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Business Strategy

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Key Concepts

Who will benefit, mid-career professionals, general managers, consultants and investors.

What You Earn

Certificate of Completion

Boost your resume with a Certificate of Completion from HBS Online

Earn by: completing this course

Certificate of Specialization

Prove your mastery of strategy

Earn by: completing any three courses within this subject area to earn a Certificate of Specialization

Creating Value for Customers

• An Introduction to Value-Based Strategy
• Sales Success and Willingness to Pay
• Near-Customers

Featured Exercises

Adding value through complements.

• Understanding Complements
• Shifting Value
• Navigating the Frenemy Relationship
• Discerning Complements from Substitutes

Competing with Network Effects

• Understanding Network Effects
• Which Markets Will Tip
• Strategies for Underdogs
• Digital Platforms and Innovation

Creating Value for Talent

• Linking Productivity and Customer Delight
• Competing on Flexibility
• Compensation Policy

Mastering Productivity

• Measuring Productivity
• Economies of Scale
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• Good Management

Implementing Strategy

• Evolving Your Value Proposition
• Connecting Strategy, Activities, and KPIs
• Execution Challenges

How to Formulate a Successful Business Strategy

Our difference, about the professor.

Felix Oberholzer-Gee Business Strategy

Dates & eligibility.

No current course offerings for this selection.

All applicants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the course.

Learn about bringing this course to your organization .

Learner Stories

Business Strategy FAQs

What are the learning requirements in order to successfully complete the course, and how are grades assigned.

Participants in Business Strategy are eligible for a Certificate of Completion from Harvard Business School Online.

Participants are expected to fully complete all coursework in a thoughtful and timely manner. This will mean meeting each week’s course module deadlines and fully answering questions posed therein. This helps ensure your cohort proceeds through the course at a similar pace and can take full advantage of social learning opportunities. In addition to module and assignment completion, we expect participation in the social learning elements of the course by offering feedback on others’ reflections and contributing to conversations on the platform. Participants who fail to complete the course requirements will not receive a certificate and will not be eligible to retake the course.

More detailed information on course requirements will be communicated at the start of the course. No grades are assigned for Business Strategy. Participants will either be evaluated as complete or not complete.

What materials will I have access to after completing Business Strategy?

You will have access to the materials in every prior module as you progress through the program. Access to course materials and the course platform ends 60 days after the final deadline in the program.

How should I list my certificate on my resume?

Once you've earned your Certificate of Completion, list it on your resume along with the date of completion:

Harvard Business School Online Certificate in Business Strategy [Cohort Start Month and Year]

List your certificate on your LinkedIn profile under "Education" with the language from the Credential Verification page:

School: Harvard Business School Online Dates Attended: [The year you participated in the program] Degree: Other; Certificate in Business Strategy Field of Study: Leave blank Grade: "Complete" Activities and Societies: Leave blank

Description: Business Strategy is a 6-week, 30-35 hour online certificate program from Harvard Business School. Business Strategy equips professionals with a simplified framework they can immediately apply to create value for customers, employees, and suppliers while maximizing returns and an organization’s competitive edge. Participants learn to evaluate trade-offs and align, prioritize, and formulate strategic initiatives for the greatest business impact.

Related Program

CLIMB enables new and experienced leaders to ignite their careers with a combination of vital and forward-looking business skills, self-reflection, and an immersive cohort-based learning experience with a diverse global network.

Developing a Business Plan

The foundation of a successful business is a solid business plan. This comprehensive course dives into the details of developing a plan and students emerge with a first draft of a sound business plan.

What you can learn.

• Learn the key components for creating a business plan
• Identify existing customers and future customers
• Understand revenue forecasting methodologies, competitor analysis, small business finance, and how to transition from personal guarantees and credit lines to a self-financing business model
• Effectively plan, hire, and train staff with high potential
• Examine the legal aspects of organizing and managing a small business

About this course:

Spring 2024 schedule.

No meeting May 14, 2023. Enrollment limited; early enrollment advised. Internet access required. 

Enrollment limited; early enrollment advised. Internet access required. Materials required.

Summer 2024 Schedule

Enrollment limited; early enrollment advised. Internet access required.

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated March 18, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information you need to cover in a business plan sometimes isn’t quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

If you’re looking for a free downloadable business plan template to get you started, download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

Download Template

One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

View Sample Plans

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

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

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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

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Creating a Successful Business Plan

Turn your business ideas into a solid plan for financing and long-term success. This course will guide you through all the major components of writing a business plan and you'll emerge with your first draft in hand.

Details + Objectives

Course code: cbp.

Turn your business ideas into a solid plan for financing and long-term success. Committing your idea to paper in the form of a business plan not only increases your chances of obtaining financing, but also in keeping your business strategically focused. You will work through all the major components of writing a business plan and emerge with your first draft in hand. Most importantly, you will have completed the first—and most difficult—step on the path to small business success.

What you will learn

• Develop a strategy for success, starting with a detailed business plan
• Learn the role of the customer in your new business venture
• Gain an understanding of marketing and all the pieces you will need to know to succeed
• Understand the financial aspects of starting and running a business
• Learn how and where to obtain financing

How you will benefit

• Learn what you will need to know to get a successful start as an entrepreneur
• Understand how to surround yourself with the right people and tools for success
• Feel more confident as you step out on your own to achieve your dreams

How the course is taught

• Instructor-Moderated or Self-Guided online course
• 6 Weeks or 3 Months access
• 24 course hours

In this first lesson, you will meet several leading entrepreneurs and determine if you have similar passions and skill sets. You will discover that business plans are not just for funding your dream, but for guiding it along the path to success (as you choose to define it).

Now, you will start to mold your business. You will develop a vision and a mission for your enterprise. You will define and refine your product or service, and you will uncover your niche. This is the fun part of the journey—your only limitation is your imagination.

This lesson will focus on the customer. Successful companies focus not on the products and services that they offer, but on the customers that they serve—on many levels. You will learn to position your company to be customer-centric, and how to move that customer from satisfied to loyal (and perhaps even an advocate for your business).

In this lesson, you will structure your organization so it's in the best position to provide your product or service to your targeted customers. You will discover the role that change plays in your entrepreneurial evolution. Change is good—it shows that you're thinking.

This lesson explores the plan within the plan—the marketing section of your business plan. You will also discover the features and benefits of your product or service, and you will begin the ongoing task of market research. This is where you can differentiate your product or service from that of your competition.

This lesson will explore three separate areas of marketing. First, you will learn about your competitors so that you can better position yourself and discover just how solid your business ideas are. Then, you will address one of the most difficult issues of new business—pricing. Finally, you will become a SWOT agent—analyzing strengths, weaknesses, opportunities, and threats.

