Run your own business is a highly rewarding, but often a risky effort. As with anything else, which increases your chances of success begins with the preparation. And when it comes to turn this dream into reality, the key to the success of your company from jumping is simple: the work plan and the work plan.
Whether you are a new business just up the expansion of the company that you have, or buying a business, to spend much time in planning:
Information for your current and future direction.
The next logical step is to develop a plan with a strategic business plan that operates as a living document to define your objectives, the guiding principle of your business, and you take from point A (where you are today) to point Z (on which you want to be). But remember, a strategic plan is more than securing funding, it is necessary to go to start a business. And once you have written your business plan, followed by an action plan which sets out your short and long-term goals and how you are going to achieve them.
Just remember this-there is no underestimating the power of planning. As the former CEO of Lucent Technologies and Octel notes: "People are planning their vacations in general more carefully plan their careers. I am a compulsive planner, but there are times when I had no idea what I was doing. "
Even if you have no idea what you are doing, develop and implement a plan improves your chances of achieving your goals. This article describes the fundamentals of developing a strategic plan to take your business to the next level.
What is a strategic plan?
Strategic planning is the process by which key stakeholders (you and your partners) within an organization
Consider its future and develop procedures and operations that will allow you to realize this vision.
A strategic business plan has two objectives. Firstly it is an internal document that defines your objectives, strategies and tactics. Secondly, it is a tool for raising capital. However, you need a plan, if you are looking for capital or not. Without a plan, you do not know where you are going, and you have no way to benchmark and track your progress.
With a strategic plan, you have a road map that allows you to look ahead, allocate resources, to focus on the important issues and prepare themselves for problems and opportunities.
A well-articulated strategic business plan that clearly describes your vision, objectives, priorities, strategies, products, services and financing needs. It also provides useful information about your company, your management team, and short - and long-term. Highlighting the positive and negative aspects of your business opportunity, your strategic plan should look to the future of three to five years.
How do I write a business plan?
As they say, there is more than one way to skin a cat. Similarly, there is more than one way to write a business plan. Formats, sketches and lengths vary. But they all tend to share a generally accepted format and some standard components.
Your plan should be clearly written, logically organized and written in a convincing manner. It must be aimed at a specific audience. He must present the details of financing, competition, strengths, weaknesses, and projected financial performance. Typically, when writing your business plan, include:
Whether you are a new business just up the expansion of the company that you have, or buying a business, to spend much time in planning:
- Begin with a process of discovery to confirm the viability of your company.
- Do your homework.
- Discover fundamental objectives, ideas, opportunities and risks.
- Research on the market.
- Examine your offer, market conditions, trends, and competition.
- Extract potential problems.
- Describe your goals and objectives.
- Build the business intelligence you need to create a solid basis for action
Information for your current and future direction.
The next logical step is to develop a plan with a strategic business plan that operates as a living document to define your objectives, the guiding principle of your business, and you take from point A (where you are today) to point Z (on which you want to be). But remember, a strategic plan is more than securing funding, it is necessary to go to start a business. And once you have written your business plan, followed by an action plan which sets out your short and long-term goals and how you are going to achieve them.
Just remember this-there is no underestimating the power of planning. As the former CEO of Lucent Technologies and Octel notes: "People are planning their vacations in general more carefully plan their careers. I am a compulsive planner, but there are times when I had no idea what I was doing. "
Even if you have no idea what you are doing, develop and implement a plan improves your chances of achieving your goals. This article describes the fundamentals of developing a strategic plan to take your business to the next level.
What is a strategic plan?
Strategic planning is the process by which key stakeholders (you and your partners) within an organization
Consider its future and develop procedures and operations that will allow you to realize this vision.
A strategic business plan has two objectives. Firstly it is an internal document that defines your objectives, strategies and tactics. Secondly, it is a tool for raising capital. However, you need a plan, if you are looking for capital or not. Without a plan, you do not know where you are going, and you have no way to benchmark and track your progress.
With a strategic plan, you have a road map that allows you to look ahead, allocate resources, to focus on the important issues and prepare themselves for problems and opportunities.
A well-articulated strategic business plan that clearly describes your vision, objectives, priorities, strategies, products, services and financing needs. It also provides useful information about your company, your management team, and short - and long-term. Highlighting the positive and negative aspects of your business opportunity, your strategic plan should look to the future of three to five years.
How do I write a business plan?
As they say, there is more than one way to skin a cat. Similarly, there is more than one way to write a business plan. Formats, sketches and lengths vary. But they all tend to share a generally accepted format and some standard components.
Your plan should be clearly written, logically organized and written in a convincing manner. It must be aimed at a specific audience. He must present the details of financing, competition, strengths, weaknesses, and projected financial performance. Typically, when writing your business plan, include:
- Letter-writing a letter to you present your business plan and your audience.
- a title page and include a title page, which details the contents of your package, your name, address, phone number, the names and positions of the management team, date and contact information.
- Contents, insert a table of contents to make it easier for readers to find the information.
- Statement of purpose, clearly stated include an explanation of the goals of your company and how you will reach them. For example, your statement of purpose can be "to provide quality and reliable services for landscaping least in metropolitan Phoenix." Describe your value proposition, whether price, convenience, service or other attribute, how much capital you will need and how you will repay them.
- The summary is that the most important part of your business plan. Include a summary that highlights the main points of your plan. Provide basic information about your business, the market, your value proposition, key members of the team, projected ROI (return on investment), internal rate of return, and current and potential risks.
- Information Market describe your target market (s). Grounding the statements of facts and supporting detail. Include a market study on initial and future markets, the main market segments, growth rates past trends and changes.
- Society describe your company, its type, history, the legal structure, industry, market, school leaders, the size of income and the growth rate.
- The product or service description-describe your offer, the benefits of business, stage of development, how your product or services will satisfy real need, and you can compete.
- Management Team include detailed information on the core members of your team, the people who will run the company, as well as senior partners, attorneys, financial and business consulting. Include names, qualifications, experience, skills, responsibilities and compensation.
- potential risk factors, including an assessment of the risks facing the company. Describing the worst-case scenario, and everything that could go wrong now and in the future. Offer strategies to overcome these risks.
- Performance / action plan you describe how your plan to translate into action the results down to the finest details. Describe how you are going to obtain licenses to do business, opening a business, obtaining items on the shelves, hire employees, and forge partnerships. Describe production schedules, the process of delivery and customer service, with a view to establishing benchmarks for measuring progress.
- Financial Information-Include a section that projects future revenues and profits from three to five years. Base better information on this case, worst-case and most likely scenarios. Summarize financial data such as cash flow, profit and loss account, balance sheet, banking relationships, conditions and rates of loans, financing plans and working capital needs.
- Legal-Includes preparation business regulations, patents and trademarks, licenses to do business, employment, contracts and clients. Anticipating the legal and documentary configuration of your company will need. Writing a business plan may seem like a daunting task. However, there are many resources available to help you prepare a solid plan. You can find books in your local bookstore, software and program models online and in local computer / software stores, or you can work with a consulting firm, a small business near Development Center or a local trade school.