White Papers and Business Plans: Are they the same?

A blog post by CoSchedule.com indicated that White Papers should be Professional, Narrowly-Focused, Factual, and Data-backed.[1] When CoSchedule says “Professional” they mean that the tone of the white paper should be  formal and almost academic in style. Purdue University’s Online Writing Lab (OWL) further substantiated the point. An OWL vidcast, narrated by Katie Trauth Taylor, outlined that white papers provide background for decisions.[2]

Each White Paper should have an Executive Summary, Introduction, Previous Approaches, New Findings, Conclusion, and Bibliography. A Business Plan actually contains similar information. Strategic Business Plans  developed by McDaniel Consulting, a Dallas-based consulting firm, has been presented in the same vein as a White Paper since inception in 2001. What we’ve been calling a business plan have truly been white papers.

How? McDaniel Consulting conducts ALL of the market research to prove its assertions for a viable target market. Those figures are then used to justify the financial assumptions and financial projections in the business plan. Every business plan includes an Executive Summary, History of the Organization, Marketing Analysis, Strategic Implementation, Use of Funds being requested, and Financials. Logical conclusions for the financial projections and market share that can be garnered by the clients are based on FACTS – not conjecture. 

McDaniel Consulting does not speculate. We do not guess. We draw logical assertions based on the market research that we conduct in-house with our subject matter experts. The McDaniel Consulting business plans have been noted for thoroughness while still being a fast-read. Decision-makers assess whether to become equity investors or debt fund lenders based on the conclusions of McDaniel Consulting. Testimonials from bankers at BBVA Compass, Chase, Wells Fargo, PlainsCapital, and others have attested to these facts. Individual clients have also shared similar feedback from their investors. Thus, Business Plans and White Papers are similar at McDaniel Consulting - we tweak the format for the specific audience. Be sure to contact us for a LIVE demo.

[1] How to Write White Papers People Actually Want to Read by CoSchedule, July 24, 2018 - https://coschedule.com/blog/how-to-write-white-papers-templates-examples/

[2] Purdue University Online Writing Lab Vidcast - https://www.youtube.com/watch?v=uIgJTQiv7wQ
Find additional updated sources on https://owl.purdue.edu/

This article is intended for informational purposes only and does not constitute business consulting, tax, accounting, or legal advice. Everyone's business situation is different. Consult your own state-sanctioned professional team for advice. McDaniel Consulting welcomes the opportunity to be one of your consultants. Call us to begin the process of become an official client today. All images are subject to the copyright protections by the original authors and not McDaniel Consulting except where noted.