Business Plan Preparation & Writing

Whether you are just starting out, or you have an established company, a business plan is an essential tool for success. A well-crafted plan will not only help you get funding for your business, but also provide a roadmap for future growth and activities, and clearly communicate goals and benchmarks to key employees in your organization.

 

These are just some of the benefits of having a business plan:

 

Acquiring bank loans.

Would added capital help you reach your business goals? Are you sure how much funding you need to get there? One of the most valuable purposes of a business plan is to calculate how much capital you would need to take your business to the next level. It’s essential to have a business plan when partnering with a bank and requesting a loan. Banks will not loan you money without one. And they need to know if you are capable of paying back the loan.

 

Attracting private lenders and investors.

Private lenders will ask similar questions about you and your business before agreeing on investing or lending. Some questions include: Is there a need for this product or service? What are the financial projections? What is the company’s exit strategy? The answers to these questions can make or break a financial deal, so having them at the ready in a formal business plan is important.

​

Setting measurable goals.

Strong companies are able to clearly define long-term goals and milestones that are most significant to the success of the business. With a clearly drawn plan, you will be able to map out activities and the timing necessary to achieve strategic, operational, and financial goals. This is not only helpful for a business owner but also aids in guiding employees toward meeting specific standards.

​

Understanding your customers and competition.

No business lives in a vacuum. The outside environment should have an effect on every decision you make. Every business has competition, so it’s critical to understand the advantages they have and if there are gaps in their company model that your company could profit from. A similar process of defining your ideal customer should be included in a business plan as well. This involves deep research of key demographics, needs, and unmet needs. Understanding your customer allows you to reach them more effectively with your products and marketing strategies.

​

Determining the value of a business in order to buy or sell.

For many business owners, the ultimate goal is to sell their business. Without a comprehensive examination of capital, assets, potential revenue, you won’t be able to give interested buyers the information they need to make an informed decision. A business plan complete with your business’s financial information is vital for every stage of your business, especially when you’re planning an exit strategy.

 

 

OUR TEAM

With a combined experience of well over 100 years, our group of seasoned entrepreneurs has worked in finance, accounting, consulting, management, marketing, and business writing. In creating your business plan, we perform extensive research, ask pertinent questions, and then use our significant knowledge to produce a business plan that serves your needs.

 

Learn more by contacting Neil at nmiller@neilmillerconsulting.com or 917.974.6651.