5 minute business plan

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Questionnaire

Respond to a series of targeted questions about your business goals and objectives.

AI Business Plan Generator

The engine analyzes your responses and generates a business plan tailored to your vision.

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Receive a detailed, tailored business plan that aligns with your requirements. Ready for funding.

WHO BENEFITS FROM Plannit?

Aspiring Entrepreneurs

Analyze your ventures through extensive business plans aligned with your vision and goals.

Business Owners

Back your business with a solid plan that aligns with your vision and goals. Perfect for startups and small businesses.

Educational Institutions

Develop your business understanding and vocabulary by analyzing your business idea and creating a plan.

Startups Accelerators

Work alongside your founders as they build their plan to ensure they have a solid roadmap for growth and scalability.

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Funding ready business plan, executive summary, company overview.

Problem Statement

Business Description

Mission Statement

Business Model

Products and Services

Additional Features

Revenue Model

Market Analysis

Target Market

Market Size and Segments

Unique Value Proposition

Risks and Mitigations

Identified Risks

Mitigation Strategies

Financial Overview

Income Statement

Marketing and Sales Plan

Focus On Your Vision

Key features & benefits, ai editing companion.

Modify and regenerate sections of your business plan using premade or custom prompts. Our AI will help you refine your plan to perfection.

Multi-User Collaboration

Invite team members with easy sharing to collaborate on your business plan in real-time. Communicate and make changes together. Collaborate with your partners in real-time as you perfect your plan.

Education Center

Immerse yourself in a rich library of articles, tools, templates, webinars and resources for continuous business and professional growth. Learn all about the key aspects of starting, running and growing a business.

Powered by Chat GPT

Our algorithms are powered the latest in AI technology to ensure the most accurate and relevant output. We use OpenAI's GPT 4 and 3.5 engines for the perfect blend of accuracy and speed.

Business Resources

We recommend a variety of useful tools and resurces that help sustain your growth. We only recommend the best in the business. Filter your needs and equip yourself with the best tools.

Plan Samples

Explore a library of sample business plans we generated to get the idea of what to expect. Currently able to generate viable plans for 50+ industries.

Financial Projections

Take an additional questionnaire about your financial trajectory and get a detailed financial projection + 3 year income statement for your business.

Tools and Templates

Plannit's comprehensive suite that accompany business planning. From pitch decks to financial models, we have you covered.

Plan Export

Download your business plan in an editable .docx format. Fully edit & share your plan with investors, partners, and stakeholders.

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PLANNIT BUSINESS ECOSYSTEM

Frequently Asked Questions (FAQ)

Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
Generate Your Plan with Advanced AI: Intuitive Plan Creation: With the questionnaire complete, Plannit AI's advanced algorithms intelligently analyze your responses. They then craft a detailed, customizable, and strategically aligned business plan, providing you with a structured, coherent, and actionable format. Benefit from AI-Powered Insights: Plannit AI offers AI-driven insights and suggestions, ensuring your plan is not just a document but a strategic tool equipped with tailored AI prompts and an in-app plan editor. Get inspired by browsing through our sample business plans, a collection of successful strategies across various industries.
Finalize Your Plan with Confidence: Dynamic Adaptation and Refinement: Plannit AI recognizes that a business plan is a living document. Our platform allows for continuous adaptation and refinement, ensuring your strategy remains agile, relevant, and aligned with your evolving business goals. Professional Presentation and Sharing: Once your plan meets your standards, utilize Plannit AI's export features to present your plan professionally. Choose between various formats for exporting your business plan, ready to impress stakeholders, attract investors, or guide your team. Review and Adapt: Ensure your business plan is a living document, ready to evolve with your growing business. Plannit AI's dynamic platform allows you to adapt your strategy as new opportunities or challenges arise.
Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.
Aspiring Entrepreneurs: If you're at the idea stage, looking to transform your vision into a viable business, Plannit AI offers the tools and guidance to bring your concept to life. Our platform helps you articulate your business idea, define your target market, and develop a solid plan to turn your dream into reality.
Students and Educators: For students delving into the intricacies of business planning and educators teaching the fundamentals of entrepreneurship, Plannit AI serves as an invaluable resource. It provides a practical, hands-on tool for learning and teaching how to create detailed business plans, analyze markets, and understand financials in a real-world context.
Startup Founders: In the dynamic startup environment, Plannit AI is the ideal partner for founders looking to pivot quickly, secure funding, or understand their competitive landscape. With our AI-driven insights and market analysis tools, startups can make informed decisions and adapt their strategies to thrive in competitive markets.
Small Business Owners: For small business owners seeking to optimize their operations, expand their customer base, or explore new markets, Plannit AI offers targeted solutions. Our platform simplifies the planning process, enabling owners to focus on growth while managing the day-to-day challenges of running their business.
Consultants and Freelancers: Consultants and freelancers specializing in business development, strategic planning, or financial advising will find Plannit AI a powerful addition to their toolkit. It allows them to provide clients with comprehensive, data-driven business plans and strategies, enhancing the value of their services.
Non-Profit Organizations: Leaders of non-profit organizations can leverage Plannit AI to plan initiatives, secure funding, and manage resources more efficiently. Our platform helps non-profits articulate their mission, set achievable goals, and measure their impact, ensuring they can make a difference in their communities.
Innovators and Inventors: Individuals looking to commercialize innovative products or technologies can use Plannit AI to navigate the complexities of bringing new ideas to market. From patent strategies to go-to-market plans, our platform covers all bases, ensuring innovators can focus on what they do best.
Small Business Development Centers (SBDCs) and Government Agencies: Government and SBA backed entities can greatly benefit from integrating Plannit AI into their services, enhancing their ability to support a larger number of clients more efficiently. By facilitating quicker, more in-depth business plan development, these organizations can spend more time assisting with plan execution and less time on creation, ultimately serving their communities more effectively.
Anyone with a Business Idea: Ultimately, Plannit AI is for anyone with a business idea, regardless of industry, experience, or stage of business development. Our mission is to democratize business planning, making it accessible, understandable, and actionable for everyone.
Interactive Questionnaire and ChatGPT Integration: Plannit AI transforms the business planning process into an engaging conversation. Through our advanced ChatGPT integration, we offer a questionnaire that dynamically adapts to your responses, ensuring your plan is personalized, comprehensive, and aligned with your business goals.
Dynamic Planning Environment: Unlike static templates provided by many, Plannit AI introduces a living platform that grows with your business. It features real-time updates, strategic insights, and a feedback mechanism that keeps your business plan current and actionable.
Extensive Educational Resources: Our Education Center is packed with articles, guides, and sample plans to bolster your planning process. It's designed to arm you with the knowledge to navigate the complexities of your industry confidently.
Enhanced Collaboration and Customization: Recognizing the collaborative essence of business planning, Plannit AI supports team efforts with multi-user editing, annotations, and feedback features, ensuring a comprehensive approach to your strategy.
Customer Success Stories: Our users' achievements are a testament to Plannit AI's effectiveness. These success stories illustrate how diverse businesses have utilized our platform for strategic planning and growth.
Tailored Business Plan Creation: Our platform stands out with its tailored approach, featuring customizable templates that directly cater to your business type and industry, making plan creation straightforward and relevant.
Content Generation:: ChatGPT helps draft various sections of a business plan, from executive summaries to marketing strategies, by providing structured and coherent text based on the prompts given.
Strategic Insights: It can offer suggestions on business strategies by analyzing trends and providing examples from a wide range of industries.
Financial Planning: While it can't replace professional financial advice, ChatGPT can guide the structure of financial projections and statements, helping you consider important financial aspects of your plan.

Take The First Step Towards Success With our AI-Generated Business Plans

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Free business plan template (with examples)

Alan Bradley

Sierra Campbell

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 3:37 a.m. UTC Feb. 12, 2024

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Starting a business can be a daunting undertaking. As with so many large projects, one of the most difficult challenges is just getting started, and one of the best ways to start is by putting together a plan. A plan is also a powerful tool for communication and can serve as a cornerstone for onboarding new partners and employees or for demonstrating your philosophy and priorities to potential collaborators.

A solid business plan will not only provide a framework for your business going forward but will also give you an early opportunity to organize and refine your thoughts and define your mission statement, providing a guidepost that can serve as a beacon for your business for years to come. We’ve provided a business plan template below to help guide you in the creation of your new enterprise.

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Business plan template

What should a business plan include?

Regardless of the type of business you own or the products and services you provide, every business plan should include some core elements:

Mission statement. The definition and executive summary of your business.
Market analysis. A breakdown of the market segment and customers you hope to reach, built through primary (gathered by you) and secondary (gathered from outside sources) research.
Organization and logistics. The nuts and bolts of how your business is operated
Products or services. What your company provides its customers.
Advertising and marketing. How you intend to get your products in front of your customers.
Forecasting. Revenue forecasting for partners or potential investors.

Why do you need a business plan?

A business plan is a framework for success. It provides a number of key benefits:

Structure. The outline around which to design your business.
Operational guidance. A signpost for how to run your business from day to day.
Expansion. A vision for the future growth of your enterprise.
Definition. A platform to consider every element of your business and how best to execute your plans for them.
Collaboration. A synopsis of what’s exceptional about your business and a way to attract funding, investment or partnerships.
Onboarding. An efficient summary of your business for new or potential employees.

Business plan examples

We’ve created two fictional companies to illustrate how a business might use a business plan to sketch out goals and opportunities as well as forecast revenue.

Bling, Incorporated

Our first hypothetical example is a jewelry and accessory creator called Bling, Incorporated. A hybrid business that manufactures its products for sale both online and through physical retail channels, Bling’s mission statement is focused on transforming simple, inexpensive ingredients into wearable statement pieces of art.

