team members.

4. Develop action plans

To achieve your strategic goals, develop detailed action plans that outline the specific steps, resources, and timelines required. Determine the key initiatives, projects, and activities that need to be executed to move closer to your desired outcomes. Assign responsibilities to team members and establish clear milestones to track progress.

Use the Gantt chart in ClickUp to visualize and manage your action plans, ensuring smooth execution and accountability.

5. Monitor, evaluate, and adapt

Regularly review and monitor the progress of your strategic plan. Measure key performance indicators (KPIs) to assess the effectiveness of your initiatives and identify areas for improvement. Seek feedback from stakeholders and make necessary adjustments to your plan to ensure it remains aligned with the ever-changing banking landscape.

Utilize Dashboards in ClickUp to track and analyze the performance of your strategic plan, making data-driven decisions to drive your bank's success.

By following these steps and leveraging the features of ClickUp's Banks Strategic Plan Template, you can create a comprehensive and actionable strategic plan that will guide your bank towards achieving its long-term objectives.

Get Started with ClickUp’s Banks Strategic Plan Template

Banks can use this Strategic Plan Template to align their team and achieve their long-term objectives in a dynamic and competitive industry.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create an effective strategic plan:

Use the Progress View to track the overall progress of your strategic plan and ensure that you're on track to achieve your goals.
The Gantt View will help you visualize the timeline and dependencies of your strategic initiatives, ensuring efficient execution.
Use the Workload View to balance the workload of your team members and allocate resources effectively.
The Timeline View will help you visualize the chronological order of your strategic initiatives and identify any potential overlaps or gaps.
The Initiatives View will allow you to prioritize and manage individual initiatives, ensuring that they align with your strategic objectives.
Refer to the Getting Started Guide View to get a step-by-step walkthrough of how to effectively use this template.
Organize tasks into five different statuses: Cancelled, Complete, In Progress, On Hold, To Do, to keep track of progress.
Update statuses as you progress through tasks to keep stakeholders informed of progress.
Monitor and analyze tasks to ensure maximum productivity and successful execution of your strategic plan.

Related Templates

Startup Founders Strategic Plan Template
Distance Learning Strategic Plan Template
Art Historians Strategic Plan Template
Packaging Designers Strategic Plan Template
Coffee Shop Strategic Plan Template

Template details

Free forever with 100mb storage.

Free training & 24-hours support

Serious about security & privacy

Highest levels of uptime the last 12 months

Product Roadmap
Affiliate & Referrals
On-Demand Demo
Integrations
Consultants
Gantt Chart
Native Time Tracking
Automations
Kanban Board
vs Airtable
vs Basecamp
vs MS Project
vs Smartsheet
Software Team Hub
PM Software Guide

Six digital growth strategies for banks

Despite the headlines about digital disruption in financial services, big banks are actually holding their own. Globally, financial-services revenues have grown 4 percent annually over the past ten years (thanks largely to growth in emerging markets), and fintech start-ups and large tech companies have so far captured only tiny slivers of market share.

Stay current on your favorite topics

But digital technology and big data/analytics are still poised to shake up the financial-services industry. Investors believe fintech start-ups will become a significant force in the future, valuing those in the US at $120 billion, or 7 percent of the total equity of US banks.

As we see it, many banks haven’t set their sights nearly high enough in response to disruptive attackers. They’ve been overly cautious, playing defense, with me-too digital initiatives primarily designed to counter moves by actual or potential disruptors. Even banks that would like to be more aggressive find it difficult to know exactly what to do. Large banks—like many incumbents—have been inundated with new technologies and business opportunities, leaving them confused about where to focus and dissipating their resources.

Most big banks have the tools and advantages to push the boundaries of their existing business models. And they’re certainly motivated. What hampers their progress is uncertainty about how best to build on core strengths to create sustainable outcomes.

To provide a structure for navigating this chaos, and to galvanize the shift to bolder thinking, we’ve identified six opportunities for banks to fuel future growth.

1. Grow beyond your core into relevant ecosystems

Banks have long relied on making customers aware of relevant products as a path to growth. In the past, that approach was about introducing other banking products. For example, a customer with a checking account would be encouraged to consider a personal line of credit, a home-improvement loan, or a bank credit card (see inner circle of exhibit, labeled Core).

A narrow focus on core adjacencies ignores the broader role a bank can play on behalf of its customers. By moving into ecosystems beyond the traditional core, banks are able to tap their existing client base and operational capabilities, strengthen engagement, and capture data that will provide a more complete view of customers’ needs.

Ideabank and ING, for example, have extended into banking adjacencies (see middle ring in exhibit) by providing services like accounts-receivable management, factoring, accounting, and cash-flow analysis to small and medium enterprise (SME) customers. The fintech start-up Moven built a pioneering mobile money-management app and is now partnering with financial institutions to provide this service to retail customers.

Some banks have even gone farther and moved into nonbanking adjacencies (see outer ring in exhibit). Post Bank, for example, has become the largest provider of mobile phone services in Italy. Other banks are partnering with care providers and health insurers to provide a consolidated billing platform that makes it easier for consumers to pay for medical expenses.

Extending beyond the core can allow banks to form a network of value across industries and create their own “ecosystems” that provide the services customers want at lower cost and with greater convenience. In addition to generating new revenues, ecosystems of this sort can protect banks from the efforts of fintech start-ups and digital giants to invade banking’s traditional turf.

Banks should consider this option if … they have significant market share in one or more core product areas. Banks in this position may find it difficult to increase their share in existing segments. Moving into adjacencies—both banking and nonbanking—allows them to take advantage of their already strong franchises by offering new services to current customers.

2. Create a financial supermarket

Taking a page from some of the larger digital businesses, banks can offer a curated and vetted mix of internal and third-party offerings. This aggregation model provides customers with easy, one-stop access to financial products and the ability to address multiple financial needs through a single, integrated channel. Building a financial supermarket allows a bank to focus on the high-return side of the industry: average annual return on equity (RoE) for providing credit from bank balance sheets is only 6 percent , while RoE for product origination/sales is 22 percent. 1 1. RoE figures based on analysis by McKinsey’s Financial Services Practice.

