Strategy: A Business Plan Today Will Generate Profits Tomorrow

A business plan is an essential management and operating tool for using your time, capital and energy the most effective way. This plan of action for building a successful small business examines the environment in which you expect your business to operate including potential problems, cyclical trends and growth opportunities.

If you plan to get financing, most lenders will require a business plan as part of the loan application. Putting your business objectives in writing as you build a business plan also forces you to think realistically about sales, expenses, short and long term goals. The more specific your goals are the better.

Make sure that the plan is easy to read, clear and can convince family, friends bankers and investors to give you a loan. A formal professional document is essential.

A complete business plan should identify: target customers and you plan to attract them; approaches to differentiating your products and services from competitors; sales and promotions; financial projections and a much more. Ideally, it will show anyone who sees it that you have done your research and understand the industry.

Every business plan starts with a cover page containing your contact information, which is vital to loan officers and other financial backers. The sections that follow include: (more…)

5 Comments May 14, 2009

Managing: From Strategy to Execution – You Need An "Actionable" Strategic Plan to Get It Done in 2009

Want a strategic plan that you can understand? Need one that will actually help you run your business? Do you lack benchmarks to see whether you’re going where you want to go in 2009?

SCORE Counselor Bob Paul teaches a practical approach to business planning. Here’s his take on strategic plans for an existing business. He assumes you’ve got a business plan laying around somewhere that you’d like to dust off and put into action.

1) Reaffirm Your Mission, Vision, Values – “Choose the mountain you wish to climb,” Bob says.

2) Review and Update Your SWOT analysis - Define your products and your target customers. Analyze your internal strengths and weaknesses of your business, as well as the external opportunities and threats that you see when you review the economic climate, the industry and your key competitors. (more…)

2 Comments January 6, 2009