A Strategic Business Plan is a blueprint describing your company, its products, the competitive environment, management team, financial health and business risks.
It is intended to help you prepare for the future of your business. It ensures that key management are all “on the same page,” and focused on the tasks at hand. We advocate a team approach, working closely with key management, and your business development and investment advisers.
A strategic business plan is considered necessary when a business decides to:
- Start a new venture, product or service
- Expand a current organization, product or service
- Buy a new business, product or service
- Salvage a declining business
“Whenever I ask for advice or an opinion from the staff at Thompson Greenspon, I receive prompt and valuable replies that have helped me and my fellow LLC members to better understand our company position with respect to tax laws and impacts.”
– Bill C.
A strategic business plan is a roadmap that businesses can follow in order to:
- Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
- Justify that plans are credible by fully researching the need being filled with your new venture.
- Create marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. It will also examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
- Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
- Establish management plans including full descriptions of management systems and timelines for implementation.
- Identify building and equipment needs including vendors and cost estimates.
- Formulate company milestones including timelines for upcoming products and services in development.
- Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years.
- Following a thorough business plan with projected financials can allow you to effectively foresee upcoming problems or prevent them. It can also be a predictor of your company’s future success. Let us help you develop a powerful Strategic Business Plan that drives your business to the next level.