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A Guide to Preparing an International Business Plan
By: FITT Team
An international business plan acts as a framework that identifies goals and objectives, specific target markets and clients, resources required and strategies to be developed in pursuit of international business opportunities. The plan allows for the monitoring of progress via metrics against which success and failure can be measured. A comprehensive international business plan will be comprised of a number of integrated strategies related to business functions, including communications, sales and marketing, finance and production.
What Is an International Business Plan?
An international business plan is a valuable management tool that describes who a business is, what it plans to achieve and how it plans to overcome risks and provide anticipated returns. It can be used for a wide variety of purposes, such as to:
- Set goals and objectives for the organization’s performance.
- Provide a basis for evaluating and controlling the organization’s performance.
- Communicate an organization’s message to managers and staff, outside directors, suppliers, lenders and potential investors.
- Help the planner identify the cash needs of the business.
- Provide benchmarks against which to compare the progress and performance of the business over time.
A comprehensive and detailed plan forces the planner to look at an organization’s operations and re-evaluate the assumptions on which the business was founded. In doing so, strengths and weaknesses can be identified.
Although highly dependent on the individual business case, on average it takes a three-year commitment to establish a successful presence in a foreign market. This process may require tremendous human, technical and financial resources during the developmental period.
The Planning Process
An international business plan is subject to repeated adjustment and revision to keep it current with the changing circumstances of the organization. The plan is a feedback mechanism through which new information is continually incorporated into the organization’s operations. Planning always precedes action. Therefore, planning must be thought of as a continuous cycle. The analytical tools presented here are not intended to be used just once. If they are to be useful, they should be used repeatedly as part of a process of improvement and incremental adjustment.
Plan Preparation Guidelines
These 7 guidelines will help in preparing a comprehensive international business plan:
- Clearly define the objectives for producing the plan : Who is going to read the plan, and what will they need to do? These objectives can help you decide how much emphasis to put on various sections.
- Allocate sufficient time and resources to thoroughly research the plan : A plan is only as good as the research that went into producing it.
- Show drafts of the plan to others : It can be very useful to obtain feedback from others, both inside and outside the business.
- Create an original plan that is done specifically for each business case : A common mistake entrepreneurs make is to borrow heavily from a sample plan and simply change the names and some of the numbers. There are two big problems with this approach. First , the emphasis placed on various sections of the plan must reflect what is important to the particular business in question. Second , a good plan should flow like a story, with the sections working together to demonstrate why the business will succeed. Plans that borrow too heavily from other plans tend to be disjointed, with some sections contradicting others and various key issues left unaddressed.
- Outline the key points in each section before the writing starts : These points must then be reviewed to ensure the sections are consistent with each other, there is little duplication and all key issues have been addressed.
- Ensure financial projections are believable : For many readers, the financial section is the most important part of the plan because it identifies the financing needs and shows the profit potential of the business. In addition, a good financial plan will give the reader confidence that the author really understands the business.
- Consider writing the executive summary as the last step in the process: It is usually easier to provide a concise overview after the detailed content has been created.
If you’re having trouble getting started with your business plan, try writing like it’s a series of tweets—one for every section of your business plan. To get your point across, 140 characters is all you need.
Forcing yourself to boil each section of your business plan down to one main point is an exercise in decision making and strategy all in itself. When you’re done, you’ll have everything you need to take your next step, whether that’s practicing your pitch to potential investors or a business partner, or sitting down to expand each tweet into a full section of a more traditional business plan.
Core Content
The international business plan is the culmination of all of the work done to determine the appropriate venture for the organization’s growth. As part of the feasibility process, the organization will have determined its own internal readiness, conducted comprehensive target market research and carefully analyzed any relevant risks.
At this point, the organization can take all of this information and analysis and formally document the plan for moving forward. There are many different models and examples of how to put together a formal business plan, rather than one correct way.
The right format will depend on the organization, the venture being pursued and who will be accessing the business plan and for what purpose. However, there are some basic guidelines to follow.
One of the reasons business plans are developed is to convince investors and/or bankers to invest in the venture.
