As professionals, with over 20 years of experience and insight from businesses representing just about every major industry, we provide valuable assistance when preparing a strategic business plan.
Most often a strategic business plan is used to obtain financing. Many lenders require small business owners to provide a detailed business plan before any financing is approved. This can be a daunting task. Without proper training and experience it can difficult to know what elements to include and how to present them in a professional way.
Some of the elements to include in a strategic business plan include…
- Business vision, mission and goals
- Pro-forma financial statements
- Start-up costs
- Risk and oppotunity analysis
- Description of core products and services
- Marketing strategy
- Analysis of competitive landscape
- Ownership structure and HR policies
The business plan provides a road map, describing your company, its products, the competitive environment, management team, financial health, and business risks.
In addition to obtaining financing, a strategic business plan forces the business owner to consider the various elements critical to the businesses success and provides a framework for decision making. It helps to organize thoughts, set goals, and establish benchmarks to which performance targets can be measured against. A business plan facilitates better communication between partners and employees. A well thought out business plan is a major asset to any small business.
In summary, a good motto to live by…failing to plan is planning to fail.