Strategic & Business Plans Are Critical
Primary Reasons To Develop A Business Plan
- To map the future in order to get where you need to be “on-time”
- To support growth & funding or the “investment” of others in the project
- To develop & communicate a course of action
- To help manage a budget & cash
- To support a strategic launch and or exit
- For organization, accountability & leadership
Key Considerations When Developing The Plan
- Write from an external perspective with analysis and clear thinking
- Understand & plan for internal & external challenges
- Research/understand supply side (mfg. & demand side issues thoroughly)
- Understand your competition
- Attention to detail—credible projections and assumptions
- Focus on the opportunity—unique business propositions/will it work
- Ensure all areas are covered
- Attention to detail in economic models and financials
- Executive summary must stand on its own
- Formalize a robust review process
- Assign clear and logical accountability
Key Components of a Valuable Strategic Business Plan
- Objectives
- Executive review
- Technology/Manufacturing/Engineering
- Market analysis
- Supply & demand analysis—vetting & advance contracts where possible
- Environmental analysis
- Company analysis (mgmt./org./IP/funding/history/needs/success factors)
- Competitive analysis
- Business & market strategy to manage the immediate items above
- A carefully developed and answered SWOT assessment
- Business model [definition]
- Financial analysis/ Economic model
- Tactical implementation for all Strategies