5 year strategic business plan pdf

How to Write a Five-Year Business Plan

Noah Parsons

15 min. read

Updated October 27, 2023

Learn why the traditional way of writing a five-year business plan is often a waste of time and how to use a one-page plan instead for smarter, easier strategic planning to establish your long-term vision. 

In business, it can sometimes seem hard enough to predict what’s going to happen next month, let alone three or even five years from now. But, that doesn’t mean that you shouldn’t plan for the long term. After all, your vision for the future is what gets you out of bed in the morning and motivates your team. It’s those aspirations that drive you to keep innovating and figuring out how to grow.

• What is a long-term plan?

A long-term or long-range business plan looks beyond the traditional 3-year planning window, focusing on what a business might look like 5 or even 10 years from now. A traditional 5-year business plan includes financial projections, business strategy, and roadmaps that stretch far into the future.

I’ll be honest with you, though—for most businesses, long-range business plans that stretch 5 and 10 years into the future are a waste of time. Anyone who’s seriously asking you for one doesn’t know what they’re doing and is wasting your time. Sorry if that offends some people, but it’s true.

However, there is still real value in looking at the long term. Just don’t invest the time in creating a lengthy version of your business plan with overly detailed metrics and milestones for the next five-plus years. No one knows the future and, more than likely, anything you write down now could be obsolete in the next year, next month, or even next week. 

That’s where long-term strategic planning comes in. A long-term business plan like this is different from a traditional business plan in that it’s lighter on the details and more focused on your strategic direction. It has less focus on financial forecasting and a greater focus on the big picture. 

Think of your long-term strategic plan as your aspirational vision for your business. It defines the ideal direction you’re aiming for but it’s not influencing your day-to-day or, potentially, even your monthly decision making. 

• Are long-term business plans a waste of time?

No one knows the future. We’re all just taking the information that we have available today and making our best guesses about the future. Sometimes trends in a market are pretty clear and your guesses will be well-founded. Other times, you’re trying to look around a corner and hoping that your intuition about what comes next is correct.

Now, I’m not saying that thinking about the future is a waste of time. Entrepreneurs are always thinking about the future. They have to have some degree of faith and certainty about what customers are going to want in the future. Successful entrepreneurs do actually predict the future — they know what customers are going to want and when they’re going to want it.

Entrepreneurship is unpredictable 

Successful entrepreneurs are also often wrong. They make mistakes just like the rest of us. The difference between successful entrepreneurs and everyone else is that they don’t let mistakes slow them down. They learn from mistakes, adjust and try again. And again. And again. It’s not about being right all the time; it’s about having the perseverance to keep trying until you get it right. For example, James Dyson, inventor of the iconic vacuum cleaner, tried out 5,126 prototypes of his invention before he found a design that worked.

So, if thinking about the future isn’t a waste of time, why are 5-year business plans a waste of time? They’re a waste of time because they typically follow the same format as a traditional business plan, where you are asked to project sales, expenses, and cash flow 5 and 10 years into the future. 

Let’s be real. Sales and expense projections that far into the future are just wild guesses, especially for startups and new businesses. They’re guaranteed to be wrong and can’t be used for anything. You can’t (and shouldn’t) make decisions based on these guesses. They’re just fantasy. You hope you achieve massive year-over-year growth in sales, but there’s no guarantee that’s going to happen. And, you shouldn’t make significant spending decisions today based on the hope of massive sales 10 years from now.

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• Why write a long-term business plan?

So, what is the purpose of outlining a long-term plan? Here are a few key reasons why it’s still valuable to consider the future of your business without getting bogged down by the details.

Showcase your vision for investors

First, and especially important if you are raising money from investors, is your vision. Investors will want to know not only where you plan on being in a year, but where the business will be in five years. Do you anticipate launching new products or services? Will you expand internationally? Or will you find new markets to grow into? 

Set long-term goals for your business

Second, you’ll want to establish goals for yourself and your team. What kinds of high-level sales targets do you hope to achieve? How big is your company going to get overtime? These goals can be used to motivate your team and even help in the hiring process as you get up and running.

That said, you don’t want to overinvest in fleshing out all the details of a long-range plan. You don’t need to figure out exactly how your expansion will work years from now or exactly how much you’ll spend on office supplies five years from now. That’s really just a waste of time.

Instead, for long-range planning, think in broad terms. A good planning process means that you’re constantly revising and refining your business plan. You’ll add more specifics as you go, creating a detailed plan for the next 6-12 months and a broader, vague plan for the long term.

You have a long development time

Businesses with extremely long research and development timelines do make spending decisions now based on the hope of results years from now. For example, the pharmaceutical industry and medical device industry have to make these bets all the time. The R&D required to take a concept from idea to proven product with regulatory approval can take years for these industries, so long-range planning in these cases is a must. A handful of other industries also have similar development timelines, but these are the exceptions, not the rule.

Your business is well-established and predictable 

Long-term, detailed planning can make more sense for businesses that are extremely well established and have long histories of consistent sales and expenses with predictable growth. But, even for those businesses, predictability means quite the opposite of stability. The chances that you’ll be disrupted in the marketplace by a new company, or the changing needs and desires of your customers, is extremely high. So, most likely, those long-range predictions of sales and profits are pretty useless.

• What a 5-year plan should look like

With the exception of R&D-heavy businesses, most 5-year business plans should be more like vision statements than traditional business plans. They should explain your vision for the future, but skip the details of detailed sales projections and expense budgets. 

Your vision for your business should explain the types of products and services that you hope to offer in the future and the types of customers that you hope to serve. Your plan should outline who you plan to serve now and how you plan to expand if you are successful.

This kind of future vision creates a strategic roadmap. It’s not a fully detailed plan with sales forecasts and expense budgets, but a plan for getting started and then growing over time to reach your final destination.

For example, here’s a short-form version of what a long-term plan for Nike might have looked like if one had been written in the 1960s:

Nike will start by developing high-end track shoes for elite athletes. We’ll start with a focus on the North West of the US, but expand nationally as we develop brand recognition among track and field athletes. We will use sponsored athletes to spread the word about the quality and performance of our shoes. Once we have success in the track & field market segment, we believe that we will be able to successfully expand both beyond the US market and also branch out into other sports, with an initial focus on basketball.

Leadership and brand awareness in a sport such as basketball will enable us to cross over from the athlete market into the consumer market. This will lead to significant business growth in the consumer segment and allow for expansion into additional sports, fashion, and casual markets in addition to building a strong apparel brand.

Interestingly enough, Nike (to my knowledge) never wrote out a long-range business plan. They developed their plans as they grew, building the proverbial airplane as it took off.

But, if you have this kind of vision for your business, it’s useful to articulate it. Your employees will want to know what your vision is and your investors will want to know as well. They want to know that you, as an entrepreneur, are looking beyond tomorrow and into the future months and years ahead.

• How to write a five-year business plan

Writing out your long-term vision for your business is a useful exercise. It can bring a sense of stability and solidify key performance indicators and broad milestones that drive your business. 

Developing a long-range business plan is really just an extension of your regular business planning process. A typical business plan covers the next one to three years, documenting your target market, marketing strategy, and product or service offerings for that time period. 

A five-year plan expands off of that initial strategy and discusses what your business might do in the years to come. However, as I’ve mentioned before, creating a fully detailed five-year business plan will be a waste of time. 

Here’s a quick guide to writing a business plan that looks further into the future without wasting your time:

1. Develop your one-page plan

As with all business planning, we recommend that you start with a one-page business plan. It provides a snapshot of what you’re hoping to achieve in the immediate term by outlining your core business strategy, target market, and business model.

A one-page plan is the foundation of all other planning because it’s the document that you’ll keep the most current. It’s also the easiest to update and share with business partners. You will typically highlight up to three years of revenue and profit goals as well as milestones that you hope to achieve in the near term.

Check out our guide to building your one-page plan and download a free template to get started.

2. Determine if you need a traditional business plan

Unlike a one-page business plan, a traditional business plan is more detailed and is typically written in long-form prose. A traditional business plan is usually 10-20 pages long and contains details about your product or service, summaries of the market research that you’ve conducted, and details about your competition. Read our complete guide to writing a business plan .

Companies that write traditional business plans typically have a “business plan event” where a complete business plan is required. Business plan events are usually part of the fundraising process. During fundraising, lenders and investors may ask to see a detailed plan and it’s important to be ready if that request comes up. 

But there are other good reasons to write a detailed business plan. A detailed plan forces you to think through the details of your business and how, exactly, you’re going to build your business. Detailed plans encourage you to think through your business strategy, your target market, and your competition carefully. A good business plan ensures that your strategy is complete and fleshed out, not just a collection of vague ideas.

A traditional business plan is also a good foundation for a long-term business plan and I recommend that you expand your lean business plan into a complete business plan if you intend to create plans for more than three years into the future.

3. Develop long-term goals and growth targets

As you work on your business plan, you’ll need to think about where you want to be in 5+ years. A good exercise is to envision what your business will look like. How many employees will you have? How many locations will you serve? Will you introduce new products and services? 