Increasingly, they are looking for a business plan to include two sections: one relating to online strategy (in terms of e-marketing, social media and ROI) and the second relating to corporate social responsibility (including quality, health, safety and environment policies).
The inclusion of these topics gives more credibility to the company by demonstrating its commitment to the community and to employees’ well-being.
Telling a Story
One trend in business planning is to use a narrative structure in the document, rather than traditional technical writing techniques. Storytelling techniques are increasingly being used throughout the business world to create personal and organizational brands, deliver marketing messages and develop persuasive plans.
Stories make presentations better. Stories make ideas stick. Stories help us persuade. Savvy leaders tell stories to inspire us, motivate us. That’s why so many politicians tell stories in their speeches. They realize that “what you say” is often moot compared to “how you say it.
Instead of using bulleted points and cold, technical language, organizations employ a “beginning, middle and end” narrative style. This engages the audience by establishing the context, describing the conflict or obstacles and arriving at a successful resolution.
The Executive Summary
Usually the last step of preparing the international business plan is to develop the executive summary, a short overview of what the plan proposes to accomplish. For some purposes, a one-page business plan can also be useful.
There is not a great deal of difference between an executive summary and a one-page business plan. The most significant distinction is the one-page plan must completely fit on one page in a readable font, while an executive summary may spread over two or three pages.
One-Page Business Plan
There is a trend towards the one-page business plan, especially if the plan is to be presented to potential partners for their consideration. Audiences for the one-page plan will be looking for a “quick hit”: a clear and concise description of what the opportunity is and how it is being pursued.
For example, a one-page business plan might include the following topics, as described in Noah Parson’s article “How to Write a One-Page Business Plan” on the website Bplans :
- Customer problem/opportunity
- Your solution/approach
- Business model (how you make money)
- Target market (who is the customer and how many are there)
- Competitive advantage
- Management team
- Financial summary
- Funding required
The one-page plan (or the executive summary, if used in place of the one-page plan) may provide the first impression the audience has of the business. This is the most important document generated out of the business planning process, and significant effort and care should be taken in its creation.
There are many websites the provide blank samples of one-page business plans, including Bplans , the GoForth Institute and Startup.com.
A Note on Strategic Plans
A strategic plan covers many of the same points as a business plan. However, a strategic plan sets out the detailed action plan to be followed to achieve the objectives of the international business plan.
It must outline specific activities, their due dates and who is responsible for each activity. It is a project plan with a critical path. A strategic plan ensures any venture is carried out in a coordinated, informed and systematic way.
A key consideration in action planning is how quickly to enter the market, which is driven by the chosen market entry strategy. If market entry is done too quickly, the potential for costly mistakes increases. However, if it is completed too slowly, opportunities may be missed and competitors will have more time to react.
The Planning Cycle
Attaching the word “cycle” to planning implies that it happens more than once. International business plans need to be reviewed periodically because new information that has an impact on both planning and operations is continually coming in.
All plans, including international business plans and strategic plans, need to be reviewed every time there is a major event impacting the business, such as civil unrest, a currency fluctuation or the presence of a new competitor.
About the author
Author: FITT Team
The Forum for International Trade Training (FITT) is the standards, certification and training body dedicated to providing international business training, resources and professional certification to individuals and businesses. Created by business for business, FITT’s international business training solutions are the standard of excellence for global trade professionals around the world. View all posts by FITT Team
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How To Write A Business Plan (2024 Guide)
Updated: Apr 17, 2024, 11:59am
Table of Contents
Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.
Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.
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Drafting the Summary
An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.
Ask for Help
When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.
After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business.
The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.
Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.
Numbers-based Goals
Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.
Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.
Intangible Goals
Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.
The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.
If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.
This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.
You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.
Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.
Business Operations Costs
Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.
Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.
Other Costs
Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.
Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.
How do I write a simple business plan?
When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.
What are some common mistakes in a business plan?
The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.
What basic items should be included in a business plan?
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
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What Is Globalization in Business?
- 22 Jun 2021
As technology and transportation have advanced, business has become increasingly global. In addition to new challenges and international tensions, purposeful expansion has brought new jobs, customer audiences, and economic opportunity.
