While many investors or lenders would require a comprehensive business plan, some of them would prefer a business plan that's stripped to the essentials. Therefore, one could define a traditional business plan as the more detailed business plan - a document cum road map that's meant to guide you through the different phases of starting and managing your business, and is often used to reveal these steps to investors or creditors.
A traditional business plan is often preferred, as it analyses several factors deemed crucial to the success of a business, and gives a full picture of the business in terms of its finance, marketing, and customer segments. Likewise, it contains a detailed financial analysis as well as a SWOT, while some business plans include a PESTEL analysis to provide a 360-degree perspective of the business' socioeconomic environment, which often portrays feasibility and viability.
A lean business plan, on the other hand, could be called the "elevator pitch" variant of a traditional business plan, and would not contain the detailed financial analysis, industry analysis, market analysis, organization and etcetera. Unlike the traditional business plan, a lean business plan, a.k.a lean startup plan, goes "straight to the point" and typically addresses the value proposition, key partnerships and activities, revenue streams and customer segments.
There's no one-size-fits-all answer to whether you need a traditional or lean business plan. However, it's best to know your needs as a business and - if your business planning is to woo investors and creditors - to know the type of investor or creditor you're dealing with.
Of course, you can contact us for advice on the best type of business plan, if you're still nonplussed.
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