Market analysis includes gathering data around sourcing sustainable, inexpensive components, aesthetic trends in fashion and on which platforms competitors have had success in advertising jewelry to prospective customers. Logistics include shipping products, negotiating with retailers, establishing an e-commerce presence and material and manufacturing costs.

Bling, Incorporated advertises initially through social platforms like TikTok and Facebook, as well as with Google AdSense, with plans to eventually expand to television advertising. Revenue forecasting is structured around a low overhead on the basis of inexpensive materials, no dedicated storefront and broad reach through digital platforms.

Phaeton Custom Cars

Phaeton is a custom car builder and classic car restoration business with a regional focus and reach. Its mission statement defines it as a local, family-owned business serving a community of auto enthusiasts and a broader regional niche of collectors.

Market analysis breaks down the location and facilities of other competitor shops in the region as well as online communities of regional car enthusiasts likely to spend money on custom modifications or restoration projects. It also examines trends in valuations for custom parts and vintage cars. Logistics include pricing out parts and labor, finding skilled or apprentice laborers and mortgaging a garage and equipment.

Phaeton advertises in regional publications, at local events and regional car shows and online through Facebook and Instagram, with an emphasis on a social presence highlighting their flashiest builds. Revenue forecasting is built around a growing reputation and high-value commissions.

Frequently asked questions (FAQs)

A business plan may not be a prerequisite for every type of business, but there are few businesses that wouldn’t benefit from one. It can serve as an important strategic tool and help crystalize a vision of your business and its future.

Business plans do just that: they help you plan the future of your business, serve as a platform to brainstorm ideas and think through your vision and are a great tool for showcasing why your business works to potential investors or partners.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Alan is an experienced culture and tech writer with a background in newspaper reporting. His work has appeared in Rolling Stone, Paste Magazine, The Escapist, PC Mag, PC Gamer, and a multitude of other outlets. He has over twenty years of experience as a journalist and editor and is the author of the urban fantasy novel The Sixth Borough.

Sierra Campbell is a small business editor for USA Today Blueprint. She specializes in writing, editing and fact-checking content centered around helping businesses. She has worked as a digital content and show producer for several local TV stations, an editor for U.S. News & World Report and a freelance writer and editor for many companies. Sierra prides herself in delivering accurate and up-to-date information to readers. Her expertise includes credit card processing companies, e-commerce platforms, payroll software, accounting software and virtual private networks (VPNs). She also owns Editing by Sierra, where she offers editing services to writers of all backgrounds, including self-published and traditionally published authors.

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The Secret to Pitching Your Business Plan in Just 10 Minutes This outline breaks down a business plan pitch minute by minute so you can stay on topic and build the necessary interest and excitement.

By Mike Moyer Edited by Chelsea Brown Apr 1, 2022

Opinions expressed by Entrepreneur contributors are their own.

Delivering a good pitch is as much about conveying emotion as conveying information. If you get the opportunity to pitch in front of a live audience , both of those objectives should be top of mind. The phrase, "They don't care what you know until they know that you care," is sage advice and is the basis for starting a 10-minute pitch.

Startups are hard work. If you do not particularly care about the market or the problem you are solving, you may bail out when the going gets tough. Investors need to know this is more than just a business.

Related: 4 Powerful Communication Strategies to Win Any Sales Pitch

Minute 1: Personal Introduction

Let the audience know that you, personally, care about the people and the problem you are trying to solve. Use the word "I" instead of "we." I know you are representing your team and your company, but for now concentrate on establishing your passion and commitment. Tell a quick, personal story about how you stumbled upon the business you are pursuing and what made you realize it was where you wanted to focus most of your waking hours.

Your slide(s) should be simple. They are just there as a backdrop to your opening monologue and should make you look good. I, personally, like to show photos of me and/or customers experiencing the problem first-hand. The focus should be on you and your message.

Step forward to the audience, make gentle eye contact and engage them on a personal level as much as you can. The goal is for them to trust you, have confidence in you and to like you.

Transition out of the personal introduction into the overview of the problem you are trying to solve. Your job is to describe the problem as one that goes well beyond just you and your experience. A nice phrase is, "When I started looking around, I realized that I'm not the only one with X problem. Lots and lots of other people have it too!"

Minute 2: The Problem

Remember to keep an emotional appeal included in your description of the problem. People with this problem are: struggling, irritated, angry, disenfranchised? Keep human emotions real. Break down the problem into its component parts accompanied by a diagram.

Your slides during this minute are simply visual aids that help explain the problem. Like in the introduction, photos can express the human factor, but diagrams can help explain how the problem is experienced by people.

Keep close to the audience and help them empathize with those who experience the problem. As you move into the solution, physically back away from the audience, smile and spread out your arms to make bigger gestures. Your job is to bring up the excitement level in the room.

Related: 4 Ways Emotional Intelligence Can Improve Your Sales

Minute 3: The Solution

At this point, you are going to maximize the crescendo. Show excitement and passion for your businesses solution. Transition to "we" instead of just "I." Walk the audience not only through how the solution works, but also through the great benefits of the solution.

You need to position your body in front of the room and make it as big and bright as you can with big arm movements, a bright smile, confident voice and lots of eye contact. The audience should begin to share your excitement for your business.

Your slides are visual aids and diagrams. They should contain little to no text. Keep them simple as possible as complexity will only suck the energy out of the room. You don't have to explain everything your company does, just the main points. Remember, you only have 10 minutes.

It's good to show images or screenshots of existing products or beta releases and other hard evidence of your execution, but overexplaining the solution will make the presentation less compelling, and it will take too long. You want to leave the audience wanting more.

Once you have your audience feeling great about the solution, it is time to talk money.

Minute 4: Business Model

There are several money-related topics you'll need to touch on during your pitch, including how you'll make money, how much money you will make and how much money you will need. Keep these parts separate so they are easier to digest.

Now is the time to tell the audience how you will make money. There are literally dozens of possible business models, including selling the product, selling a subscription, taking a processing fee, licensing and so on. Explain how you are going to charge people for the solution you are offering.

On your slide is an outline of the customer unit economics for your chosen business model — the price they will pay and basic terms of a typical contract. Explain how you will "do the deal" with customers. Whenever you show numbers, stand close to your presentation screen and point to the numbers you are talking about. Numbers are hard to follow. Pointing as you talk will help people stay engaged.

If the business model is attractive, as it should be, you will have to explain who else is going after the customer's money.

Related: Tips to Follow When Re-Fitting Your Business Model to the New Normal

Minute 5: The Competition

There's no such thing as a business without competition, and implying that you have none is a major red flag for investors and even potential partners or customers. Whatever problem you are going after is being addressed somehow, maybe not very well, but people experiencing the problem are trying to solve it, and the resources they access to cobble together a solution is where you will define your competition.

The key here is not to avoid the notion that competition exists, but how your company is different . The existence of competition validates the market. Do not talk about how you are "better," focus on "different." Your attitude towards the competition gives the audience a peek into your business soul. Are you dutifully respectful of their presences and power or are you arrogant and naïve enough to think your little startup will have no problem beating them? Err on the side of humility.

Your slides should depict your differences from the main competitors. Feature comparisons or positioning charts , for instance, can be effective tools. Many of the questions you will get from the audience will stem from what you say during this minute of your pitch.

Be clear and respectful before you transition to your sales and marketing plan.

Minute 6: Sales and Marketing

During you description of the competition, you struck a respectful tone. It's now time to amp up the room again as you talk about how many potential customers are out there and how you're going to get them. Show excitement and confidence as you walk the audience through the market data, your chosen point of entry and your communication strategy.

Slides will depict data, charts, and graphs which you will want to point to as you explain. Images of web sites, brochures, trade show booths in action, etc. are fair game here, too, and will help build excitement in room.

It is important to tie your sales and marketing plans together so it doesn't look like you are shooting a scatter gun of one-off tactics. Show the logic and flow of lead generation to final sale and how your team plans to take the prospects through the buying process and into the customer experience.

End this minute by translating the marketing sizzle into numbers. It is time to talk about money again!

Minute 7: Money

Earlier, you explained how the business is going to make money. Now, it's time to tell the audience how much money you are going to make. This is the good part. Your description of the deal shows the unit economics of a single customer (price), and your market description shows how many potential deals are out there (quantity). Armed with this information, you can describe how revenue builds over time.

Break it down for the audience. Show income and expenses in graphical format. Nothing beats a good bar chart, and pretty much anything beats a screenshot of a spreadsheet. Back up to your presentation slide and point to information like the weatherperson points to a weather map on TV.

Keep the tone upbeat and engaging. You'll want to exude as much confidence as you can. To this end, avoid showing different scenarios in your forecast. Pick the scenario that you think is most likely to happen, and be prepared to defend your assumptions.

To make the business believable, the audience will now need to meet your team.

Minute 8: The Team

It may seem a little strange to wait until towards the end of your pitch to introduce your team, but waiting has benefits. It's important to introduce your team in the context of the business so the audience understands why it is what it is. If you introduce the team upfront, you will have to circle back to describe their roles later, which wastes time and can get redundant. A 10-minute pitch must eliminate redundancy.

As you introduce the key players on the team, you can highlight what function they will perform and brag (yes, brag) about how great they are at their function and how lucky you are to be working with them. Talk about yourself with humility, and talk about your team like they are the best team in the world.

Rather than showing headshots and bullet points, show images of the team in action or in a group. You want to make sure the audience sees a team , not a collection of individuals.

Next, you will explain the great work this great team has accomplished!

Minute 9: Proof of Concept/Traction

A team without results isn't much more than a cocktail party. To get investors or customers, you need to show results. What has the team accomplished? Have they launched an MVP? Does the company have revenue? Are the customers happy?