In this lesson, you will join a panel of outstanding marketing, public relations, and graphics experts who are also entrepreneurs and believe in the power of networking. You will explore graphic design, logos, image, public relations, and guerrilla marketing, as well as marketing in action.

This lesson tackles operations and manufacturing concerns.

This lesson takes a bird's eye view of the financial section of a business plan. You will also briefly explore the capital equipment list, the balance sheet, and break-even analysis.

In this lesson, you will discover three additional financial components of the plan. You will explore the projected income statement, cash flow, and historical financial records. Be sure to take some time to explore the Supplemental Links area (in this lesson and in all the others) for outstanding online resources.

This lesson continues the focus on money, but from a different perspective than in the previous two. You will focus on funding and financing opportunities, and by the end, you should have a better understanding of financing. You will also find out where to locate traditional, and not so traditional, sources of funding.

In the final lesson, you will end one journey while beginning another. First, you will write an outstanding executive summary. You will receive a few important document formatting tips, and you will learn what supporting documents you should add to your final business plan. You now hold all the keys to the doors along your entrepreneurial path. Journey well.

Instructors & Support

Kris Solie-Johnson

Kris Solie-Johnson, chancellor and president of the American Institute of Small Business, best-selling author, educator, speaker, and mother of three, is an energetic and passionate entrepreneur. Her books are in public libraries, high schools, colleges, and military bases both nationally and internationally. Solie-Johnson has an MBA in Venture Management from the University of St. Thomas and over 19 years of experience helping entrepreneurs reach their goals quickly through joint venture partnerships, creative marketing programs, and innovative financial options. She's dedicated to motivating and inspiring owners to achieve beyond their dreams.

Instructor Interaction: The instructor looks forward to interacting with learners in the online moderated discussion area to share their expertise and answer any questions you may have on the course content.

Requirements

Prerequisites:

There are no prerequisites to take this course.

Requirements:

Hardware Requirements:

• This course can be taken on either a PC or Mac.

Software Requirements:

• PC: Windows 8 or later.
• Mac: macOS 10.6 or later.
• Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.
• Microsoft Word or other word processing program (not included in enrollment).
• Adobe Acrobat Reader .
• Software must be installed and fully operational before the course begins.
• Email capabilities and access to a personal email account.

Instructional Material Requirements:

The instructional materials required for this course are included in enrollment and will be available online.

When can I get started?

Instructor-Moderated: A new session of each course begins each month. Please refer to the session start dates for scheduling.​ Self-Guided: Your course begins immediately after you enroll.​

How does it work?

Instructor-Moderated: Once a course session starts, two lessons will be released each week for the 6 week duration of your course. You will have access to all previously released lessons until the course ends. You will interact with the instructor through the online discussion area. There are no live sessions or online meetings with the instructor. Self-Guided: You have 3 months of access to the course. After enrolling, you can learn and complete the course at your own pace, within the allotted access period. You will have the opportunity to interact with other students in the online discussion area.

How long do I have to complete each lesson?

Instructor-Moderated: The interactive discussion area for each lesson automatically closes two weeks after each lesson is released, so you're encouraged to complete each lesson within two weeks of its release. However, you will have access to all lessons from the time they are released until the course ends.​ Self-Guided: There is no time limit to complete each lesson, other than completing all lessons within the allotted access period. Discussion areas for each lesson are open for the entire duration of the course.

What if I need an extension?

Instructor-Moderated: Students enrolled in a six-week online class benefit from a one-time, 10-day extension for each course. No further extensions can be provided beyond these 10 days.​ Self-Guided: Because this course is self-guided, no extensions will be granted after the start of your enrollment.

I can't begin to tell you how much this course has helped me. For the last 14 years, I have been shying away from writing a "Business Plan." After having everything in place, I still had not written a plan, but alas, now it's done. I just have to refine and get it to read and present professionally.

I finally have a three-dimensional package and not just a "thought."

I have a small business and thought I would take this class to start up something new. I now have the knowledge that I would need to tackle that feat. During the lesson on customers, I spider webbed an idea to make my business more customer centric. I simply offered another low overhead service to my largest client. The spider web exercise led to three large markets opening up for me. I am now projecting to gross last year's income times 4. What an investment! Thanks again for the great ideas.

My business plan has been a struggle for me; however, I knew the importance of creating my own. Since completing the class and having the printed material to refer to, I know I will have a final first draft that will be useful, inspiring, and a true picture of my company. The class has provided incredible direction to great informational websites that would have taken me endless hours to locate on my own. I'd like to thank Carol for her excellent presentation and material.

Our Business Plan was praised by our lender, who helped provide necessary funding. The Plan proved extremely helpful in ensuring that we considered all the bases before we opened.

The course brought up important professional and personal isues. It has been an extraordinary experience and one that I never would have anticipated. It has made a monumental difference in my life and marriage - giving me confidence and energy to move forward in pursuit of my vision.

The course was much more than I expected. It taught me much more than how to write a business plan. The course/instructor taught me how to think like an entrepreneur and gave me great advice on how to make my business successful. I was clueless about starting my own business before I completed this course, now I am confident and focused.

The scariest part about starting my own business was giving my two-week notice, but with all of the preparation that is shown through our plan, I think it's now going to be the most exciting part.

This was a great course and as a business owner, I had an opportunity to see how I could have approached my business differently - do more research about the business and funding.

This was a great way to open ones eyes to the realities of becoming an entrepreneur. No one should go into a new business without going through something similar to what this course has to offer. Thank you very much.

Related Courses

Preparing and Implementing a Business Plan

• 8 videos | 23m 4s
• Includes Assessment
• Earns a Badge
• Certification CPE
• Certification PMI PDU

WHAT YOU WILL LEARN

In this course.

• Playable 1.  Preparing and Implementing a Business Plan 39s FREE ACCESS
• Playable 2.  Understanding the Elements of a Business Plan 3m 5s FREE ACCESS
• Locked 3.  Developing a Business Plan 3m 2s In this video, you will learn how to recognize the steps for preparing to develop a business plan. FREE ACCESS
• Locked 4.  Conducting an Internal Analysis for a Business Plan 3m 11s During this video, you will discover how to recall the steps for conducting an internal analysis as part of business planning. FREE ACCESS
• Locked 5.  Conducting an External Analysis for a Business Plan 3m 23s Discover how to identify environmental factors to consider in an external analysis. FREE ACCESS
• Locked 6.  Conducting a SWOT Analysis for a Business Plan 3m 18s In this video, you will learn how to recognize examples of the four elements of a SWOT analysis. FREE ACCESS
• Locked 7.  Implementing Business Plans: Action Planning 3m 12s During this video, you will learn how to remember the elements of an action plan. FREE ACCESS
• Locked 8.  Implementing Business Plans: Measurement and Control 3m 16s In this video, find out how to list the activities involved in measuring and controlling implementation of a business plan. FREE ACCESS

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How to write a business plan for a training center?

