Enjoy this week’s guest post from Doctor of Management in Executive Leadership, Jennifer Capler, and discover why you need a strategic business plan.
A traditional business plan has previously only been considered important if an entrepreneur or business owner was seeking funding from a financial institution. In reality, a strategic business plan should be considered so much more than that.
A business plan is a strategic tool. It is a foundation for any business idea, whether that business has been running for a while or if you are still debating the validity of a new business venture.
Click To Tweet
A strategic business plan helps put into words the vision and mission of the organization. When written well, it shows the passion of the owner. It highlights the qualities the owner(s) brings to the table. It explains why the business is important.
We are all passionate about our business ideas. We strive for success in our personal and professional lives. But if our ideas cannot be committed to paper, how can we see where the business will go?
A strategic business plan doesn’t just tell a story about the owner(s) and the idea of the business. A strategic plan digs into market research. It details strategies on how to reach a target market. It describes the strengths, weaknesses, opportunities, and threats to the business. And, it provides a visual timeline for completing short- and long-term goals.
And, should there be a need, a completed strategic business plan can be taken to a lender to inquire about funding. It provides lenders with a highly detailed, completely thought out plan.
At the very least, a strategic business plan includes:
- Executive Summary
- Company Description
- Environmental Analyses
- Competitive Position
- Operations
- Marketing Objectives and Strategies
- Action Timeline
- Controls
- Financial Statements (current and future forecasting)
- Management Summary
- Risk Management
- Contingency Planning
I have seen entrepreneurs and small business owners struggle for months to create a business plan and still get turned away for funding as it was not detailed enough. A comprehensive strategic business plan takes hours of commitment to research. It requires serious introspection on personal qualifications, weaknesses, and strengths. A strategic business plan demands a surprising amount of time and effort to become a masterpiece.
You can spend months trying to prepare a well-defined strategic plan, losing time and money that could be used to focus on clientele and operations. A solid plan that you can take to the bank can be anywhere from 30-50 pages, depending upon the business. This can take a person well over 80 hours to complete if they have never done one before. What is that time worth to you?
But, have no fear – there are trained professionals eager to help you strategically plan your business and see you succeed. If you are serious about running your business, it’s important to also get serious about a strategic business plan!
Dr. Jennifer Capler is The DM Woman, LLC. She is a Doctor of Management in Organizational Leadership with a specialization in emotional intelligence, effective communication, and team building. Jennifer has been writing strategic business plans and grant proposals for over 10 years and has experienced the evolution of economic demands and funding requirements. She takes joy in empowering others and seeing other people achieve success. Jennifer has experience in multiple aspects of life; from serving in the US Navy, being a single mother, managing a facility for a non-profit organization, to being married with 4 children and 2 huskies while running her own business.
Find out more about what Dr. Jennifer can do for you at The DM Woman, Facebook, and LinkedIn.
The post Why You Should Have A Strategic Business Plan appeared first on Melissa Forziat Events and Marketing.