Small Business Plans

Why You Need a Small Business Plan

Small business plans why you need one, the benefits of having a plan, nine common business plan mistakes to avoid, and successful business plan basics. These are key issues to understand in having a thoughtful, well-written small business plan that will serve many purposes for a small business. At its core, a small business plan articulates three key elements necessary for success.

1. It helps determine the viability of your vision for a business and gain a practical perspective in considering all options before you invest your money

2. It documents your vision of the company you are building with a clear and precise written plan

3. It is the road map of how you will achieve and measure success 

Benefits of Having a Small Business Plan

Beyond these core elements, a professional business plan will empower your business in several ways in making it easier for you to be successful.

• It will identify upfront the challenges and strategies you need to address in running your business everyday

• It is the foundation for making good strategic and tactical business decisions

• It is essential in obtaining outside financing for your business

• It is the benchmark management tool to measure your efforts in striving for success 

Types of Small Business Plans

• Start-Up small business plans

• Business Plans for existing small businesses

Nine Common Small Business Plan Mistakes

1. Not articulating clearly on what’s in the business plan for your investors

2. Having a customized plan tailored to your specific situation and not a “cookie cutter” business plan

3. Too much or too little information is contained in the plan

4. Goals and Objectives that are too vague instead of realistic & specific

5. A poor competitive analysis that calls into suspect the whole plan

6. Trying to hide your weaknesses & create a fairytale plan

7. A poor assessment of external threats to your business like: technology, foreseeable marketplace changes, industry threats, (competitive or vendor supply mergers, acquisitions), government regulation, etc.

8. Reasonable revenue projects based on industry norms not your “best guess”

9. Under estimating the critical nature of cash flow to the ability of your business to be around long enough to succeed

Successful Small Business Plan Basics 

• A familiar, well-organized and logical structure to those that will be reading your plan like, bankers, investors and suppliers

• The ability to instill the believability of your plan demonstrated by the logic of your thought process

• Just the right mount of information in a clear and concise format

• Enough strategic and tactical specifics to establish your management skills and that your plan will actually achieve the results you project

• Revenue and profit projections that show sustainable growth

  • Cash flow projections that are conservative and realistic

MyMarketingDept. Small Business Plans

• Over twenty years of strategic & practical business experience

• We only prepare custom business plans and small business marketing plans, “no cookie” cutter approach

• We offer several ways to help prepare a business plan for you

• We will assist you through the business plan process

  1. We will help in researching your industry, market place, & competition, etc

  2. We will critique a plan you author and provide feedback

  3. We will take on the primary role of writing your plan with your input, guidance, and specific industry, business data and information supplied by you

• We can also assist you after your plan is developed to:

  1. assist in helping you obtain funding

  2. help you implement your plan with our small business marketing services

  3. consult with you on updating your plan in the future

• We specialize in working with small business so our fees are affordable

Your Bottom Line
We will work with you the way that is best suited for you. We will work on a specific one-time project or as an integral member of your team. We will perform work based on various options such as a fee basis, retainer, lump sum, equity or combination thereof, depending on your particular situation regarding your small business plan needs.