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Business Plans for Business Success

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According to the U.S. Small Business Administration (SBA), “All capital sources will want to see your plan for the start-up and growth of your business. If you don’t have a business plan, make writing one your first priority.”

February 13, 2012
Author: NCH

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If you have a business, you need a business plan. As you create it, the process ensures you thoroughly think through what you plan to do and why, to give your strategies the greatest chance for success. On an ongoing basis, the business plan is what keeps your business going in the right direction and gives you a yardstick by which you can measure your progress. It quantifies and helps you measure the work that will be involved and functions as the roadmap to get you where you want to go. Also, if you are looking to go after any outside funding, from either banks or investors, you will need to show them a business plan to demonstrate your plan is well-thought-out and holds considerable potential for success.

A business plan goes into detail about the following areas:

  • Mission, Vision & Objections of the venture
  • The Company (its legal description, history and current situation/location)
  • Products & Services (offered and planned)
  • External Environment (the industry status, the economy, legal/regulatory)
  • Overall Market (including analysis of the competition, size, growth, demographics, etc)
  • Target Market (the specific segments of your firm has or plans on pursuing)
  • Analysis of Strengths, Weaknesses, Opportunities and Threats/Risks
  • Sales & Marketing Strategy (including promotion, pricing, distribution, forecasts)
  • Management Team & Advisors (one of the most crucial areas for influencing funding)
  • Operational Plan (including equipment, labor/personnel, and production/service process)
  • Implementation Plan
  • Financials & Exit/Payback Strategy (to show how investors/lenders will get their return)

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