With her expertise in marketing, building brands, and driving businesses, ASBTDC Consultant, Lori Lieblong, has helped over 500 clients start more than 30 businesses and assisted clients in raising over $20 million in capital to start or grow a business. Lori is an expert in small business planning and management and is passionate about helping enterprising Arkansans.
Below are Lori’s thoughts on the importance of having a business plan.
“A business plan is a roadmap to your business’ s future success. It forces you to think through all aspects of your business from overall strategy and day-to-day operations.”
Why have a business plan?
Creating a business plan is a process that guarantees you will think about many necessary steps for establishing and managing your business. Not only can a comprehensive business plan determine the success of your business, but business plans are required for financing. Your business plan will be closely evaluated along with your financial projections to assess your candidacy for financing from banks, other institutions, or individual investors.
Your business plan serves as a selling story for these stakeholders. Make it a great story!
Do I need a business plan?
At ASBTDC, we suggest everyone who is starting a business write a business plan. Whether your business is a side hustle, a brick-and-mortar, or an operation seeking millions of dollars in capital funding, a business plan makes managing your business easier, and it can earn you more in funding!
What Should I Include in My Business Plan?
Your business plan should include a detailed idea of what you plan to do with your products and or services. The plan should also include your understanding of the industry and market and how you plan to market to your desired audience. Lastly, your business plan should include how you plan to own and operate your business and the financial needs and predictions.
People often ask how long the business plan should be – there is no right answer – it is the combination of a lot of moving parts. You must thoroughly, yet concisely, detail each section so the plan clearly explains what you want to do and how you plan to do it. For some businesses that can be done in ten pages, for others, it’s thirty pages.
What Makes a Good Business Plan?
A good business plan should include facts and data points to support your case for starting your business. While writing your business plan, you will gather these data points to help you determine if your business idea is feasible. With ASBTDC market research you can substantiate your ideal market, identify the best location, and better understand the behaviors of customers. All of this data should be included in a business plan. Business plans driven by statistics, facts, and insights are most effective in acquiring funding.
At ASBTDC, we guide clients throughout their business planning process. Wherever you are in your journey, we are here to help. Contact Lori or any of our expert consultants and book a free consulting session today!