WHAT IS BUSINESS PLANNING?
We’ve helped quite a few businesses grow from the ground up, including our own. We can help you plan your business out too!
A business plan is a prototype for your entire business. The roadmap for directing every decision your business makes moving forward. Your business plan outline is essential when seeking investors or acquiring loans for your company. However, the formal planning of your organization is actually for your benefit as it will keep you focused on your business strategy as you start a new company or develop your current business.
At Boiling Point Media, we don’t plan out a business for you, we build a plan with you. We will listen to your business ideas, short-term goals as well as long-term goals and work with you to put those ideas into a plan of action that will keep your business on track.
Through regular reporting and evaluation, we ensure that we are accurately representing your company as well as articulating your defined needs and goals. Whether you are a start-up company in need of defining the business direction or a mature company looking to attract more investors, let Boiling Point Media be your business planning consultant.
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WHAT YOU CAN EXPECT FROM OUR BUSINESS PLANNING SERVICES
Planning out a business generates a path your company can follow to meet its goals. It is also a key marketing resource when pitching your company to prospective investors. The plan you develop needs to be achievable, measurable, and understandable. At the same time, it also needs to be visually appealing and reflect the professional image you want to communicate. Whether you are writing a small business plan or creating corporate strategy, collaborate with Boiling Point Media in Oklahoma City to plan your business from start to finish. Your plan will include:
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What is a business plan?
What is the purpose of a business plan?
What are the benefits of a business plan?
There are several benefits to creating a business plan. These benefits include:
- Developing a plan that will guide your business as well as keep your business focused on its goal
- A business plan will make it easier to obtain funding from investors and financial institutions as the business plan will show how you are strategizing to reach your business goals.
- A better understanding of your market and its audience creating the ability to better strategize plans to earn customers.
- Ability to analyze the financial and economic opportunities within the market and determine the feasibility of the business
What is included in a business plan?
There are many sections to a standard business plan and more can always be added. In short, the main topics that needs to be outlined in your business plan are:
- Executive summary – this should include details such as the name of your business, location, mission statement, vision statement, and your purpose
- Company Description – this section should outline the legal and organizational structure of your company, a brief history of your business and its nature, an overview of the products and services you intend to provide, how the company plans to meet the needs and demands of the market, a summary of the financial growth of the company, summary of business goals (both short-term and long-term), and a summary of how the business will make a profit
- Products & Services – a detailed description about all of the products and services you intend to offer. Similar to the company description, this section should detail each product and service individually and include product descriptions, consumer benefits, position in the marketplace, competitive advantages, product life cycle analysis, copyright/patent information, as well as all research and development that went into the product.
- Market Analysis – a complete market analysis should be included to show your understanding of the market. The market analysis should include a detailed analysis of your customer and market segments, an industry analysis, competitor analysis, as well as a historical trend analysis.
- Market Strategy – a business is nothing without a strategy. A summary of your market strategy needs to be detailed in this section. The market strategy should include a plan to bring your product to the market, pricing, costs, promotions, labor, logistics, how the company will function, as well as when the company will operate.
- Financial Plan – The last section should include information about your plan for financial success. You may want to consult an accountant or a bookkeeper for this section. In this section there should be information about your current and historical financial statements (if any), financial planning to meet your goals, and projections for the future.
What questions should be asked in a business plan?
Every business plan should be able to answer certain questions in great detail. Without answers to these questions, your business plan as well as your business strategy will be largely incomplete. The questions you should be able to answer are:
- What need in the marketplace will your business satisfy?
- How will your business satisfy this need?
- Why is your company different from your competitors?
- Who will assist you in your business?
- What is the true size of the market you are entering?
- What are the costs of entry into the market?
- Who is your target market?
- What is your marketing strategy to reach your target market?
- What are the economic factors that surround your business and industry?
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