When you’ve envisioned where you want your business to be, it’s time to turn that vision into a set of goals that you’ll document in your business plan. Each section of your business plan will be expanded to highlight where you want to be in the future. For example, in your target market section, you will start by describing your initial target market. Then you’ll proceed to describe the markets that you hope to reach in 3-5 years.

To accompany your long-term goals, you’ll also need to establish revenue targets that you think you’ll need to meet to achieve your goals. It’s important to also think about the expenses you’re going to incur in order to grow your business. 

For long-range planning, I recommend thinking about your expenses in broad buckets such as “marketing” and “product development” without getting bogged down in too much detail. Think about what percentage of your sales you’ll spend on each of these broad buckets. For example, marketing spending might be 20% of sales. 

4. Develop a 3-5 year strategic plan

Your goals and growth targets are “what” you want to achieve. Your strategy is “how” you’re going to achieve it.

Use your business plan to document your strategy for growth. You might be expanding your product offering, expanding your market, or some combination of the two. You’ll need to think about exactly how this process will happen over the next 3-5 years. 

A good way to document your strategy is to use milestones. These are interim goals that you’ll set to mark your progress along the way to your larger goal. For example, you may have a goal to expand your business nationally from your initial regional presence. You probably won’t expand across the country all at once, though. Most likely, you’ll expand into certain regions one at a time and grow to have a national presence over time. Your strategy will be the order of the regions that you plan on expanding into and why you pick certain regions over others.

Your 3-5 year strategy may also include what’s called an “exit strategy”. This part of a business plan is often required if you’re raising money from investors. They’ll want to know how they’ll eventually get their money back. An “exit” can be the sale of your business or potentially going public. A typical exit strategy will identify potential acquirers for your business and will show that you’ve thought about how your business might be an attractive purchase.

5. Tie your long-term plan to your one-page plan

As your business grows, you can use your long-term business plan as your north star. Your guide for where you want to end up. Use those goals to steer your business in the right direction, making small course corrections as you need to. 

You’ll reflect those smaller course corrections in your one-page plan. Because it is a simple document and looks at the shorter term, it’s easier to update. The best way to do this is to set aside a small amount of time to review your plan once a month. You’ll review your financial forecast, your milestones, and your overall strategy. If things need to change, you can make those adjustments. Nothing ever goes exactly to plan, so it’s OK to make corrections as you go.

You may find that your long-term plan may also need corrections as you grow your business. You may learn things about your market that change your initial assumptions and impacts your long-range plan. This is perfectly normal. Once a quarter or so, zoom out and review your long-range plan. If you need to make corrections to your strategy and goals, that’s fine. Just keep your plan alive so that it gives you the guidance that you need over time. 

• Vision setting is the purpose of long-term planning

Part of what makes entrepreneurs special is that they have a vision. They have dreams for where they want their business to go. A 5-year business plan should be about documenting that vision for the future and how your business will capitalize on that vision.

So, if someone asks you for your 5-year business plan. Don’t scramble to put together a sales forecast and budget for 5 years from now. Your best guess today will be obsolete tomorrow. Instead, focus on your vision and communicate that. 

Explain where you think your business is going and what you think the market is going to be like 5 years from now. Explain what you think customers are going to want and where trends are headed and how you’re going to be there to sell the solution to the problems that exist in 5 and 10 years. Just skip the invented forecasts and fantasy budgets.

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.

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5 Year Business Plan Template

The following detailed overview of a five-year business plan is designed to assist your efforts in creating the structure your business requires. In the business plan template outlined below, you’ll find the essential components of every 5 year business plan template – a company overview, analyses of competitors, industry data and target market demographics. Also included are a financial plan, a marketing plan and an operations plan. The 5 year business plan will provide the strategic roadmap required for ultimate success. Let’s get your five-year business plan started.

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Five Year Business Plan Template

Executive summary.

The first step to creating a business plan is, oddly, the ending of it. An executive summary is placed in the front of the business plan; however, it cannot be completed until the fully detailed business plan is in place. At that time, it is used as a specific overview of the business plan. The executive summary allows busy executives to quickly grasp the main ideas and make informed decisions about the business concepts and plans; as such, present succinct, clear details in readable sentences that are defined and positive in tone.

Although placed in the business plan at the end of the process, the executive summary helps drive the project forward. Within the executive summary, an overview of the business, including its mission, goals, and the problem it solves will be highlighted. The competitive advantage, target market, and financial projections will be detailed, as well.

Company Overview

After the executive summary, a full company overview is added into the business plan. Include the basic information about the company, detailing the location, name, mission statement, and the legal structure for the business. Outline the jurisdiction in which the company is registered and add the names of the founders and management team. List the founders and key members of the management team again, highlighting their backgrounds, expertise, and roles within the company. Their background information adds depth of experience to that of yours and reflects well with interested lenders or investors. These facts also offer an informed decision base for those considering working for the business. Finally, the unique selling proposition and competitive advantage of the products or services produced by the business will be detailed.

Industry Analysis

In the next segment of the business plan, an industry analysis is compiled, provided as market research data and analyzed in relation to the business. The outcome of the analysis is included in the business plan. It offers a detailed look at the current state and future prospects of the industry sector, market trends, competitive targets, customer preferences and regulatory influences. The analysis within the business plan is suggestive of positive growth, flexibility, and data-driven outcomes that serve the business. The industry analysis also helps identify growth potential, possible risks, and key challenges that may lie ahead. If needed after reading the industry analysis, a business executive may choose to pivot and reposition plans to make informed choices with better outcomes.

Customer Analysis

In the customer analysis section of the business plan, the vital component of the business strategy is revealed: that of the customers who drive the profit margins. The demographics of customers is highly valuable, as the more an understanding of customers’ preferences, likes, dislikes, habits, purchasing choices, and delivery of products is understood and used in business decisions, the better and stronger the positive outcomes. With all of the input and market research data, an important, deeper understanding of the target market is gained, which enables the business to better tailor products, services and the initial marketing efforts accordingly. The market analysis is not only valuable; it is dependable.

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Competitive Analysis

At this juncture, the competitive analysis and data-driven results are obtained to round out the analyses sections of the business plan. The competitive analysis provides valuable insights into the strengths and weaknesses of key competitors operating in the same market. By evaluating and understanding the competitive landscape, businesses can identify opportunities for differentiation to gain that much-desired competitive edge over competitors. The competitive analysis should also reveal everything available about competitors, including brand reputation, customer loyalty, distribution channels and the financial resources they hold. Because the goal of the business is to capitalize on market opportunities, take note of the environment of every competitor directly in competition with the business and make changes where needed in the unique value propositions offered to customers.

Marketing Plan

Strategic marketing naturally follows the analyses of the business landscape and those who compete within it. Use tools to create a dynamic and strategic marketing plan in this section of the business plan. A strategic marketing analysis is one that utilizes every scrap of data available to form the best message for the target audience. Gathered and pressed into service, the data will inform best practices for marketing methods, and best means of sending those messages to the target audience. Marketing plans will naturally follow well-designed and specific data analysis. Use a variety of means to deliver the marketing messages, according to the strengths of the business and the consumer preferences involved. In short, your marketing strategy will encompass various elements, such as branding, advertising, digital marketing, public relations, and social media to create a cohesive and impactful marketing campaign. The ultimate objective of the marketing plan is to achieve your desired business outcomes. As it should.

Operations Plan

A business plan is not complete without a detailed operations plan. A five-year plan will typically outline the first year and then follow with successively more speculative plans for organization as the years progress; however, some facts relating to manufacturing processes will remain stable and the same throughout. These types of operations can always be included in trend discussions and help stabilize the business overall. Plan the operations functions to align the activities of the various departments or teams with broader organizational objectives. Processes and procedures are the highlights of the operations plan, along with the timelines and scheduling of the implementation of those objectives. Knowing how well the business will actually conduct business five years in the future is the perfect starting place for success right now.

Management Team

Comprised of experienced professionals, the management team is highlighted in detail as the operations plans are revealed. The present key leaders understand the collaboration and strong leadership skills needed to effectively manage and operate the entire team and they will be guided by a customer-centric approach. A detailed description of the skills of team leaders, business partners and executives, along with the relevant professional backgrounds will complete this section of the business plan. You should also detail the operational structure of the company here.

Financial Plan

In the final portion of the business plan, the financial plan is fully extended and specifically detailed to offer an informed snapshot of the health of the business in the present, as well as in the five-year period of sustained growth that is anticipated ahead. It is the overlook of the financial goals, along with the strategies and actions needed to achieve them. The five-year financial projections outlines the financial stability, growth, and long-term sustainability of the business.

The 5 year plan encompasses various key areas that are crucial for success, including revenue generation, expense management, investment strategies, risk assessment, and financial performance monitoring for the business during the years ahead. It also outlines key aspects, such as budgeting, savings, investment plans, and debt management that can adapt to changing circumstances and it maximizes the financial stability and growth projections of the five-year plan. Ultimately, the financial plan serves as a roadmap for informed decision-making and the long-term financial success that extends well beyond the five-year period under discussion.

Crafting a well-thought-out, traditional business plan is the first step in the business planning process and it is vital for any business owner. With our 5 year business plan pdf provided here, a vital and simply inviting business plan can be created for your own purposes and those potential stakeholders who will want to review them. We trust the creation of your business plan will lead to new beginnings, exciting and fulfilling directions and sustained long-term growth in successful years of business ahead.

