Task 3: Business Plans and Models

Business Plans - The business plan is a living document pertaining to the company's future in terms of finances, operations, staff and strategies in the years to come and are commonly updated across months or years. This is important in helping a business clarify its plans and set realistic goals for the future while giving the business and it's investors a way of spotting any issues and check the progress its made since the last business plan was made. Business plans are a necessity if the business wants any financial help from the banks as they will only invest if there's a solid plan in place.

Business Models - Business models are all about profit. Essentially their purpose is to clearly lay out the businesses objectives through its product, target market and expenses to generate a surefire way to success, and this model is also vital in attracting investment, interest and talent to a business. Like a business plan, the model is a living document that needs to change with the market trends and the companies successes and failures.

What is a sustainable business model? 

A sustainable business model is a business model that doesn't just focus on fulfilling the needs of the business, but also the effects of the worlds ecosystem on the needs of the business and vice versa, including factors such as the environment, society and also the future generations and how to least affect them. A sustainable business model provides strategies for the most sustainable outcome for the world as a whole instead of only benefitting the business, an adaption of the traditional model in order to adapt to a changing social climate.

references - 

The business plan shop - Business model vs. business plan

UK Government - Write a business plan

Investopedia - business models

THRIVE - Sustainable business models