In the United Kingdom, for instance, 60 percent of auto-insurance policies are sold through aggregators. And Bank Bazaar in India, a pure-play financial supermarket with no proprietary offerings of its own, offers a full set of services from more than 50 institutions to more than 23 million customers.

To build privileged relationships with customers, some financial supermarkets rely on recommendation engines, which use transaction, merchant, and customer data generated from the platform to provide personalized suggestions and offers. This kind of helpful, concierge-style service can reduce the risk of disintermediation.

Banks should consider this option if.... breadth of choice or price comparisons are important to customers. The former is often the case with investment products, for example, and the latter for property-and-casualty insurance. A supermarket approach can allow banks without a strong position in such areas to grow in these segments as a complement to their current offerings.

3. Extend value across the customer journey

For most consumers, working with a bank is just a means to an end: ensuring a secure retirement, growing a business, or buying a home, for example. Most banks, however, tend to focus only on discrete, bank-centered moments in the customer’s overall journey, such as offering a mortgage, when the customer’s larger goal is buying the house. By attending only to the bank-related part of the overall journey, banks leave considerable value on the table.

Banks can grow by engaging with consumers at other stages of their decision journey. For example, a bank might give advice to customers on how much to save for retirement or borrow for a home, or help them to determine the best rates and maturities for financial instruments.

Would you like to learn more about Digital McKinsey ?

Commonwealth Bank in Australia (CBA), for example, wanted to play a bigger role in the home buyer’s journey. CBA created an augmented-reality app that allows users to point their smartphone’s camera at a property and instantly see its current price and sales history. The app also provides a mortgage calculator and other financial tools, plus the option to connect with local realtors. In the six months after the app’s release, customers searched more than a million properties, and the bank estimated the project’s return on investment at more than 100 percent. 2 2. Peter Weill and Stephanie L. Woerner, “Thriving in an Increasingly Digital Ecosystem,” Sloan Management Review , Summer 2015, 27-34. See also Commonwealth Bank, Investorville Case Study, 2013.

Banks should consider this option if.... they have significant market share in financial products that are integral to a larger buying process. Mortgages (tied to home buying), auto finance (tied to car buying), and credit cards (tied to taxi/ride-sharing trips and restaurant visits) are examples of such products. Engaging across buying journeys can allow banks in such a position to gain access to a larger pool of potential revenue and enrich the overall relationship with their customers.

4. Monetize your data

More than half of financial-services respondents in a recent McKinsey survey said their companies have begun monetizing data. What’s more, data monetization seems to correlate with industry-leading performance.

There are multiple ways to monetize data. The first is for a bank to use its internal data more effectively for its own operations by adding new analytics capabilities. Another is to create new offerings, such as reports or benchmark analytics, based on bank data. Several of Canada’s biggest banks have partnered with Toronto-based SecureKey in a system that allows individuals to use their bank credentials to access online services from the federal government. The system works in much the same way as websites that allow users to log in using their Facebook account—except in this case, Canadian government agencies provide access to online services when visitors enter their bank credentials. The banks just use the data they already have to verify their customers’ identities, but then provide it as a secure capability at a truly national scale and gain access to new potential customers.

Most banks have a rich set of exclusive information on their customers (key demographic details, where they live, their lifestyle preferences). When used responsibly, with respect for regulatory constraints and privacy concerns, this bank data can be analyzed for insights valuable to companies in industries outside of financial services, such as telecom, retail, consumer goods, or automotive. Bank-issued credit cards , for example, have access to data on both consumers and merchants, which can be sold to retailers.

Banks should consider this option if … they already possess an information advantage over competitors—or if they have the prospect of creating an information advantage, or extending an existing one, via external investments or partnerships.

Remaking the bank for an ecosystem world

5. become a product- or infrastructure-sourcing factory.

Many banks and fintechs are locked in a battle over the customer-facing front end. But large institutions can create significant value by leveraging back-end assets to create and provide products or services to smaller banks and other businesses. That’s because many small and nontraditional institutions lack core banking products, infrastructure, capital assets, or even banking licenses, and don’t have the reach or resources to acquire them.

Large financial institutions can address this need by developing a portfolio of white-label products to sell to or through third parties, providing infrastructure as a service, and even “renting” their balance sheet to small and nonfinancial players. The classic example of this kind of service is banks providing credit-card processing to retailers. In the evolving digital era, many new opportunities to offer services like this are emerging.

ING, for example, has partnered with US-based fintech start-up Kabbage to serve SME customers in Europe. Kabbage’s easy-to-use interface and novel risk-management algorithms allow it to deliver decisions on loan applications in a matter of minutes. As a start-up, Kabbage had a distinctive new capability but lacked capital and customer relationships. ING brought to the partnership its deep reservoir of capital and its existing relationships with prospective SME customers.

Banks should consider this option if.... they possess a significant back-end capability that others don’t have and the ability to extend it into other environments securely. Banks considering a factory plan, for example, should have enough tech talent (particularly around APIs) to be able to maintain appropriate levels of security while serving the given product or service to third parties. In addition to opening up new revenue streams, this approach can also be a useful way for to banks to collect new data.

6. Become a digital attacker

By employing digital channels or novel business models, incumbent banks can enter new geographies or market segments that would be prohibitively expensive targets using traditional approaches.

ING Direct was the original digital attacker, starting as an exclusively online bank in 1996 and attracting more than 20 million customers in 9 countries over a little more than a decade, before spinning off several of its national subsidiaries in the late 2010s. 3 3. Arkadi Kuhlmann and Bruce Philp, The Orange Code: How ING Direct succeeded by being a rebel with a cause , Wiley, 2008.

Banks should consider this option if.... they want to enter new markets or segments without the need to invest in the physical infrastructure that would otherwise make such moves prohibitively expensive. This approach is useful for exploring market opportunities, but it requires sufficient digital skills (design, customer experience, analytics, etc.), the expertise to scale wins, and the management discipline to kill off poor performers.