What Is Globalization?
Globalization is the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business .
“We live in an age of globalization,” says Harvard Business School Professor Forest Reinhardt, who teaches Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
Whether you’re looking to learn more about your international company or thinking of expanding your business into other countries, you need a strong foundation in the basics of globalization in business. Here’s a primer on what it means to be an international business, factors to consider when approaching the global business landscape, and how to build your knowledge.
Access your free e-book today.
What Does It Mean to Be an International Business?
An international business is any company that operates and produces or sells goods between two or more countries. There are three ways a business can be considered international:
- It produces goods domestically and sells domestically and internationally.
- It produces goods in a different country but sells domestically.
- It produces goods in a different country and sells domestically and internationally.
If your business falls into one of these categories, there are two types of international business models to consider: transnational and multinational.
Transnational corporations have offices in multiple countries, each responsible for a different facet of the organization. For instance, marketing may be based in London, research and development in Bogota, and software development in New York.
An example of a successful transnational corporation is Nestlé, which splits business operations for each of its brands by region. There are over 100 Nestlé offices worldwide with distinct responsibilities. For instance, the Nestlé Research Center is located in Switzerland, which acts as the hub that oversees each brand-specific research and development center, of which there are 23. All Nestlé offices operate under the company’s headquarters in Switzerland.
Multinational corporations also have offices in multiple countries, but unlike transnational corporations, each is a microcosm of the larger organization. This means each office has, for example, its own leadership, marketing, sales, research and development, technology, and human resources teams. An example of a multinational corporation is PepsiCo, which has 32 offices across 24 countries.
If you’re considering which international business model to implement for your growing company, know that each has its pros and cons. Transnational corporations typically have the benefit of everyone on a specific team being located in the same office, although this may change with the rise of remote work . Being in the same office can decrease miscommunication and reinforce the idea that each office is an integral part of the larger company. Multinational companies may not beget this same mindset, but they benefit from having someone from every team present in each office. This can enable them to collaborate and tailor efforts to the audience in their specific location without juggling time differences and language barriers to collaborate with other teams.
There’s no one-size-fits-all approach to globalization; only you can decide what works best for your business.
Related: Why Study Global Business? 5 Benefits to Consider
Facets of Global Business to Consider
Globalization doesn’t just refer to the location of a firm’s offices and customers—it also encompasses the nuances and economic factors of conducting business internationally and existing in a global economy. Even if your company operates domestically, globalization can influence the way you do business. Here are a few factors to consider when thinking about how global business impacts your organization:
- Politics and laws : International politics can color relationships between nations and regulate what products are allowed in and out of their borders. Keeping up with current events can help you prepare for the business impacts of shifts in policy and foreign affairs.
- The environment: There’s no global issue more pressing than climate change. Unfortunately, globalization can contribute significantly to its negative effects due to increased transportation of materials and products, business travel, and the number of factories. If you’re engaging in global business, keep sustainability in mind to avoid contributing to climate change.
- Macroeconomics: Principles of macroeconomics can allow you to compare countries’ financial health on a one-to-one basis and draw connections between trends. Some metrics to know include:
- Gross domestic product (GDP)
- Unemployment rate
- Inflation rate
- Degree of income inequality
- Currency exchange rate
- Human rights: Because laws dictating human rights—including labor laws—differ from country to country, operating as a global business requires research and critical thought to ensure you’re not exploiting people for labor, even if it’s technically legal. Ethics are required for making decisions that may cost your business money at the expense of protecting human rights.
- Cultural differences and language barriers: Operating a global business requires knowing and respecting other cultures. Without understanding the areas you do business in, you could unintentionally offend someone and harm your working relationships. In the case of language barriers, this may require you to hire translators and multilingual employees to bridge the gap.
Learning More About Globalization
If you’re interested in furthering your knowledge of the global business landscape, one easy way to do so is by reading international news. Try incorporating foreign cities’ local news into your daily intake to gain perspective on the state of their economies.
