When you started your business, or otherwise assumed ownership of it, you more than likely created a business plan. This critical document provides management, investors and lenders with an overview of the company’s game plan as well as an assessment of current operations. Complete plans traditionally include six components:
- Executive summary,
- Business description,
- Industry and marketing analysis,
- Management team description,
- Implementation plan, and
- Financials.
Some owners might balk at compiling a comprehensive business plan, but it’s an absolute imperative when running a company. Why? Because your business plan can predict the future — or at least it should.
If the plan includes the six components above, adheres to sound strategies and contains accurate data, your company’s future (or a fair approximation thereof) will be spelled out in black and white. But if what’s described is unrealistic or no longer applicable, the future of your business will be just as murky.
Need some help in determining whether your business plan is still the crystal ball it needs to be? Please contact us. We’d be happy to assess your plan and offer constructive feedback based on our firm’s experience and know-how.
