2nd: Have a solid and current business plan
Jan 30, 2023
As a small business, you need to make sure every aspect of your business is well-defined, leaving no scope for guesswork. Maybe you have a business plan in your mind but chalking it out on paper can be a game-changer. It can help your team figure out what to do, when to do, and how to do it. It will reduce dependency. Since you and your team will have more clarity, it will make your processes faster and smoother. You will be able to prepare a more effective business strategy. Plus, if you are seeking funding, a well-drafted business plan can help you convince the investors and secure funds.
US Small Business Administration recommended two types of business plans-
1- Traditional business plan
It is a very comprehensive, highly detailed plan that requires you to list almost everything related to your business. These requirements are divided into nine sections; executive summary, company description, products and services you are offering or wish to offer, market analysis, management team on board or expected soon, financial plans, operational plan, and appendices.
2- Lean start-up business plan
It is an easy-to-go plan meant for businesses that do not have enough time and resources to prepare a comprehensive traditional plan. But, being lean doesn’t mean it cuts the corner. Rather, it focuses exclusively on things that are needed for business growth such as key partnerships, key activities, key resources, value propositions, customer analysis, and revenue streams.
You can choose any type of plan that you believe will best suit your current business needs. If you need help, you can use free business templates available online. You may even hire a business counselor or seek free counseling from SBA.