Additionally, consider taking an online course like Global Business . You’ll learn how to assess macroeconomic situations; gauge the short- and long-term effects of inflation, trade, and investment; and use insightful frameworks to plan the best global strategy for your organization.
Are you interested in exploring the nuances of the international business world? Learn more about our four-week online course Global Business and other Business in Society courses. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.
About the Author
Guide to creating and executing a global strategy
Since 2003, Forbes has published the Global 2000, a list that ranks the largest public companies worldwide by the following four metrics: sales, profits, assets and market value. Studying this ranking and its associated company profiles, like which corporation is No. 1 this year, who’s new to the list, or which companies have dropped off, are a great way to start designing a successful multinational corporation.
The top 100 companies cover a wide range of sectors, including oil and gas, technology, banking and finance, automotive, telecommunications, pharmaceuticals, mining and food and beverage. The 2,000 companies in on the 2022 list come from 58 countries, but nearly three-fourths are based in just 10 countries . The U.S. and China remain the countries with the most listed companies, followed by Japan, South Korea, Canada and the United Kingdom.
All of these 2,000 companies global businesses with facilities, suppliers, employees and other assets in at least one country other than their home country. Large multinational companies (MNC) have several advantages over other companies, most of which come with just being big. Labor concerns, supply issues and regulatory problems are all easier to deal with if a company has bases in more than one country.
Affordable and reliable communication technology may be the most important factor that makes it easier for companies to operate in other countries is Consider Walmart with its 5,100 stores and 550,000 staffers in 23 countries outside the U.S. Walmart also sources its products from more than 100 different countries.
Face-to-face communication is as important for sensitive discussions or avoiding cultural faux pas in a multinational corporation as it is in a small local business. Ensuring employees and customers understand a corporation’s global strategy and their roles in its execution takes an extremely fine-tuned level of focus and understanding from the top down.
Short story about the long history of global business
Global business refers to international trade, whereas a global business is a company doing business across the world. The exchange of goods over great distances goes back a very long time.
Anthropologists have identified long-distance trading in Europe in the Stone Age. Maritime trade, or business across the seas, dates back before Greek civilization. These would not be defined as “global” trade, but they had the same goals – to reach beyond homelands and across the world to find new markets and resources.
The British East India Company, established in 1600, and the Dutch East India Company, begun in 1602, were the two earliest global companies. As government-chartered organizations, they were part-business, part-government. Their goals were two-fold; to accumulate capital, often by using natural resources and labor in the new locations, and establish colonial empires.
At the end of the 19th century, another type of global business emerged, and the multinational corporation (MNC) was born.
The first MNCs in the modern world were also searching for natural resources, locations where production was directly linked to the land. Many of today’s mining and agricultural companies date back more than 100 years and still rank among the world’s largest global companies.
In fact, Exxon Mobil Corp., No. 15 on Forbes 2000, was founded by John D. Rockefeller in 1882.
International strategies: Multiple structure options
International business organizations face choices regarding resource allocation, the balance of authority between the central office and business units and the degree to which products and services are customized to accommodate the tastes and preferences of local markets.
Every country is different, and so are the cultures, expectations and needs of the people who live there. What might work in one country could be a huge failure in another. Yet some companies are so large and their products and services so pervasive that they can succeed even if they make very few, if any, adjustments in a new country.
Usually, an MNC is a very large company possessing subsidiaries in several countries, and its organization, production and sales strategies are conceived on a global scale. M any companies choose entirely different methods and structures for their international expansion. Multinational corporations choose from these three basic strategies:
- International strategy : This is u sually the first type of international expansion for a business, focusing on imports and exports and maintaining a head office or offices in their home country. This is a common model for companies selling food or wine, or other products with regional appeal. An example of this strategy is Moet & Chandon, which sells champagne around the world, growing every grape in France.
- Multi-domestic strategy : Rather than using one global brand, multidomestic strategy creates many smaller, country-specific brands tailored to local tastes, its customers and local environment. The Swiss-owned candy company Nestle owns more than 2,000 companies including Gerber, Purina, Perrier, Lean Cuisine and Toll House. Nestle sells in over 186 countries, where each carries a selection of brands designed to match the local market.
