Every business needs a business plan…basically a strategic plan plus financial projection and market analysis. Your business plan communicates in detail to outsiders (sponsors, investors, loan officers, strategic partners, potential key employees, etc.):
- What your business is about.
- Where your business is going.
- How you are going to get there.
The plan discusses:
- What's going to happen.
- When it will happen.
- Who's going to do it.
- How much will it cost.
- How many sales will it produce.
- How you are going to measure and track progress.
It becomes the basis for your yearly budget and your budget versus actual analysis.
Unfortunately, many people think of strategic plans and business plans only when they are starting a new business or applying for a loan. But planning is part of the ongoing process that is fundamental for running a successful business.
Successful businesses look ahead, align resources, and focus on critical initiatives. Every plan is unique because every business is unique. Your plan depends on your specific situation, but should include the following:
• An Executive Summary describing your business is in brief, it’s market, and why your product or service is the best solution for your customers. It contains elements of your strategic plan including mission and vision as well as overview of your leadership team.
• A Company Summary that describes the structure, ownership, location, etc.
• The Company’s Products or Services.
• A Market Analysis based on target market, industry and competitive analysis.
• A Strategy and Implementation Plan that discusses your competitive edge, your marketing and sales strategy, and your sales forecast and milestones.
• A Management Summary including personnel plan.
• A Financial Plan that covers assumptions, break-even analysis, projected profit & loss, projected cash flow, projected balance sheet, and business ratios.
Isn’t it time that you got your business plan together? While the language may be a bit daunting, developing a business plan is not difficult if you have an experienced coach who can lead you through the process. At Synergic we give a FREE initial consultation for developing your business plan. Click here if you wish us to contact you. There is no obligations.
