Business PlansHere are a few words from our founder Dan on business plans and their necessity in starting and running a successful business.
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There are different types of Business Plans depending on the size and type of organization you are.
For new companies it could be as simple as a one page plan I call a SNAP PLAN.
On the other extreme, for large organizations with divisions and subsidiaries it can run into the hundreds of pages.
The largest one I ever worked on was close to 500 pages and was published in volumes. This is not the norm and fairly rare.
You’ll need a Plan for many reasons that include keeping the organization focused on all targets for revenue, headcount, new products and services development. The list is fairly long. Again, depending on how large your organization is.
If you’re a newer company or organization you need to know the Plan is for more then you and your key employees. Your company will be interfacing with many outside entities that will be asking for your Plan.
YOU’LL NEED TO HAVE IT READY WHEN REQUESTED
Examples:
-Bank Lenders
-Potential Investors
-Large Vendors/Suppliers
-Commercial Landlords
-Equipment Leasing Co’s
-Potential Acquirers
-New Executive Hires
-SBA Lenders
-Distributors
The list is longer than this and seems to be expanding each year as these entities view themselves as a partner with you and in your success.
You will be asked for it, and the last thing you want to say is "I'll go make one and get it to you".
THIS DOES NOT INSTILL CONFIDENCE WITH YOUR POTENTIAL NEW PARTNERS