- Global strategy : A firm using this strategy may make some minor modifications to products and services in various markets. Still, the objective is to gain economies of scale by offering the same products or services in each market. Microsoft, for example, offers the same software programs around the world but adjusts the programs to match local languages. KFC, Coke and Apple sell the same products with consistent branding in overseas markets.
- Transnational strategy: When employing a transnational strategy, the goal is to combine elements of global and multi-domestic strategies, to balance the goal of efficiency and adjusting to meet the needs of local markets. Firms using a transnational approach make some concessions for local tastes. For example, you can buy wine in addition to fast food at McDonald’s in France.
Developing an international business strategy
It’s time to expand your business. You’ve already got some feelers in international waters but aren’t entirely sure how to set things up. Global markets offer opportunities for new markets, expanded brand recognition or potential partnerships.
Before a company gets too far into a new market, it is important to step back and answer some questions that will help determine what type of business strategy makes the most sense at this stage. Here are eight steps articulated by Global Expansion, an international employment firm:
- Research your market Seek out multiple sources of information, trying to make local contacts. And don’t neglect researching the local regulatory environment.
- Decide on what you’re bringing to the market Be clear about what you are selling and how your products fit into the local market.
- Set your goals Set specific goals about market share, sales numbers, cost-efficiency and customer growth. Develop sales goals for multiple years.
- Make a note of any competition Research local competition to further understand potential markets.
- Develop the finer points of your strategy Think hard about who you’ll hire, how your business can navigate financial regulations and what an overseas market means for marketing.
- Evaluate your infrastructure Audit your current business capabilities. Examine the team needed to carry out expansion.
- Create a system for distribution Explore your options for franchising, licensing and regulatory requirements.
- Consider a partner or consultant Explore putting a management team together on the ground to help expand your operation.
Executing your international business strategy
Recognize that your global business strategy will be a living document. Initial plans and goals that take shape through focused due diligence are subject to change once you set up shop across international boundaries. Remember to be flexible.
As you move into new markets, keep these goals and visions in mind:
- Partner with someone who understands the laws and regulations in your new market.
- Explore pros and cons internally and make sure you have stakeholder buy-in.
- Get to know your international customers; learn how you have a competitive advantage.
- Become familiar and comfortable with the new culture.
- Prepare a solid global marketing plan to support international growth and strategic goals.
Learning customs, culture, values
“International” is a term that is so broad and unspecific that it can be near meaningless in establishing a growth strategy.
Business strategist Lowell Aplebaum recommends that entrepreneurs take a specific approach to creating a global strategy. It’s important to take the time to break down the regions, countries or communities that are in closest alignment to the offered service or product. Aplebaum, CEO of Vista Cova, suggests taking the time to determine how you will be able to fill a unique need in the new locale. “From there, a global growth strategy can be stepped and piloted with intent,” Aplebaum says.
When expanding into international markets, it is important for entrepreneurs to understand the cultural differences in those markets and adapt their business plans accordingly. A business that is successful in the United States, for instance, might not be successful in Nairobi because the cultural norms in those countries are very different.
Cross-cultural environments require business leaders to understand diverse cultural, political and business customs. Perhaps the most important thing to keep in mind while your business moves into new markets is culture, what we at Thunderbird call a Global Mindset .
Whether you’re an international executive or a student, developing a Global Mindset will help you thrive in global enterprises and beyond. At Thunderbird, leadership development is a fundamental aspect of our curriculum, and we help students and executives become better leaders. Here are a few of our programs geared toward future and current leaders:
- Master of Global Management
- Online Master of Applied Leadership and Management
- Executive Education programs
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What Is a Business Plan?
Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
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A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.
Key Takeaways
- A business plan is a document describing a company's business activities and how it plans to achieve its goals.
- Startup companies use business plans to get off the ground and attract outside investors.
- For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
- There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.
Investopedia / Ryan Oakley
Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.
Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."
Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.
There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.
Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.
While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.
While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.
Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.
The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.