The more traction you can show, the better. This, more than just about any other minute of your pitch, will demonstrate your team's ability to pull off this business in the real world. Display customer testimonials and read them out loud. Show pictures of your solutions in action. Maximize the excitement in your voice and facial expression. You're almost at the end of your pitch, so be sure leave it on a high note!

You have one minute left. It's time to ask for the money.

Minute 10: Ask

Assuming you are pitching your business for the purpose of raising money, you will spend the last minute asking for it. By now, your audience has everything they need to know if they are interested, or not, in working with you. You must paint a clear picture of what you need from the audience and what investing with you will look like.

Investors want their money to be used for growth, not exploration. Show them that everything is in place to grow, you just need to fan the flames.

Many founders aren't sure how much money they will need and to what terms they will be willing to accept. They are keen to keep things open-ended. In my experience, however, investors want a starting point. Give it to them.

You already showed them how much you are expecting to make. This financial objective is based on many assumptions, not the least of which is how much outside funding will be required to execute the plan. Break it down for the investor. Do you want one main investor or a number of smaller investors?

If, for instance, you are raising $1 million, you could break it into 10 chunks of $100,000 each and say, "We are raising $1 million from up to ten investors in $100,000 units in exchange for a convertible note. How many units do you want?" Your slides can show the breakdown and the high-level terms of the note. This makes the deal easy to understand. An interested investor will not walk away from the deal based on your initial offer, they will counteroffer, and you'll be off to the negotiating table — mission accomplished!

Express enthusiasm for their participation in your business. Keep the energy levels high.

The trick to delivering a compelling 10-minute pitch is to let the story flow logically and to avoid repeating yourself. It's not logical, for instance, to introduce the team before anyone knows what kind of team is needed. Likewise, it's not logical to talk about progress and traction before talking about how the business works.

Each topic in the above outline neatly flows into the next, allowing you to build your story and maintain the energy level in the room. A good pitch lets the story unfold naturally and doesn't force things together. In this pitch, you may notice that there is no "money" or "financial" section. Making money is simply part of the flow of the story, so it is touched on multiple times during the pitch.

Perfecting the pitch means practicing the pitch. It's much more than what you say. It's also about when you say it and how you say it.

Related: Why You Need a Million-Dollar Pitch Before Your Start a Business

Inventor of Slicing Pie

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How to Create an Engaging 5-Minute Presentation

Published: September 15, 2023

A 5-minute speech can feel both incredibly short and infinitely long.

man gives a five minute presentation at work

While this short format encourages audiences to pay more attention, presenters often struggle to fit everything into five minutes even as they navigate nervousness that seems to stretch out each second.

As a result, preparation is key for 5-minute speech success.

But how can you ensure your presentation accomplishes everything it needs to within just five short minutes? We’ve put together an (appropriately condensed) guide on five-minute presentations to help you get started.

How many words are in a 5-minute presentation?

A five-minute presentation is approximately 700 words long. The average person speaks 120 to 160 words a minute, which means the average five-minute presentation is 600 to 800 words.

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Click this link to access this resource at any time.

To calculate your own personal speaking speed (words per minute, or WPM):

Make an audio recording of yourself speaking for one minute.
Use a free transcription service to generate a text version of your speech.
The number of words you spoke in that minute is your personal WPM.

When constructing a longer presentation, you might be more concerned about transitions and keeping the audience engaged with more extensive narrative elements.

In a short presentation, everything you say should directly tie back to your central premise and further advance your main point.

Keeping a tight scope and using your words carefully ensures your time isn't wasted and the audience leaves with a clear, singular takeaway.

How many slides are in a 5-minute presentation?

Five or six slides, or about one per minute, is a good baseline for a 5-minute presentation. Depending on your subject matter, however, you might use up to 20 slides and spend about 10 or 15 seconds on each.

More important than your slide count is what each slide contains. It‘s a good rule of thumb to keep your slides simple and focused on visuals instead of text for a presentation of any length.

This becomes especially important when you’re dealing with a condensed presentation window.

Trying to cram in as much information as possible within a short time frame can be tempting. Resist the urge. Instead, focus on simple, clean visuals that all tie back to your central premise.

You can also use these free presentation templates to arrange your slides in a way that makes the most sense for your delivery and the content of your presentation.

Don't forget to share this post!

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The 20 Minute Business Plan: Business Model Canvas Made Easy

Table of Contents

What’s the Business Model Canvas?

How do you get started, why use the business model canvas, when should you use the business model canvas, how do you use the canvas to facilitate alignment and focus, step 1 (of 10): customer segments, step 2 (of 10): value propositions, step 3 (of 10): channels, step 4 (of 10): customer relationships, step 5 (of 10): revenue streams, step 6 (of 10): key activities, step 7 (of 10): key resources, step 8 (of 10): key partnerships, step 9 (of 10): cost structure, step 10 (of 10): applications, analysis & next steps, example a: enable quiz (startup), example b: hvac in a hurry (enterprise), using the google doc’s/powerpoint template.

If you’re already familiar, you can skip to the next section, ‘ How do I get started ?’.

The Business Model Canvas (BMC) gives you the structure of a business plan without the overhead and the improvisation of a ‘back of the napkin’ sketch without the fuzziness (and coffee rings).

Together these elements provide a pretty coherent view of a business’ key drivers–

Customer Segments : Who are the customers? What do they think? See? Feel? Do?
Value Propositions : What’s compelling about the proposition? Why do customers buy, use?
Channels : How are these propositions promoted, sold and delivered? Why? Is it working?
Customer Relationships : How do you interact with the customer through their ‘journey’?
Revenue Streams : How does the business earn revenue from the value propositions?
Key Activities : What uniquely strategic things does the business do to deliver its proposition?
Key Resources : What unique strategic assets must the business have to compete?
Key Partnerships : What can the company not do so it can focus on its Key Activities?
Cost Structure : What are the business’ major cost drivers? How are they linked to revenue?

The Canvas is popular with entrepreneurs and intrapreneurs for business model innovation. Fundamentally, it delivers three things:

Focus : Stripping away the 40+ pages of ‘stuff’ in a traditional business plan, I’ve seen users of the BMC improve their clarify and focus on what’s driving the business (and what’s non-core and getting in the way).
Flexibility : It’s easier to facilitate alignment by tweaking the model and trying things (from a planning perspective) with something that’s sitting on a single page.
Transparency: Your team will have a much easier time understanding your business model and be much more likely to buy in to your vision when it’s laid out on a single page.

The first time you engage with the canvas, I recommend printing it out or projecting it on a whiteboard and going to town (see below for a PDF). However, if you’re ready to put together something a little more formal (for distribution, presentation, etc.) here’s a Google App’s template you can copy or download as MSFT PowerPoint:

*Omnigraffle a popular diagramming program for the Mac. It has a fairly easy to use layering environment which you may find handy as you want to tinker with and produce different views of the canvas. You can try Omnigraffle for free (the basic paid version is $99).

The short answer is this: because it’s simple yet focused and that means more of your audience is likely to pay attention to it. Also, it’s highly amenable to change on the margins.

This matters a lot- more than most people think. A company that wants to innovate has to be ready to be wrong . A good VC in early stage investments succeeds with a prevalence of something like a 1/10. If you think you’re doing a lot better than that with substantial new innovation investments (a startup or a new line of business inside an enterprise) you’re probably throwing good money after bad.

Transparency, simplicity, and focus are great facilitators of the ‘creative destruction’ a good innovation program needs, and the Canvas does a nice job of delivering that across lines of business. For a large corporation with multiple lines of business at various levels of maturity, I actually prefer the Corporate Innovation Canvas as a starting point. However, from there, the Business Model Canvas does an excellent job of bringing clarity to the questions of how, for example, a given line of business creates focus and then implements it in an innovation-friendly way with, for example, ‘objectives and key results’ OKR’s . It’s a central element in the ‘innovation stack’ where an enterprise is able to go from priority innovation areas (with the Corporate Innovation Canvas) to testable business model designs (with the Business Model Canvas) to product charters (with an agile team charter ) to individual learning pathways to cultivate the talent they need to execute.

Even more important than the top down cascading of objectives with testable results and KPI’s is the improvement in the feedback in outcomes that helps the overall innovation program learn and adapt quickly. With layer appropriate innovation metrics, it’s much easier for the achievements of individuals to cohere (or not) to the job of teams and in turn from there to lines of business back up to corporate objectives. This helps both help the company’s talent understand where they might benefit from more practice and learning as well as what constitutes success in their individual roles and collaborations.

Anytime you want to have a focused discussion about what matters to a given line of business, the Business Model Canvas is a good place to start. The Canvas has received a lot of attention as a tool for startup entrepreneurship. While this may be one of the ‘sexier’ and more ostensibly simple applications of the Canvas, I actually think it’s one of the least compelling. For a startup, the only thing that matters is product/market fit, which the Canvas represents as a set of relationships between Customer Segments and Value Propositions. The Canvas doesn’t do a bad job of describing this, but it’s kind of overkill- the whole left side of the Canvas which describes the delivery infrastructure is mostly irrelevant for startups that are still finding product market fit, since all that’s provisional about where (and whether) they arrive at product/market fit.

Where the Canvas really shines is describing an existing line of business to answer questions like: a) What does product/market fit mean for this business? b) Where have we focused our company building and is it still relevant to ‘a’? c) What are our key revenue, cost, and profit drivers, and how do we improve those?

Now we’re taking! Whether you’re an ‘intrapreneur’ exploring a new extension to the business or a ‘digital transformation’/IT consultant trying to facilitate a discussion about what ‘strategic IT’ means and how you’ll know if you achieve it, the Canvas is a quick and productive place to anchor such a discussion.

First and foremost, I’d try it out for yourself. Fill out the elements the business you’re working on and then ask yourself ‘Does this make sense?’ ‘What are the most important linkages and components of the model?’