Writing a business plan for a training center can be an intimidating task, especially for those just starting.

This in-depth guide is designed to help entrepreneurs like you understand how to create a comprehensive business plan so that you can approach the exercise with method and confidence.

We'll cover: why writing a training center business plan is so important - both when starting up, and when running and growing the business - what information you need to include in your plan, how it should be structured, and what tools you can use to get the job done efficiently.

Let's get started!

In this guide:

Why write a business plan for a training center?

What information is needed to create a business plan for a training center.

• What goes in the financial forecast for a training center?
• What goes in the written part of a training center business plan?
• What tool can I use to write my training center business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write a training center business plan in the first place.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for a training center is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your training center to be, you'll have to identify:

• what resources (human, equipment, and capital) are needed to get there,
• at what pace the business needs to progress to get there in time,
• and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your training center's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

Crafting a comprehensive business plan for your training center, whether you're starting up or already established, is paramount when you're seeking financing from banks or investors.

Given how fragile small businesses are, financiers will want to ensure that you have a clear roadmap in place as well as command and control of your future cash flows before entertaining the idea of funding you.

For banks, the information in your business plan will be used to assess your borrowing capacity - which is defined as the maximum amount of debt your business can afford alongside your ability to repay the loan. This evaluation helps them decide whether to extend credit to your business and under what terms (interest rate, duration, repayment options, collateral, etc.).

Similarly, investors will thoroughly review your plan to determine if their investment can yield an attractive return. They'll be looking for evidence that your training center has the potential for healthy growth, profitability, and consistent cash flow generation over time.

Now that you understand the importance of creating a business plan for your training center, let's delve into the necessary information needed to craft an effective plan.

Writing a training center business plan requires research so that you can project sales, investments and cost accurately in your financial forecast.

In this section, we cover three key pieces of information you should gather before drafting your business plan!

Carrying out market research for a training center

Carrying out market research before writing a business plan for a training center is essential to ensure that the financial projections are accurate and realistic.

Market research helps you gain insight into your target customer base, competitors, pricing strategies and other key factors which can have an impact on the commercial success of your business.

In particular, it is useful in forecasting revenue as it provides valuable data regarding potential customers’ spending habits and preferences.

You may discover that your training center could benefit from offering more remote courses, as people may be more likely to take classes from the comfort of their own homes. Additionally, market research might indicate that people might be more likely to take classes that are shorter in duration, as they may prefer a quick and effective way of learning.

This information can then be used to create more accurate financial projections which will help investors make informed decisions about investing in your training center.

Developing the sales and marketing plan for a training center

As you embark on creating your training center business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and equipment needs of a training center

As you embark on starting or expanding your training center, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is essential for ensuring your business's success.

Both the recruitment and investment plans must align with the timing and level of growth projected in your forecast, and they require appropriate funding.

The staffing costs for a training center might include wages for instructors, administrative staff, and support personnel such as janitors and IT staff. The equipment costs might include computers, projectors, and other audiovisual equipment, as well as furniture, office supplies, and other items needed to run the training center.

To create a realistic financial forecast, you also need to consider other operating expenses associated with the day-to-day running of your business, such as insurance and bookkeeping.

With all the necessary information at hand, you are ready to begin crafting your business plan and developing your financial forecast.

What goes into your training center's financial forecast?

The objective of the financial forecast of your training center's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a training center are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a training center shows how much revenue and profits your business is expected to generate in the future.

Ideally, your training center's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established training center. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your training center

The balance sheet for a training center is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your training center's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your training center's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for a training center shows how much cash the business is projected to generate or consume.

The cash flow statement is divided into 3 main areas:

• The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
• The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
• The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your training center business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan - also called a sources and uses table - is an important tool when starting a training center.

It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).

Having this table helps understand what costs are involved in setting up the training center, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).

Now that the financial forecast of a training center business plan is understood, let's focus on what goes into the written part of the plan.

The written part of a training center business plan

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of a training center business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

In your training center's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your training center, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

The second section in your training center's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your training center, you could emphasize the potential for growth. It may be situated in a region with access to a large pool of potential customers, as well as resources that could support the expansion of your business. You could also emphasize the diversity of the local economy, which could indicate a stable market for your services. Additionally, you could point out the potential for strategic partnerships with other businesses in the area, which could help to increase your reach and build a network of customers.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your training center could offer one-on-one tutoring, small group courses and online classes. The one-on-one tutoring would provide customized instruction tailored to a student's specific needs and goals. The small group courses would allow for students to work together to understand concepts more quickly, as well as build relationships with one another. Finally, the online classes would give students the chance to receive instruction from anywhere in the world, making it more convenient for those who cannot attend a physical location.

4. The market analysis

When you present your market analysis in your training center business plan, it's crucial to include detailed information about customers' demographics and segmentation, target market, competition, barriers to entry, and any relevant regulations.

The main objective of this section is to help the reader understand the size and attractiveness of the market while demonstrating your solid understanding of the industry.

Begin with the demographics and segmentation subsection, providing an overview of the addressable market for your training center, the key trends in the marketplace, and introducing different customer segments along with their preferences in terms of purchasing habits and budgets.

Next, focus on your target market, zooming in on the specific customer segments your training center aims to serve and explaining how your products and services fulfil their distinct needs.

For example, your target market might include adult professionals who are looking to gain new skills or certifications to advance their career. They may be looking to transition into a new field, or gain an edge in their current one. They are likely to be willing to invest in their education and may be looking for an intensive program that can provide quick results.

Then proceed to the competition subsection, where you introduce your main competitors and highlight what sets you apart from them.

Finally, conclude your market analysis with an overview of the key regulations applicable to your training center.

5. The strategy section

When you write the strategy section of your training center business plan, remember to cover key elements such as your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, elaborate on what makes your company stand out from competitors. This becomes especially important if you're a startup, aiming to carve a place for yourself amidst established players in the marketplace.

The pricing strategy subsection should demonstrate how you plan to maintain profitability while offering competitive prices to attract customers.

Outline your sales & marketing plan, detailing how you'll reach out to new customers and retain existing ones through loyalty programs or special offers.

For the milestones subsection, outline your company's achievements to date and your main objectives for the future, complete with specific dates to set clear expectations for progress.

Lastly, the risks and mitigants subsection should address the main risks that could affect your plan's execution. Explain the measures you've put in place to minimize these risks, assuring potential investors or lenders.

