Business Plan Development

One of the most common requests we get here at the SBDC is to help someone create a business plan prior to them launching a new company. Oftentimes, this is at the request of a financial institution when the business owner is seeking a startup loan, but many people just want to tease out the idea they have in their head before they jump into a new venture with both feet.

To be certain, starting a business is always a risk, but with a well-researched and smart business plan, this is much more of a calculated risk than a shot-in-the-dark.

Our comprehensive and thorough business planning process takes a while to get through, but the results are worth the effort. It’s worth noting that our business coaches are instructed to meet with you at a pace that works for you. Some people can get through the entire process in a few weeks, while  others are more  likely to take a few months. Our goal is to help you continue to make steady progress and to guide you along the way. Here’s how this process typically works:

Meeting #1 – Business Planning Prep

• Discuss your business concept and your short and long-term goals for the company
• Develop a customized business plan template specific for your type of business
• Briefly review each of the sections of the business plan and prepare you for your first “homework” assignments

Meeting #2 – Business Concept Review

• Describe your business concept and the background information (story) about why you are starting the company
• Review your mission, vision, and core values
• Summarize market research about your industry, local market conditions, and you competitors
• Review homework assignments related to the “operations” section of the business plan

Meeting #3 – Operations Plan

• Describe your core products and services
• Review your facility and equipment needs (including IT systems)
• Discuss your supply chain, inventory management needs, and distribution channels
• Develop a plan to continuously control quality and improve processes
• Review homework assignments related to the “human resources” section of the business plan

Meeting #4 – Human Resources Plan

• Review how your business will be organized (i.e. LLC) and describe the owner(s) of the business.
• Summarize the background on any key management staff (including the business owner if he will run day-to-day operations)
• Discuss staffing and training needs
• Describe any partnerships or collaborations that will be crucial to your company’s success
• Review homework assignments related to the “marketing and customer relations” section of the business plan

Meeting #5 – Marketing Plan

• Identify and describe your company’s target audience
• Develop your “unique value proposition” or competitive position
• Describe the unique features and benefits of what you sell and how you will manage the sales process
• Discuss branding, digital media, advertising, promotional strategy, and direct marketing tactics
• Address how you will network, engage with the local community, and manage public perception
• Review homework assignments related to the “finance” section of the business plan

Meeting #6 – Finance Plan

• Develop income and expense (cash flow) projections for the first three years of the business
• Identify your financial team and review accounting systems and processes
• Review relevant tax, insurance, and regulatory issues
• Develop credit and payment policies
• Discuss how profits will be distributed and what your exit plan is

Meeting #7 – Business Plan Finalization

• Final review of your entire business plan
• Review action plan for the first three months in business
• Prepare for loan office interview (if applicable)