You can find just about anything you want on the internet. When it comes to starting a small business, you can even find multiple templates on the internet. Using a template is a great way to improve your planning efficiency. When looking for a strategic business plan template that will serve your business purpose, it is important to know what aspects of the business plan are necessary. For small businesses and startups, we like to break these necessities into two categories; dollars and sense.
Financial Strategy (Dollars)
Finances are essential to ever aspect of life, especially to a new business. Regardless of how the money is going to be obtained, the new business owner must make detailed plans of how much financing they need and where they will acquire the funding. Debt financing is the most accessible source of funds for a small business or startup. However, larger, more established firms may choose equity financing through a venture capitalist or going public. Once you establish the funding needed, you will have a better idea of how profitable your business plan will actually be.
In addition, this strategy must be included for any investors or financial institutions approached for backing. Potential investors won’t commit a single penny to a company that does not have a clear plan laid out. Banks and other financial institutions will also want to see the financial statements and plans for your business. Even if a portion of the money is being used as a salary, list it exactly how it is in the business plan.
Marketing Strategy (Sense)
Marketing is just as important as the financing. Having a great business idea and the money to get it started is a great start. But unless the business is properly marketed, it will never reach its full potential. Seeing how most businesses will not achieve immediate success, lay out a strategy to differentiate yourself from competitors. With the proper marketing plan, your business can easily become a big fish in a small pond. Once it has established a market share, your business will be ready to take on the bigger competitors.
Every business strives for immediate success, but getting a small small share of a big niche is often not as profitable. Dominating several small niches in the same business has proven to be a more effective strategy. Start out marketing to those sectors and growing your target audience base. This can be just as profitable as dominating the main sector of the given niche. Eventually, the success in those smaller sectors will allow the business to rise to the top of the main sector.
Creating the proper strategic business plan template is the first step in starting a new business venture. Without this plan, your business will have little chance of success. Ideally, the business plan will lead your business down the right path and keep you focused on the goals of your business. Without these targets and goals, you risk missing out on the full potential of your business. Your strategic business plan needs have the proper balance of dollars and sense. A proper balance will give your new business the best chance for success.