How should banks decide which unconventional growth opportunities to pursue? There is no one-size-fits-all answer.

We’ve found that most large institutions already have some initiatives underway that involve pursuing one or more of these six growth strategies. Existing efforts can provide important information about which opportunities are promising and what’s required for success. That said, most such initiatives are small and typically need to be scaled up to take full advantage of opportunities large banks face.

To begin, banks should think hard about a series of questions:

Which unconventional growth opportunities represent a good fit with current resources and competitive position?
How many of the opportunities can reasonably be pursued and over what time?
What governance structures should be established, and what organizational approaches employed? Innovate from within existing businesses, set up separate units, or partner with/acquire from outside?
What capabilities should be in place to go after these opportunities?

No matter which opportunities banks decide to pursue, they will need to commit to—and invest in—new digital capabilities in areas like design, innovation, data and analytics, personalization, and digital marketing. A headlong dash toward developing “all” these capabilities isn’t the answer. We have seen companies lose focus and dissipate energies by trying to do too much at once.

In our experience, the most effective route is to develop a clear view of which capabilities can deliver the most value quickly and power a broader digital transformation. The important thing is to get going, to act with a sense of urgency—like an attacker seeking growth, not merely a defender hoping to hold onto a legacy position.

Somesh Khanna is a senior partner based in McKinsey’s New York office and global leader of Digital McKinsey in financial services. Heitor Martins is a senior partner based in our São Paulo office and leads Digital McKinsey in Latin America.

Explore a career with us

PSD2: Taking advantage of open-banking disruption

Competing in a world of digital ecosystems

Banking Strategy Plan Template

What is a Banking Strategy Plan?

A banking strategy plan is a set of goals and objectives created by financial institutions, such as banks and credit unions, to increase growth and profitability. These plans are often developed in order to create a competitive advantage, reach new markets, and improve customer satisfaction. A banking strategy plan outlines the key focus areas, objectives, and associated actions needed to reach the desired goals.

What's included in this Banking Strategy Plan template?

3 focus areas
6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Banking Strategy Plan template for?

This banking strategy plan template is designed for banks and credit unions of any size. Whether you're a small local bank or a large international corporation, this template provides the structure to develop a comprehensive plan to increase growth and profitability.

1. Define clear examples of your focus areas

Focus areas are the overarching themes that define the direction of the banking strategy plan. Examples of focus areas may include increasing customer satisfaction, expanding digital offerings, and increasing security. A clear focus area should be identified and objectives should be set to achieve the desired results.

2. Think about the objectives that could fall under that focus area

Objectives are specific targets that need to be achieved in order to reach the desired focus area. Examples of some objectives for the focus area of Increase Customer Satisfaction could be: Enhance customer experience, and Improve customer access. Objectives should be achievable, measurable, and relevant to the focus area.

3. Set measurable targets (KPIs) to tackle the objective

Key performance indicators (KPIs) are measurable objectives that are used to track the progress of an objective. For example, under the objective of enhancing customer experience, a KPI could be to increase customer satisfaction from a rating of 5 to 9. KPIs should be measurable, relevant, and have an initial and target value.

4. Implement related projects to achieve the KPIs

Projects (actions) are the specific initiatives that need to be completed in order to achieve the objectives and KPIs. For example, under the objective of enhancing customer experience, a project could be to improve customer service. Projects should be achievable, measurable, and relevant to the KPI.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform helps financial institutions develop, manage, and execute their banking strategy plan. Cascade provides an easy-to-use interface to create objectives, set KPIs, and track progress. By utilizing Cascade, you can ensure that your banking strategy plan is successful and see faster results.

Product overview
All features
App integrations

CAPABILITIES

project icon Project management
Project views
Custom fields
Status updates
goal icon Goals and reporting
Reporting dashboards
workflow icon Workflows and automation
portfolio icon Resource management
Time tracking
my-task icon Admin and security
Admin console
asana-intelligence icon Asana Intelligence
list icon Personal
premium icon Starter
briefcase icon Advanced
Goal management
Organizational planning
Campaign management
Creative production
Content calendars
Marketing strategic planning
Resource planning
Project intake
Product launches
Employee onboarding
View all uses arrow-right icon
Project plans
Team goals & objectives
Team continuity
Meeting agenda
View all templates arrow-right icon
Work management resources Discover best practices, watch webinars, get insights
What's new Learn about the latest and greatest from Asana
Customer stories See how the world's best organizations drive work innovation with Asana
Help Center Get lots of tips, tricks, and advice to get the most from Asana
Asana Academy Sign up for interactive courses and webinars to learn Asana
Developers Learn more about building apps on the Asana platform
Community programs Connect with and learn from Asana customers around the world
Events Find out about upcoming events near you
Partners Learn more about our partner programs
Support Need help? Contact the Asana support team
Asana for nonprofits Get more information on our nonprofit discount program, and apply.

What is strategic planning? A 5-step guide

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

How to build an organizational strategy

Get our free ebook and learn how to bridge the gap between mission, strategic goals, and work at your organization.

What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

[inline illustration] Strategic plan elements (infographic)

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include:

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process.

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process).

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength?

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement?

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service?

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company?

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination.

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals .

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success.

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. We recommend sharing your plan in the same tool you use to manage and track work, so you can more easily connect high-level objectives to daily work. If you don’t already, consider using a work management platform .

A few tips to make sure your plan will be executed without a hitch:

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively.

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed.

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done.

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success.

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively.

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. It helps map out strategic objectives and growth metrics that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets.

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a strategic plan vs. business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

You should create a business plan when you’re:

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. Even if you’re working at a relatively young company, your strategic plan can build on your business plan to help you move in the right direction. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a strategic plan vs. mission and vision statements?

Your strategic plan, mission statement, and vision statements are all closely connected. In fact, during the strategic planning process, you will take inspiration from your mission and vision statements in order to build out your strategic plan.

Simply put:

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction.

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.”

Vision statement: “To create pet safety and tracking products that are effortless to use.”

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners.

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization moves quickly). These objectives give your team a clear sense of what you intend to accomplish for a set period of time.