Your training center may face a variety of risks. For example, your center could face a financial risk if there is a decrease in enrollment or if the cost of materials and supplies increases. Additionally, your center might face a risk of litigation if an instructor or student is injured or if a student is unsatisfied with the quality of training.

6. The operations section

In your business plan, it's also essential to provide a detailed overview of the operations of your training center.

Start by covering your team, highlighting key roles and your recruitment plan to support the expected growth. Outline the qualifications and experience required for each role and your intended recruitment methods, whether through job boards, referrals, or headhunters.

Next, clearly state your training center's operating hours, allowing the reader to assess staffing levels adequately. Additionally, mention any plans for varying opening times during peak seasons and how you'll handle customer queries outside normal operating hours.

Then, shift your focus to the key assets and intellectual property (IP) necessary for your business. If you rely on licenses, trademarks, physical structures like equipment or property, or lease agreements, make sure to include them in this section.

You may have a variety of key assets and IP at your training center, such as proprietary learning materials and teaching methods. These could include professionally developed course materials, e-learning modules, multimedia content, and textbooks that are all unique to your center. Additionally, you might have specialized equipment such as computers, projectors, and audio visual gear that allow you to conduct training sessions in an effective and efficient manner.

Lastly, include a list of suppliers you plan to work with, detailing their services and main commercial terms, such as price, payment terms, and contract duration. Investors are interested in understanding why you've chosen specific suppliers, which may be due to higher-quality products or established relationships from previous ventures.

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of the content of a training center business plan, let's look at some of the tools you can use to create yours.

What tool should I use to write my training center's business plan?

In this section, we will be reviewing the two main options for writing a training center business plan efficiently:

• Using specialized software,
• Outsourcing the drafting to the business plan writer.

Using an online business plan software for your training center's business plan

Using online business planning software is the most efficient and modern way to create a training center business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your training center's business plan

Outsourcing your training center business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the training center business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your training center's business plan using Word or Excel?

I must advise against using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write your training center business plan. Let me explain why.

Firstly, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is highly technical and requires a strong grasp of accounting principles and financial modelling skills. It is, therefore, unlikely that anyone will fully trust your numbers unless you have both a degree in finance and accounting and significant financial modelling experience, like us at The Business Plan Shop.

Secondly, relying on spreadsheets is inefficient. While it may have been the only option in the past, technology has advanced significantly, and software can now perform these tasks much faster and with greater accuracy. With the rise of AI, software can even help us detect mistakes in forecasts and analyze the numbers for better decision-making.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Moreover, software makes it easier to compare actuals versus forecasts and maintain up-to-date forecasts to keep visibility on future cash flows, as we discussed earlier in this guide. This task is cumbersome when using spreadsheets.

Now, let's talk about the written part of your training center business plan. While it may be less error-prone, using software can bring tremendous gains in productivity. Word processors, for example, lack instructions and examples for each part of your business plan. They also won't automatically update your numbers when changes occur in your forecast, and they don't handle formatting for you.

Overall, while Word or Excel may seem viable for some entrepreneurs to create a business plan, it's by far becoming an antiquated way of doing things.

• Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
• A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for a training center. If you still have questions, do not hesitate to contact us.

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Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Business Plan Template for Training And Development

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Are you ready to take your training and development program to the next level? Look no further than ClickUp's Business Plan Template for Training and Development. This template is a game-changer for companies and entrepreneurs looking to establish or expand their training initiatives.

With ClickUp's Business Plan Template, you can:

• Clearly outline your goals, objectives, and strategies to attract investors and secure funding
• Create a comprehensive financial plan to effectively manage your training program's budget
• Streamline your planning process and collaborate with your team in one centralized location

Don't miss out on the opportunity to make your training and development program a success. Get started with ClickUp's Business Plan Template today!

Business Plan Template for Training And Development Benefits

A Business Plan Template for Training and Development can provide numerous benefits to companies and entrepreneurs:

• Clearly define training and development goals and objectives
• Develop a comprehensive strategy for implementing training programs
• Identify and allocate resources effectively to support the training initiatives
• Create a roadmap for measuring the success and impact of the training programs
• Attract investors and secure funding by showcasing a well-thought-out business plan
• Ensure alignment between training and development initiatives and overall business objectives
• Enable effective management and monitoring of training programs
• Provide a framework for continuous improvement and adaptation of training strategies
• Facilitate collaboration and communication among stakeholders involved in training and development efforts

Main Elements of Training And Development Business Plan Template

ClickUp's Business Plan Template for Training and Development is the perfect tool to help you create a comprehensive plan for your training initiatives. Here are the main elements of this template:

• Custom Statuses: Track the progress of each section of your business plan with statuses such as Complete, In Progress, Needs Revision, and To Do.
• Custom Fields: Add important details to your plan using custom fields like Reference, Approved, and Section, allowing you to categorize and organize your information.
• Custom Views: Utilize different views to gain insights into your plan, including the Topics view to focus on specific areas, the Status view to track progress, the Timeline view to visualize deadlines, the Business Plan view for an overview of all sections, and the Getting Started Guide view to easily navigate the template.

With ClickUp's Business Plan Template for Training and Development, you'll have all the tools you need to create a successful plan that will propel your training initiatives forward.

How To Use Business Plan Template for Training And Development

If you're looking to create a comprehensive business plan for training and development, the Business Plan Template in ClickUp can be a valuable tool. Follow these six steps to make the most of this template and ensure that your training and development initiatives are well-planned and successful.

1. Define your objectives

Start by clearly defining the objectives of your training and development program. Are you looking to improve employee skills, enhance leadership capabilities, or onboard new hires effectively? Identifying your objectives will help you tailor your plan to meet specific goals.

Use custom fields in ClickUp to outline and track your training and development objectives.

2. Assess your current situation

Evaluate your current training and development practices and identify areas for improvement. Look for gaps in skills, knowledge, or resources that need to be addressed. This will help you determine the specific training programs and initiatives required.

Utilize the Gantt chart in ClickUp to visualize your current situation and plan for necessary changes.

3. Identify target audience and training needs

Identify the specific audience or employees who will benefit from the training and development program. Conduct a needs analysis to determine the skills and knowledge gaps that need to be addressed for each target group. This will help you tailor your training programs to meet their specific needs.

Create tasks in ClickUp to assign training needs analysis to team members and track progress.

4. Develop a training plan

Based on the identified training needs, develop a comprehensive training plan. Outline the specific training programs, workshops, or courses that will be provided. Include details such as content, delivery methods, and timelines. Consider incorporating a mix of internal and external training resources.

Use Board view in ClickUp to create a visual representation of your training plan and track the progress of each training program.