From there, you may just want to use the Canvas you sketch to facilitate alignment on some other topic. However, if you’re working with a team on a new venture or with a client on a new project, you may then want to take it from the top and facilitate a workshop where you facilitate a fresh take on the Canvas, levering your experience thinking through it once. The link below will take you to a related curriculum item that has workshop slides, prep. items, and agenda.

LINK TO WORKSHOP PAGE

Otherwise, the next sections (10 steps) offer a tutorial on how to think through a business model design with the Canvas. The closing sections offer notes on how to use the Google Doc’s/PowerPoint and Omnigraffle templates.

Output : a list of Personas, organized by Customer Segment if you have more than one segment. I recommend trying to prioritize them- Who would you pitch first if you could only pitch one? Who next? And so forth…

Notes : If you’re spending a lot of time on this first item, that’s OK (and it’s probably good). The Canvas is a tool, not a strategy and not all the nine blocks are equal. The pairing of Customer Segments and Value Propositions is really the ‘independent variable’ that should be driving everything else in your business model. When I use the Canvas in my Venture Design classes, we usually spend all of the first session (plus time for field research) on Customer Segments and Value Propositions.

For example, at Leonid, an enterprise software company I founded, we thought our largest customers worked with us because of the cost savings we offered and our knowledge about best practices. It turned out that was mostly wrong- reducing their time and risk to get new services to market was the most important. It’s not that the other things weren’t important, but they weren’t the top Value Proposition. That made a difference on how we sold the product and how we focused on operationalizing it for customers.

This mapping says ‘We have 3 personas. Persona 1 cares about VP 1 & 2. Persona 2 cares about VP 2; Persona 3 cares about VP3. (One segment only so segments not noted)’.

Output : a prioritized list of Value Propositions and linkages from each Personas to the VP’s relevant to them.

Notes: Again, this pairing is the key driver for most business models and if you want more on how to describe and discovery what to put in this part of the canvas, I recommend this: Tutorial- Personas .

Maybe you feel like you’re in good shape on understanding the customer’s world but you don’t have any validation on whether the Value Propositions are clicking because this is a new venture? If you’re not sure, that’s OK and good for you for acknowledging the uncertainty! It’s the responsible thing to do. The key is to write down those assumptions, prioritize them, and figure out the quickest and cheapest way to prove or disprove them. That’s what Lean/Startup is about and there are resources here to help you with that, if you’d like- Tutorial: Lean Startup .

Channels includes entities you use to communicate your proposition to your segments, as well as entities through which you sell product and later service customers (see AIDAOR journey below). For example, if you sell bulbs for light houses and there’s a website all light house attendants purchase equipment, that site is a sales Channel. If you use Google AdWords, that’s a Channel, too (for getting attention). If you use a third party company to service the bulbs when they break, that’s also a Channel.

Output : a list of important Channels, linked to Personas or Segments if they differ substantially. Make notes on what steps are relevant for each- promotion, sales, service, etc. See Note this section for more structure on this.

Notes: Channels and the next item, Customer Relationships, define your interface with the Customer. It’s important to think all the way through the customer ‘journey’ in specific terms. For most businesses, the way they get a customer’s attention is different than the way they onboard them or support them over the long term. For this, I recommend the AIDA.OR framework (attention-interest-desire-action-onboarding-retention) and storyboarding your way through it. Here’s a post explaining all that- Storyboarding AIDA(OR) . If you don’t want to do the storyboards, I recommend at least making notes about your customer journey through the AIDA(OR) steps.

Another consideration is whether your channels will give you enough visibility into the user, including, for example, a way to follow up with users. Not sure? Document your assumptions Lean Startup style and figure out how you’ll quickly prove or disprove them.

Output : a description of Customer Relationships, with notes if they differ across Customers (between Segments or among Personas within a Segment) or across the customer journey.

Notes: If you’re a startup, be sure to document and review critical assumptions here. Also, the focal items are in a kind of specific order- you should validate your Segments and their relationship to the Propositions above all else. If this means you provide personal support in the early days (a ‘concierge test’ in Lean Startup terms) to do discovery and validation of Segments and Propositions, that’s OK. You can subsequently test the Customer Relationship models. (Here’s a post on using consulting as a concierge vehicle in B2B if you want more detail: Consulting as B2B Concierge Vehicle ).

Notes : If you have a startup or are re-engineering the business, this is a time to look at where you’re driving revenue and whether it aligns with the rest of your focal points. Are you charging on value? Perceived value? They say everyone loves their banker; hates their lawyer. Why is that? Is there an actionable analog in your business?

For a product-driven business, this probably includes ongoing learning about users and new techniques to build better product. If you’re focused on doing a bunch of things for a particular set of customers (ex: comprehensive IT for law offices), this probably includes maintaining superior expertise on the segment(s) and creating or acquiring products and services that are a good fit, whatever that entails. For an infrastructure business (ex: electric utility), it probably includes keeping the infrastructure working reliably and making it more efficient.

Outputs : a list of Key Activities linked to your business’ Value Propositions.

Notes : One question this analysis should raise for you is whether or not certain Activities and Resources are actually core, actually focal to your business, something you’ll want to think through .

Outputs : a list of Key Resources linked to your business’ Key Activities.

Notes : Product-driven businesses have a differentiated product of some sort. Rovio, the company that makes the popular app Angry Birds, is such a company. Key Resources in product-driven businesses are typically key talent in critical areas of expertise and accumulated intellectual property related to their offering.

Scope-driven businesses create some synergy around a particular Customer Segment. For example, if you started a business that would take care of all the IT needs for law firms, that would be a scope-driven business. These businesses typically have key knowledge about their segment, a repeatable set of processes, and sometimes infrastructure, like service centers.

Infrastructure-driven businesses achieve economies of scale in a specific, highly repeatable area. Telecommunications is traditionally an infrastructure business. Retailers focused on retail, like Walgreens or Costco, are primarily infrastructure-driven businesses. The Key Resources for this type of business are, you guessed it, various types of physical or virtual infrastructure.

Let’s take a single product category: diapers. The Honest Company or another innovating around compostable or otherwise more environmentally friendly diapers would be a product-driven take on the category. Procter & Gamble which has a cradle-to-grave strategy for providing consumer products is a scope-based take; so are various baby-focused retailers. Kimberly-Clark (wood pulp) or DuPont (chemicals and polymers) are both infrastructure-based takes: diapers is just another way to sell something they produce at scale with relatively little differentiation.

If there are major cost components that don’t map to a Key Activity, I’d take a closer look at those costs.

Output : a list of Cost Structure elements with notes on their relationship to Key Activities.

Congratulations- you have a working canvas! The section below offers a few analytical ideas and suggestions for next steps.

Core Applications The most core and obvious applications of the Canvas are to ask: – Does it make sense? – Could it be better? – Does the rest of my team understand and agree? Have additional ideas? – (rinse and repeat at least quarterly)

Competitiveness The canvas does a good job of helping you figure out your business, which is a good place to start. You also want to look at the competitive environment and think about if and how you have/maintain a long term competitive advantage.

For this, I like Michael Porter’s Five Forces framework ( Wikipedia Page ; see also Chapter 2 of ‘ Starting a Tech Business ‘). Try walking through the Five Forces for your company and then bounce back to your canvas. How does it all hang together?

Next Steps Every business is a work in progress (sorry, I try to avoid saying things like that but it seemed to fit here). As you go through the canvas, you may encounter areas that give you trouble. The table below summarizes a few of the most common that I see in my work as a mentor and coach:

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What is Enable Quiz?

Enable Quiz is a (fictional) startup that’s building a lightweight quizzing application for companies that hire a lot of technical talent (engineers). Their take is:

For hiring managers who need to evaluate technical talent, Enable Quiz is a talent assessment system that allows for quick and easy assessment of topical understanding in key engineering topics. Unlike formal certifications or ad hoc questions, our product allows for lightweight but consistent assessments of technical talent.

Why and how would Enable Quiz use the Business Model Canvas?

They have a small team, but arriving at a clear, shared understanding of what they’re after is still important. That said, it’s important that the way they talk about this is both highly visible and amenable to change. Given that, the Canvas is a good fit.

The Business Model Canvas at Enable Quiz

This page shows Enable Quiz’s current working view of product/market fit:

What is HVAC in a Hurry?

HVAC in a Hurry is a mid-sized enterprise that services commercial HVAC (heating, ventilation, and air conditioning) systems. Their take on the business is:

For facilities managers & business owners who need their heating & cooling systems managed and repaired, HVAC in a Hurry is a full service provider that allows for easy and responsible management of a business’ HVAC systems. Unlike smaller firms, our commitment to best practices and training allows customers to worry less and realize superior total cost of ownership for their HVAC systems.

Why and how would HVAC in a Hurry use the Business Model Canvas?

HVAC in a Hurry has a working version of product/market fit. However, their industry is competitive and successful firms increasingly use technology to improve customer experience (CX) and reduce cost (overhead) in their operations. HVAC in a Hurry has a small ‘digital transformation’ team that’s working on digital applications to improve the company’s performance. This team decided to use the Canvas to ‘manage upwards’ in order to facilitate better discussions about where they should focus, how that aligns with the business as a whole, and what success definition makes sense for them.

The Business Model Canvas at HVAC in a Hurry

Here’s their current view of product/market fit:

If you’re not familiar with it, Google Doc’s is a web-based office suite, similar to MS Office. If you have a gmail account, you can access it (no guarantees- that was the case last time I checked).

First, you’ll want to link to the template file: BUSINESS MODEL CANVAS TEMPLATE IN GOOGLE DOC’S .

Once you’re accessed the file, you can make make it your own by going to the File menu and either ‘Make a copy…’, creating a copy in your own Google App’s domain or you can use the ‘Download as…’ option to download it as PowerPoint (and a few other formats).