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a business case?

A business case is a document to help you pitch a significant investment or initiative for your company. When you create a business case, you’re outlining why this investment is a good idea, and how this large-scale project will positively impact the business.

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a project plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project. This project could be one of many initiatives that contribute to a specific company objective which, in turn, is one of many objectives that contribute to your strategic plan.

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success.

Related resources

How to create a CRM strategy: 6 steps (with examples)

What is management by objectives (MBO)?

Write better AI prompts: A 4-sentence framework

What is content marketing? A complete guide

More From Forbes

How to match your business needs to a bank’s expectations.

Share to Facebook
Share to Twitter
Share to Linkedin

Richard Gusmano is the Founder and CEO of Business Credit Consultants , a digital financial consulting practice for small business owners.

Obtaining capital to fortify and grow a small business remains one of the toughest challenges small-business owners encounter. According to a 2023 National Small Business Association survey, over half of small businesses cannot access adequate financing . Unfortunately, as that survey found, the most common way small-business owners borrow money for capital needs is through credit cards.

The lack of financing on favorable terms hinders businesses. As companies expand, they typically need regular financing throughout their life cycles. Without bank loans, businesses can wither under high credit card interest rates, failing to meet the owners’ visions for growth and profitability.

Bank financing is generally obtainable, so why aren’t businesses able to take advantage of the capital lenders can offer?

The challenges are twofold: Business owners are often too caught up in day-to-day operations to present their businesses to lenders correctly, and the lending programs and requirements at banks are moving targets. But with diligence and planning, business owners can overcome these challenges and meet banks’ expectations to secure capital for their business needs.

NSA Warns iPhone And Android Users To Turn It Off And On Again

Godzilla minus one is coming to netflix this weekend but there s a catch, some very bad news about deadpool and wolverine, become your own cfo..

Banks lend to people, not to numbers. However, banks are more likely to lend to people who know their numbers.

A common mistake business owners make is recusing themselves from their financials by relying too heavily on their accountants to advise on fiscal matters. This can be problematic as accountants are routinely directed to reduce earnings (to mitigate tax exposure). Accordingly, your CPA will likely not be as focused on showing the strength of earnings in your business that a bank would find appealing. Accountants, who are often inundated around tax deadlines, may also tend to fall back on the general rules rather than seek to understand the business strategy and long-term vision.

Meanwhile, business owners are often too entrenched in daily operations to keep up with their business’s accounting. They may know the ins and outs of the general ledger, but may become too busy to keep up with recording simple, important line-item assets to balance liabilities in a way that supports the business’s creditworthiness.

The demands of business ownership are often the reason why accountants are hired in the first place, but a savvy business owner remains firmly in control of the basic numbers.

At a minimum, becoming your own chief investment officer involves:

• The ability to communicate profitability over time and any upward or downward trends in revenues and expenses.

• The ability to walk through your business’s profit and loss statement and balance sheet and explain any discrepancy among the assets and liabilities.

Present your business case to the bank the right way, at the right time.

When seeking a loan, first impressions are important. Having a plan for the capital is common sense, but business owners often hesitate to fully disclose what the capital will be used for. If the loan is used for hiring, the application should disclose the number of people being hired, the costs of training the employees and how the return on the additional staff will be realized.

The timing of a loan application can also impact how a bank views a company. Understanding and considering a business’s seasonality can be the difference between presenting a business that looks like it is in a downward trend or is experiencing an upswing. The timing of large annual expenses, such as licensing or conference expenses, and key employee leaves of absence should also be considered. If capital must be obtained at inopportune times, be prepared to address any seasonal effects of your business, and back it up with data.

Work with the right banks.

Banks change their lending programs and debt exposures often, so it can be difficult for small-business owners to find a bank with a program that is actively supporting and lending to their industry. Some of this is out of a business owner’s control. However, too many business owners rely on what’s convenient—applying only at banks they are familiar with or have accounts with. Once the bank issues a denial, the business owner may believe that the company won’t qualify anywhere else for the required capital.

Business owners should be proactive and ask questions about a bank’s lending practices before applying. Owners can speak to bank representatives and inquire about what type of businesses the bank is currently lending to. Unfortunately, it may be difficult to find the right representative at a bank who can answer lending program questions, and this information is usually not found online. In these cases, it can be helpful for owners to check in with their industry network or work with a business lending consultant to ensure they find the right banks to work with.

Businesses should not have to rely on credit cards or “quick funds” that cripple cash flow to meet their capital needs. It takes some strategic planning and a proactive approach, but small businesses can break free from reliance on less-than-ideal funding. Access to favorable capital is necessary for sustained success, and it’s worth the effort to garner the information and data to meet the expectations of banks that can deliver owners more favorable terms.

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?

Editorial Standards
Reprints & Permissions

Search Search Please fill out this field.

Market Research

Business planning, website development, product or service selection, marketing and promotion, is it a good idea to start an online business, can i start an online business with $100, what are different types of online marketing strategies, the bottom line.

Small Business
How to Start a Business

How to Start an Online Business: A Step-by-Step Guide

Crafting a Winning Business Plan: Setting Goals and Strategies

Katie Miller is a consumer financial services expert. She worked for almost two decades as an executive, leading multi-billion dollar mortgage, credit card, and savings portfolios with operations worldwide and a unique focus on the consumer. Her mortgage expertise was honed post-2008 crisis as she implemented the significant changes resulting from Dodd-Frank required regulations.

