STRATEGY
The strategy section of you business plan gives you (and your lender) a sense of your business direction. It provides focus on the long term goals and action plan. Many business owners feel comfort reading over this section during difficult times or times of change to re-establish a sense of purpose for the business.
Mission Statement
Describe the business vision, fundamental goals or why you are in business. This should be a brief, big picture statement including what you sell and mention the industry you compete. Should not exceed 3-4 lines.
Long term goals
Where do you see your company in the next 5-10 years. Give a brief and realistic vision to your business. Remember you are the expert in your industry and it is helpful to visualize how the industry will change in the longer. This section is more important to the owners and senior executive team than to your lending institution. Include secession planning if you plan to retire or sell your business. Keep this section limited to a few lines (your management team may want to develop a more detailed plan for internal discussions).
Objectives
List 3-5 goals of your business you plan to maintain or achieve in the near future. Your goals should be specific, measurable and time specific. For example, if an objective is to maintain high customer service a measurable goal may include the number of returns in a given period. You may lose focus if your list includes more than 5 goals. Ensure your short term objectives create a path to reach your long term objectives.
Action plans
What steps do you have in place to achieve both your short term and long term goals? Include current processes and changes to be implemented. These may include changes to the management structure, sales force, location, delivery channels, pricing or quality control.
Business and industry assessment
Strengths of your business: List in point form 2-5 key areas that give your business a competitive advantage. This may include management knowledge, pricing, location.
Weaknesses of your business:
Opportunities in your industry: List in point form 2-5 keys areas where changes in the industry crease opportunity for your company. This may include industry growth or changing in customer tastes.
Threats in your industry: List in point form 2-5 key areas in your industry where change may adversely effect your business.
At CreditSunrise.com, we assist entrepreneurs like you to create a working document to guide your business. Our services include custom business plan preparation, business plan review and source financing. We service small and medium size businesses in the United States and Canada.
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