What’s your experience with the Canvas? How have you used it? What worked? What didn’t? Please consider posting a comment!

What to Say in Your 1, 5, 10, or 20-Minute Elevator Pitch

Angelique O'Rourke

7 min. read

Updated May 10, 2024

How much time you have to deliver a pitch to investors will have a big impact on how and what you’ll want to do and say.

If you’re giving a five-minute presentation followed by a Q&A, you will approach that a little differently than if you’re giving a one-minute presentation!

So, how do you know what to include in a really short pitch? What about a 20-minute pitch? We’ve got you covered.

The one-minute pitch

This very brief time slot is a little brutal—you have to be clear and concise—but if you’re nervous about speaking in front of people, there’s one big benefit: it’s over quickly. The challenge, of course, lies in using the time as wisely as possible.

Think of a one-minute pitch as the absolute heart of your business: What problem is your business solving ? Projecting confidence and having the clearest, most concise explanation of your product or service possible is key.

Jackie Wu created Rook, a flying security camera, and received funding after pitching an incubator. Jackie says, “The biggest thing is, you have to know what the problem you’re solving is and how your product/service will solve it. We articulated that very clearly to the investors. That is the one-minute pitch.”

The five-minute pitch

A five-minute pitch is when you can start branching out from your core message. In it, you’ll cover the problem your business solves and how you’ll solve it, but you can include other important details like what your competitive advantage is and why your team is the best for the job.

Forbes has a great example of a winning five-minute pitch from a pitch competition. The winning entrepreneur offers some important advice: avoid unrealistic financial projections (you’ll look like an amateur), and always copy edit your pitch deck. A typo or misspelling in such an important event says to investors that you aren’t detail oriented—not exactly the message you want to be sending.

The 10-minute pitch

Caroline Cummings has successfully raised nearly a million dollars in angel investment. To help entrepreneurs achieve funding success, she’s distilled the process into a series of manageable takeaways and has even created a great format for a 10-minute pitch.

Caroline suggests this format for your pitch:

Tell a story
Explain your solution
Describe your successes
Define your target market
Explain your plan for customer acquisition
Outline your competition
Describe your business model
Provide your financial projections
Introduce your team
Clarify your funding needs
State your exit strategy

To present a polished and professional pitch, practice it. You should know the key points you’ll mention and the order you’ll present them in, whether you use a pitch deck or not.

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The 20+ minute pitch

If you have the opportunity to pitch for 20 minutes, its safe to assume you probably have a larger block of time, like 40 minutes or an hour, in which to cover both the pitch and the Q&A. Guy Kawasaki, Apple’s former chief evangelist, has what he refers to as the 10/20/30 rule , which is a good guideline when it comes to longer pitches.

It goes like this: If you have a pitch deck of slides for your presentation, use no more than 10 slides, you should be able to pitch from these in 20 minutes, and you shouldn’t be using a font smaller than 30 points.

If you start from the heart of your pitch—the one-minute version—then each longer iteration allows you to provide more detail expanding from that point.

20 minutes gives you plenty of time to not only hit those high points listed under the 10-minute pitch, but also time enough to really flesh them out. You could include a brief product demo that shows off your technology, or more details about your smart and efficient business model that you might not otherwise have had time for.

Advice from the trenches: Pitch to win

I talked to entrepreneurs who had successfully pitched their businesses and received funding and collected their advice on how to prepare for your pitch and what makes a pitch successful.

Here’s what they learned from their experiences:

Assemble a solid team

Have a great team working with you and know why they are the best people for their jobs. Jackie Wu says that your team is one of the most important things to mention in your pitch.

She recommends answering questions like, “Why are you guys uniquely capable of doing this? Do you have a lot of experience?” Be able to concisely say why you and your top people deserve funding.

Have a plan and structure

Jasmin Augustin of Swift Logistics, Inc. , a shipping company, won the Liftoff Houston Business Plan Competition after a four-minute pitch and 10 minutes of Q&A, but she says she never would have gotten to that point without writing her business plan first.

You won’t need to submit a business plan before every pitch you make, but you can bet that having a plan in place will make your pitch that much easier to create, and you’ll have something to direct investors to should they ask.

Bring a backup

It sounds old school, and it is, but it’s also a guarantee: If you have a hard copy of your pitch deck on hand, no amount of technical difficulties will stop you from using it.

“I would highly recommend that you print a copy of the slides in case the projector or computer fail. This happened to me,” says Roman Diaz, president of Touchstone Compliance .

Practicing, especially if you’re the nervous type, is a must. It’s common to be a little jittery, but you don’t want it to distract from the great idea you have for your business. So the more you can get used to explaining your business to people, in a cohesive and relaxed manner, the better chance you have of staving off nerves when you really need to.

Remember that practice doesn’t mean memorized; this can make you sound robotic or mean that an interruption could throw you off. You just want to get so familiar with all of the pertinent material that you could answer relevant questions in your sleep, so that there’s little risk of drawing a blank when the pressure is on.

If you’re not comfortable with public speaking in general, check out Toastmasters , an organization that helps people build those skills, and also take a look at Bplans’ guide to pitching for more help and ideas.

Caroline Cummings says: “If there’s one thing I can’t stress enough, it’s the importance of rehearsing your pitch.”

Make them say, “Tell me more.”

I heard this one from quite a few people: piquing the interest of your audience is a worthy goal. Greg Archbald of Greasebook , an oil and gas technology company, says that this can be done in one of two ways:

“ 1.) Talk about all the traction you’re getting, or 2.) not only inform, but entertain.

Remember, investors want to see any kind of external validation of the usefulness/coolness of your product or service. The more traction you can show, the less you’ll require investors to take a leap of faith.

The next best way to stimulate interest is to entertain. You can do this with penetrating new insight, humor, or controversy. Not only will the investor appreciate this, but you’ll stand out from the crowd, be memorable, and above all else, stimulate interest,” he says.

Tell your story

Every startup has a story. Lida Zlatic of ClassTracks , a language learning company that has won two pitch competitions, advises thinking of your pitch as a compelling story you have to tell.

“Every story has characters (who is your product helping), a problem, a pathway (a general suggestion for solving the problem—we start this section with, ‘If only…’), and a solution (our product). Longer pitches spend more time explaining the product. Stats and humor are also helpful,” she notes.

Further Reading: 7 Great Pitch Deck Examples From Successful Startups

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

Angelique is a skilled writer, editor, and social media specialist, as well as an actor and model with a demonstrated history of theater, film, commercial and print work.

Grow 30% faster with the right business plan. Create your plan with LivePlan.

Table of Contents

11 Min. Read

Where to Get Feedback on Your Business Pitch in 2024

How to raise money and pitch as a female entrepreneur

6 Min. Read

How to Raise Money and Pitch Your Business as a Female Entrepreneur

Things that will take your pitch from good to great

5 Min. Read

9 Things That Take a Pitch From Good to Great

8 Min. Read

How to Successfully Pitch Your Business Idea to Investors

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The quickest way to turn a business idea into a business plan

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5-Minute Classes For Small Businesses

1-page business plan template.

Want a simple, easy way to create a business plan? You’ll love this 1-page business plan template, which you can use at any stage of your small business.

1-Page Business Plan Template PDF 1-Page Business Plan Template Word

The ten questions in this business plan template cover all the basics you’ll need to articulate your business idea and test its viability. You can use the basic business plan template for start-up, growth, or retooling your small business. Once you fill out the business plan, you can go back and look at it three months from now, six months from now, or years from now. You can also easily revise the business plan as you learn what’s working in your small business and what’s not.

Related Small Business Classes Online How To Write A 1-Page Business Plan Why Write A Business Plan

Jennifer Croft Comments True confession: I’m not a big fan of business plans and rarely write them. Partially, this is because I can usually see the big picture in my head. More so, it’s because I’ve never had to write a business plan – I don’t borrow money or solicit investors. But I do believe in the merits of writing a plan, which is why I designed the most simple, easy, business plan template imaginable.

Click here for a resource for StrengthsFinder training .

5-Minute Classes was founded by Jennifer Croft, who provides customized SEO training for marketing teams in Denver, Colorado and across the United States and Canada.

How to Start a Small Business in 10 Steps

A woman learns how to start a small business in a floral shop.

Learn how to start a small business from scratch with expert guidance. Get essential tips and steps for launching your dream journey successfully.

Brett Grossfeld

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Do you have a killer idea that you think would be perfect for launching a small business? If you believe what you see on TikTok, becoming an entrepreneur is just about as easy as posting a 30-second video. But in the real world, launching a small business can be a bit more challenging.

Starting a small business may seem daunting, but if you ask those same business owners if it’s worth the risk — few would trade the opportunity to shape their own destiny.

But where to start? Thankfully, you don’t need to have everything figured out before going out on your own. Successful small business owners are constantly learning from their mistakes — and improving their ideas and dreams along the way.

If you’re ready to take the leap and become a small business owner, keep reading.

Here’s what you’ll learn:

What is a small business, how much does it cost to start a small business, how to start a small business in 10 steps, what do you need to start a small business, start small — but think big.

Small businesses are generally defined by the U.S. Small Business Administration (SBA) as independent operations having fewer than 200 employees. And the majority of small businesses in the United States have fewer than five employees, according to the U.S. Census Bureau .

But the number — or lack — of employees doesn’t necessarily define a “small business.” A business’s size can also be determined by the number of sales, the range of individual business locations, and other factors.

Along with size requirements, the SBA considers a company to be small if it’s:

Independently owned and operated
Not dominant in its field
Physically located and operated in the U.S. (or a U.S. territory)

If your company meets the SBA’s definition of a small business, many government programs offer resources and local assistance for you to turn your dreams into reality.