How to Start a Business: A Comprehensive Guide and Essential Steps
How to Do Market Research, Types, and Example
Marketing Strategy: What It Is, How It Works, How To Create One
Marketing in Business: Strategies and Types Explained
What Is a Marketing Plan? Types and How to Write One
Business Development: Definition, Strategies, Steps & Skills
Business Plan: What It Is, What's Included, and How to Write One
Small Business Development Center (SBDC): Meaning, Types, Impact
How to Write a Business Plan for a Loan
Business Startup Costs: It’s in the Details
Startup Capital Definition, Types, and Risks
Bootstrapping Definition, Strategies, and Pros/Cons
Crowdfunding: What It Is, How It Works, and Popular Websites
Starting a Business with No Money: How to Begin
A Comprehensive Guide to Establishing Business Credit
Equity Financing: What It Is, How It Works, Pros and Cons
Best Startup Business Loans
Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC
Partnership: Definition, How It Works, Taxation, and Types
What is an LLC? Limited Liability Company Structure and Benefits Defined
Corporation: What It Is and How to Form One
Starting a Small Business: Your Complete How-to Guide
Starting an Online Business: A Step-by-Step Guide CURRENT ARTICLE
How to Start Your Own Bookkeeping Business: Essential Tips
How to Start a Successful Dropshipping Business: A Comprehensive Guide

Oscar Wong / Getty Images

If you want to get into the online business game, it’s a good time to start. The COVID-19 pandemic reshaped online consumer spending, including how people shop online and how they research products.

Today, 76% of Americans buy products online. Furthermore, roughly a third of people purchase items online weekly. From setting up an ecommerce business to offering web design services, there are countless avenues to explore as an entrepreneur.

Below, we’ll walk through each step to building an online business.

Key Takeaways

When starting an online business, comprehensive market research is critical for identifying your target audience and learning how to resonate with your customers and understand their needs.
Creating a business plan is an important step for outlining your business goals. It also includes your product description, target market, and financial projections, among other core components.
Building your website involves setting up a domain name, finding a hosting company, and designing a strong website with consistent branding that allows your customers to navigate it intuitively.
Choosing the right product or service to sell is essential. It’s important to think about how you’re addressing an unmet need.
Several digital marketing strategies can be utilized, from content marketing to paid advertising, to help your business grow.

Successful online entrepreneurs study hard in order to have a thorough understanding of their market. This is important for knowing exactly how to reach your target market , because these are the people who will buy your products and drive your business growth.

At its core, market research is about understanding your customers’ needs, pain points, and solutions. It is designed to help your business better meet these needs.

Steps to Conduct Market Research

Market research involves understanding key aspects of your current and future customers. To get a clear sense of your target market, outline the characteristics of your audience—for example, age, location, gender, income, job title, and key pain points.

Once you have identified your target audience, conduct research on the following topics, which will tell you about how they make decisions and how you can better position your business:

What are the challenges that your target market faces?
Where do they research a given product or service?
What are their views on pricing for this product or service?
What factors influence their decision to make a purchase?
Who are your competitors?

To put this market research into action, there are a number of different avenues you can take:

Focus groups
Competitive analysis
Brand awareness research
Market segmentation research

Consider the following questions that may be asked in an interview or focus group to learn more about your audience:

“How do you search for that product?”
“How useful was it?”
“What words do you use when you search on Google?”

When you have completed your market research, identify what you have learned as well as your next steps based on these insights.

Creating a business plan is a key first step for all business owners . It is important for companies looking to secure funding resources. It also serves as a blueprint to summarize your key business objectives and goals.

To write a business plan , incorporate these eight main sections, which are often found in traditional templates:

Executive summary : This is typically a one-page section that explains your objectives and includes your mission statement, core team, and why your company is positioned for success.
Company description : This describes what you offer, your competitive advantages, and your business goals.
Market analysis : This is where you explain your target market, market size, market trends, and competitive landscape.
Organization and management : Explain who is working on your team and their professional background and experience.
Service or product line : Describe the product or service you are offering, including any copyright or plans for patenting.
Marketing and sales : Discuss your marketing and sales strategy. Discuss your pricing, key metrics, and sales plan.
Funding request : If you are a company looking for funding, here is where you outline the capital you are requesting and where it will be allocated.
Financial projections : Include projections for your company’s revenue and expenses. Consider including an income statement, balance sheet, and cash flow statement in this section.

A business plan is important because it helps clarify your action points, who you are, and what you offer, all in a coherent template.

Getting your business online is the next key step. In an ever-changing environment, it is important to know the tools, trends, and strategies for building a strong online presence to allow your business to grow.

Registering Your Domain

The first step is registering your name, or your website address. This can be in the form of your business name “.com.” To purchase your domain name, you can go to sites like GoDaddy or Namecheap . If you decide to build your website using WordPress, you will need to use a site such as these to host your website.

Web Hosting Companies

Alternatively, you can buy your domain name at a hosting company. These are companies like Shopify , Wix , or Amazon Web Services , that may also offer tools to build your website and release content on them.

Website Design

A well-designed website is important for many reasons. Using a website builder, such as Mailchimp or Squarespace , can allow you to choose a theme, customize your pages, create relevant content, and set up a payment page.

Other key aspects of your website design include its functionality, simplicity, and ease of use. Allowing your potential customers to navigate the site intuitively will be key to their experience. Brand consistency—in your logo, colors, and typeface, for example—is also key to creating a unified brand.

Another essential part of website design is its mobile application. You’ll want to ensure that your website runs smoothly on mobile, that images load properly, that the text is legible, and that buttons are intuitive to click.

This step focuses on how to choose the right product or service to sell. At the heart of this choice is the goal of solving a customer’s problem. But there are a number of strategies you can use to identify your product idea.

For example, you might consider analyzing companies with high-profit margins, products that align with your passion, burgeoning trends, items trending on online marketplaces, and/or customer reviews.

With this in mind, analyze how this product will get to your customers. Additionally, you may consider products that are not available in stores in your local market but are offered in communities such as Europe or Japan, for example.

Marketing strategy and promotion is an essential driver of business growth. As the digital landscape evolves, it’s important to have an effective marketing plan that resonates with changing consumer preferences and needs.

Here are questions that companies can consider as they create their marketing strategy, navigating today’s environment:

Impact, value, and growth : What are the goals and key performance indicators (KPIs) that will measure success for your business? How will you explain the value that the business provides to its customers and/or society? Create an “elevator speech”—a 30-second description of what you offer and why it’s special.
Customer need and brand promise : How does the brand meet a customer’s need through its products and services?
Customer experience : How will the business deliver the best experiences at each stage of the customer journey?
Organizational model : How will the business operate to serve the customer with the most impact?

