If you’re serious about getting cash to start your business or you’re just starting off, business plans are a must. Business plans acts as a management tool, identifying potential challenges and providing you with strategies for growth. NCH has a professional business service that will help you write a business plan customized to your industry and needs.
Why do you need to create a business plan?
A business plan plays many roles in any organization, new or old. It represents who your business is today, who your business will be tomorrow, and creates a detailed road map to ensure you and your business get there safely. It’s essential to helping you gain a deeper understanding of your market and target audience, while developing a financial plan that adheres to your objectives.
Most importantly, business plans focus your attention on productivity and allow you to establish benchmarks to measure your success, while giving directives to avoid costly mistakes.
Your business plan will help you establish goals and effectively communicate with business partners, management teams and employees.
For many business owners, daily operations can circumvent real progress. Because of this it’s not uncommon for larger, more important projects to become continually wait-listed. Your business plan will ensure that you have thoroughly outlined your strategic opportunities to capitalize on expansion, partnerships, new products/service offerings, etc.
And as you know, clarity is key to success when building a brand, culture and evolving environment that can proficiently manage customer service, products and finances. Everyone involved should understand the objectives, expectations and requirements for fulfillment. A business plan ensures this by creating alignment among founding partners with consistent messaging and missions.
You need a business plan to help determine the value of your business.
At some point, you’ll want a real valuation of your business. A business plan will help determine that value. In addition to your financial statements, many investors and business experts will use your business plan to fully understand the competitive market, your growth strategy, and your unique products or services. It will also help answer questions and close gaps of potential concern.
You need a business plan to raise money and attract investors.
Communicating your vision in a concise, compelling manner will provide you with a solid foundation to raise capital for your business. Business plans showcase and organize established strategies, required allocated resources, attention to business finances, and projected growth – all of which are essential for receiving seed money for your venture.
A business plan includes the following:
- 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 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)
With NCH's business plan services, you’ll have a dedicated advisor who will help you create and design a fully customized business plan for your needs. They’ll do all the writing, editing, research, analysis, and projections.
By working with an NCH business plan advisor, your business plan is fully guaranteed to meet bank and investor guidelines.