Free PDF Business Plan Templates and Samples

By Joe Weller | September 9, 2020

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We’ve gathered the most useful collection of business plan PDF templates and samples, including options for organizations of any size and type.

On this page, you’ll find free PDF templates for a simple business plan , small business plan , startup business plan , and more.

Simple Business Plan PDF Templates

These simple business plan PDF templates are ready to use and customizable to fit the needs of any organization.

Simple Business Plan Template PDF

This template contains a traditional business plan layout to help you map out each aspect, from a company overview to sales projections and a marketing strategy. This template includes a table of contents, as well as space for financing details that startups looking for funding may need to provide. 

Download Simple Business Plan Template - PDF

Lean Business Plan Template PDF

This scannable business plan template allows you to easily identify the most important elements of your plan. Use this template to outline key details pertaining to your business and industry, product or service offerings, target customer segments (and channels to reach them), and to identify sources of revenue. There is also space to include key performance metrics and a timeline of activities. 

Download Lean Business Plan Template - PDF

Simple 30-60-90 Day Business Plan Template PDF

This template is designed to help you develop and implement a 90-day business plan by breaking it down into manageable chunks of time. Use the space provided to detail your main goals and deliverables for each timeframe, and then add the steps necessary to achieve your objectives. Assign task ownership and enter deadlines to ensure your plan stays on track every step of the way.

Download Simple 30-60-90 Day Business Plan Template

PDF | Smartsheet

One-Page Business Plan PDF Templates

The following single page business plan templates are designed to help you download your key ideas on paper, and can be used to create a pitch document to gain buy-in from partners, investors, and stakeholders.

One-Page Business Plan Template PDF

Use this one-page template to summarize each aspect of your business concept in a clear and concise manner. Define the who, what, why, and how of your idea, and use the space at the bottom to create a SWOT analysis (strengths, weaknesses, opportunities, and threats) for your business. 

Download One-Page Business Plan Template

If you’re looking for a specific type of analysis, check out our collection of SWOT templates .

One-Page Lean Business Plan PDF

This one-page business plan template employs the Lean management concept, and encourages you to focus on the key assumptions of your business idea. A Lean plan is not stagnant, so update it as goals and objectives change — the visual timeline at the bottom is ideal for detailing milestones. 

Download One-Page Lean Business Plan Template - PDF

One-Page 30-60-90 Day Business Plan Template

Use this business plan template to identify main goals and outline the necessary activities to achieve those goals in 30, 60, and 90-day increments. Easily customize this template to fit your needs while you track the status of each task and goal to keep your business plan on target. 

Download One-Page 30-60-90 Day Business Plan Template

For additional single page plans, including an example of a one-page business plan , visit " One-Page Business Plan Templates with a Quick How-To Guide ."

Small Business Plan PDF Templates

These business plan templates are useful for small businesses that want to map out a way to meet organizational objectives, including how to structure, operate, and expand their business.

Simple Small Business Plan Template PDF

A small business can use this template to outline each critical component of a business plan. There is space to provide details about product or service offerings, target audience, customer reach strategy, competitive advantage, and more. Plus, there is space at the bottom of the document to include a SWOT analysis. Once complete, you can use the template as a basis to build out a more elaborate plan. 

Download Simple Small Business Plan Template

Fill-In-the-Blank Small Business Plan Template PDF

This fill-in-the-blank template walks you through each section of a business plan. Build upon the fill-in-the-blank content provided in each section to add information about your company, business idea, market analysis, implementation plan, timeline of milestones, and much more.

Download Fill-In-the-Blank Small Business Plan Template - PDF

One-Page Small Business Plan Template PDF

Use this one-page template to create a scannable business plan that highlights the most essential parts of your organization’s strategy. Provide your business overview and management team details at the top, and then outline the target market, market size, competitive offerings, key objectives and success metrics, financial plan, and more.

Download One-Page Business Plan for Small Business - PDF

Startup Business Plan PDF Templates

Startups can use these business plan templates to check the feasibility of their idea, and articulate their vision to potential investors.

Startup Business Plan Template

Use this business plan template to organize and prepare each essential component of your startup plan. Outline key details relevant to your concept and organization, including your mission and vision statement, product or services offered, pricing structure, marketing strategy, financial plan, and more.

‌Download Startup Business Plan Template

Sample 30-60-90 Day Business Plan for Startup

Startups can use this sample 30-60-90 day plan to establish main goals and deliverables spanning a 90-day period. Customize the sample goals, deliverables, and activities provided on this template according to the needs of your business. Then, assign task owners and set due dates to help ensure your 90-day plan stays on track.

‌Download Sample 30-60-90 Day Business Plan for Startup Template 

For additional resources to create your plan, visit “ Free Startup Business Plan Templates and Examples .”

Nonprofit Business Plan PDF Templates

Use these business plan PDF templates to outline your organization’s mission, your plan to make a positive impact in your community, and the steps you will take to achieve your nonprofit’s goals.

Nonprofit Business Plan Template PDF

Use this customizable PDF template to develop a plan that details your organization’s purpose, objectives, and strategy. This template features a table of contents, with room to include your nonprofit’s mission and vision, key team and board members, program offerings, a market and industry analysis, promotional plan, financial plan, and more. This template also contains a visual timeline to display historic and future milestones.

Download Nonprofit Business Plan Template - PDF

One-Page Business Plan for Nonprofit Organization PDF 

This one-page plan serves as a good starting point for established and startup nonprofit organizations to jot down their fundamental goals and objectives. This template contains all the essential aspects of a business plan in a concise and scannable format, including the organizational overview, purpose, promotional plan, key objectives and success metrics, fundraising goals, and more.

Download One-Page Business Plan for Nonprofit Organization Template - PDF

Fill-In-the-Blank Business Plan PDF Templates

Use these fill-in-the-blank templates as a foundation for creating a comprehensive roadmap that aligns your business strategy with your marketing, sales, and financial goals.

Simple Fill-In-the-Blank Business Plan PDF

The fill-in-the-blank template contains all the vital parts of a business plan, with sample content that you can customize to fit your needs. There is room to include an executive summary, business description, market analysis, marketing plan, operations plan, financial statements, and more. 

Download Simple Fill-In-the-Blank Business Plan Template - PDF

Lean Fill-In-the-Blank Business Plan PDF

This business plan is designed with a Lean approach that encourages you to clarify and communicate your business idea in a clear and concise manner. This single page fill-in-the-blank template includes space to provide details about your management team, the problem you're solving, the solution, target customers, cost structure, and revenue streams. Use the timeline at the bottom to produce a visual illustration of key milestones. 

Download Fill-In-the-Blank Lean Business Plan Template - PDF

For additional resources, take a look at " Free Fill-In-the-Blank Business Plan Templates ."

Sample Business Plan PDF Templates

These sample business plan PDF templates can help you to develop an organized, thorough, and professional business plan.

Business Plan Sample 

This business plan example demonstrates a plan for a fictional food truck company. The sample includes all of the elements in a traditional business plan, which makes it a useful starting point for developing a plan specific to your business needs.

Download Basic Business Plan Sample - PDF

Sample Business Plan Outline Template

Use this sample outline as a starting point for your business plan. Shorten or expand the outline depending on your organization’s needs, and use it to develop a table of contents for your finalized plan.

Download Sample Business Plan Outline Template - PDF

Sample Business Financial Plan Template

Use this sample template to develop the financial portion of your business plan. The template provides space to include a financial overview, key assumptions, financial indicators, and business ratios. Complete the break-even analysis and add your financial statements to help prove the viability of your organization’s business plan.

Download Business Financial Plan Template

PDF  | Smartsheet

For more free, downloadable templates for all aspects of your business, check out “ Free Business Templates for Organizations of All Sizes .”

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5 Year Strategic Plan Template

What is a 5 Year Strategic Plan? 

A 5 Year Strategic Plan Template helps organizations to establish their long-term goals and objectives, and outlines the steps needed to achieve them over a five-year period. It is a roadmap that guides the organization in decision-making and helps to ensure that all efforts are aligned towards achieving the desired outcomes. Although it is useful for the long-term, 5 Year Strategic Plans need to be flexible and adaptable to unexpected context and market changes. This is the key to successful strategy execution.

What's included in this 5 Year Strategic Plan Template?

• 4x Focus Areas
• 12x Objectives
• 23x Projects

Who is this 5 Year Strategic Plan Template for?

This 5 Year Strategic Plan Template is suitable for leaders and teams from organizations of all sizes and industries. It is an essential tool for businesses looking to grow and succeed in today's competitive market.

How is this 5 Year Strategic Plan Template relevant to your organization?

Having a 5 Year Strategic Plan is useful to make sure the organization has a lon-term direction to achieve success. It helps to clarify the organization's vision and mission, and ensures that all efforts are aligned towards achieving its goals. What's most valuable about this 5 Year Strategic Plan Template is that it allows organizations to adapt their long-term strategy quickly to changing market conditions and stay ahead of the competition. It provides a clear and structured approach to building and executing a successful strategy, ensuring that your organization can achieve its full potential.