These will help you understand what types of strategies can have real impact.

Types of Marketing Strategies

Consider the following digital marketing strategies that can be used for your online business:

Email marketing
Social media marketing
Paid advertising
Search engine optimization (SEO)
Content marketing
Influencer marketing

Each of these presents a different way to reach your target audience, drive conversions, or build brand awareness, depending on your marketing goals.

You need to determine that for yourself. But before starting an online business, it’s important to assess the time, investment, and resources you’ll need to get it off the ground. While the barrier to entry can be quite low, it’s worth considering your goals and strategies for making it a reality.

However, compared with starting up a traditional brick-and-mortar business, the risks of launching an online business may be reduced due to lower upfront costs such as rent, staff, and materials, among others.

The short answer: yes. While it depends on the type of business you hope to pursue, there are many ways to set up an online business at very little cost. For example, you could offer your services doing freelance work, photography, bookkeeping, or personal training. The primary costs involved include setting up your business website, which can cost as little as $2 to $20 each year with companies such as GoDaddy.

There are a number of digital marketing strategies that online businesses can use, such as content marketing, email marketing, paid advertising, SEO, and influencer marketing. Each of these strategies can be useful, depending on your product and goals.

Starting an online business can be a powerful way to launch a new product or service while reaching a wider audience. With market research, a solid business plan, a strong website, and a digital marketing strategy, you can get started in growing your company effectively. As customers increasingly make decisions virtually, building an online business is vital to any business owner’s success.

Pew Research Center. “ For Shopping, Phones Are Common and Influencers Have Become a Factor—Especially for Young Adults .”

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

U.S. Small Business Administration. “ Write Your Business Plan .”

Ogilvy. “ Getting Future Ready with Marketing Transformation ,” Page 15.

GoDaddy. “ How Much Does a Domain Name Cost? Find Out! ”

Terms of Service
Editorial Policy
Privacy Policy
Your Privacy Choices

Laurentian Bank launches strategic plan after $117.5M loss, revenue fall in Q2

Author of the article:

You can save this article by registering for free here . Or sign-in if you have an account.

Article content

MONTREAL — Laurentian Bank of Canada’s chief executive says it’s launching a new strategic plan meant to make the company “stronger, sustainable, and more profitable.”

Laurentian Bank launches strategic plan after $117.5M loss, revenue fall in Q2 Back to video

The Montreal-based financial institution announced the move Friday, saying the plan will position the company as an alternative bank for young and middle-class customers who are “underserved or under appreciated” by rivals and more likely to consider switching from rivals.

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, Victoria Wells and others.
Daily content from Financial Times, the world's leading global business publication.
Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
Daily puzzles, including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.

Sign In or Create an Account

“Commercial banking will remain the bank’s growth engine, and we will grow market share in personal banking by introducing new, low-cost, value-add products to attract new customers and increase deposits, while simultaneously simplifying our offering,” president and chief executive Eric Provost, said in a press release.

The bank intends to lure in new customers by reducing complexities within its business, offering more self-serve banking capabilities and investing in technology.

It will also simplify its capital markets business to focus on areas where it has the strongest expertise and seek growth in several areas of its commercial banking division, like inventory financing, commercial real estate and small and medium business lending.

The plan comes weeks after a layoffs announcement and as the bank has struggled to turn itself around after putting itself on the market but failing to find a buyer.

Its latest earnings, which were also revealed Friday, showed the bank incurred a loss of $117.5 million in its second quarter, compared with net income of $49.3 million a year earlier.

The loss amounted to $2.71 per diluted share for the quarter ended April 30, down from a profit of $1.11 per diluted share in its second quarter last year.

Revenue totalled $252.6 million, down from $257.2 million a year earlier.

The results came as Laurentian’s provision for credit losses totalled $17.9 million, up from $16.2 million in its second quarter last year.

On an adjusted basis, it earned 90 cents per diluted share in its latest quarter, down from an adjusted profit of $1.16 per diluted share a year earlier.

Weeks after the quarter ended, the bank announced it was cutting about two per cent of its workforce and ending equity research in mid-May.

Last year, it failed to find a buyer for the business and the board promoted Eric Provost to the CEO position in October, after Rania Llewellyn resigned from the top job in the wake of a system crash that blacked out much of the bank’s services.

Llewellyn became the first woman to lead a major Canadian bank when she took on Laurentian’s CEO role in October 2020.

This report by The Canadian Press was first published May 31, 2024.

Companies in this story: (TSX:LB)

Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

Posthaste: What happened to the Canadian dollar the last time the Bank of Canada and Fed parted ways

Td bank faces fresh allegations as bribery woes spread to florida, ontario expects to land another ev battery plant, to cut or hold interest rates — all eyes are on the bank of canada, diane francis: convicted donald trump is now at his most dangerous.

This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here . By continuing to use our site, you agree to our Terms of Service and Privacy Policy .

You've reached the 20 article limit.

You can manage saved articles in your account.

and save up to 100 articles!

Looks like you've reached your saved article limit!

You can manage your saved articles in your account and clicking the X located at the bottom right of the article.

From high-yield savings accounts to no-fee checking accounts, CNET helps you get the most out of your bank accounts.

Stranded by Mint? This Budgeting App Is a Good Replacement

If Mint's disappearance left you needing a new budgeting app, this one is worth checking out.

If You Deposit $2,000 Into This CD Right Now, You’d Earn About $100 in a Year

Fed meets today: watch out for interest rate hikes instead of cuts this year, one economist says, rocket money review june 2024, are gen z money trends giving you deja vu that's because they're boomer financial fads, tired of living paycheck to paycheck break the cycle with this trick, best of banking, best cd rates for june 2024, best 18-month cd rates for june 2024, best high-yield savings accounts for college students in 2024, grow your money faster with these high-yield savings accounts, best jumbo cd rates for june 2024, best savings accounts for june 2024, best checking accounts for june 2024, best online banks for june 2024, best bank account bonuses for june 2024, the best banks with reduced or no overdraft fees, best money market accounts for june 2024, banking advice, earn more than 5% apy with these savings accounts and cds.

