The Importance of a Business Plan
One of the biggest mistakes we’ve seen small business’ make is the lack of a business plan . This is not something that needs to be complicated. Make it simple. What follows are a few steps that can take you and your business to the next level.
Talk about your dream and what inspired you to pursue it! There are so many people who have dreams are where you once were.
-Your vision and mission statements
What is your vision? Is it to create something new or help enhance something already out there?
What do you want your company to be known for? What is the culture you hope to promote in the community?
–The products and services
What are you offering that no one else can? You have seen a need for your product or service.
– Description (range of products / services) include price list.
This is usually difficult for start ups who may offer do a wide range of services. Include price points. Research similar companies and reach out those who have been around longer than you have. Understand what competitive pricing means. Take into account all the variables that go into what you are offering. You are worth the price people are willing to pay. Do not underestimate this!
-Why are you different?
-What is unique about your business? This ties into the statement above. Have confidence in your concept and ideas. There is a reason why you feel this product or service is needed.
Make a list of your target clients at least for one week.
Marketing strategy (how you will find those target customers)
What is the target demographic of your business? How do you best reach them?
Summarized forecasts for the year.
– How will you have cash flow on slow days/ weeks/ months.
What kind of partnerships will you consider to help get your business off the ground?
All this is important to consider and think through. The plan may change as your vision and idea grows into reality. But taking the time to plan your dream out can help make it a reality. That is what is most important. Dreams can become reality.