1. Define clear examples of your focus areas

A focus area is a particular viewpoint that groups certain requirements set out by an organization. A recommendation from the Cascade team would be to create 4-5 key focus area which you feel are most important to address when creating your 5 Year Strategic Plan Template. The next step would be to ask yourself: Why is this focus area important to me? What is the benefit of focusing on this viewpoint from a customer's perspective? And, of course, What is the monetary benefit of investing in such a focus area? This process is useful in identifying the key area which needs prioritization which in turn can become focus areas of the strategy.

For example, the focus areas in this 5 Year Strategic Plan Template are: Performance; Leadership; Employee Experience; and Finance.

2. Think about the objectives that could fall under that focus area

A strategic objective usually has to be specific and measurable to cause enough impact and effectively explain what you want to achieve.

An example objective that could fall under the focus area of Leadership could be: Unite individuals to a common goal.

3. Set yourself measurable targets (KPIs) to tackle the objective

A KPI is a key performance indicator that is measurable and evaluates the success rate of an organization in relation to the task at hand. KPIs can be very industry-specific or broad and applicable across multiple industries.

An example of a KPI in this 5 Year Strategic Plan Template associated to the objective Unite individuals to a common goal could be: Increase engagement score to 67%.

4. Implement related projects to achieve the set KPIs

Projects are ways in which the objective can be achieved, but more so, closely tie in with ways in which organizations can make sure they are working towards their KPIs.

A project example for the objective Unite individuals to a common goal could be: Instill coaching programs for dept heads and officers.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Make sure your strategy is front and center with Cascade. You can plan, execute, measure and adapt your strategy in one easy-to-use platform and make sure your strategic plan is connected to on-the-ground execution.

Use this 5 Year Strategic Plan Template and launch your strategy in Cascade; it's $0 forever.

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What is strategic planning? A 5-step guide

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

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What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include: 

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process. 

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process). 

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength? 

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement? 

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service? 

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company? 

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination. 

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals . 

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success. 

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. We recommend sharing your plan in the same tool you use to manage and track work, so you can more easily connect high-level objectives to daily work. If you don’t already, consider using a work management platform .  

A few tips to make sure your plan will be executed without a hitch: 

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively. 

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed. 

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done. 

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success. 

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively. 

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. It helps map out strategic objectives and growth metrics that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets. 

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a strategic plan vs. business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

You should create a business plan when you’re: 

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. Even if you’re working at a relatively young company, your strategic plan can build on your business plan to help you move in the right direction. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a strategic plan vs. mission and vision statements?

Your strategic plan, mission statement, and vision statements are all closely connected. In fact, during the strategic planning process, you will take inspiration from your mission and vision statements in order to build out your strategic plan.

Simply put: 

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction. 

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.” 

Vision statement: “To create pet safety and tracking products that are effortless to use.” 

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners. 

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization moves quickly). These objectives give your team a clear sense of what you intend to accomplish for a set period of time. 

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a business case?

A business case is a document to help you pitch a significant investment or initiative for your company. When you create a business case, you’re outlining why this investment is a good idea, and how this large-scale project will positively impact the business. 

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a project plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project. This project could be one of many initiatives that contribute to a specific company objective which, in turn, is one of many objectives that contribute to your strategic plan. 

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success. 

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5-Year Strategic Planning Templates: A Roadmap to Success

A 5-year strategic plan template is the backbone for any organization aiming to thrive in its market. It’s essentially a roadmap designed to guide you on a path from where you are now to where you want to be in five years, focusing on strategic planning and long-term goals .

For those seeking a straight answer: A 5-year strategic plan template often includes sections like 4 Focus Areas , 12 Objectives , 23 Projects , and 24 KPIs . It’s crafted to keep your business on track, ensuring all actions align with achieving your long-term objectives.

Strategic planning shouldn’t be overwhelming. Think of it like planning a long journey, where you outline your destination (long-term goals), the route (strategies and action plans), and how you’ll know you’re on the right path (KPIs and milestones).

Adopting a simplified, data-driven approach can significantly ease decision-making for small business owners caught up in daily tasks. It’s about setting a clear direction that aligns with your vision, mission, and long-term aspirations, while remaining adaptable to change.

Short and sweet: A 5-year strategic plan template is your ally in navigating the often tumultuous journey of business growth, making sure every step taken is a step toward success.

Understanding the Basics of a 5-Year Strategic Plan

Stepping into strategic planning can feel like gearing up for a long hike. You know the destination, but the path? That’s where a 5-year strategic plan template comes into play. It’s like your map, compass, and checklist all rolled into one. Let’s break down the essentials: the Executive Summary, Mission Statement, and SWOT Analysis.

Executive Summary

Imagine you’re at the start of a trail. Before you even take a step, you want a snapshot of what’s ahead. That’s your Executive Summary. It’s a bird’s-eye view of your journey – a brief introduction to the key points that will be detailed in your plan. It tells anyone who reads it (like investors or team members) where you’re heading and what you aim to achieve.

Mission Statement

Next up, you need to know why you’re on this hike in the first place. Your Mission Statement is your purpose. It’s a couple of sentences that explain what your company does, who it serves, and how it’s different. But it’s more than that. It’s your rallying cry. It inspires and provides a clear focus, ensuring everyone’s moving in the same direction.

SWOT Analysis

Before setting off, you’d check your gear, right? A SWOT Analysis does just that for your business. It stands for Strengths, Weaknesses, Opportunities, and Threats. This part of your plan is about taking stock of what you have (strengths), what you might be lacking (weaknesses), the good paths available to you (opportunities), and the bears you might encounter on the way (threats). It’s about being honest and prepared.

By understanding these basics, you’re ready to start drafting your plan. Think of a 5-year strategic plan template as the framework for your business’s future. It helps you not only to envision where you want to go but also to outline the steps needed to get there. The key to a successful strategic plan is not just in the dreaming but in the doing.

We’ll dive into setting clear and achievable goals, which are like the milestones you aim to reach on your hike. These will guide you, keep you focused, and show you’re on the right path. Let’s take that next step.

Setting Clear and Achievable Goals

When it comes to creating a 5-year strategic plan , setting clear and achievable goals is like plotting the course on a map before embarking on a journey. These goals act as beacons of light, guiding your organization through the fog of daily operations towards long-term success. Let’s break down how to set these goals effectively.

Broad Goals

Start with broad goals. These are your big-picture visions, the overarching outcomes you want your organization to achieve in the next five years. For example, a broad goal might be to “double the company’s revenue” or “expand operations into three new countries.” These goals are ambitious and set the direction for your strategic plan.

Action Items

Next, break down each broad goal into specific action items. These are the steps you need to take to make your broad goals a reality. If your goal is to double the company’s revenue, an action item might be to “launch two new products each year” or “increase the marketing budget by 20%.” Action items make your goals more tangible and actionable.

Milestones are key achievements along the way to reaching your broad goals. They help you track progress and keep your team motivated. For example, a milestone for expanding operations might be “signing a lease for a new office space” or “hiring a country manager for the new market.” Milestones should be specific, measurable, achievable, relevant, and time-bound (SMART).

Remember , while setting these goals, it’s crucial to keep them flexible. The business landscape can change rapidly, and your goals may need to adjust in response. A 5-year strategic plan template can help you structure these elements effectively, but always be prepared to pivot as needed.

To illustrate, let’s look at a case study from the research. A company set a broad goal to “become the number one provider in their industry.” Their action items included “increasing R&D spending” and “partnering with leading technology firms.” Milestones were set for each quarter, such as “release version 2.0 of the product” and “achieve 25% market share.” This structured approach helped them not only to envision their goal but to map out the path to achieve it.

In summary, setting clear and achievable goals within your 5-year strategic plan involves:

• Identifying broad goals to set the direction of your strategic efforts.
• Defining action items to break down these broad goals into manageable steps.
• Establishing milestones to track progress and maintain momentum .

By focusing on these elements, your organization can move forward with confidence, knowing that each step is a calculated move towards long-term success. We’ll explore how conducting a comprehensive market analysis plays a crucial role in shaping these goals and ensuring they align with the realities of your industry.

Conducting a Comprehensive Market Analysis

When creating a 5-year strategic plan , understanding the market is like having a map in a treasure hunt. It guides you through unknown territories, helping you make informed decisions. Let’s dive into how to conduct a thorough market analysis, covering industry analysis, competitor analysis, and understanding your target audience.

Industry Analysis

Start by examining the big picture of your industry. Look for trends, such as new technologies, changes in consumer behavior, or regulatory shifts. For instance, if you’re in the tech industry, how is AI expected to change the landscape? This step is crucial because it helps you see where the industry is headed and how you can position your company to ride the wave of change rather than being left behind.

• Key Tip: Use reports from credible sources to back up your analysis. This not only adds weight to your strategic plan but also helps you spot opportunities for growth.

Competitor Analysis

Knowing who you’re up against is half the battle won. Identify your main competitors and analyze their strengths and weaknesses. What are they doing well? Where are they falling short? This information is gold because it shows you where you can outperform them.

• Example: If your competitors are weak in customer service, that’s an area where you can shine and differentiate yourself.