These are some of the most common elements in many business plans:
- Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
- Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
- Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
- Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
- Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.
The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.
2 Types of Business Plans
Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.
- Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
- Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.
Why Do Business Plans Fail?
A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.
How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.
What Does a Lean Startup Business Plan Include?
The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.
Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.
A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.
Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."
U.S. Small Business Administration. " Write Your Business Plan ."
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International Business Plan Template
What is an International Business Plan?
An international business plan outlines the goals and objectives of a business that is looking to expand into international markets. It is a comprehensive document that outlines the strategy and tactics of a business that is looking to enter into the global marketplace. The international business plan is a critical component of the overall business plan and should be developed in concert with other elements of a business’s overall strategy.
What's included in this International Business Plan template?
- 3 focus areas
- 6 objectives
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the International Business Plan template for?
The International Business Plan template is designed for organizations of all sizes and industries who are looking to expand their operations and business into other countries. The template provides a comprehensive framework for businesses to establish effective international business relationships, utilize digital platforms, and recruit qualified international talent. It is a powerful tool that can help businesses develop and grow their international presence.
1. Define clear examples of your focus areas
When creating an international business plan, it is important to define the focus areas that will be addressed. Focus areas are the broad topics that the plan will address, and should be tailored to the specific needs of the business. Examples of focus areas could include establishing effective international business relationships, utilizing digital platforms, and recruiting qualified international talent.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that the business wants to achieve within each focus area. Objectives should be tailored to the business’s specific needs and should be achievable and measurable. Examples of objectives could include building an international network, developing international partnerships, creating an online presence, and strengthening online connections.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or Key Performance Indicators, are measurable targets that help to quantify the success of a project or objective. KPIs should be tailored to the specific objectives of the business and should include an initial measure, a target measure, and a unit of measure. Examples of KPIs could include increasing the number of international advisory board members, increasing the number of website visits, and increasing the number of international hires.
4. Implement related projects to achieve the KPIs
Projects are the specific actions that the business will take to achieve each objective. Projects should be tailored to the specific objectives of the business and should be achievable and measurable. Examples of projects could include creating an international advisory board, establishing strategic alliances, developing an international website, and expanding social media presence.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a powerful strategy execution platform that helps businesses quickly and effectively develop and execute their international business plans. Cascade provides businesses with the tools and insights they need to stay organized and ensure their plans are executed accurately and efficiently. With Cascade, businesses can stay on track and achieve their goals faster than ever before.
Define Global Business Plan
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Why Do Businesses Operate Internationally?
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- Risks of a Global Product Launch
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When you want to widen your business’s reach into international territories, you’ll need to put together a global or international business plan. Investors and foreign governments want to know that your business plan outlines your present reality, anticipates your future goals and communicates how and when you plan to reach your objectives.
Your global business plan works in the same way as any other business plan in that clarifies and solidifies your vision and shows that you’ve researched and prepared for your international business launch. Your plan communicates your “sales pitch” to potential investors so they understand and can analyze how you’ll make a profit. It also includes a strategy for understanding the global marketplace, foreign location operations, legal commitments and the necessary parameters to make your business work in the proposed location.
Basic Contents
In your global business plan, include a definition of the nature and scope of your business and the product or service you provide. Outline the geographic area you’ve chosen and justify why it is a good location for your business. That means you need to determine the risks and potential return on investment (ROI). Outline your company’s history and past successes to establish credibility and profile the main personnel involved in the implementation of the international business. Finally, show the numbers. Detail the startup costs, operational costs, expansion plans and the initial and ongoing investment necessary to function.
Special Topics
To give your investors an understanding of how you plan to penetrate or capture the market, point out your business’s unique selling points (USP), that is, why your product can meet the customer's need and your target consumer market. Cover your proposed locations and why they fit your business plan. The plan should specify how you plan to utilize and train a local workforce and the costs to relocate management. Identifying vendors and suppliers should be part of your overall plan. This is also where you list all licenses, permits, trademarks, patents and other legalities. Finally, indicate your break-even point--the point at which your income will equal your startup expense and after which you begin making a profit.