Start Your Small Business With Big Things

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If you’re skilled in a certain trade — say, bookkeeping — you can launch a business with almost no money . But if your idea needs to be fleshed out and developed by researchers, scientists, and engineers, your startup costs can run into the hundreds of thousands of dollars and beyond. But most startup costs fall somewhere in the middle.

Factors that influence cost

A sole proprietor working from home is going to have very different startup costs than a Silicon Valley startup flush with venture capital funds. But it doesn’t matter if you have $1,000 or $1 million to launch your small business — you’ll need to have a budget.

Are you moving the clutter out of your garage to make room for a desk? Or are you going to hire an architect to remodel a warehouse space in a trendy neighborhood? Obviously, both businesses are going to have wildly different expenses.

Think about your budget and what you can afford to get started. And it’s good to assume that unexpected expenses will pop up along the way — especially in your first year of business.

What kinds of costs to expect

The SBA has a worksheet that will help you calculate typical expenses for a small business, including one-time expenses such as:

Rent : This includes security deposit, first month’s rent and utilities. If you’re working from home, you can deduct a percentage of your rent or mortgage on your taxes .
Improvement costs: Anything that you might spend on your physical place of business to make it suitable for work.
Inventory : If you’re selling a product, you’ll need goods to keep up with customer demand.
Employees : This includes payroll, payroll taxes, and health insurance.
Professional services: Accountants, lawyers, and consultants will all need to be paid
Supplies : Think office supplies, such as paper and pencils, and operating supplies, like computers and printers.
Marketing: Business cards, stationery, flyers, and advertising all fall under this category.
Miscellaneous : This includes licenses, permits, legal fees, signage, technology, and accounting software. Everything else — liability insurance, repairs, maintenance, and dues.

The most difficult part of starting a small business is committing to your vision. It’s easier if you break down the process into small, achievable goals. Here are 10 steps that will get you on your way:

1. Do your research

If you don’t do basic market research before you launch your business, you may be down for the count before you even get started. Ask neighbors, friends, and even your barista if they would be interested in your product or service — and ask how much they’d be willing to pay for it.

Conduct competitor research, local and global searches, and even offer surveys to consumers to see what the need versus want ratio is.

2. Write a business plan

A business plan is your roadmap; it helps guide you as you start and grow your company. If you need capital to get started, most investors will want to review a business plan before they commit to any financing.

To organize your ideas, download and fill out a business plan template . A well-written business plan provides clarity, confirms the math, and helps you establish goals so your business has the best chance of success.

3. Choose a business name

Finding the perfect brand name is a vital step in launching a new business. But hiring a professional naming company doesn’t come cheap — it can cost as much as $100,000 , according to Fast Company.

If that’s outside your budget, there are countless AI-powered business name generators available online, and Fiverr has entrepreneurs who will help brainstorm business names for three figures or less.

4. Decide on your location

Take a look at the taxes, zoning laws, and regulations in your location. You may find that operating your business in a different location could offer financial advantages. Review the fees, costs, and tax benefits of each state to see which location makes the most sense for your business . A strategic move may put you ahead of the game before you even open the doors.

5. Get your finances in order

Startup costs discourage many would-be entrepreneurs, but the reality is that many successful businesses got started with little more than a vision, discipline, and hard work. However, if you really need cash for that newly opened business bank account, here are four ways of getting that money:

Self-funding: If you have the means, you may use your own earnings to kickstart your business or see out financial counsel to work it into your budget.
Outside investors: For a stake in your company, relatives or venture capitalists may be willing to invest in your business.
Small business loans: If you want to keep full ownership of your business, a small business loan may be the way to go.
Crowdfunding: If you’re feeling creative and confident, try sites such as Kickstarter or GoFundMe to generate capital.

6. Take care of the legal stuff

Register your business in the state where it was formed — and make sure that you’re set up to pay state income and unemployment tax. Review whether your local municipality requires filing for a license or permit to operate your business.

To satisfy Uncle Sam, apply for an EIN from the IRS . Confirm that no one else is using your business name by contacting your state filing office or online database. Some business structures require using a doing business as (DBA) name, and you may be required to open a business bank account.

7. Develop a marketing plan

Once you have a terrific name for your company locked down, you’ll want to create an online presence for your business. Be consistent on your social media channels , ideally creating accounts on the channels — meeting them online where they are.

Develop a website that’s intuitive and filled with all the information your customers need. Your marketing may also include advertising campaigns and public relations.

8. Set up your CRM software

To enhance your marketing efforts and grow your small business, try customer relationship management ( CRM) for Small Business . This will be your solution for storing and managing prospect and customer information such as contact information, accounts, leads, and sales opportunities — all in one single source of truth.

With Salesforce’s Starter Suite , you can start in minutes and easily manage your marketing, sales, and customer service as your business scales.

9. Launch your product or service

Congratulations: You’ve done all the hard work and you’re ready to introduce your product to the world. Make sure to announce your launch on social media — and consider throwing a media-friendly bash to celebrate.

10. Keep your customers happy

When you use CRM software, you can keep track and personalize support for all your customers. And happy customers are good for business — 80% of them say the experience a company provides is just as important as its products or services .

The United States has more than 33 million small businesses, according to the U.S. Chamber of Commerce , and that number represents 99.9% of all U.S. businesses. And most of those small businesses started the same way — with an entrepreneur and an idea. But it takes more than just a dream to launch a small business.

So, where to start?

It’s time to take some notes. First, start outlining your business plan. If you’re stuck, ask yourself these four questions when developing your plan :

Goals : What do you need to accomplish to achieve your vision?
Methods : What are the steps you need to follow to get you there?
Measurements : How will you determine when each objective has been met?
Obstacles : What could throw you off course along the way?

Once you’ve written a business plan and are feeling confident, you’re ready to establish:

A name for your business

A great business name should succinctly identify your company and its audience. Brainstorm and get feedback from friends, family, and potential customers. And before you fall in love with your new company name, make sure that an established business in your industry isn’t already using that name.

A location for your business

Choosing where to conduct business is one of the most important decisions you can make for your small business. While staying close to home may be your first instinct, a change of venue may prove to be financially advantageous.

A business structure

For tax purposes and protection of personal assets, you need to choose a business structure that offers the right balance of legal protections and benefits. Common business structures include sole proprietorship, partnership, limited liability company (LLC), corporation, and cooperative.

A legal presence

If you want personal liability protection, legal protection, and tax benefits for your company, you’ll need to register your business with state and local governments.

Federal and state tax ID numbers

Your Employer Identification Number (EIN) works like a personal Social Security number, but for your business. You need an EIN to pay state and federal taxes for your company.

Licenses and permits

Whether your business needs to apply — and pay for — licenses and permits depends on your business activities, location, and government rules. Review regulations from city, state, and federal agencies.

A business bank account

Opening up a bank account exclusively for business use will help keep your personal finances separate, making life easier at tax time. There are several banks that will allow you to open a business checking account with a zero balance, but traditionally banks will require an opening deposit of anywhere from $1,000 to $25,000.

Start-up funds

Even if you open a business checking account with a zero balance, you’re going to want to have some funds to cover basic operating expenses. The SBA offers guidance on obtaining funding for your small business, including loans, grants, and investors.

Starting a new business may feel like a gamble, but business insurance will help you cover your bet. The right insurance policy will help protect you against accidents, natural disasters, and lawsuits.

You should also consider:

Customer relationship management

A CRM platform keeps your customer data organized and provides the foundation to build connected customer experiences (that can be made even better through artificial intelligence). Starting with a suite of sales, service, marketing, and commerce tools is easy.

Invoice and billing software

While it is possible to keep track of your financial records on a traditional paper ledger, modern invoice and billing software makes the process much, much easier.

A graphic designer

A well-designed logo can make or break a business. The Nike “swoosh” was created by a graphic design student — and the $35 Nike initially spent paid for itself many times over.

Many small businesses exist with just a presence on social media, but having a professionally designed website adds legitimacy to your business.

Marketing experts

Like graphic design, marketing expenses are costs that many small business owners initially want to avoid. But strategically investing in a marketing campaign can be a boon for a small business that wants to make noise in a crowded marketplace.

A Human Resources department

Once your business grows to a certain size, it’s time to create a human resources (HR) department — or, at least, to hire an HR professional. This professional can focus on things such as labor law compliance, employee recruitment, employee engagement and development, and compensation and benefits management while you manage your business.

An assistant

For most small businesses starting out, hiring an assistant to perform administrative and clerical duties is something of a luxury. If your budget is tight, consider a virtual assistant .

What are some popular small business ideas?

If you have a unique idea for a small business, great. But some of the best small business ideas build on your strengths and experience. What do you love to do? What lights you up when you are helping the community? Do you have a pull to do something more?

What are the odds that my small business will succeed?

Starting a small business is no guarantee of success. Approximately 80% of small businesses survive their first year, according to the Bureau of Labor Statistics. The survival rate decreases to 50% after five years and 30% after 10 years.

What are some Fortune 500 companies that started small?

Not all big companies started with millions of dollars in venture capital. Some of America’s biggest brand names had far more modest beginnings . Apple famously got started in a Silicon Valley garage, while Mattel was building dollhouse furniture from picture frame scraps in its early days.

What are the most business-friendly states?

Before setting up shop in New York or California, consider launching your small business in North Dakota, Indiana, Arkansas, South Dakota, or North Carolina. These states offer the best conditions to start a business , according to Forbes Advisor.

What can I deduct for my small business at tax time?

(Almost) everyone knows that you can deduct entertainment and travel expenses as a small business owner. But you can also deduct software subscriptions, office furniture, and interest on small business loans, according to NerdWallet .

Taking the leap to start your own small business is just the first step on your entrepreneurial path. But you’re in good company. Nearly half of all U.S. employees are employed by a small business — and more than 80% of those small businesses are solo ventures , according to Forbes Advisor. There’s no better time than the present to start turning your dreams into reality.

