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Business Plans for Small Business

1. It helps determine the viability of your vision for a business and gain a practical perspective in considering all options before you invest your money

2. It documents your vision of the company you are building with a clear and precise written plan

3. It is the road map of how you will achieve and measure success

Beyond these core elements, a professional business plan will empower your business in several ways in making it easier for you to be successful.

• It will identify upfront the challenges and strategies you need to address in running your business everyday

• It is the foundation for making good strategic and tactical business decisions

• It is essential in obtaining outside financing for your business

• It is the benchmark management tool to measure your efforts in striving for success

• Start-Up small business plans

• Business Plans for existing small businesses

1. Not articulating clearly on what’s in the business plan for your investors

2. Having a customized plan tailored to your specific situation and not a “cookie cutter” business plan

3. Too much or too little information is contained in the plan

4. Goals and Objectives that are too vague instead of realistic & specific

5. A poor competitive analysis that calls into suspect the whole plan

6. Trying to hide your weaknesses & create a fairytale plan

7. A poor assessment of external threats to your business like: technology, foreseeable marketplace changes, industry threats, (competitive or vendor supply mergers, acquisitions), government regulation, etc.

8. Reasonable revenue projects based on industry norms not your “best guess”

9. Under estimating the critical nature of cash flow to the ability of your business to be around long enough to succeed

• A familiar, well-organized and logical structure to those that will be reading your plan like, bankers, investors and suppliers

• The ability to instill the believability of your plan demonstrated by the logic of your thought process

• Just the right mount of information in a clear and concise format

• Enough strategic and tactical specifics to establish your management skills and that your plan will actually achieve the results you project

• Revenue and profit projections that show sustainable growth

  • Cash flow projections that are conservative and realistic