Strategic Planning in Business – More Than Just a Document
According to the Small Business Administration, there is no right or wrong way to write a business plan.
Your business plan should help you build your business, acting as a roadmap for how to structure, run and grow your business. Read on for tips on how to create your business plan, and for what business analysts feel are the key elements to running a successful business!
A business plan is more than just your business goals on a piece of paper; it is a blueprint that will provide clarity on all aspects of your business! It ensures that you pay attention to both the broad operational and financial objectives of your new business, as well as the details, such as budgeting and market planning.
Ultimately, a business plan is the best way to test whether or not an idea for starting the business is feasible, other than going out and doing it – Your business plan is your safety net! By writing one, you can save a great deal of time and money if your business plan reveals that your idea is flawed.
And that’s okay! Often, an idea is discarded at the early stages of the business plan, allowing you to move on to a new and better business idea without investing too much time and money.
According to the Small Business Administration, there is no right or wrong way to write a business plan.
So, pick a business plan format that works for you.
What’s important is that your plan meets your needs. If your business will need funding, lenders and investors will want to see a very detailed plan before they give their money to you. Traditional business plans take some time to write, but whether you write a long one, or a shortened version, every plan must prove the business idea is sound, financially feasible and have strategies for growth. You can find templates here, through the Small Business Administration.
Do the research!
Understanding your industry (both past and present), your customers, and how your business will influence the industry will be helpful to investors. Visualizing tradeoffs and fundamental facts about your company will help to refine your business plan as industries and customer needs change.
Invest in what matters.
Business experts urge business owners to invest in proper technologies and processes that make doing business with the company easier, but they also believe in investing in a good partner who can help restore your business quickly. That’s where Preferred Mutual comes in. Our business insurance products not only give you coverage for your property, inventory, liability, and automobile exposures, they protect you and your bottom line. That means you can work assured that your customers, employees, income and property are all protected when you need it most.
That’s a partnership you can count on.