Today’s top CDs and savings accounts will help boost your interest earnings.

6 Reasons Why You Should Own Multiple Savings Accounts

What is a cd ladder and how do you build one, alternatives to traditional savings accounts, 7 ways to earn higher interest on your money, how to open a bank account online, how savings interest works, how to open a certificate of deposit, latest stories, best savings rates today -- score up to 5.55% apy with one of these savings accounts, june 3, 2024, best cd rates today - score a high interest rate while you still can, june 3, 2024, citibank savings account rates for june 2024, american express cd rates for june 2024, vanguard cd rates for june 2024, fidelity cd rates for june 2024, best high-yield checking accounts for june 2024, best big banks for june 2024, synchrony bank cd rates for june 2024, citi savings rates for june 2024.

IMAGES

55+ Strategic Plan Samples
Strategic Planning
FREE Strategic Business Plan Template
Financial Strategic Plan Template
40 Strategic Business Plan Template
7 Free Business Plans Templates & Examples

VIDEO

Annual Business Planning Workshop with Rhonwyn
2024—2026 Strategic Business Plan
Our 2024–2029 Strategic Business Plan
Business Consultant: Helping Businesses Grow
Strategic Business Plan
The Judiciary of Jamaica Strategic Business Plan Launch 2024

COMMENTS

10 Steps for Crafting an Effective Business Plan for Your Bank
3. Review Your Bank's Current Business Plan. Next, thoroughly examine your existing business plan. Evaluate its strengths and weaknesses, identifying any gaps between the business plan and your long-term goals. This will set the stage for future enhancements. 4. Analyze Market and Industry Trends.
Bank Business Plan Template [Updated 2024]
Marketing Plan. Traditionally, a marketing plan includes the four P's: Product, Price, Place, and Promotion. For a bank business plan, your marketing strategy should include the following: Product: In the product section, you should reiterate the type of bank company that you documented in your company overview.
How to Write a Business Plan to Start a Bank in 2024
Our goal is to launch our bank by the end of 2024 and achieve the following objectives in the first five years of operation: Acquire 100,000 customers and 10% market share. Generate $100 million in annual revenue and $20 million in net profit. Achieve a return on equity (ROE) of 15% and a return on assets (ROA) of 1.5%.
How To Write A Successful Bank Business Plan + Template
Your plan should be laid out, including the following 4 Ps. Product/Service: Detail your product/service offerings here. Document their features and benefits. Price: Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
The complete guide to banking business strategy in 2022
Here are three scale-aligned areas to focus on: 1. Scale by recommitting to your customer obsession. Companies that lead in customer experience outperform those that don't by nearly 80%. That's because customers who enjoy positive experiences are likely to spend 140% more than customers who report negative experiences.
5 ways to turn your bank strategy into action
Assess the availability of needed resources such as employee capacity, team skill sets, and project funds. Gather up-to-date information that can inform critical executive decisions. 2. Foster a culture that embraces change and critical thought. "Teams, departments, and change leaders need to focus on different ways of doing business.".
The Importance of Strategic Planning for Banks, Credit Unions, and
Your plan helps you unify members around a shared vision and improve existing techniques. Strategic planning for financial institutions is crucial for overall success. We've developed our financial software to meet the financial industry's demands. Its high-quality tools and data can help you plan and execute goals.
How to Write a Business Plan for a Small Business
3. Business goals and vision. Explain what you hope to achieve in the business (your vision) as well as its mission and value proposition. Most founders judge success by the size to which they grow the business using measures such as revenue or number of employees. Your goals may not be solely financial.
Improving Strategic Planning
Discipline Level Strategy. To prevent banks from operating in silos, an effective strategic plan should have a layer of "discipline strategy" articulating the bank and department strategy ...
Banks Strategic Plan Template
ClickUp's Banks Strategic Plan template is a powerful tool to help you stay organized and focused on achieving your bank's strategic goals. Here are the main elements of this template: Custom Statuses: Keep track of the progress of your strategic plan with 5 different statuses - Cancelled, Complete, In Progress, On Hold, and To Do.
Six digital growth strategies for banks
For most consumers, working with a bank is just a means to an end: ensuring a secure retirement, growing a business, or buying a home, for example. Most banks, however, tend to focus only on discrete, bank-centered moments in the customer's overall journey, such as offering a mortgage, when the customer's larger goal is buying the house.
Banking Strategy Plan Template
A banking strategy plan is a set of goals and objectives created by financial institutions, such as banks and credit unions, to increase growth and profitability. These plans are often developed in order to create a competitive advantage, reach new markets, and improve customer satisfaction. A banking strategy plan outlines the key focus areas ...
Bank of 2030: The Future of Banking
Adapting for the future. The future of banking will look very different from today. Faced with changing consumer expectations, emerging technologies, and new business models, banks will need to start putting strategies in place now to help them prepare for banking in 2030. Explore eight key trends below that are changing the banking landscape.
10 keys to a solid strategic plan for banks; Part I
Realistically, you must assess the bank's strengths and weaknesses in comparison to current and future competitors. Identify opportunities and threats. Analyze peer and market data. Part II of this blog post will focus on 5 strategic plan components that take charge of the future, including strategic goals, action plans, and measuring results.
Strategic Planning Process Topics
The following can serve as a starting point for your preparation of your written Strategic Plan: Statement of Mission, Vision and Core Values. Summary Statement of Business Strategy. Current Assessments: Culture and Talent. Markets and Customers. Local, Regional and National Economies. Financial Position, including Loan Quality and Capital
Six strategies for improving banks' operating efficiency
Following are six strategic areas where today's industry leaders are focusing their efforts. 1. Business realignment. The basic premise of business realignment is to exit business lines that have low margins and move instead into lines that are inherently more cost-effective and increase bank profitability.
PDF STRATEGIC PLAN
STRATEGIC PLAN ... 4 WHO WE SERVE 5 THE TRIPLE BOTTOM LINE 7 VALUES-BASED BANKING 9 OUR VISION, MISSION AND VALUES 10 THE VALUES-BASED BANKING MODEL 12 STRATEGIC POSITION AND VISION 13 OUR PRIORITIES 15 CIVIC ... small business owners, and non-profits that want to change the world. ...
PDF 2020 2024
We will continue to adhere to a Values-Based Banking strategy. Within that strategy we will pursue two strategic imperatives. • First, we must continue to improve on the business fundamentals. Excellent member service, profitable business lines, and careful cost control are the economic foundation of our success.
(PDF) Strategic Planning in Banking
Abstract and Figures. Strategic planning is a systematic way of making key business decisions, determining the tactics and the implementation of actions that shape and direct the bank towards the ...
Strategic Planning: 5 Planning Steps, Process Guide [2024] • Asana
Step 1: Assess your current business strategy and business environment. Before you can define where you're going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.
PDF STRATEGY IMPLEMENTATION PLAN 2020-2022
It is a plan of continuity broadly mirroring the indications already contained in the SIP 19-21 for both 2020 and 2021 and setting planning indications for 2022 at €11.4 billion as the Bank continues its preparatory work for the SCF 2021-25 that will define the strategic directions and business delivery model for the next strategy period.
PDF Medium Term Strategy & Business Plan 2019-2022
10 Business Plan and Financial Forecast 10.1 Business Plan 2019-2022. Business Plan Context. The Medium Term Strategy and Business Plan (MTSBP) 2019-22 is the last such strategy covering the period of the Long-term Strategic Framework (LTSF) 2010-20, and will be the first to open the new LTSF 2021-30.
Laurentian Bank Launches Strategic Plan, Implements New ...
Published: May 31, 2024 at 1:48 p.m. ET. By Zaeem Shoaib. Laurentian Bank launched a revamped strategic plan as it aims to increase market share in personal banking and improve earnings-per-share ...
How To Match Your Business Needs To A Bank's Expectations
The lack of financing on favorable terms hinders businesses. As companies expand, they typically need regular financing throughout their life cycles. Without bank loans, businesses can wither ...
How to Start an Online Business: A Step-by-Step Guide
Creating a business plan is an important step for outlining your business goals. It also includes your product description, target market, and financial projections, among other core components.
BUSINESS STRATEGIES
Simple Digital Banking Solutions, and Becoming Part of Customer Life ("Seamlessly integrate our financial products & services into our customers' lives by delivering simple, fast digital banking solutions"). The three main targets of the 2020-2024 Corporate Plan 2020-2024 are: 1. Be the Preeminent Wholesale Bank, beyond lending namely
Keeping it in the Family
The Importance of a Family-Business Strategic Plan. Businesses must engage in a strategic planning process in order to ensure that its mission and its business goals are achieved. The family-owned business needs to engage all family members in a strategic family plan with a separate family mission, goals, responsibilities and roles.
Laurentian Bank launches strategic plan after $117.5M loss, revenue
Laurentian Bank of Canada reported a second-quarter loss of $117.5 million, compared with net income of $49.3 million a year earlier. The Banque Laurentienne or Laurentian Bank logo is pictured ...
Laurentian Bank launches strategic plan after $117.5M loss, revenue
Laurentian Bank launches strategic plan after $117.5M loss, revenue fall in Q2. Laurentian Bank of Canada reported a second-quarter loss of $117.5 million, compared with net income of $49.3 million a year earlier. The Banque Laurentienne or Laurentian Bank logo is pictured Tuesday, June 21, 2016 in Montreal.
Banking
Top in Banking. From high-yield savings accounts to no-fee checking accounts, CNET helps you get the most out of your bank accounts. Earn More Than 5% APY With These Savings Accounts and CDs Best ...

