Strategic Planning For Small Business
A Strategic Business Plan is much more than a tool to obtain financing. It allows you to clarify all the thoughts and ideas you have into a road map. This map allows you, your management, and staff to keep focused on the road ahead. These important business ideas can become road blocks without proper planning. Let us help you make this road as smooth as possible.
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.
• Create financial plans that include estimates for the first three to five years of start-up expenditures, operational costs, revenue, profits, and break-even analyses.
• Effectively predict upcoming problems.In other words, the perspective you obtain from your Strategic Business Plan can significantly contribute to the success of your business and aid in your quest for finance. 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.
Remember: Failing to plan is planning to fail.
Let us help you develop a powerful Strategic Business Plan that drives your business to the level of success you deserve.
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When Should a Small Business hire a cPA?
With so many factors to consider this question this is a very difficult question to answer. To help you make that decision we recommend you take a look at this Article for further information from Business News Daily, or contact our Spring Hill or Brooksville office to talk with an expert.