5. Allocate resources and budget

Determine the resources and budget required to implement your training and development plan. This includes identifying trainers or facilitators, training materials, technology platforms, and any other necessary resources. Allocate a budget that covers all aspects of the training program.

Utilize custom fields in ClickUp to track resource allocation and budget for each training program.

6. Implement, evaluate, and adjust

Implement your training and development initiatives according to the plan. Monitor the progress, evaluate the effectiveness of each program, and gather feedback from participants. Use this feedback to make necessary adjustments and improvements to your training and development plan.

Set up Automations in ClickUp to schedule regular evaluations and collect feedback from participants. Use this data to continuously improve your training and development initiatives.

By following these six steps and utilizing the Business Plan Template in ClickUp, you'll be able to create a well-structured and effective plan for training and development in your organization.

Get Started with ClickUp’s Business Plan Template for Training And Development

Companies or entrepreneurs who are looking to establish or expand their training and development programs can use the ClickUp Business Plan Template for Training And Development to streamline the process and ensure all aspects are covered.

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

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

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

• Use the Topics View to break down your business plan into different sections and topics
• The Status View will help you track the progress of each section and topic, with statuses such as Complete, In Progress, Needs Revision, To Do
• The Timeline View will provide a visual representation of your training and development milestones and deadlines
• The Business Plan View will give you an overview of your entire plan, allowing you to easily navigate and make updates
• The Getting Started Guide View will provide step-by-step instructions and guidance on how to use the template effectively
• Utilize the custom fields Reference, Approved, and Section to add additional information, track approvals, and categorize different sections
• Collaborate with team members to brainstorm ideas, set goals, and develop strategies
• Monitor and analyze the progress of your business plan to ensure it aligns with your training and development objectives.
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How to Write a Martial Arts Business Plan With Examples

School Business Plan

Language School Business Plan

Music School Business Plan

Swim School Business Plan

Youth Mentoring Program Business Plan

Summer Camp Business Plan

Coaching Business Plan

After-School Program Business Plan

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Did you find what you are looking for.

Thinking of starting a school or a coaching business? Or is it about vocational school?

Well, no matter what’s your business segment in the education and training sector—you need a solid business plan to turn it into a long-term success.

This library of education and training business plan samples here can inspire and guide you as you begin to plan your business. So, don’t worry; we got you covered on that part.

Let’s learn more about these sample training and education plans, starting with their benefits.

Benefits of using an industry-specific business plan example

Believe it or not, using an industry-specific business plan example is the best and probably the quickest way of writing a business plan.

Doubt it? Hold, this may change your perception; an extended list of the benefits of using an industry-specific business plan template.

• Inspiration : Reading a business-specific template can be incredibly helpful in getting content inspiration. Furthermore, it helps you gain insights into how to present your business idea, products, vision, and mission.
• Risk-free method : You are taking a reference from a real-life, let’s say, After-school program business plan—so you know this plan has worked in the past or uses a method subscribed by experts.
• Deep market understanding : Analyzing and reading such examples can provide clarity and develop a deeper market understanding of complex industry trends and issues you may not know but relate directly to the realities of your business landscape.
• Increased credibility : A business plan developed using an example follows a standard business plan format, wisely presents your business, and provides invaluable insights into your business. There’s no question it establishes you as a credible business owner, demonstrating your deep business and market understanding.
• Realistic financial projections : Financial forecasting being a critical aspect of your plan, this real-life example can help you better understand how they project their financials—ultimately helping you set realistic projections for your business.

These were the benefits; let’s briefly discuss choosing an education or training business plan template that best suits your business niche.

Choosing an Education or Training Business Plan

This category has business plan templates for various education or tutoring businesses. With many similar business types and templates, you may not find the most suitable one through manual scrolling.

Here are the steps to consider while choosing the most suitable business plan template.

Identify your business type

Are you going to be an online coaching platform? Or a traditional school? Or a general daycare center?

Asking yourself these questions will help you identify your business type, which will help in choosing a niche-specific business plan template.

Once you identify your business type, you can choose between templates for different business segments.

Search for the template

We have an in-built search feature, so you can easily search for a business-specific template using your business name as a key term(e.g., summer camp business plan). Once you have the search results, choose the most suitable one. Simple as that.

Review the example

Look closely at the content of the sample business plan you are considering. Analyze its sections and components to identify relevant as well as unnecessary areas.

Since all the Upmetrics templates are tailored to specific business needs, there won’t be many fundamental customizations. However, a hybrid business model targeting multiple customer segments may require adjustments.

No big deal—you can view and copy sections from other business plan examples or write using AI while customizing a template.

That’s how you find and select the most suitable business plan for educational services. Still haven’t found the perfect business plan example? Here’s the next step for you.

Explore 400+ business plan examples

Discover Upmetrics’ library of 400+ sample business plans to help you write your business plan. Upmetrics is a modern and intuitive business planning app that streamlines business planning with its free templates and AI-powered features. So what are you waiting for? Download your example and draft a perfect business plan.

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Best practices for businesses considering simulation training.

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Brian Tuite is cofounder & CEO of Zenarate , a leader in developing top-performing customer-facing teams through AI Conversation Simulation.

As someone who has spent decades in the contact center industry, I’ve witnessed firsthand how new technologies have revolutionized how brands connect with customers. One development I have observed in recent years is the use of simulation training .

Full disclosure, my company provides simulation services to customer service teams in a range of industries. But this means I’ve seen when and how these training programs can be a helpful tool for learning. It can equip individuals with the skills they need to perform their jobs when real-world or field training is not an option.

Simulation training can help users learn through experience and practice without risking customer experience or wasted resources. When we’re actively involved in learning a process or procedure, rather than passively trying to retain read or verbal information, we can gain practical and useful knowledge that can be applied in real-world situations.

Let’s look closer at what can make simulation training an effective learning method, its potential use cases and what leaders should know before investing in these types of solutions.

The Best Sneakers For Arch Support According To Podiatrists

Ranked the 20 happiest countries in the world in 2024, nyt strands hints spangram and answers for wednesday march 20, why can simulation training be an effective way to learn.

1. Paced learning helps avoid information overload: The Cognitive Load Theory suggests that most of our working memory can only handle limited information. Simulation training can present information in manageable chunks to allow learners to master one skill at a time.

2. Experiential learning and repetition encourage retention: Repeating various simulation scenarios can help the brain retain information and make it easier to manage real-life situations. Simulation training is based on experiential learning, where learners “learn by doing.” As with any activity, practicing through hands-on and active involvement can benefit memory retention as well.

3. Real-world application builds confidence: One of the core advantages of simulation training is its ability to closely mimic real-world situations. For instance, when pilots use flight simulators to replicate actual flight experiences, they gain practical skills without the risks associated with flying a real aircraft. While a pilot can memorize the details of landing any plane on any runway at any airport, expertise comes from doing it repeatedly through various simulated scenarios. Practicing a craft in a realistic, risk-free environment can build confidence and prepare learners to be proficient from the start.

