As the SBA (Small Business Administration) and others can readily attest, a vast number of small businesses fail each year. The lack of a proper business plan often plays a major role, just as it often does when a large corporation collapses. Adequate funding alone cannot even save a large company – as Arthur Andersen learned during fairly recent years.
To safeguard the future and longevity of your company, make sure you and other owners (or members) of your firm draft a comprehensive business plan long before you ever start selling your products or services. Here are some of the most important topics a fully comprehensive plan should address.
Critical Features of Most Successful Business Plans
Assuming you and your business partners will need help with initially funding your entity, consider creating a plan that addresses that topic first – before moving on to other critical areas.
Create a succinct yet enticing description of your company and its reasonable goals for its first year in operation. Be sure to ask your Peachtree City business attorney and perhaps a professional tax accountant to review your plan – checking for any flaws that might concern potential investors;
Carefully describe the markets you hope to quickly penetrate – as well as those you will approach in a slower, more deliberate fashion. Also, explain how your business purposes relate to current needs in your chosen field. Indicate why your business model stands a greater chance of succeeding against all of its currently known competitors;
Describe how your marketing plan will motivate major customers to respond with orders or requests for services. Clearly indicate the type of background research you've done that should help you attract businesses away from your competitors;
Periodically update your business plan. Once you can document strong early sales or profits, incorporate that information into your plan to strengthen all future sales and profit projections for new investors;
Make your financial data as transparent as possible. Encourage all potential investors to ask any questions they may have regarding the financing of your short- and long-term needs. If your business requires a lot of inventory, clearly indicate if you currently have plenty of goods on hand, ready to ship to customers.
If you're selling some type of service, make sure you indicate your ability to rapidly increase your workforce in keeping with customer demand.
While it's always best to stick to the facts when making your initial business presentations to others, don't be too shy about noting the past accomplishments of any of your team members. Past successes can often provide you with the best references possible.
To obtain help with handling all of your Georgia business planning needs, please contact Shane Smith Law today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.