Setting up and running your own business can be overwhelming and while many business owners cringe at the mere mention of drafting a business plan, it is a great exercise to get your business back on track and to plan for future growth. More specifically, it forces you to map out where you are now, where you need to go and most importantly how you plan to get there. If you are a first time business owner, or have never written a business plan, you may not know where to start. Our friends at Corporate Tax have helped thousands of business owners meet their goals through financial and business planning strategies.
Below is their list of the Top 10 Questions Every Business plan Should Answer.
1) What is the need that your business exists to satisfy?
2) How will your business satisfy the need?
3) How does your company differentiate itself?
4) Who will be the key players in the business?
5) How big is the market you are entering?
6) Who will you be targeting as customers?
7) What will be your most effective marketing and promotional strategies?
8) What are the economics of your business?
- Define your revenue streams including pricing structure, costs, margins and expenses.
9) How much money is required to get your business started and generating revenue?
10) What needs to happen to break-even?
Whether your objective is to find an investor, get a business loan or just improve the way you run your business, your business plan must answer these key questions. Remember, there is no right or wrong answer, but addressing these questions will help you build a roadmap for your business. And, of course, the better the map, the greater the likelihood that you’ll reach your destination!
For more information on financial strategies, contact our partners at Tax Team today. They have a team of business consultants and tax advisors standing by to help you. You can also follow them on Facebook for daily business information.