Chart the Course

The Business planning generally takes one of two forms:

1. Defining the entire enterprise-its purpose, goals, resources, etc. (this often includes preparing a business plan for potential investors),

2. Establishing operational and financial plans in some detail for internal use (often as a follow-up to strategic planning).

In either case, your business plan is a tool for organizing information to use in making decisions. Investors will use it to make investment decisions. Internally, management will use it to decide, for example, how to allocate people and other resources. To support decision making, business planning requires that you collect and organize information from five "facets" of your company: the products/services you provide; the customers you wish to serve; the market landscape (including the competition and potential competition); your financial position; and your strengths/weaknesses as an organization. As consultants, our role is to help you gather the information, organize it, and develop a business plan with clear goals and objectives. We emphasize using your business plan as a management tool. This requires establishing measurable outcomes, assigning clear authority and responsibility, and monitoring results on a regular timetable.

More Information About Business Planning

Questions Regarding the Five Facets of Your Business
Missed Opportunities: How Could They Have Been So Wrong?

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