Want to grow your new small business? Sign up for a Salesforce free trial .

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Brett Grossfeld is a Product Marketing Manager supporting Salesforce's CRM, data, and AI tools. He's written for multiple websites across various industries and interests, including tech, wellness, and modern customer experiences.

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8 Minutes To Change Your (Work) Life

The five minute business plan.

Starting out on the right foot is SO important. Especially when it comes to getting your business or side-hustle up and running. And the best way to get on that right foot is to have a bit of a plan. BUT – the other thing we know is that you’re likely time-poor. You might have other commitments right now like balancing a full-time job, looking after kids or being a carer. Which is why, today, we're talking about a five minute business plan...

Find the 5 Minute Business plan here: https://www.ladystartup.com/pages/5-min-biz-plan

GET IN TOUCH:

Feedback? We’re listening! Call the pod phone on 02 8999 9386 or email us at [email protected]

Host: Deborah Ho

With thanks to Mia Freedman

Executive Producer: Elissa Ratliff

Mamamia acknowledges the Traditional Owners of the Land we have recorded this podcast on, the Gadigal people of the Eora Nation. We pay our respects to their Elders past and present, and extend that respect to all Aboriginal and Torres Strait Islander cultures.

This podcast was made in partnership with Optus Business. Find balance with Optus Pause https://bit.ly/3gt0cWs

Great business starts with yes. The opinions and experiences in this podcast are those of our expert guests and should not be considered an endorsement by Optus.

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How to Work for a Boss Who Has a New Idea Every 5 Minutes

Elizabeth Grace Saunders

Tactfully rein in an excitable manager.

Visionary bosses can be exciting, fun, and innovative. They can also feel overwhelming when there’s no way that you can keep up with all of their creative ideas. Instead of letting their ideas overwhelm you, take it as an opportunity to manage up. The next time your boss rattles off a slew of new ideas, redirect their attention back to the team’s monthly and quarterly goals and ask them where these ideas would fit in and how they’d like to prioritize them. By explaining the impact the new ideas will have on other priorities, you can help your boss assess them from a strategic perspective. You may also want to remind your boss of the time commitment that their new ideas would require to implement. And don’t automatically assume that when your boss shares an idea that they expect you to do something about it.

You walk down the hall, head spinning — unsure of how to stabilize yourself.

ES Elizabeth Grace Saunders is a time management coach and the founder of Real Life E Time Coaching & Speaking . She is the author of How to Invest Your Time Like Money and Divine Time Management . Find out more at RealLifeE.com .

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The 5-Minute Business Plan

Create a simple, viable and active strategy for your farm

What is the key to surviving and thriving when times are tough? “Focus,” says Mary Kelly, author of 11 books on business growth and leadership and CEO of Productive Leaders .

“We are limited in our thinking by how we see things,” says Kelly, who trained 40,000 military and civilian personnel in 21 years as a Navy intelligence and logistics officer.

“How do we stay ahead of and manage external forces? Define your business goals and plan.”

A proactive business plan is simple and actionable, Kelly says. She offers this template to create your farm’s business plan in five minutes.

THE BIG PICTURE

This identiﬁes what you actually do and for whom. I sell/provide _________________________________ to people who ________________________________

BUSINESS OPERATIONS

In business you usually focus on ﬁlling a need, solving a problem or improving someone’s life. I am helping __________________________________ I am increasing _______________________________ I am reducing or getting rid of____________________

To be successful in business you have to make a proﬁt. Making a proﬁt means your revenues are greater than your expenses. I charge _____________________________________ To get paid I __________________________________ I can also earn money if I ________________________

People need to know about you and your product or service. Customers learn about me through ___________________ My social media plan includes _______________________ I manage referrals by ______________________________

You cannot do everything yourself. Outsource tasks or projects where you are weak or that can easily be accomplished by someone else. I like doing _______________________________________ I’ll get help with __________________________________

Make sure you know when you achieve your goals. Celebrate milestones and accomplishments. I’ll know I’m successful when I have __________________ (number of) customers, sell ______________(number of) products or make $______________ in income.

Find more lists and resources from Mary Kelly .

Latest News

Reid Weiland makes investments and sets outcomes for his farmland that pay back with environmental, yield and long-term metrics.

Bayer has requested a new label for XtendiMax from EPA. Public comment is underway. Also, farmers and retailers are urged to verify final sale and use cutoff dates for dicamba-based products in their respective states.

Texas-based company accused of deceiving thousands of customers across 14 states, soliciting customer funds under false pretenses and using those funds to pay other customers in a Ponzi-like manner.

A bus carrying farm laborers in northern Florida collided with a pickup on Tuesday and overturned, killing at least eight people and critically injuring eight others, authorities said.

Mason Bennett succeeds Scott Hendrix.

This week's USDA Crop Progress report shows corn planting five percentage points (49% planted) behind average, while soybean planting has slowed to just a single percentage point ahead (35%).

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Is Biden's border plan working? Here's how the top immigration official says it is

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Manufacturing Business Plan PDF Example

May 7, 2024
Business Plan

the business plan template for a manufacturing business

Creating a comprehensive business plan is crucial for launching and running a successful manufacturing business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your manufacturing business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a manufacturing business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the manufacturing industry, this guide, complete with a business plan example, lays the groundwork for turning your manufacturing business concept into reality. Let’s dive in!

Our manufacturing business plan covers all essential aspects necessary for a comprehensive strategy. It details operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

Executive Summary : Provides an overview of the manufacturing company’s business concept, market analysis , management, and financial strategy.
Facilities & Equipment: Describes the facility’s capabilities, machinery, and technological advancements.
Operations & Supply: Outlines the production processes, supply chain logistics, and inventory management.
Key Stats: Offers data on industry size , growth trends, and market positioning.
Key Trends: Highlights significant trends impacting the industry, such as automation and localization.
Key Competitors : Analyzes primary competitors and differentiates the company from these rivals.
SWOT: Analyzes strengths, weaknesses, opportunities, and threats.
Marketing Plan : Outlines tactics for attracting new contracts and maintaining client relationships.
Timeline : Sets out key milestones from inception through the first year of operations.
Management: Information on the management team and their roles within the company.
Financial Plan: Projects the company’s financial performance over the next five years, detailing revenue, profits, and anticipated expenses.

Manufacturing Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your manufacturing business plan, offering a concise overview of your manufacturing facility and its products. It should detail your market positioning, the range of products manufactured, the production process, its location, size, and an outline of day-to-day operations.

This section should also explore how your manufacturing business will integrate into the local and broader markets, including the number of direct competitors within the area, identifying who they are, along with your business’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Manufacturing Business Plan exec summary1

Dive deeper into Executive Summary

Business Overview

Facilities & equipment.

Describe your manufacturing facility. Highlight its design, capacity, and technology. Mention the location, emphasizing accessibility to transport routes. Discuss advantages for efficiency and cost management. Detail essential equipment and its capabilities.

Operations & Supply Chain

Detail product range. Outline your operations strategy for efficiency and scalability. Discuss supply chain management. Highlight sourcing of materials, inventory control, and logistics. Emphasize strong partnerships with suppliers and distributors.

Make sure to cover here _ Facilities & Equipment _ Operations & Supplies

Market Overview

Industry size & growth.

Start by examining the size of the manufacturing industry relevant to your products and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing demand for sustainable manufacturing processes, automation, and advanced materials. For example, highlight the demand for products that utilize eco-friendly materials or energy-efficient production techniques, alongside the rising popularity of smart manufacturing.

Key Competitors

Then, consider the competitive landscape, which includes a range of manufacturers from large-scale enterprises to niche firms. For example, emphasize what makes your business distinctive, whether it’s through advanced technology, superior product quality, or specialization in certain manufacturing niches. This section will help articulate the demand for your products, the competitive environment, and how your business is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for your manufacturing business. Highlight Strengths such as advanced production technology and a skilled workforce. Address Weaknesses, including potential supply chain vulnerabilities or high production costs. Identify Opportunities like emerging markets for your products or potential for innovation in production processes. Consider Threats such as global competition or economic downturns that may impact demand for your products.

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, trade shows, digital marketing, and strategic partnerships. Emphasize the importance of showcasing product quality and technological advantages to differentiate your business in the market.

Finally, create a detailed timeline that outlines critical milestones for your manufacturing business’s launch, marketing initiatives, customer acquisition, and expansion goals. Ensure the business progresses with clear direction and purpose, setting specific dates for achieving key operational and sales targets.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the manufacturing business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the manufacturing business toward its financial and operational goals.

For your manufacturing business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your manufacturing business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your manufacturing business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Manufacturing Business Plan financial plan

Privacy Overview

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Section 56:Business Customer Options

Part 18:bt business voip services, subpart 9:bt cloud voice, bt cloud voice call sharer plan.

Statistics for the Public Good

UK Statistics Authority Board Minutes – Thursday 21 March 2024

Download "UK Statistics Authority Board Minutes – Thursday 21 March 2024" in PDF format (1.09MB)

Next meeting: 25 April 2024, London Boardroom

Members present.

Sir Robert Chote (Chair)
Professor Sir John Aston
Professor Sir Ian Diamond
Ed Humpherson
Professor Sir David Spiegelhalter
Penny Young

Also in attendance

Robert Bumpstead
Sally Jones
Sarah Moore
Jane Naylor (for item 9)
Victoria Obudulu (for item 9)
Emma Rourke (for item 9)
Lucy Vickers (for item 9)
Jason Yaxley (for item 10)
Dr Jacob Abboud
Nora Nanayakkara
Alison Pritchard
Professor Dame Carol Propper

1. Apologies

Apologies were noted from Dr Jacob Abboud, Sian Jones, Alison Pritchard, Professor Carol Propper and Nora Nanayakkara.