Bank Business Plan Template

Bank Business Plan

What Is a Bank Business Plan?

Why You Need a Business Plan for Your Bank Business

Sources of Funding for Banks

Finish Your Business Plan Today!

Executive Summary

Company Overview

Industry Analysis

Customer Analysis

Finish Your Bank Business Plan in 1 Day!

Competitive Analysis

Marketing Plan

Operations Plan

Management Team

Financial Plan

Income Statement

Balance Sheets

Cash Flow Statement

Bank Business Plan Template FAQs

How Do You Start a Bank Business?

OR, Let Us Develop Your Plan For You

Other Helpful Business Plan Articles & Templates

How to Write a Business Plan to Start a Bank

Bank Business Plan Checklist

Sample Business Plan for Bank

Executive Summary

Industry Analysis

Customer Analysis

Competitive Analysis

1. National Banks

2. Regional Banks

3. Community Banks

4. Online Banks

Market Research

Operations Plan

Management Team

Financial Projections

Select the Legal Framework for Your Bank

Keys to Success

Customer Satisfaction

Operational Efficiency

Partner with OGSCapital for Your Bank Business Plan Success

Frequently Asked Questions

Any questions? Get in Touch!

Leave a Reply Cancel reply

Search the site:

How to Write a Successful Bank Business Plan (+ Template)

What is a Bank Business Plan?

Why Write a Bank Business Plan?

Writing an Effective Bank Business Plan

Executive Summary

Company Description

Industry Analysis

Customer Analysis

Competitive Analysis

Marketing Plan

Operations Plan

Management Team

Financial Plan

Income Statement

Sample Income Statement for a Startup Bank

Sample Balance Sheet for a Startup Bank

Sample Cash Flow Statement for a Startup Bank

Finish Your Business Plan in 1 Day!

Other Helpful Articles

The complete guide to banking business strategy in 2022

How Blend can help

Compounding the need for digital

How can you use the growth/scale distinction to prioritize digital development strategies?

If you're able to scale digitally, you can not only experience growth but also reduce wasted resources and cut costs.

1. Scale by recommitting to your customer obsession

It’s time to better meet customer needs

2. Scale by future-proofing your offerings

How can you secure your future success?

Having one system that supports all products helps ensure there is consistent access to them at all times.

Putting it into practice

3. Scale by fully embracing (the right) technology

Perhaps most importantly, a good cloud solution provides cumulative value, not a one-off benefit that then tapers.

What should you look for in your cloud solution?