International Markets
According to the website More Business, “When setting up an international business, you need to be thoroughly aware of local conditions in your proposed areas of operation.” That means you’ve explored the local culture and customs and you’ve researched the political climate to make sure you can operate there safely. Determining demand is more difficult, so you need to scope out competitive products available, economic realities and viable pricing structures. On May 7, 2010, The Wall Street Journal reported that utilizing the annual World Bank “Doing Business” survey can help you determine if a country is healthy for doing business. For instance, in 2010, the World Bank rated Greece’s economy unstable. Another option is the Organization for Economic Co-operation and Development (OECD), which rated Greece 109th out of 183 countries and at the bottom of all European Union countries for doing business.
Currency and Economic Issues
A reality of international business is fluctuating currency exchange rates. Economic turmoil and unexpected market forces in your international business can reduce the value of your international market rapidly, like the Venezuelan currency devaluation in January 2010. Your plan should include thorough research into your international market’s economy, the forces that can change it and the future outlook.
- Investor Business Plan: "Global Business Plan"
- The Wall Street Journal: "The Greek Economy Explained"; May 2010
- More Business: "Tips of Formulating an International Business Plan"; May 2007
Dana Griffin has written for a number of guides, trade and travel periodicals since 1999. She has also been published in "The Branson Insider" newspaper. Griffin is a CPR/first-aid instructor trainer for the American Red Cross, owns a business and continues to write for publications. She received a Bachelor of Arts in English composition from Vanguard University.
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MBA 541 - Global Business Plan Project Resource Guide
- Phase One: Choosing a Company and Global Business Opportunity
- Phase Two: Planning the Global Enterprise
- Phase Three: Organizing Global Business Activities
- Phase Four: Implementing the Global Marketing Plan
Resource Guide Overview
Every organization conducts research to plan and implement a business idea. This resource guide is designed to help you find the resources necessary to build the foundation for an international business plan. These steps offer flexibility for many settings related to global business enterprises. The guide may be used for planning global expansion of an existing product or service or may be used to research a new foreign business opportunity. Each phase and section in this guide contains a research component or goal that will help you build your Global Business Plan for MBA 541.
The final result of your global plan may be in one of the following formats:
- a written report with supplementary tables and visuals
- an oral presentation with visuals
- a summary in a poster format or other visual display (website, video, newsletter)
For more information about this project, please refer to your online course shell. Please direct any questions about assignment expectations or requirements to your instructor. Any questions about resources or research tips presented in this guide can be directed towards Ask a Librarian.
Note about research
Keep in mind that you may not explicitly find the information for every component listed in this guide. Rather, be prepared to create data by extrapolating, inferring, estimating, and making judgments based on related and relevant information. Lastly, while research starters and recommend resources have been included under each section, many of the resources and reports can be applied across multiple steps. Be flexible with how you use and apply the information you find throughout the research process.
- Next: Phase One: Choosing a Company and Global Business Opportunity >>
- Last Updated: May 14, 2024 4:20 PM
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An international business plan acts as a framework that identifies goals and objectives, specific target markets and clients, resources required and strategies to be developed in pursuit of international business opportunities. The plan allows for the monitoring of progress via metrics against which success and failure can be measured. A comprehensive international business plan will be ...
A global business strategy is a plan that outlines how a company will expand its operations beyond its domestic market to become a global player. The primary objective of a global business strategy is to increase revenue, profitability, and market share by taking advantage of opportunities in the global market.
The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit in the current market or are ...
4. To be able to draft a global business plan from the outline and sample provided. 5. To be able to monitor and improve the business plan. Introduction. In today's highly competitive business environment, there is perhaps nothing more important than planning and, specifically, developing a business plan.
Global business plans resemble local and regional business plans in format. Global business plans differ from other business plans by serving as a company's communications vehicle for its global ...
A global business plan is a written document prepared by the entre-preneur and the team that describes all the relevant external and internal elements in going global. By describing all the relevant external and inter-nal elements involved in starting and managing a global organization, the
The global business plan serves as a strategic guide that the organization relies on to make decisions regarding key business functions as it enters an international market. The global business ...