What are common use cases for simulation training?

1. Healthcare: Simulation training is extensively used in healthcare , as it allows medical professionals to practice procedures and respond to emergencies in a risk-free environment.

2. Aviation: The aviation industry has long used simulation-based training. Pilots can practice using simulators that replicate actual flight experiences, which helps them gain practical skills without the risks associated with real flights.

3. Banking and financial services: Some financial institutions use simulation training for onboarding and educating employees on systems and procedures to ensure they can effectively navigate and implement them.

4. Hospitality: In my experience working with clients in the hospitality industry, I’ve seen companies in this space use simulation training to prepare staff for customer service scenarios.

5. Manufacturing: As manufacturing becomes more technology-driven, some industrial firms use simulation training to train employees in equipment operation and safety procedures. This can help improve workers’ understanding of safety protocols .

What should you know when getting started?

If you’re thinking of introducing simulated training to your organization, your overall success depends on your ability to accurately simulate every aspect of your desired outcome and scenarios. If you’re new to simulation training, you must understand the potential challenges associated with introducing these solutions to your business and ensure you are armed with a plan for success.

I’ve found a common challenge businesses often face is initiating the process without a clear understanding of the deployment. Consider the number of employees requiring training, their work setup (i.e., remote, hybrid or in person) and any global dispersion with language requirements. All of this is essential for mapping out the right strategy.

The best way to roll out simulation training is to start with a focused pilot program; this allows for careful evaluation and refinement before trying to scale up. A few guiding questions to consider include:

• Are your training parameters closely aligned with the most common and challenging issues your employees face daily?

• How will you evaluate the impact and effectiveness of the simulation training?

• How will you continuously improve your training to keep pace with evolving needs and call types?

Looking forward, I expect to see a rise in immersive learning driven by improvements in natural language processing, artificial intelligence and virtual reality. This could transform how we learn, work and grow.

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United Investment-Consulting Group “Business & Innovations” Moscow – Saint-Petersburg - Tartu

Sep 16, 2014

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United Investment-Consulting Group “Business & Innovations” Moscow – Saint-Petersburg - Tartu. Your reliable business navigator in Russian and Estonian business environment. Our history. 1991 – 2008 – Independent business experience collection and training on individual practice

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• msw recycling
• business relations
• joint project
• international business enlightenment
• 2008 msw recycling plant

Presentation Transcript

United Investment-Consulting Group “Business & Innovations”Moscow – Saint-Petersburg - Tartu Your reliable business navigator in Russian and Estonian business environment

Our history • 1991 – 2008 – Independent business experience collection and training on individual practice • 2008 – First joint project in development • 2009 – Joint preparing to mutual work, team building, seeking international relations in investment market • 2010 – B&I foundation and starting new project of MSW-recycling in Murmansk and in Karelia • 2011 – Partnership agreement with Ivanov &Ko in Estonia, new business relations with Russian and Estonian innovative companies, starting the first joint project realization, starting the three new joint projects in Russia and in Estonia • 2012 – New Estonian Co foundation

Our credo • Our clients = Our partners • Our client’s business = Our business • Our competency = Our client’s competency • Our client’s success = Our success • The responsibility for the results = Our mutual responsibility

Who we are Our faces • We are the professional team of business practitioners joined by tight professional and personal friendship and working together more than 3 years. • Our skills: Economics, Finance, Strategic planning, Accounting, Legislation, Economic security, Project management, Marketing, HR-management, Trainings and Couching, Real Estate. • We know all national features and underwater reefs in the Ocean of Russian Business, we know how to avoid them and decrease the special risks. We know how to turn the shortcomings into advantages, and how to plan in unpredictable conditions.

What we do • We find out best investment opportunities in Russia and in Estonia • We develop a project and its strategy, accomplishing a Due Diligence and Business Planning • We prepare a package of documents and the project for the presentation • We seek investors and present a project for them • We conduct negotiations on behalf of project initiator • We develop the mutual acceptable conditions, prepare agreement documents and provide the signing process • We support business totally in order to assure the successful executing of business plan and interests of both parties all over the project duration • We consult top-managers on optimization of management system in HR, finance, structure, accounting, corporate culture • We perform trainings and seminars for boards of companies and independent entrepreneurs on business strategy and business planning, legislation and business promotion in Russia, CIS, Estonia and EU. • We support innovations and inventions and help to attract investments to implement them into production. And • We congratulate the participants with the success upon the finish of the project

Our approach • We regard any inquiries individually and confidentially; • We consider any project as a complicated commodity at the investment market, which should be of high quality and marketable attractive for investors; • So we do our best to prepare and develop and due diligence of the project from an idea to a state of real investment opportunity, then represent to the market in nice "packaging"; • This is hard work, so we don't do it free of charge, but our prices are comparable with the market and real possibilities of our clients; • As the any qualitative saleable goods, any project needs in the professional services, so we support it from the very start till planned success with our external management; • Thus we are responsible for the results, providing the reliability of projects, monitoring all internal and external changes, caring the secure and the interests of all participants of a project.

What we did Realized (before the B&I registration): • 2008 – MSW recycling plant in Ukraine (3 M EURO) • 2009 – Tourist Recreation-sport zone nearby Saint-Petersburg (5 M EURO) Realizing now: • MSW Recycling International Production Company in Russia (Murmansk region and Karelia) and in Estonia (20 M EURO) Preparing to realization: • The Network of Small Hydro Power Plants in Ukraine (140 M EURO) • Film studio in Estonia (5 M EURO)

Our partners • Advent UK Ltd – UK, London – the best lootsman in Financial Sea of London City; • Tallinn Technological University, Tallinn – science and technologic provider of our innovation development; • Nord-Intel Co Ltd, Murmansk – the provider of our ecologic projects in Russia and in Estonia; • Ivanov &Ko Ltd, Tartu – the legal and business supporter in Estonia • All of our clients – projects owners

What we plan • We plan to create the international Business consulting and training unit in Estonia as a center of international business enlightenment and cooperation between European and Russian entrepreneurs to draw closer their targets and knowledge and effectively use the opened opportunities of all sides • We plan to arrange strong business relations with several UK and EU investment companies and private Equity funds • We plan to create the Innovation Research Center of Science and Technology to develop the new technologies and products based on raw sources from MSW recycling plants in Estonia

We are interested in • Cooperation with reliable UK and EU companies engaged in investment market • Cooperation with Western consulting companies for joint realization of projects • Cooperation with production, construction, development, research and technology companies in Russia and in Estonia

Our contacts • Russia: B&I Inc., Reg. Cert. No 1107746459952 Tax Reg. No 7727720195 The address: 101/off.18, Yuzhnobutovskaja Str., Moscow, Russia, 117042 Email: [email protected] Tel. +7 916 994 0617 (Andrew Spesivtsev) • Estonia: Ivanov & Ko OU, Reg: 11239891 Reg. address: EE69102,Rahumäe 2a Karksi-Nuia, Eesti Office: Eesti Vabariik, Tartu linn, Vaksali 17a, 306, 50410 Email: [email protected] Tel. +3725 670 4144 (Andres Saask)

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The “Guide to Continuity of Government for State, Local, Tribal and Territorial Governments” describes the relationship between continuity of operations, continuity of government, and enduring constitutional government. The document provides guidance in the form of planning factors to assist non-federal governments achieve viable continuity capability to ensure the resilience and preservation of government in the event of an emergency.

