By Evan Vitale
This is the first in a two-part series on writing a strategic business plan.
Strategic business plans are great for entrepreneurs beginning a company who wish to attract funding and established firms searching to grow right into a startup company or boost their business. A strategic business plan is really a guide to the prosperity of a company, many companies fail each year due to improper planning. A great strategic business plan eliminates this dilemma.
Purpose: The objective of a strategic business plan would be to help determine the path of the company where it ought to be later on where to put the sources to be able to make that happen goal. It’s a document that gives future lenders and traders with evidence of the entrepreneurs’ credibility. Thus, which makes them better candidates for funding.
Length: A Strategic business plan wording and formatting ought to be easy and straightforward. The strategic business plan shouldn’t be greater than 40 pages. Summary tables and business charts should be employed to result in the figures readable and grasp. A maximum of two fonts ought to be used. Font size ought to be a minimum of 11 or 12 point size. Page breaks should be employed to separate pages and charts.
Objectives: The primary purpose of a strategic business plan is defined revenue forecasts for that business and supply particulars about how the company will get the revenue.
Strategic Business Plan Format:
A. Executive Summary
This is actually the first portion of a strategic business plan. This is really a brief overall review of the company. It’ll define the character from the business. The manager summary ought to be the last factor written. When the relaxation from the aspects of a strategic business plan have be written, entrepreneurs have a clearer feeling of things to write his or her executive summary. The manager summary consists of the next:
Mission Statement- This is when the strategic business plan states the way the customer may benefit from exactly what the business needs to offer. The strategic business plan must condition what items and services the organization is going to be supplying.
Objective – This is exactly what entrepreneurs expect the company to complete, essentially goal setting techniques for the organization.
B. Company Description
Within this section, the strategic business plan goes on the detail description from the business. The organization description section consists of the next:
Possession – Which kind of possession will the organization be: sole proprietary, partnership, or corporation.
Location – This states in which the business is going to be situated. Office’s, retail store and any other kind of facility that’s connected using the business ought to be pointed out. An internet site address ought to be listed when the business has one.
Product & Services – What’s going to the company be supplying, could it be something or perhaps a product?
Funding – This is how the small company is funded. It can be a double-edged sword with startup expenses and assets. Startup expenses can include legal bills, restoration and leased equipment. Startup assets are products the business proprietors are going to be used for business operation. This can include cash, newly-purchased equipment and inventory.
More to come in Part II.