Business planning is about results. Unfortunately, many think of a business plan only for starting a new business or applying for a business loan. But it’s also vital for running a business. Businesses need plans to optimize growth and development and set priorities. Your business plan should be a work-in-progress. Even successful, growing businesses should maintain a current business plan.
What’s a startup plan?
A simple startup plan includes a summary, mission statement, keys to success, market analysis, and break-even analysis. Startup plans are good for helping decide whether or not to proceed with a business, to tell if there is a business worth pursuing, but they’re not enough to run a successful business.
Is there a standard business plan?
A normal business plan (one that follows the advice of business experts) includes a standard set of elements. Plan formats and outlines vary, but generally the plan will include components such as: descriptions of the company, product or service, market, forecasts, management team, and financial analysis.
Your plan will depend on your specific situation. For example, description of the management team is very important for investors while financial history is most important for banks. However, if you’re developing a plan for internal use, you may not need to include all the background details that you already know. Make your plan match its purpose.
Our office is ready to serve your needs. We can assist you in developing a business plan to fit your specific needs. If you have any questions, please call us or send your questions to us via e-mail.