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Yet, we often read opinions in the popular business press that the business plan is no longer relevant.
or that our current sources of revenue will continue to provide this level of income? ” You can think of a business plan as a narrative - or story - explaining (ideally in a way that will make sense to someone not intimately familiar with the nonprofit's operations) how the nonprofit will thrive given its activities, its sources of revenue, its expenses, and the inevitable changes in its internal and external environments over time.
According to Propel Nonprofits, business plan usually should have 4 components that identify: revenue sources/mix; operations costs; program costs; and capital structure.
Here is a typical outline of the format for a business plan: A business plan explains the “who/what/how/where/when” and typically will answer questions such as: “Who are the nonprofit’s “customers?
” “What is the geographic area for the nonprofit’s services?
The plan may include details about the need for the organization's services (a needs assessment) and about the likelihood that certain funding will be available (a feasibility study) or about changes to the organization's technology or staffing that will be needed in order to successfully advance its mission.
Another potential aspect of a business plan could be a "competitive analysis" describing what other entities may be providing similar services in the nonprofit's service and mission areas.
It's a "plan" after all - and the underlying assumptions may change.
If they do, then having a plan can be useful during the process of identfying adjustments that need to be made to respond to changes in the nonprofit's operating environment. A business plan prepared for a bank (to support a loan application) may be different from a busines plan that board members will use to help define their priorities in recruiting new board members.
While there is no consensus on the definition of a business model, most people use it as shorthand for the revenue model of a business; i.e. A business plan, on the other hand, must not only explain a company’s revenue model, but also its overall business strategy: how it acquires customers; how it creates valuable products and services that someone will actually pay for; its go-to-market plan, and its five-year forecast.
In order to be comprehensive, a business model must address the following four key questions: Whereas there have been many attempts at putting all this information in a tabular form, the most successful and commonly used representation is the Business Model Canvas popularized in the bestselling book titled “Business Model Generation”, first published in 2010.