1. Understand Macroeconomics. One benefit of studying global business is that you gain awareness of the dynamics of macroeconomics. You develop an understanding of economic metrics you can use to compare countries on a one-to-one basis and several other factors that impact a country's economic health.
What Is Globalization? Globalization is the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business. "We live in an age of globalization," says Harvard Business School Professor Forest Reinhardt, who teaches Global Business.
Global business refers to international trade, whereas a global business is a company doing business across the world. The exchange of goods over great distances goes back a very long time. Anthropologists have identified long-distance trading in Europe in the Stone Age. Maritime trade, or business across the seas, dates back before Greek ...
A global business plan is a written document prepared by the entre-preneur that describes all the relevant external and internal elements in going global. By describing all the relevant external and internal elements involved in starting and managing a global organization, the business plan integrates the functional plans (such ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
The template provides a comprehensive framework for businesses to establish effective international business relationships, utilize digital platforms, and recruit qualified international talent. It is a powerful tool that can help businesses develop and grow their international presence. 1. Define clear examples of your focus areas.
• The purpose of an international business plan is to prepare your business for entering or expanding in the international market place. • No Business Plan Survives First Contact With A Customer - Steve Blank The 5.2 billion dollar mistake.
In your global business plan, include a definition of the nature and scope of your business and the product or service you provide. Outline the geographic area you've chosen and justify why it ...
Every organization conducts research to plan and implement a business idea. This resource guide is designed to help you find the resources necessary to build the foundation for an international business plan. These steps offer flexibility for many settings related to global business enterprises.
Identifying Global Business Opportunities (23.0K) Identifying Human Resources for Global Business Activities (16.0K) Managing International Financial and Business Risks (14.0K) Measuring International Business Success (14.0K) Planning a Global Promotion_Strategy (18.0K) Product and Target Market Planning (17.0K)
Amy Gallo. People make business plans for all sorts of reasons — to attract funding, evaluate future growth, build partnerships, or guide development. Unfortunately, the vast majority of these ...
How to write a business plan in 10 steps. Now, let's dive into the 10 key elements of your business plan. 1. Create an executive summary. Even though it appears first in the plan, write your executive summary last so you can condense essential ideas from the other nine sections. For now, leave it as a placeholder.
A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines ...
The Plan will serve as step-by-step guide to lead the company through the process of exporting products and services to international markets. Definition of International business plan: Planning is essential for any business. Before venturing into international markets companies have to draft an International Business Plan as this.
In Global Business, participants will learn from real-world leaders as they analyze and debate the implications of macroeconomic indicators, public policies,...
Global business. A global business is a company that operates facilities (such as factories and distribution centres) in many countries around the world. This is different from an international business, which sells products worldwide but has facilities only in its home country.
MGO Global (NASDAQ:MGOL) stock is rocketing higher on Thursday after the lifestyle brand portfolio company announced a business combination with Heidmar.. Heidmar is a pool management company ...
Tesla shareholders on Thursday confirmed they want Elon Musk to get a massive record pay package for running Tesla for the last six years. The question now is, how much will he get going forward?
Former President Donald Trump is floating a 10% across-the-board tariff on all U.S. imports. But economists warn consumers would pay the price.
With Skydance deal talks dead, Paramount Global's co-CEOs said they remain focused on their strategic plan for the company as a standalone entity.
Global Perspectives from the International Competition Network Tech Forum. Staff in the Office of Technology. ... Adobe prominently shows the plan's "monthly" cost during enrollment, but it buries the early termination fee (ETF) and its amount, which is 50 percent of the remaining monthly payments when a consumer cancels in their first ...
Since its launch, Global has touted a luxurious interior for its A380, which is planned to have 471 seats in economy, business, and first class.
Quick take: Using AI tools at work is associated with a host of positive outcomes, from improved productivity to higher employee satisfaction. But executive urgency to incorporate AI is outpacing its use among employees. A new global survey of desk workers from the Workforce Lab at Slack, a Salesforce company, finds that two-thirds of workers have still not tried AI tools and 93% do not ...