Task 3: Business plans and models

What is a Business Plan?

A business plan is a document that details the organization’s strategy and expected financial performance for years to come. It is typically required by lending institutions, banks, and investors to prove a business has a plan for profitability.

What is a Business Model:

A business model describes how an organization creates, delivers, and captures value in economic, social, cultural, or other contexts. Business models help you develop strategies for customer acquisition, talent recruitment, key partnership alliances, and business development.

Examples of Business Models:

  • The business model of production: relates to company sales of the products/services produced
  • Advertising: to focus on creating content that people want and showcasing it to them
  • Razor and blades: focuses on products that need to be replaced often
  • Affiliate: relates to the advertising model but is mainly used online, using links that are embedded in content forms that act as advertising visuals
  • Franchise: involves companies selling the rights to their business models in exchange for some percentage of the revenues
What is meant by the term 'sustainable business model'?

A sustainable business model is what every business leader hopes to achieve: that the business will turn a profit quickly and stay afloat for the long term. A business model that prioritizes in sustainability considers all stakeholders, assesses and addresses environmental impacts, and is very clear and thorough in its reporting.

There are four key elements of a sustainable business model:
  1. It's commercially profitable
  2. It can succeed far into the future.
  3. It uses resources that it can utilize for the long term
  4. It gives back
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