A Strategic Business Plan is much more that a tool to obtain much needed financing for your business. This helps you take your ideas out of your head and put them on paper in a clear, concise manner clarifying the direction you want to take your company. This keeps all of your management team, partners or leaders on the same page and helps to keep your 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.
What you can do with a strategic plan:
- You are better able to describe your target customer profile, the features, benefits and advantages of your new business, product or service you are offering.
- Able to prove that you have researched your plans 100% and show they are credible.
- Develop your marketing plan and your upcoming promotional campaigns with a timeline of their roll out. You've examined the market conditions, what your competitors are offering (and at what prices) and have researched what your target customer is looking for.
- You've seen your sales potential and have future results projected based on your ad campaigns.
- You've developed a training program for your staff focusing on expertise, attitudes and skills that will be needed for your business to be successful.
- You can establish your financial plans to include your start up costs, operating costs, revenue and profits. You'll even be able to demonstrate the potential earnings for the next 34-5 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.
- You can distinguish what building and equipment needs you will have to include vendors and cost estimates to correlate with your financial projections.
- Most importantly you will put your vision of what your company looks like 10 years down the road onto paper with a solid plan showing how you're going to get there.