• July 13, 2021

Executive Branch Reconstitution Concept of Operations

This Concept of Operations (CONOP) outlines the approach to reconstituting the executive branch following the occurrence of a continuity event. It defines the roles and responsibilities of the executive departments and agencies (D/As), including the key assistance roles played by the Federal Emergency Management Agency (FEMA), the General Services Administration (GSA), the Office of Personnel Management (OPM) and the National Archives and Records Administration (NARA).

• January 1, 2021

FEMA National Continuity Programs - Guide to Continuity Program Management

The “Guide to Continuity Program Management” expands on continuity program management guidance found in the Continuity Guidance Circular and Federal Continuity Directives 1 and 2. This guide provides guidance and templates to assist continuity program managers and planners to develop a multi-year strategic plan, project plans and a multi-year test, training and exercise calendar.

• October 1, 2020

Business Process Analysis and Business Impact Analysis User Guide

This document explores BPA (Business Process Analysis), a systematic process that identifies and documents the activities and tasks that are performed within an organization, and BIA (Business Impact Analysis), which provides a method of identifying and evaluating the effects of various threats and hazards and the impact they may have on the ability of an organization to perform essential functions.

• July 1, 2019

Continuity Assessment Tool

The purpose of a continuity plan and program is to ensure that an organization can perform its essential functions and provide critical services no matter the threat or hazard faced.

• May 23, 2022

Continuity Risk Toolkit

The Continuity Risk Toolkit provides general information on risk and techniques that may be used to perform risk analysis. It serves as a continuity resource for stakeholders by providing reference material, information, and guidance intended to further develop and refine risk identification and determine the potential for all-hazard risks to affect the performance of essential functions and essential supporting activities (ESAs). It supports Federal Continuity Directives (FCDs) 1 and 2, which implement the requirements Presidential Policy Directive 40 (PPD-40), National Continuity Policy, and provide guidance to executive branch departments and agencies (D/As) on validation of Mission Essential Functions (MEFs) and Primary Mission Essential Functions (PMEFs). A risk-based approach to business analysis informs decisions that sustain MEFs and PMEFs during all phases of a catastrophic emergency.

• January 31, 2018

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Table of Contents   for the audit, Audit of the Department of Fire Services

• List of Abbreviations in the Audit of the Department of Fire Services 
• Overview of Audited Entity 
• Objectives, Scope, and Methodology 
• The Department of Fire Services’ Website Is Not Fully Accessible for All Massachusetts Residents 
• The Department of Fire Services Did Not Update Its Business Continuity Plan 
• The Department of Fire Services Relies on an Information Security Incident Response Plan and Procedures That Do Not Include All Required Elements 
• The Department of Fire Services Did Not Provide Its Contractors With Cybersecurity Awareness Training 

Audit of the Department of Fire Services Objectives, Scope, and Methodology

Table of contents.

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of certain activities of the Department of Fire Services (DFS) for the period July 1, 2021 through December 31, 2022.

We conducted this performance audit in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives.

Below is a list of our audit objectives, indicating each question we intended our audit to answer; the conclusion we reached regarding each objective; and, if applicable, where each objective is discussed in the audit findings.

To achieve our audit objectives, we gained an understanding of DFS’s internal control environment related to the objectives by reviewing applicable policies and procedures and by interviewing DFS staff members and management.

We performed the following procedures to obtain sufficient, appropriate audit evidence to address the audit objectives.

Web Accessibility

To determine whether DFS’s website meets EOTSS’s Enterprise Information Technology Accessibility Policy and WCAG 2.1 for user accessibility, keyboard accessibility, navigation accessibility, language, error identification, and color accessibility, we tested a random, nonstatistical sample of 60 out of a total of 972 DFS webpages in the audit population. We performed the following procedures.

User Accessibility We determined whether the webpage could be viewed in both portrait and landscape modes. We determined whether, when zoomed in to 200%, content on the webpage was undamaged and remained readable. We determined whether, when zoomed in to 400%, content on the webpage was undamaged and in a single column. Keyboard Accessibility We determined whether all elements of the webpage could be navigated using only a keyboard. We determined whether any elements on the webpage prevented a user from moving to a different element when using only a keyboard to navigate the webpage. Navigation Accessibility We determined whether there was a search function to help users locate content. We determined whether related hyperlinks allowed users to navigate to the intended webpages. Language We determined whether words that appeared on the webpage matched the language to which the webpage was set.    We determined whether proper names were identified in PDF files included on the webpage to avoid improper translation or pronunciation errors from screen readers. Error Identification We determined whether there was text explaining why an error occurred when a user input information into an entry field. We determined whether there were examples given to assist the user in correcting mistakes (for example, a warning when entering a letter in a field meant for numbers). Color Accessibility We determined whether there was at least a 3:1 contrast in color and additional visual cues to distinguish hyperlinks, which WCAG recommends for users with colorblindness or other visual impairments.

See Finding 1 for an issue we identified with hyperlinks on DFS’s website.

IT Governance

To determine whether DFS established IT governance policies and procedures over the following areas, we performed the following procedures.

