A Strategic Plan is often needed when...
-
Starting a new venture, product or service
-
Expanding a current organization, product or service
-
Buying a new business, product or service
- Turning around a declining business
The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.
The plan allows you to...
- Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
- Justify that your plans are credible by fully researching the need being filled with your new venture.
- Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
- Develop staffing plans including identifying the skills, attitudes and expertise needed to build the venture.
- Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years. The perspective gained through your Strategic Business Plan can make a significant contribution to your company's success. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan.
- Identify capital and equipment needs including vendors and cost estimates.
- Formulate company timelines for upcoming products and services in development.
Remember: Failing to plan is planning to fail.