Your competitors are not just the other businesses offering similar products or services. They also include any alternative solutions your potential customers might consider.

• Actionable Insight: Dive into your competitors’ marketing strategies. How are they reaching their audience? What can you learn from their approach?

Target Audience

Understanding your target audience is like knowing exactly where the treasure is on the map. Who are they? What do they need or want that they’re not getting? This step is about getting into the minds of your potential customers.

• Strategy: Create detailed buyer personas. Include demographics, interests, pain points, and purchasing behavior. This will help you tailor your marketing and product development efforts to meet their needs.
• Real-Life Application: Conduct surveys or focus groups to get direct feedback from your target audience. This information can be incredibly valuable in refining your strategy.

Putting It All Together

By conducting a comprehensive market analysis, you not only understand the current landscape but can also predict future trends. This insight enables you to develop strategies that are proactive rather than reactive, ensuring your business not only survives but thrives in the coming years.

• Next Steps: Use the insights from your market analysis to refine your goals and strategies in your 5-year strategic plan template . This will ensure your plan is grounded in reality and poised for success.

We’ll delve into how to translate these market insights into financial planning and projections, ensuring your strategic plan is not only visionary but also viable .

The goal of your market analysis is to equip you with the knowledge to make informed decisions, helping you navigate the complexities of your industry with confidence.

Financial Planning and Projections

When it comes to crafting a 5-year strategic plan template , understanding the financial landscape of your company is crucial. This section will guide you through company finances, financial projections, and budgeting, turning complex concepts into easy-to-understand steps.

Company Finances

First things first, take a snapshot of where your company stands financially. This includes looking at your current assets, liabilities, revenue streams, and expenses. Think of it as taking a financial selfie. This picture helps you know where you’re starting from, so you can plan where you want to go.

Financial Projections

Next, let’s talk about forecasting. Imagine you’re a weather forecaster, but instead of predicting rain or sunshine, you’re predicting sales, profits, and cash flow. Use your market analysis to guide these predictions. If the market is growing, you might forecast an increase in sales. But remember, the future is uncertain. It’s like predicting weather changes; you need to prepare for unexpected storms. Include best-case, worst-case, and most likely scenarios in your projections.

• Income Statements : Predict your revenue and expenses, showing how much you expect to make and spend.
• Balance Sheets : Forecast what your company’s assets and liabilities will look like.
• Cash Flow Statements : Estimate how cash is expected to flow in and out of your business.
• Capital Expenditure Budgets : Plan for major purchases or investments in your business.

Budgeting is like planning a road trip. You know your destination (your financial goals), and now you need to plan the route (your budget). Allocate resources where they’re needed most to reach your goals. This might mean setting aside money for marketing to grow sales or investing in new equipment to increase production capacity.

• Prioritize : Not all expenses are created equal. Focus on what will drive growth and help you reach your 5-year goals.
• Flexibility : Like any good road trip, sometimes you need to take a detour. Your budget should be flexible enough to adjust to unexpected changes or opportunities.
• Monitoring : Keep an eye on your spending. Regular check-ins will help you stay on track and adjust as needed.

The goal is to make your 5-year strategic plan template not just a document, but a living, breathing guide that helps you navigate the financial future of your business . By understanding your current financial situation, making informed projections, and budgeting wisely, you’ll set your business up for success.

As we look ahead, implementing and monitoring your plan will be key to staying on course. Let’s explore how to bring your strategic plan to life and ensure it delivers the results you’re aiming for.

Developing Effective Strategies and Action Plans

Moving from financial planning to action, it’s crucial to develop strategies and action plans that align with your goals. A 5-year strategic plan template is not just about setting goals; it’s about breaking them down into actionable steps. Here’s how to make it work:

Goals and Objectives

Start by defining clear and specific goals. Your goals should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.

For instance, if your goal is to increase revenue by 30% over the next five years , make it measurable by setting yearly targets. This could look like a 5% increase in year one, 7% in year two, and so on.

Strategies are your game plan for achieving your goals. For each goal, ask yourself: How are we going to achieve this?

If we take the revenue increase goal, one strategy might be to expand your market reach by entering two new markets in the next three years . Another could be to launch three new products .

Action Plan

This is where the rubber meets the road. For each strategy, you need a detailed action plan outlining:

• What needs to be done.
• Who is responsible.
• When it needs to be completed.

Using our example, if your strategy involves entering new markets, your action plan might include steps like market research, product adaptation to meet local needs, and building a local marketing team.

Performance Indicators

You need a way to measure progress towards your goals. This is where Key Performance Indicators (KPIs) come in. For each goal, identify KPIs that will tell you whether you’re on track.

For increasing revenue, KPIs could include monthly sales growth , new customer acquisition rates , and market penetration rates in new markets.

By setting these indicators, you can monitor progress and make adjustments as needed. Flexibility is key; your plan should evolve based on what the KPIs tell you.

Implementing and monitoring your plan is an ongoing process. A 5-year strategic plan template serves as a roadmap, but it’s the execution that will drive your business forward. By developing solid strategies and action plans, and watching your progress through KPIs, you’ll be well-equipped to navigate the challenges and opportunities the next five years will bring.

In the next section, we’ll delve into the best practices for implementing and monitoring your strategic plan, ensuring it remains a dynamic tool that propels your business towards its long-term objectives.

Implementing and Monitoring Your Plan

After crafting your 5-year strategic plan , the real journey begins with its implementation and continuous monitoring. This phase is crucial for turning your strategic visions into tangible results. Let’s break down the tools and approaches that can help you stay on track.

Key Performance Indicators (KPIs)

KPIs are your compass in the vast sea of business operations. They are measurable values that demonstrate how effectively your company is achieving key business objectives. For instance, if one of your goals is to improve customer satisfaction, a relevant KPI could be the Net Promoter Score (NPS), which measures customer experience and predicts business growth.

Select KPIs that align closely with your strategic goals. This alignment ensures that every team member understands what success looks like and focuses their efforts on activities that drive the business forward.

Strategic Plan Template

A 5-year strategic plan template is not just a document; it’s a framework that organizes your strategic thoughts and goals. It helps ensure that nothing is overlooked and that your plan is comprehensive. The template should cover all essential aspects of your strategy, from the executive summary to financial projections and everything in between.

When implementing your plan, use the template as a checklist to ensure all strategic elements are being addressed and integrated into daily operations. This approach keeps your team aligned and focused on the long-term objectives.

Cascade Strategy Execution Platform

The Cascade Strategy Execution Platform is a powerful tool for bringing your strategic plan to life. It allows you to plan, execute, measure, and adapt your strategy in one integrated platform. With Cascade, you can:

• Break down your strategic goals into actionable projects and tasks.
• Assign responsibilities and deadlines to ensure accountability.
• Track progress in real-time, allowing for quick adjustments to stay on course.

This platform is especially useful for maintaining flexibility and adaptability in your strategy, which is essential for navigating the unpredictable business landscape.

Project Manager Software

Project Manager is an online project management software that complements your strategic plan by connecting teams and facilitating the planning, management, and tracking of your strategic initiatives in real-time. Key features include:

• Real-Time Dashboards : Monitor time, cost, and more, providing instant visibility into the health of your projects.
• Multiple Project Views : Whether it’s a Gantt chart for managers or a kanban board for team members, everyone can work from a single source of truth, ensuring alignment across departments.

By leveraging Project Manager, you can ensure that your strategic plan is not just a static document but a living, breathing entity that evolves with your business.

In Practice

Imagine your goal is to increase market share by 10% over the next five years. Your KPI might be monthly sales growth. Using the Cascade platform, you could set up a project aimed at expanding into new markets, with specific tasks like market research and partnership development. Project Manager can then be used to track these tasks, with real-time dashboards showing progress towards your sales growth KPI.

Implementing and monitoring your 5-year strategic plan is an ongoing effort that requires the right mix of tools, discipline, and flexibility. By setting clear KPIs, utilizing a comprehensive strategic plan template, and leveraging platforms like Cascade and Project Manager, you’ll be well-equipped to execute your strategy effectively and adjust as needed to meet your long-term objectives.

The 5 Year Strategic Plan template we discussed in this post works perfectly with a strategic plan process . As we move into the next section, we’ll answer some frequently asked questions about 5-year strategic plans, providing further insights to help you navigate this complex but rewarding process. F

Frequently Asked Questions about 5-Year Strategic Plans

Let’s dive into some common questions you might have about crafting a 5-year strategic plan. These answers will help clarify the process and highlight the plan’s value for your organization.

What is the importance of flexibility in a 5-year strategic plan?

Think of a 5-year strategic plan like a road trip. You know your destination, but sometimes roads are closed, and weather can be unpredictable. Flexibility ensures you can take a detour without losing sight of your destination.

Flexibility in your plan allows you to adapt to changes in the market, technology, or your industry. It’s like having an updated map that shows new roads and obstacles. This adaptability is crucial because it allows your organization to stay relevant and competitive, even when unexpected changes occur.

How can a 5-year strategic plan impact hiring and training decisions?

A well-crafted 5-year strategic plan acts as a guide for your organization’s growth, including your team. It helps you anticipate the skills and roles you will need in the future, aligning your hiring and training strategies with your long-term goals.

