Similarities & Differences Between an Alberta Business Plan & BC Business Plan

Similarities & Differences Between an Alberta Business Plan & BC Business Plan

If you are working on a business plan in Canada, it may be for Alberta or British Columbia (BC). Your Alberta business plan or BC Business Plan will be similar in many ways but, there are a few important ways in which they will differ.

Similarities At the end of the day, an Alberta Business Plan and BC business plan are just business plans. Differences in business plans usually have more to do with their purpose than the province in which they will be based. Any formal business plan, regardless where the business is to be located, will have all the key components. These include: ·

Executive Summary – This is the “elevator pitch” portion of your business plan. It is a brief but informative overview of the most important aspects of your business plan.

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Business Overview – This will be a more detailed overview of your business than the Executive Summary. This section focuses on the business concept and usually touches on the overall company structure.

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Market Research – This section covers things like the overall size of the industry, the main competitors, and the marketing plan.

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Management & Personnel – Beyond the business overview section, you will need to deep dive into the overall structure of the company and focus on the strengths of the management team.

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Financials – Arguably one of the most important aspects of the business plan, this is where you present all the financial projections. It will include things like anticipated selling price of products/services, volume of sales, anticipated expenses, and the resulting profitability before and after taxes and other accounting adjustments. It includes a detailed forecast of, at a minimum, the three core financial statements: profit and loss statement, cash flow statement, and balance sheet.

How they are laid out and what will be emphasized may vary business to business but, overall, the BC business plan or the Alberta business plan will be quite similar and include these main sections and components.

Differences Obviously, the most notable difference between an Alberta and BC Business Plan will be regarding the location. This will most strongly impact market research. The markets in these provinces vary greatly in some ways. Specific areas within each province will be quite different as well. Regardless what location your business is in, you need to understand the core market and that will vary depending on exactly where you are located.

The legal and financial implications will also vary by province. An Alberta business plan will need to consider things that a BC business plan does not and vice versa. One of the ways this is most evident is in the legal and financial – such as taxes – areas. You need to make sure you understand the specific implications of your industry and province and they are incorporated accordingly.

If you are using an Alberta Business Plan or BC business plan as part of an entrepreneurial immigration option, there will be further differences. Depending on the immigration path, each province has its own specific areas of interest or industries that receive higher favorability. If you need a business plan as part of an immigration scheme, make sure you understand the priorities of the province.

Writing a business plan, especially a formal one intended for external parties, can be a daunting task. Regardless the province, the industry, or the type of business, you may want to consider a professional business plan writer. They will be able to write your business plan with the correct audience in mind, accurately correlate market research in a way that strengthens the business plan, and write a solid, commercially appealing business plan overall.