Business Continuity and Disaster Recovery To determine whether DFS’s business continuity plan met the requirements of Section 6.1.1.4 of EOTSS’s Business Continuity and Disaster Recovery Standard IS.005, we interviewed knowledgeable DFS employees and inspected DFS’s business continuity plan to ensure that it addressed the following: critical business processes, DFS’s manual and automated processes, minimum operating requirements to resume critical functions, the designation of a business continuity lead, clearly defined and communicated roles and responsibilities, assigned points of contact, and annual updates. To determine whether DFS’s disaster recovery plan met the requirements of Section 6.2.1 of EOTSS’s Business Continuity and Disaster Recovery Standard IS.005, we interviewed knowledgeable DFS employees and inspected DFS’s disaster recovery plan to ensure that it addressed the following: developing and maintaining processes for disaster recovery, identifying relevant stakeholders, conducting damage assessments of impacted IT infrastructure and applications, establishing procedures that allow employees facility access to restore data in an emergency, recovering critical agency services, implementing interim means for performing critical business processes at or above minimum service levels, and restoring service at the original site of impact without interruption. See Finding 2 for an issue we identified with DFS’s business continuity plan. Information Security Incident Response Plan and Procedures To determine whether DFS’s information security incident response plan and procedures met the requirements of Sections 6.5.1 and 6.5.2 of EOTSS’s Information Security Incident Management Standard IS.009, we interviewed knowledgeable DFS employees and requested DFS’s information security incident response plan and procedures. We learned that DFS relied on the Executive Office of Public Safety and Security for an information security incident response plan and procedures, so we inspected the Executive Office of Public Safety and Security’s information security incident response plan and procedures to determine whether they met the requirements of the aforementioned EOTSS policy. See Finding 3 for an issue we identified with DFS’s information security incident response plan and procedures. Cybersecurity Awareness Training To determine whether DFS’s cybersecurity awareness training met the requirements of Sections 6.2.3 and 6.2.4 of EOTSS’s Information Security Risk Management Standard IS.010, we performed the following procedures: We selected a random sample of 5 from a population of 10 newly hired employees and inspected their cybersecurity awareness training certificates of completion to determine whether they completed the new hire cybersecurity awareness training within 30 days of orientation. We selected a random sample of 20 out of a population of 93 employees who had been employed by DFS for more than one year and inspected their cybersecurity awareness training certificates of completion to determine whether they completed the annual refresher cybersecurity awareness training. See Finding 4 for an issue we identified with DFS’s cybersecurity awareness training.

We used nonstatistical sampling methods for testing and therefore did not project the results of our testing to any population.

Data Reliability Assessment

Web Accessibility Testing To determine the reliability of the site map spreadsheet that we received from DFS management, we interviewed knowledgeable DFS employees and checked that variable formats (e.g., dates, unique identifiers, and abbreviations) were accurate. Additionally, we ensured that none of the following issues affected the spreadsheet: abbreviation of data fields, missing data (e.g., hidden rows or columns, blank cells, and absent records), and duplicate records. We also ensured that all values in the data set corresponded with expected values. We selected a random sample of 20 uniform resource locators (URLs) 5  from the DFS site map and traced them to the corresponding webpage on DFS’s website, checking that each URL and page title matched the information on the DFS website. We also selected a random sample of 20 URLs from DFS’s website and traced the URL and page title to the site map to ensure that there was a complete and accurate population of URLs on the site map. IT Governance Testing To determine the reliability of the employee list we received from DFS management, we checked that variable formats (e.g., dates, unique identifiers, and abbreviations) were accurate. Additionally, we ensured that none of the following issues affected the list: abbreviation of data fields, missing data (e.g., hidden rows or columns, blank cells, and absent records), and duplicate records. We also ensured that all values in the data set corresponded with expected values. We selected a random sample of 20 employees from the employee list and traced their names to CTHRU, the Commonwealth’s statewide payroll open records system, to verify the list’s accuracy. We also selected a random sample of 20 employees from CTHRU and traced their names back to the employee list to ensure that we received a complete and accurate employee list from DFS.

Based on the results of the data reliability assessment procedures described above, we determined that the site map and employee list were sufficiently reliable for the purposes of our audit .

5.    A URL uniquely identifies an internet resource, such as a website.

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OpenAI is expected to release a 'materially better' GPT-5 for its chatbot mid-year, sources say

• OpenAI's main product is the popular generative AI tool ChatGPT.
• Since its last major model upgrade to GPT-4, the tool has run into performance issues.
• The next version of the model, GPT-5, is set to come out soon. It's said to be "materially better."

OpenAI is poised to release in the coming months the next version of its model for ChatGPT, the generative AI tool that kicked off the current wave of AI projects and investments.

The generative AI company helmed by Sam Altman is on track to put out GPT-5 sometime mid-year, likely during summer, according to two people familiar with the company. Some enterprise customers have recently received demos of the latest model and its related enhancements to the ChatGPT tool, another person familiar with the process said. These people, whose identities Business Insider has confirmed, asked to remain anonymous so they could speak freely.

"It's really good, like materially better," said one CEO who recently saw a version of GPT-5. OpenAI demonstrated the new model with use cases and data unique to his company, the CEO said. He said the company also alluded to other as-yet-unreleased capabilities of the model, including the ability to call AI agents being developed by OpenAI to perform tasks autonomously.

The company does not yet have a set release date for the new model, meaning current internal expectations for its release could change.

OpenAI is still training GPT-5, one of the people familiar said. After training is complete, it will be safety tested internally and further "red teamed," a process where employees and typically a selection of outsiders challenge the tool in various ways to find issues before it's made available to the public. There is no specific timeframe when safety testing needs to be completed, one of the people familiar noted, so that process could delay any release date.

Spokespeople for the company did not respond to an email requesting comment.

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Sales to enterprise customers, which pay OpenAI for an enhanced version of ChatGPT for their work, are the company's main revenue stream as it builds out its business and Altman builds his growing AI empire .

OpenAI released a year ago its last major update to ChatGPT. GPT-4 was billed as being much faster and more accurate in its responses than its previous model GPT-3. OpenAI later in 2023 released GPT-4 Turbo , part of an effort to cure an issue sometimes referred to as " laziness " because the model would sometimes refuse to answer prompts.

Large language models like those of OpenAI are trained on massive sets of data scraped from across the web to respond to user prompts in an authoritative tone that evokes human speech patterns. That tone, along with the quality of the information it provides, can degrade depending on what training data is used for updates or other changes OpenAI may make in its development and maintenance work.

Several forums on Reddit have been dedicated to complaints of GPT-4 degradation and worse outputs from ChatGPT. People inside OpenAI hope GPT-5 will be more reliable and will impress the public and enterprise customers alike, one of the people familiar said.

Much of the most crucial training data for AI models is technically owned by copyright holders . OpenAI, along with many other tech companies , have argued against updated federal rules for how LLMs access and use such material.

Are you an OpenAI employee or someone with a tip or insight to share? Contact Kali Hays at [email protected] or on the secure messaging app Signal at 949-280-0267. Reach out using a non-work device.

Contact Darius Rafieyan using a non-work device on Signal at +1-714-651-1367, or email [email protected] .

Axel Springer, Business Insider's parent company, has a global deal to allow OpenAI to train its models on its media brands' reporting.

Watch: What is ChatGPT, and should we be afraid of AI chatbots?

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