For example, if your plan includes expanding into new markets, you might need to hire employees with specific language skills or market knowledge. Similarly, if adopting new technologies is a part of your strategy, training your current team to be proficient in these technologies becomes a priority.

By aligning hiring and training with your strategic goals, you ensure that your team is capable and ready to support your organization’s growth and success.

What role does market analysis play in a 5-year strategic plan?

Market analysis is like the compass for your strategic plan. It helps you understand where you are, where you need to go, and what challenges you might face along the way.

Conducting a comprehensive market analysis provides insights into trends, customer needs, and the competitive landscape. This information is crucial for making informed decisions and setting realistic goals. It helps you identify new opportunities for growth and areas where you might face stiff competition.

By understanding the market, you can tailor your strategies to leverage strengths, address weaknesses, and capitalize on opportunities. This ensures that your 5-year strategic plan is not just a document but a living strategy that guides your organization towards long-term success.

As we continue to explore the intricacies of strategic planning, a 5-year strategic plan template is a tool to guide your journey, not a set of shackles. It’s about setting a direction, being prepared to adapt, and making informed decisions that drive your organization forward. With flexibility, strategic hiring and training, and thorough market analysis at the core of your planning process, you’re well on your way to creating a roadmap to success.

At Profit Leap, we understand the journey towards long-term success isn’t always straightforward. That’s why we emphasize the power of a well-crafted 5-year strategic plan template . It’s more than just a document; it’s a living roadmap that adapts, evolves, and grows with your organization.

Our approach is grounded in the belief that strategic planning should be accessible, understandable, and actionable for businesses of all sizes. We strip away the complexity, focusing on clear, actionable steps that lead to measurable outcomes. Our templates and tools are designed to help you navigate the future with confidence, making it easier to adjust your sails when the wind changes direction.

The ultimate goal of any strategic plan is not to predict the future with perfect accuracy but to equip your organization with the agility to respond to changes, seize opportunities, and mitigate challenges. With a 5-year strategic plan template from Profit Leap, you’re not just planning for the future; you’re actively shaping it.

We invite you to explore our services and discover how we can help you create a strategic plan that aligns with your vision, mission, and goals. Together, we can build a roadmap to success that reflects the unique needs and aspirations of your organization. Let’s embark on this journey together, with a clear vision of the future and the tools to make it a reality.

Your strategic plan is more than a document—it’s the blueprint for your future. Let Profit Leap help you craft a 5-year strategic plan that drives growth, fosters innovation, and propels your organization towards its long-term goals.

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Five-Year Strategic Plan

A five year strategic plan is a business document that provides a presentation of the desired progress of the company for a period of five years. It includes the specification of the business’s current condition, the goals that the business would like to achieve for particular time periods, and the strategic action plans and tactics that must be executed and incorporated in the operations for the business to get its goals.

• 9+ Hospital Strategic Plan Examples
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When it comes to successfully reaching corporate milestones, a five-year strategic plan is a powerful tool that can help your business as it focuses on long-term goals while ensuring that existing issues and short-term objectives will also be looked into.

Just like any strategic plan, it is of utmost importance for a five-year strategic plan to be a comprehensive discussion of relevant information that are based on facts, existing conditions, previous plan results, and other firsthand data. If you want to present your five-year strategic plan in a formal and well-structured manner, you may browse through our five-year strategic plan examples in PDF and download any of them for your reference.

Final Five-Year Strategic Plan Example

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Standard Five-Year Strategic Plan Example

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Campus Farm Five-Year Strategic Plan

What Makes a Five-Year Strategic Plan Important and Necessary?

If you want your business to run its operations for a long period of time, you have to properly prepare your action plans. It is important for you to have a vision for the business so that your growth and development through time can be assessed. You may also see sales strategic plan examples .

Here are some of the reasons why a five-year strategic plan is considered as an important and necessary document that businesses must have:

1. A five-year strategic plan is an essential document that your business needs for it to run smoothly. Having this document can help you focus with the potential results of the operations that you would like to achieve and the ways on how you can get the business condition to where you would like it to be. With this, you can generate relevant outcomes without wasting the resources of the business. You may also like strategic planning checklist examples .

2. A five-year strategic plan can set the thin line between being busy and being proactive and productive. If you will have this document at hand, it will be easier for you to direct the workforce with what they will do. More so, you can provide them an idea with regards what is expected from them and the ways on how their deliverable can affect the sustainability and profitability of the business. You may also check out personal strategic plans examples .

3. A five-year strategic plan gives the company a realistic approach on how things must be handled.

To come up with this document, the current condition of the business is first assessed. Hence, an analysis of its strengths and weaknesses can be done, which is a great way to create changes to the operations especially on areas that hinder the business from growing. A detailed SWOT analysis is also essential to be included in the processes of developing a five-year strategic plan for the document to be multifaceted.

Five-Year Strategic Plan Example

Five-Year IT Strategic Plan Example

Comprehensive Five-Year Strategic Plan Example

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What Is in a Basic Five-Year Strategic Plan?

Just like when creating a social media strategic plan , developing a five-year strategic plan also varies from one company to another. Depending on the scope of your business operations and the kind or nature of processes where your company is involved in, there are different things that can be included in a five-year strategic plan. However, there are simple and common information that are typically seen in a basic five-year strategic plan.

If you want to have your own five-year strategic plan now, here are some of the important details that you can include the document:

1. Create an executive summary that can help you summarize or briefly present an overview of the entire five-year strategic plan. Your executive summary must contain the concept and model in which the five-year strategic plan is based on. It is important for you to discuss the focus points that can greatly impact the potential success of the document’s usage.

2. Have a list of the objectives of the document’s creation and usage. You need to present the strategic goals and other things that you would like to accomplish. This can set a precise and concise direction where the business will go and the steps that each business stakeholders must follow.

3. Guide your target audience about the goal that you would like to achieve. Have vision and mission statements that are aligned with one another so you can easily showcase the condition where you would like the business to be at and the ways on how the stakeholders can be impacted by your plans for improvement.

4. As specified above, make sure that you will present a SWOT analysis in your five-year strategic plan. You have to make the stakeholders be secured that your plans have a strong foundation. Internal and external studies and researches are essential in the process of making call-to-actions and strategies as you have to look into all the factors and elements that you must be prepared for within the actual implementation of the five-year strategic plan.

5. Include different sheets and presentations that can showcase different areas of the business. You can have a financial analysis, resource allocation presentation, and other supporting documents that can validate the necessity of using the five-year strategic plan that you have created. You may also see security strategic plan examples .

6. Establish KPIs. Key performance indicators are very important when making a five-year strategic plan as they set the measure in which the document and its effects to the business will be evaluated.

The assessment of development and actual results through the usage of the five-year strategic plan must be updated within specific time frames as these can serve as future references whenever there is a need to create a new plan for the business. You may also like marketing strategy plan examples .

Detailed Five-Year Strategic Plan Example

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Simple Five-Year Strategic Plan Example

Updated Five-Year Strategic Plan Example

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Basic Five-Year Strategic Plan Example

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Tips and Guides to Help You Make an Efficient and Attainable Five-Year Strategic Plan

The usage of a five-year strategic plan can make business areas more linked with one another. It can also present a platform where stakeholders can communicate with one another to present their recommendations for the business’s future growth. As a great tool for business planning, you have to make sure that you will effectively create a five-year strategic plan. You may also see one-page strategic plan examples .

A few of the tips and guides that you can follow if you need help in making a five-year strategic plan include the following:

1. Use a five-year strategic plan template when creating the document. Though it is not always needed, it will help you a lot if you already have a guide on how to format your desired five-year strategic plan. Always remember that an organized document can be easier to understand, which can lessen the presence of confusing or misleading information. You may also like  procurement strategy plan examples .

2. Have different kinds of strategies and action plans. Create sales strategy plans , marketing action plans, partnership tactics, and other activities and programs that can specifically target the needs of the business for improvement, growth, and development. Ensure that you will use subheadings and clause titles that can separate the discussions within the five-year strategic plan from one another.

3. Always know the factors and elements that you will be working with and preparing for. You have to keep in mind that it is not only the things that the business can control that must be included in a five-year strategic plan.

You also have to think of external factors like the trends in the marketplace, the movement and activities of your target market, the shifts in the industry where the business belongs, as well as the new offers and other updates from the competitors of your company. You may also check out community strategic plan examples .

4. Be realistic when looking into the condition of the business and the plans that you would like to plot and execute. This can help the document’s usage become more realistic and measurable.

Aside from the items listed above, don’t skip looking into the downloadable examples of five-year strategic plans that we have prepared for you. Try to create your five-year strategic plan draft now and make sure that you will review and evaluate the document before using it in the business’s actual operations.

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Free 5-year plan template to organize the planning process

As a business leader, you know the decisions you make today can shape the future of the company. If you want to control that trajectory, a 5-year plan template can be a useful tool. The right template helps you organize ideas, analyze data, and prioritize the goals you want to achieve — that way, you can create a framework that informs strategic decisions and guides your company toward its ultimate growth goals.

