The Importance of Drafting a Business Plan for Your Business
According to the Journal of Management, new businesses with a written plan grow 33% faster per year than those without one, yet only 56% of new ventures have a written business plan. The rate of growth is even higher for businesses, which implement a business after the start up phase.
Using our business plan drafting services and tools, we help our clients create a business plan, unique to their company’s needs. Combining our drafting tools and on-going consulting and support, we challenge our clients to think outside the box, allowing them to set their company apart from their competition, and providing them the map for their company’s future success.
Our consultants have vast experience drafting business plans in an array of business sectors and in every phase of the business life cycle.
Here are a Few Tips for Creating a Business Plan for Your Company
- Do not just think about a business plan. Write it out!
- When writing it out, take time, be thoughtful, and be specific.
- Don’t write a business plan just to say you have one.
- Rely on it! Don’t write it out, stick it in a drawer, and forget about it.
- Refer to it to determine which mileposts you reach and which, not and which ideas are working and which, need to be tweaked.
Items to Include in Your Business Plan
- Name your company
- Determine its legal structure
- Identify its geographical footprint
- Know your numbers! A carefully tailored business can help you determine the financial feasibility of your business
- Determine start-up costs
- Determine the gross revenue necessary for running your company
- Establish pricing structure (for service-sector businesses)
- Determine and write out your company’s mission
- Identify the need in the marketplace your company seeks to fill
- Detail how your company will fill that void
- To fill that void, determine the service or services your company will provide
- Research your competition
- Determine how your company will set it itself apart from your competition
- Identify your target market
- Create a strategy for reaching your target market
Drafting a Business Plan is a Process, Not an Event
Relying on our business plan drafting services and tools, we guide our clients through the six separate subject matters, which comprise a traditional business plan. Asking probing questions and providing experienced counsel, our advisors navigate our clients through the process of preparing a plan that best fits their vision of their company.