No matter the size or scope of your business, creating a business plan is an important part of any successful enterprise. It sets marketing strategies, helps organize priorities and provides an in-depth view of your business to potential investors.
Your business plan should express a clear strategy for starting your business, and also provide insights on steps to be taken, resources required for achieving your business goals and a timeline of forecasted results and milestones.
Business plans are important for established small businesses too. Many experts recommend updating business plans annually to manage growth and guide expansion into new markets. Business plans should include clear and measurable objectives for hiring new employees, fiscal projections, market analysis and securing necessary investment. In doing so, these objectives should indicate how they’ll help your business mature and grow over the next year.
Using precious financial resources toward new assets such as computers, software or vehicles is never an easy decision for small business owners on a tight budget. However, a comprehensive business plan can simplify deciding whether to buy or lease and can help determine the ideal amount of spending used to acquire those assets. A good business plan can also help you make a decision on whether or not it’s a good idea to seek additional office, retail or work space.
As well as providing an outline for past and future progress, your business plan can also be important in securing funding. A business plan that answers questions about profitability and revenue generation can make the difference between whether or not someone decides to invest – or how much they might choose to invest.
Evolution Business Marketing & Communications has produced numerous business plans for clients across a wide variety of markets and business types. As a full-service marketing agency with over 20 years of experience, Evolution provides valuable insights to clients with a team that always delivers results. Contact us today at info@evolutionbusiness.ca or call us at 1-250-740-1844 to find out how we can help take your business to the next level.
