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A Strategic Business Plan
is much more than a tool to obtain financing. If
you still have all you plans and ideas locked up
inside your head... preparing a strategic plan
helps you clarify your company's direction,
ensures your key leaders are all "on the same
page", and keeps both management and staff
focused on the tasks at hand.
A Strategic Plan is often
needed when...
-
Starting a
new venture, product or service
-
Expanding
a current organization, product
or service
-
Buying a
new business, product or service
- Turning
around a declining business
The Strategic Plan
provides a blueprint, describing your company,
its products, the competitive environment,
management team, financial health, and business
risks.
The plan allows you
to...
-
Identify
and describe the target customer
profile, features, advantages
and benefits of your new
venture, product or service.
-
Justify
that your plans are credible by
fully researching the need being
filled with your new venture.
-
Develop
marketing plans including full
descriptions of targeted
promotional campaigns with
implementation timelines. You
also get to examine market
conditions, the nature of your
customers, as well as your
competitors, sales potential,
and projected results of your
promotional campaigns.
-
Develop
staffing plans including
identifying the key players,
skills, attitudes and expertise
needed to build the venture.
-
Develop
management plans including full
descriptions of management
systems and timelines for
implementation.
-
Develop
financial plans including
projected startup costs,
operating costs, revenue,
profits, and break-even analysis
for the first 3 to 5 years.
Projected
financial plans allow you to
effectively predict upcoming
problems, or prevent them. In
other words, the perspective
gained through your Strategic
Business Plan can make a
significant contribution to your
company's success, and help you
get the funding you require. In
fact, most lending institutions
and private investors will not
even talk to you without a solid
financial plan.
-
Identify
building and equipment needs
including vendors and cost
estimates.
- Formulate
company milestones including
timelines for upcoming products
and services in development.
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