“A business that does not plan – plans to fail.” You may have heard this quote or some version of it before. Most small business owners do not make a plan for many reasons. For instance, they are overwhelmed by the concept of owning a business, they don’t know how to run a business, or they have a fear of planning in general. The reality is that executing a plan is an essential part of a business’s success. A written business plan provides an existing document that directs all actions and expenditures required to meet your business objectives. In fact, the document does not need to be more than a few pages and should include: business vision, mission and values, marketing and sales plan, and operating plan, and financial projections. S.E.L. & Associates will help you develop and utilize your business plan for better business management. Each section of the plan must include the information that is clear and understandable to any reader. Below is a brief description of each.
Vision – What you want your business to be. The size, scale, geographic footprint and other significant goals are part of the vision.
Mission – What you provide your customers. The critical components of the experience they will have when using your product or service.
Values – The way you conduct your business. What are the key values / behaviors that your entire organization embraces when delivering your product or service.
- Product description – What you provide and who uses it. How often it is used.
- Price – What you charge for the product or service. How will you be paid?
- Place – Where business is conducted.
- Promotion – How you will you get the word out about your business and product.
- Sales – how is the product sold? Who will sell it?
This is a description of how you will provide your product or service. Items covered should include:
- Business structure
- Organization structure
- Work flow
- Employees and skills
The component should include a:
- Profit and loss statement
- Cash flow projection
- Balance sheet
- Capital requirements