Strategies for Success
When you plan a vacation, as soon as you determine your destination, you start working out the details. How are your going to get there? What do you need to pack? How much money do you need? Who are you taking with you? What are you going to do when you get there? Launching a business is also a great journey and requires similar planning. A strategic business plan is your itinerary. It begins first with a vision and then with a goal. Your first plan may be scribbled on the back of a napkin, but the final version is a detailed set of documents you can share with investors and lenders. It is complex enough to cover all details, but simple enough for an entry level employee to understand and join you on your pathway to success.
When should you create a strategic plan?
Every new business venture requires a road map, whether it is a new business or an expansion of an existing operation with a new product line or service. It is a necessity when buying a new company or revitalizing an ailing one. The strategic plan is a complete itinerary including a description of the company, products and services, management team, financial picture and the marketplace. All successful people have one thing in common: clear, unwavering goals. The strategic plan transforms the vision into goals for all the players to see and embrace.
What should the strategic plan accomplish?
An effective plan will:
- Clearly define the direction of the venture
- Identify and detail the market and the features and benefits of the venture
- Provide research to show market need the business will fill, justifying the project
- Help develop marketing plans to launch promotional campaigns
- Identify key staffing positions including necessary skills and experience required
- Define the management team including job descriptions and qualifications
- Enumerate building and equipment requirements
- Formulate milestones and create a timeline to reach them
- Develop detailed financial plans including projections for initial investment, operating costs, and break-even points for the first few years of operation.
Whether you are in the initial stages of creating your business venture or trying to revamp an existing company, our financial team can help you transform your vision into a reality you can share with lenders and investors with a clear strategic plan. Call us for a consultation when you are ready to take this step.