Business Plan

A business plan is a written document that describes in detail how a business defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.

A business plan is more than a document. It’s a guide that helps you outline and achieve your goals. It’s also a management tool that allows you to analyze results, make strategic decisions, and showcase how your business will operate, and grow. In short, if you’re thinking of starting a business or plan to pitch your business to investors, let us put together a business plan that can improve your chances of success. 

Why write a business plan?

Are you still unsure whether a business plan is worth the time and investment? Can’t you just jump right into starting and running your business? You could, but you’ll be missing out on some key benefits that a business plan provides. Having a business plan will help you in the following ways.

Grow your business faster – having a business plan is about establishing a foundation for your business. You’re not predicting the future, you’re working through the core strategy of your business that will help you grow. This initial document isn’t meant to be perfect but is designed to be reviewed and adjusted to help you identify and reach your goals.

Without a business plan as a baseline, it will be far more difficult to track your progress, make adjustments, and have historical information readily available to reference when making difficult decisions. Creating a business plan ensures that you have a roadmap that doesn’t just outline where you plan to go, but where you’ve already been.

Pitch and get funding – Investors and loan providers need to know

that you have a solid understanding of the trajectory of your business. You need to prove that there is an attainable and sustainable need for your solution, that you have a strong business strategy, and that your business can be financially stable. This means having the right financial statements, forecasts, and a digestible explanation of your business model available for potential investors.

Having a business plan helps you put all of those pieces together and create connections between them to tell a cohesive story about your business.

Although they’re especially useful for new businesses, every company should have a business plan. Ideally, the plan is reviewed and updated periodically to see if goals have been met or have changed and evolved. Sometimes, a new business plan is created for an established business that has decided to move in a new direction.

  • A business plan is a written document describing a company’s core business activities, objectives, and how it plans to achieve its goals.
  • Startup companies use business plans to get off the ground and attract outside investors.
  • Businesses may come up with a lengthier traditional business plan or a shorter lean startup business plan.
  • Good business plans should include an executive summary, products and services, marketing strategy and analysis, financial planning, and a budget.

Banks and venture capital firms indeed often make writing a viable business plan a prerequisite before considering providing capital to new businesses.

Operating without a business plan is not usually a good idea. In fact, very few companies are able to last very long without one. There are definitely more benefits to creating and sticking to a good business plan—including being able to think through ideas without putting too much money into them and, ultimately, losing in the end.

We will prepare a business plan that will outline all the projected costs and possible pitfalls of each decision you are ready to make. Business plans, even among competitors in the same industry, are rarely identical. But they all tend to have the same basic elements, including an executive summary of the business and a detailed description of your business, its services, its products and how the business intends to achieve its goals.

Elements of a Business Plan

Below are some of the common and key parts of a business plan.

  • Executive summary: This section outlines the company and includes the mission statementalong with any information about the company’s leadership, employees, operations, and location.
  • Products and services: Here, the company can outline the products and services it will offer, and may also include pricing, product lifespan, and benefits to the consumer. Other factors that may go into this section include production and manufacturing processes, any patentsthe company may have, as well as proprietary technology. Any information about research and development (R&D) can also be included here.
  • Market analysis: A firmneeds a good handle of the industry as well as its target market. It will outline who the competition is and how it factors in the industry, along with its strengths and weaknesses. It will also describe the expected consumer demand for what the businesses is selling and how easy or difficult it may be to grab market share from incumbents.
  • Marketing strategy: This area describes how the company will attract and keep its customer base and how it intends to reach the consumer. This means a clear distribution channel must be outlined. It will also spell out advertising and marketing campaign plans and through what types of media those campaigns will exist on.
  • Financial planning: In order to attract the party reading the business plan, the company should include its financial planningand future projections. Financial statements, balance sheets, and other financial information may be included for already-established businesses. New businesses will instead include targets and estimates for the first few years of the business and any potential investors.
  • Budget: Any good company needs to have a budgetin place. This includes costs related to staffing, development, manufacturing, marketing, and any other expenses related to the business.

Financial Projections – A complete business plan must include a set of financial projections for the business. These forward-looking projected financial statements are often called pro-forma financial statements or simply the “pro-formas.” These statements include the overall budget, current and projected financing needs, a market analysis, and the company’s marketing strategy.

Other Considerations for a Business Plan –The idea behind putting together a business plan is to enable owners to have a more defined picture of potential costs and drawbacks to certain business decisions and to help them modify their structures accordingly before implementing these ideas. It also allows owners to project what type of financing is required to get their businesses up and running.

If there are any especially interesting aspects of the business, they will be highlighted and used to attract financing.

A business plan is not meant to be a static document. As your business grows and evolves, so too should the business plan. An annual review of the plan allows us to update it when taking markets into consideration. It also provides an opportunity to look back and see what has been achieved and what has not. Think of it as a living document that grows and evolves with your business.

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If you find yourself in need of a Business Plan, contact us!

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