Business planning for the life of your business

October 24, 2016 - Tags: Planning

Are you an entrepreneur looking to start your own business? Do you already have a business, but are hoping to expand? Or maybe you think it's time to leave your business. No matter your circumstance, it is essential that you have a business plan.

Why do you need one? You have a vision and you understand it. However, not everyone will. A business plan serves as an explanation of every aspect of your business, from your objectives to your exit strategy. It is a living document that will change along with your business and will be a point of contact with investors, lenders, partners, and possibly even employees.

The main purposes of your business plan will depend on the stage of your business.

The start-up

You have a great idea for a business, but you don't know where to start. How are you going to turn that concept into a viable business? You have to be realistic with yourself about what you do well, and where you need help. You may also need to present your venture to possible investors to finance it.

A business plan will help you:

  • Guide your ideas from the conceptual phase into a tangible business
  • Identify strengths and weaknesses
  • Secure your start-up funds

The seasoned business

You already have a business and it's been going well, but it is always worth revisiting your business plan. Are you looking to expand and increase profits? A business plan might not only help you assess the progress and success of your business, but it can also help you plan for the future.  

A business plan can help you:

  • Compare your business's current performance to your original plan
  • Raise values of assets, lower risks, and seize opportunities
  • Create new strategies and forecasts

The end in sight

You've been in business for years and you're pleased with your progress. Eventually you will think it's time to call it quits. Whether that means closing down the business or transferring ownership, a business plan will help smooth the transition.

A business plan can help you:

  • Develop plans for transferring, selling, or closing the business
  • Establish timelines for your transitioning plans
  • Identify legal and financial requirements

We offer help in writing a business plan and provide sample business plans and templates for additional reference. You can also consult a variety of online tools, software, or planning professionals.

For additional information, contact us or visit our business planning FAQs.

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