In this article, we’ll explore the parts of a 5-year plan template and discuss how to use it in your business. Then, we’ll dive into the ways you can integrate a 5-year plan into the monday.com Work OS to create a more efficient and powerful workflow.

Get the template

What is a 5-year plan template?

A 5-year plan template is a model document that helps you map out company goals and strategies for the next 5 years. Many templates contain a variety of common sections that you can edit to reflect the goals and needs of your business:

• Executive summary: Top-level overview of your objectives and strategies
• Business description:  Mission statement, description of your products and services, and an introduction to your management or leadership team
• Market analysis: Data about your industry and target audience, trends, opportunities, and competitors
• Financial information: Historical revenue, expense data, and financial projections
• Plans and objectives: Goes into detail about your short and long-term goals and sets company priorities, discusses the goals you want to achieve, and explains the strategies and methods you’ll use

The right structure for your 5-year plan template depends on your company’s specific goals. If you’re going after investors, for example, a traditional structure can help you meet expectations. If the plan is mostly for internal use, you can be more flexible and still reap the benefits of the template.

Why use a 5-year plan template?

A 5-year business plan provides a structure to help you think strategically about your company’s plans for the next few years. Use the preexisting headers to guide your discussions and spark new ideas; you can also add new sections to tailor the content to your business. When it’s time to write, the template helps you organize ideas and format them into a usable document that can provide a slew of benefits for your business.

Guide business decisions

A 5-year plan clarifies your company’s priorities, creating a set of strategic objectives that serves as a reference point when it’s time to make decisions or evaluate opportunities. If your priority is to build brand awareness among Gen Z customers, for example, you might jump at the chance to establish a presence on the hottest new social media platform. If you’re laser-focused on building the best management team in the industry, however, it would be easy to see that your resources are better spent elsewhere.

In addition to serving as a guidepost for major strategic initiatives, your 5-year plan can inform business decisions of all sizes. Look to it when you’re:

• Making a budget
• Assessing the organizational structure
• Designing a marketing plan
• Adding or removing products and services
• Writing business policies
• Setting up a technology infrastructure

Enable strategic hiring and training

A solid 5-year plan makes it easier to anticipate upcoming personnel needs, so you can make strategic hiring decisions. If you have limited resources, the plan can also help you figure out which tasks require a full-time employee and which ones you can outsource.

Are you thinking about training your existing employees? To determine the courses and topics with the highest ROI, compare the skills and abilities of your workforce against the practical needs outlined in the 5-year plan. This process highlights skill gaps and exposes the most urgent training opportunities.

Stay focused on goals

A lot can happen in 5 years — managers come and go, market conditions shift, and unexpected events can arise out of nowhere. In the midst of all that change, a well-written 5-year plan is a constant. It keeps your team focused on the same long-term goals, regardless of turnover. This unified approach can ensure that you’re always making progress in the right direction.

Prepare for challenges

Writing a 5-year plan requires you to analyze the business and the industry. As you dig into available data, you gain a deeper understanding of your customers, operations, competitors, and the market itself. With that knowledge, you’re better positioned to anticipate potential challenges and roadblocks. Awareness is everything; it helps you spot early warning signs, so you can start preparing the company to adjust short-term goals and adapt quickly.

Build confidence among investors

If you’re thinking about seeking investments to fund business expansion, a 5-year plan is essential. A thorough, well-written document reassures investors that you’ve done your due diligence and demonstrates that your company is positioned to make a profit. A template can help you examine and analyze each part of the business systematically to ensure the plan addresses investors’ top concerns.

When you’re ready to grow, a professional 5-year plan template can help you woo investors.

What are some examples of 5-year plan templates?

No two companies have identical 5-year plans; the template that works best for your organization depends on the age of the business, the nature of your goal, and how you’re planning to utilize the plan.

Startup plan

A 5-year plan creates a roadmap to follow as you establish a startup, build an audience, and stake out a place in the industry. This type of template often contains lengthy sections about marketing, sales, and product or service development; it also tends to be heavy on research and analysis.

Growth and expansion plan

When your company has been in business for a few years, you might start to think about expanding. A 5-year plan helps you approach growth strategically; it’s a good way to identify the best opportunities and find ways to minimize risk. These plans often analyze competitors and discuss the costs and benefits of different growth options.

One-page plan

Whether you’re growing a startup or expanding an established business, a traditional 5-year plan contains a high level of detail. The one-page business plan  version provides a quick overview — it highlights the most important points of each section. Instead of explaining your market research and explaining how they inform each goal, for example, you could note the key findings and include a prioritized list of goals.

5-year plan template on monday.com

Whether you’re creating a plan for an arts nonprofit or an engineering firm, the 5-Year Plan Template on monday.com can help you navigate the process. A color-coded header system enables you to organize and identify top-level sections. Within each one, you can add descriptions and build out a list of objectives, goals, manager profiles, financial projections, and other details.

The monday.com template adds an extra level of detail and functionality to your 5-year plan. For each item in a section, you can add a variety of columns that track the status of a project, identify relevant team members, designate a timeline, or set a budget. You can even add a column that links critical files to ensure easy access for all of your stakeholders. When you start working toward the goals in your plan, monday.com offers different Board Views , project management tools, and automations to streamline your workflow. Your template also integrates seamlessly with Work OS, an open platform that enables you to create and customize the tools you need to monitor and run your business.

A 5-year plan is just one of the documents you need to map out and execute a long-term business strategy. The template library at monday.com includes a variety of options to help manage your company’s growth and development.

Related templates on monday.com

Marketing plan.

If marketing plays a role in your 5-year plan, consider integrating the Marketing Plan Template  into your strategic planning sessions. With sections for different projects and columns that enable you to assign tasks and monitor progress, it can also serve as a project management tool.

Recruitment process

Manage the hiring goals in your 5-year plan with the help of the Recruitment Process Template . It tracks each applicant through the different stages of the process and enables you to track referral sources to inform your job-posting strategy. Status reports for interviews and hiring decisions ensure efficient communication between departments.

Frequently asked questions

What is a 5-year plan.

A 5-year plan is a document that outlines your company’s goals and strategies for the upcoming years. It also provides information to support the plan, such as a market analysis and financial projections.

What should I include in a 5-year plan?

When you’re writing a 5-year plan, include an executive summary, a description of the business, and an analysis of the market, company finances , competitors, and customers. Follow that up with a section that lays out the goals, objectives, and strategies your company will pursue over the next 5 years.

What are 5-year goals examples?

Examples of 5-year goals might include developing new products, expanding to a new location, or reaching new audience segments. You might also set internal goals, such as improving the company culture or building the most talented workforce in the industry.

Using the 5-year plan template for sustainable growth

As you navigate the strategic-planning process, a 5-year plan template can help organize your ideas and set thoughtful, research-backed goals. You’ll emerge with a document that guides business decisions and unites employees around a common purpose. With monday.com, you can incorporate the 5-year plan template into your Work OS to manage projects, set smaller goals, and track progress toward your high-level objectives.

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How to Develop a 5-Year Strategic Business Plan (Detailed Sample) WTOH2019.pdf

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Mitsubishi Motors' Strategic 5 Year Plan for 2030: Electrification

M itsubishi Motors North America, Inc. (MMNA) has detailed a business strategy called Momentum 2030, which focuses on diversifying its vehicle powertrains. By fiscal 2030, the company plans to include hybrids, plug-in hybrids, and battery electric vehicles in its lineup, reflecting a broad approach to meet various consumer needs and adopt new technologies.

Enhancing the Vehicle Lineup

As part of Momentum 2030, MMNA is committed to introducing a new or completely refreshed vehicle annually from fiscal 2026 to 2030. This initiative will significantly expand the company's current lineup in the U.S., adding vehicles in new market segments.

Dealership and Customer Experience Innovations

The plan includes a significant increase in dealership count and the roll-out of newly designed dealerships across the U.S. These changes aim to improve the shopping and vehicle ownership experience, targeting a demographic that values technology and efficiency in service.

Market Expansion

MMNA plans to increase its presence in the U.S. by entering new geographic markets where it currently does not have dealerships. This expansion is aimed at increasing accessibility to Mitsubishi vehicles, thereby driving up sales figures through 2030.

Commitment to Dealer Partners and Local Production

The Momentum 2030 plan includes reaffirming MMNA's commitment to its dealers and maintaining the dealership sales model. Mark Chaffin, MMNA president and CEO, stated during a national dealer meeting, "The next 10 years will be great for this brand. MMC is making a significant investment to ensure our collective future. Momentum 2030 will drive more sales, more service, more Mitsubishi vehicles on the road and more Mitsubishi dealer partners around the country. Yes, this is our time, Team Mitsubishi."

In summary, the Momentum 2030 strategy outlines Mitsubishi's approach to adapting to market trends and technological advances over the next decade, focusing on electrification, product expansion, dealership updates, and market expansion.

This article was co-written using AI and was then heavily edited and optimized by our editorial team.

