A strong business plan is important for your business, whether starting out or well established.
For potential investors or lenders, it demonstrates that you’re professional, informed, and organized. And if your business is established, it will keep you on track to meet goals. It can also help you set and manage new goals, and put into action creative ideas.
And importantly if you’re looking to sell your business, a well thought out business plan can promote the potential of your business to prospective buyers.
Most business plans include the following:
- Executive Summary
- Company Description
- Market Analysis
- Organization and Management Description
- Explanation of Services or Products
- Marketing and Sales Plan
- Financial Projections
- Quarterly and Yearly Goals
- Funding Request (if applicable)
Business plans can vary in length from 15 – 60 pages, depending on the purpose of the plan. If you aren’t a strong writer, or don’t have time for a “deep dive” into the inner workings of your company, there are many companies and freelancers who can create a professional business plan for you. Better yet, start by checking out your Credit Union’s Business Financial Wellness Center module called Developing A Business Plan. It takes just minutes, and will get you off to a great start. Note: If you’re using your business plan to find funding or promote your business, it is critical that your plan is clear, concise, professional, and free of errors.
After your business is off and running, a periodic review and update of your plan is just as important as its creation. Smart business owners review their plan every two/three years to see if the business is tracking to target goals. This is also the time to update and make changes to your business mission and organizational structure.
It’s easy to let day-to-day operations take priority, but having a clear, updated business plan can keep you firmly on the path to long-term success. And remember, with success comes the need for more staffing to sustain growth. Your Credit Union has special-value Agency Secured Loans for our Farmers-Agent members, to help with staff acquisition and much more. Our loans include low rates, flexible terms, low monthly payments, no pre-payment penalties, and rapid closing. Always ask us first!