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.