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FACT SHEET: President   Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade   Practices

President Biden’s economic plan is supporting investments and creating good jobs in key sectors that are vital for America’s economic future and national security. China’s unfair trade practices concerning technology transfer, intellectual property, and innovation are threatening American businesses and workers. China is also flooding global markets with artificially low-priced exports. In response to China’s unfair trade practices and to counteract the resulting harms, today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China to protect American workers and businesses.   The Biden-Harris Administration’s Investing in America agenda has already catalyzed more than $860 billion in business investments through smart, public incentives in industries of the future like electric vehicles (EVs), clean energy, and semiconductors. With support from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, these investments are creating new American jobs in manufacturing and clean energy and helping communities that have been left behind make a comeback.   As President Biden says, American workers and businesses can outcompete anyone—as long as they have fair competition. But for too long, China’s government has used unfair, non-market practices. China’s forced technology transfers and intellectual property theft have contributed to its control of 70, 80, and even 90 percent of global production for the critical inputs necessary for our technologies, infrastructure, energy, and health care—creating unacceptable risks to America’s supply chains and economic security. Furthermore, these same non-market policies and practices contribute to China’s growing overcapacity and export surges that threaten to significantly harm American workers, businesses, and communities.   Today’s actions to counter China’s unfair trade practices are carefully targeted at strategic sectors—the same sectors where the United States is making historic investments under President Biden to create and sustain good-paying jobs—unlike recent proposals by Congressional Republicans that would threaten jobs and raise costs across the board. The previous administration’s trade deal with China  failed  to increase American exports or boost American manufacturing as it had promised. Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created and new factory construction has doubled after both fell under the previous administration, and the trade deficit with China is the lowest in a decade—lower than any year under the last administration.   We will continue to work with our partners around the world to strengthen cooperation to address shared concerns about China’s unfair practices—rather than undermining our alliances or applying indiscriminate 10 percent tariffs that raise prices on all imports from all countries, regardless whether they are engaged in unfair trade. The Biden-Harris Administration recognizes the benefits for our workers and businesses from strong alliances and a rules-based international trade system based on fair competition.   Following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and American companies from China’s unfair trade practices. To encourage China to eliminate its unfair trade practices regarding technology transfer, intellectual property, and innovation, the President is directing increases in tariffs across strategic sectors such as steel and aluminum, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products.   Steel and Aluminum   The tariff rate on certain steel and aluminum products under Section 301 will increase from 0–7.5% to 25% in 2024.   Steel is a vital sector for the American economy, and American companies are leading the future of clean steel. Recently, the Biden-Harris Administration announced $6 billion for 33 clean manufacturing projects including for steel and aluminum, including the first new primary aluminum smelter in four decades, made possible by the Bipartisan Infrastructure Law and the Inflation Reduction Act. These investments will make the United States one of the first nations in the world to convert clean hydrogen into clean steel, bolstering the U.S. steel industry’s competitiveness as the world’s cleanest major steel producer.   American workers continue to face unfair competition from China’s non-market overcapacity in steel and aluminum, which are among the world’s most carbon intensive. China’s policies and subsidies for their domestic steel and aluminum industries mean high-quality, low-emissions U.S. products are undercut by artificially low-priced Chinese alternatives produced with higher emissions. Today’s actions will shield the U.S. steel and aluminum industries from China’s unfair trade practices.   Semiconductors   The tariff rate on semiconductors will increase from 25% to 50% by 2025.   China’s policies in the legacy semiconductor sector have led to growing market share and rapid capacity expansion that risks driving out investment by market-driven firms. Over the next three to five years, China is expected to account for almost half of all new capacity coming online to manufacture certain legacy semiconductor wafers. During the pandemic, disruptions to the supply chain, including legacy chips, led to price spikes in a wide variety of products, including automobiles, consumer appliances, and medical devices, underscoring the risks of overreliance on a few markets.   Through the CHIPS and Science Act, President Biden is making a nearly $53 billion investment in American semiconductor manufacturing capacity, research, innovation, and workforce. This will help counteract decades of disinvestment and offshoring that has reduced the United States’ capacity to manufacture semiconductors domestically. The CHIPS and Science Act includes $39 billion in direct incentives to build, modernize, and expand semiconductor manufacturing fabrication facilities as well as a 25% investment tax credit for semiconductor companies. Raising the tariff rate on semiconductors is an important initial step to promote the sustainability of these investments.   Electric Vehicles (EVs)   The tariff rate on electric vehicles under Section 301 will increase from 25% to 100% in 2024.   With extensive subsidies and non-market practices leading to substantial risks of overcapacity, China’s exports of EVs grew by 70% from 2022 to 2023—jeopardizing productive investments elsewhere. A 100% tariff rate on EVs will protect American manufacturers from China’s unfair trade practices.   This action advances President Biden’s vision of ensuring the future of the auto industry will be made in America by American workers. As part of the President’s Investing in America agenda, the Administration is incentivizing the development of a robust EV market through business tax credits for manufacturing of batteries and production of critical minerals, consumer tax credits for EV adoption, smart standards, federal investments in EV charging infrastructure, and grants to supply EV and battery manufacturing. The increase in the tariff rate on electric vehicles will protect these investments and jobs from unfairly priced Chinese imports.   Batteries, Battery Components and Parts, and Critical Minerals   The tariff rate on lithium-ion EV batteries will increase from 7.5%% to 25% in 2024, while the tariff rate on lithium-ion non-EV batteries will increase from 7.5% to 25% in 2026. The tariff rate on battery parts will increase from 7.5% to 25% in 2024.   The tariff rate on natural graphite and permanent magnets will increase from zero to 25% in 2026. The tariff rate for certain other critical minerals will increase from zero to 25% in 2024.   Despite rapid and recent progress in U.S. onshoring, China currently controls over 80 percent of certain segments of the EV battery supply chain, particularly upstream nodes such as critical minerals mining, processing, and refining. Concentration of critical minerals mining and refining capacity in China leaves our supply chains vulnerable and our national security and clean energy goals at risk. In order to improve U.S. and global resiliency in these supply chains, President Biden has invested across the U.S. battery supply chain to build a sufficient domestic industrial base. Through the Bipartisan Infrastructure Law, the Defense Production Act, and the Inflation Reduction Act, the Biden-Harris Administration has invested nearly $20 billion in grants and loans to expand domestic production capacity of advanced batteries and battery materials. The Inflation Reduction Act also contains manufacturing tax credits to incentivize investment in battery and battery material production in the United States. The President has also established the American Battery Materials Initiative, which will mobilize an all-of-government approach to secure a dependable, robust supply chain for batteries and their inputs.   Solar Cells   The tariff rate on solar cells (whether or not assembled into modules) will increase from 25% to 50% in 2024.   The tariff increase will protect against China’s policy-driven overcapacity that depresses prices and inhibits the development of solar capacity outside of China. China has used unfair practices to dominate upwards of 80 to 90% of certain parts of the global solar supply chain, and is trying to maintain that status quo. Chinese policies and nonmarket practices are flooding global markets with artificially cheap solar modules and panels, undermining investment in solar manufacturing outside of China.   The Biden-Harris Administration has made historic investments in the U.S. solar supply chain, building on early U.S. government-enabled research and development that helped create solar cell technologies. The Inflation Reduction Act provides supply-side tax incentives for solar components, including polysilicon, wafers, cells, modules, and backsheet material, as well as tax credits and grant and loan programs supporting deployment of utility-scale and residential solar energy projects. As a result of President Biden’s Investing in America agenda, solar manufacturers have already announced nearly $17 billion in planned investment under his Administration—an 8-fold increase in U.S. manufacturing capacity, enough to supply panels for millions of homes each year by 2030.   Ship-to-Shore Cranes   The tariff rate on ship-to-shore cranes will increase from 0% to 25% in 2024.   The Administration continues to deliver for the American people by rebuilding the United States’ industrial capacity to produce port cranes with trusted partners. A 25% tariff rate on ship-to-shore cranes will help protect U.S. manufacturers from China’s unfair trade practices that have led to excessive concentration in the market. Port cranes are essential pieces of infrastructure that enable the continuous movement and flow of critical goods to, from, and within the United States, and the Administration is taking action to mitigate risks that could disrupt American supply chains. This action also builds off of ongoing work to invest in U.S. port infrastructure through the President’s Investing in America Agenda. This port security initiative includes bringing port crane manufacturing capabilities back to the United States to support U.S. supply chain security and encourages ports across the country and around the world to use trusted vendors when sourcing cranes or other heavy equipment.   Medical Products   The tariff rates on syringes and needles will increase from 0% to 50% in 2024. For certain personal protective equipment (PPE), including certain respirators and face masks, the tariff rates will increase from 0–7.5% to 25% in 2024. Tariffs on rubber medical and surgical gloves will increase from 7.5% to 25% in 2026.   These tariff rate increases will help support and sustain a strong domestic industrial base for medical supplies that were essential to the COVID-19 pandemic response, and continue to be used daily in every hospital across the country to deliver essential care. The federal government and the private sector have made substantial investments to build domestic manufacturing for these and other medical products to ensure American health care workers and patients have access to critical medical products when they need them. American businesses are now struggling to compete with underpriced Chinese-made supplies dumped on the market, sometimes of such poor quality that they may raise safety concerns for health care workers and patients.   Today’s announcement reflects President Biden’s commitment to always have the back of American workers. When faced with anticompetitive, unfair practices from abroad, the President will deploy any and all tools necessary to protect American workers and industry.  

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