Chartered Accountant & Business Consultant - Meredith Harington

Strategic Business Planning

“Failing to plan is planning to fail”  –  Author Unknown

A strategic business plan is much more than a tool to obtain financing. Once the entrepreneur has a clear vision of where the business is seen at a point in the future, preparing a strategic plan helps you to clarify your company's direction, ensures your key leaders are all "on the same page", and keeps both management and staff focused on the tasks at hand.

A strategic plan is often needed when:

  • starting a new venture, product or service;
  • expanding a current organisation, division, product or service;
  • buying a new business, product or service;
  • turning around a declining business.

The strategic plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.

The plan structure assists you to:

  • identify and describe the unique selling proposition of your venture;
  • identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service;
  • confirm that your plans are credible by fully researching the market need being filled with your new venture;
  • develop marketing plans, including full descriptions of targeted promotional campaigns with implementation timelines. You 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;
  • develop management plans, including full descriptions of management systems and timelines for implementation;
  • develop financial plans, including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first three to five years. (These will allow you to effectively predict upcoming problems, or prevent them.)
  • identify building and equipment needs including vendors and cost estimates;
  • establish working capital needs and tolerances;
  • formulate company milestones including timelines for upcoming products and services in development.

The perspective gained through your strategic business plan can make a significant contribution to your company's success, and help you get the funding you require. Most lending institutions and private investors will not consider your proposal without a credible financial plan.

Let Meredith Harington help you develop a powerful strategic business plan that drives your business to the level of success you can achieve.

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