Finding Solutions for Growing Businesses

BUSINESS PLAN

A business plan can provide you with a pathway to profitability. It can help you focus on critical questions which must be answered if your business is to thrive and grow. A business plan offers at least four primary benefit:
  • A plan gives you a path to follow. It can help you make your business what you
    want it to be.
  • A plan can be a communication vehicle to your employees and future
    customers.
  • A plan can help you develop as a manager by helping you to focus on your
    competition and opportunities.
  • A plan provides your banker with insight into your goals and objectives.
    A business plan produces a working document which can help you accomplish the goals described above. In addition, the thought process you undergo as you complete your plan helps you identify critical issues and questions, and develop effective means of dealing with those questions and issues. Above all, the business plan is a strategy which prepares you to manage your business, rather than allowing your business to manage you.
    A successful business plan is realistic, factual and objective, presenting your goals in measurable and attainable terms.
    Business plan takes many forms and will vary in length, but all successful plans communicate the following information clearly and concisely:
  • The nature of your business
  • The goals and objectives of our business.
  • The steps you need to take to achieve your goals and objectives
  • An action plan for implementing these steps
  • Major potential problems and strategies for overcoming these problems
    An effective business plan also answers a variety of specific questions, such as:
  • What service or product does your business provide and what needs does the
    product or service fill?
  • Who are the potential customers for your product or service?
    Why will they purchase the product or service for you?
  • How will you market to potential customers?
  • Who are your principal competitors? What are their strengths and
    weaknesses? What management skills are weak, and where will you obtain these
    skills?
  • What are the current financial resources of your company? What is the projected financial condition of your company over time!
    There is no one "correct" format for a business plan, although most effective business plans include the same critical information. More important than a specific format, however, is the presentation of your ideas in a clear and concise manner.
    For assistance in developing your own business plan, contact the MI-SBDC Headquarters at (313)964-1798 for a referral to your local Small Business Development Center. These centers provide one-to-one counseling to small business owners free of charge.
    Continue to Financing Back to Online Publications
    Back to Welcome Page