2. Declarations of Interest

There were no new declarations of interest.

3. Minutes and matters arising from previous meetings

The minutes of the previous meeting held on 29 February were agreed.

4. Report from the Authority Chair

Non-Executive Directors had met before the meeting. They had discussed topics including the current recruitment for Non-Executive Directors, the Chair’s departure from the Garrick Club, quoracy of the meeting and business planning, specifically in relation to the support provided for the Authority function. The Chair noted that the Board Authority function had been well supported by the Central Policy Secretariat and this support should continue. The Authority would be increasingly visible with the ownership of the Statistical Assembly, as set out in the Lievesley Review.
The Chair noted that the meeting was inquorate. In accordance with the Authority Board Standing Order the meeting could continue in an advisory capacity with any decisions endorsed at the next meeting. As the Office for National Statistics (ONS) and Office for Statistics Regulation (OSR) Business Plans were due for publication ahead of the April Board it was agreed that they would be circulated for comment and final agreement in correspondence.
The Chair reported on his recent activities since the Board last met. Sir Robert had met with Baroness Neville-Rolfe, Minister of State for the Cabinet Office, to discuss the Non-Executive Director appointment process, which had received a high level of interest. The Cabinet Office may extend the closing date for applications.
The review by Professor Denise Lievesley and the government response had been published on 12 March. Prof. Lievesley had given evidence on the report to the Public Administration and Constitutional Affairs Committee on the same day. The Board was scheduled to discuss the report and the Authority’s response at the May meeting. Work was already underway across OSR and ONS and including early discussions with the Royal Statistical Society to help shape the Statistical Assembly.
On 20 March Sir Robert had met members of the new Board of Directors of the Somalia National Bureau of Statistics.
Sir Robert on behalf of the Board paid warm tribute to Robert Bumpstead who had led the Secretariat since the creation of the Authority becoming the Chief of Staff in 2016. Rob had attended the majority of Board meetings, from the first to today’s meeting being his 168 th . Rob had worked with four Authority Chairs and four National Statisticians and had been at the centre of the biggest decisions made by the Board. Sir Robert noted his personal thanks to Rob for the enormously valuable support and advice he had provided to him and the Board over the years. Rob was highly regarded by his Central Policy Secretariat team and across the organisation. Rob responded noting that it had been a pleasure to work with all Chairs and National Statisticians and with the Board, working across the four nations of the UK.

5. Report from the Chief Executive [SA(24)12]

phase one of hybrid working with colleagues spending 20 per cent of their time in the office from January to end of March 2024 with a move towards 40 percent on site working from April. Colleagues had been supported throughout the transition. Following agreement by the Senior Leadership Team additional flexibility would be provided for those who joined the organisation from 1 March 2020 with commute times of an hour or more.
the year-end financial position was forecast to be a small under expenditure following careful management throughout the year by the finance team led by Tom Taylor alongside the Senior Leadership Team;
business planning for 2024/25 was near completion with the draft ONS Business Plan scheduled for discussion at this meeting;
progress towards the future of population and migration statistics recommendation would include a series of seminars by Professor Sir Ian Diamond across the four nations. The aim was to share the draft recommendation for comment with Board members before Easter;
the International Steering Group formed in May 2022 for Scotland’s Census 2022 had met for the last time on 14 March. The group had provided assurance, direction and support to National Records of Scotland in delivery of Scotland’s Census.
Sir Ian was scheduled to meet a number of Ministers in the coming months including Scotland’s Deputy First Minister and the Minister of State for Trade Policy in the Department for Business and Trade.
as part of the Ambitious, Radical, Inclusive Economic Statistics Programme transformed rents statistics had been published and incorporated into headline measures of consumer price inflation;
progress of work with the Department of Health and Social Care to reform death certification was ongoing;
work was ongoing in response to the recommendations in the Lievesley Review, which included a recommendation to agree a Memorandum of Understanding with Eurostat; and
the work by the National Statistician’s Committee for Advice on Standards for Economic Statistics.
Members discussed the update and looked forward to engaging with the work in response to the Lievesley Review, particularly the development of the Statistical Assembly where Board members noted their desire to be involved from the outset.

6. Report from the Director General for Regulation [SA(24)13]

Ed Humpherson provided an update on regulation activity, highlighting that OSR’s guidance on collecting and reporting data about sex and gender identity in official statistics had been published on 29 February and had been well received. Following the publication of the Lievesley Review, an action plan setting out OSR’s response to the report would be discussed at the April Regulation Committee meeting.
OSR had published a review of Labour Force Survey derived Labour Market Statistics on 21 March, which highlighted the need for improved communication by ONS regarding its approach to transitioning from the Labour Force Survey to the Transformed Labour Force Survey.
OSR’s draft business plan and budget 2024/25 had been considered and endorsed by Regulation Committee. The baseline budget remained at £3.4 million with a small ringfenced contingency in place for this year only, should the General Election pose an increase in demand for regulatory intervention beyond OSR’s current capacity.
Members discussed the draft plan. With regard to OSR’s approach to election planning OSR were producing a series of topic notes across a range of public interest areas. It was noted that ahead of the General Election Sir Robert Chote would write to the leaders of all UK political parties reminding them of their duty to use statistics accurately and fairly in the election campaign, and the consequences of not meeting the required expectations.
Sir Ian noted that as part of OSR’s work on the future of population and migration statistics ONS would welcome a review of internal migration.
Board members endorsed the draft business plan, subject to comment and approval in correspondence by members not in attendance.

7. Report on the Audit Risk and Assurance Committee

On behalf of Dr Jacob Abboud Sir Robert reported on the work of the Audit Risk and Assurance Committee which had last met on 14 March 2024.
the financial position of the organisation as a result of the controls put in place throughout the year, with a small under expenditure forecast for year-end;
confirmation by HM Treasury of the Supplementary Estimate and submission of the Main Estimate;
business and financial planning for 2024/25;
an update on the strategic risk profile with a focus on areas of challenge and an improvement in the maturity of risk discussions across the executive governance framework;
a risk deep dive on legacy transformation;
Internal Audit Reports on Cloud Technology, Data Science Campus and Business Survey Transformation;
delivery of the Internal Audit Plan 2023/24;
the draft Internal Audit Plan 2024/25; and
the annual update on Whistleblowing and Speaking Up policies.

8. ONS Business Plan [SA(24)14]

Tom Taylor and Megan Cooper introduced the final draft of the ONS Business Plan 2024/25. The overall approach to business planning had focussed on horizontal planning for ONS’s highest priority output area within a constrained financial environment.
the narrative could be strengthened to sufficiently reflect the degree of challenge and degree of transformation across the organisation;
the focus on the most important outputs, which were the foundation of ONS’s license to operate as a National Statistics Institute.
the need to reference the Lievesley Review, noting that the ONS would act on all recommendations; and
the inclusion of further detail about access to data across government.
Board members endorsed the draft business plan, subject to comment and final approval in correspondence by members not in attendance.

9. GSS Vision [SA(24)15]

Jane Naylor and Lucy Vickers introduced a paper which provided an update on work to develop a Government Statistics Service (GSS) Vision and Strategic Delivery Plan. The GSS Heads of Profession for Statistics (HoPs) had been working collaboratively to develop a GSS Vision and Strategic Delivery Plan. The plan focused on four areas: Coordination and cooperation, capability, standards and transformation. It was noted that the Lievesley Review, which had been published following the drafting of this paper, would be considered as part of the development of both the Vison and Plan.
The Board heard that the National Statistics Executive Group (NSEG) had discussed the development of the plan. An initial discussion had also been held with the Royal Statistical Society on a range of issues that would need to be addressed including: the scope of the statistics profession; ensuring an inclusive and diverse profession; the impact of available tools and engagement with Artificial Intelligence (AI) and Large Language Models; and an emphasis on statisticians being communicators. It was noted that a first draft of the GSS Vision and Strategic Delivery Plan was scheduled for discussion by NSEG in June.
the strength and value the GSS brings when dealing with challenging issues in a collaborative way;
the future of the GSS starting from a point of strength with challenging and exciting times ahead including the use of new tools such as AI;
the draft plan could perhaps emphasise the challenges ahead, such as communication, and administrative data methodology;
further collaboration across the professions including data scientists, with work already ongoing in this area;
the strength of the GSS in relation to data sharing across departments to help inform policy questions;
the movement of statisticians across the public and private sector and the need for retention within the GSS; and
the creation of a new role – Deputy Head of the GSS, to strengthen the GSS and support the Sir Ian as Head of the GSS.
The Board noted the update and would remain engaged as the work developed.

10. Integrated Data Service [SA(24)16]

Jason Yaxley introduced a paper which provided an update on the progress of the Integrated Data Service.
The Board heard that areas of focus going forward included the transition of the Secure Research Service to the IDS, increasing the user base, improvement in cross government data sharing, Digital Economy Act re-accreditation in September 2024 and accreditation for data processing later in the year.
the longer term focus in changing the culture around data sharing across government with a link to the previous discussion on GSS collaboration across government in relation to data sharing;
the use of the IDS to support a rapid response to policy making, with work at a very early stage to support rapid analysis underpinned by simpler data sharing principles. This linked to the work by the Office for Statistics Regulation on the evolution of the five safes mode of data access;
the recent event by the Secure Research Service (SRS) team for current SRS users to discuss the transition to the IDS. Progress was being made to address tooling issues; and
the need to be able to calibrate the key performance indicators with delivery of the programme. Currently there were 15 live projects on the platform, users had increased to 124 and 97 datasets on the platform.
The Board noted the update.

11. Any other business

The Board would next meet on 25 April.

The papers that informed this board meeting are attached as a PDF document for transparency. If you would like an accessible version of the attached papers, please contact us at [email protected]

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