In Todd County Small Business Success is based on a Plan
18 Jan 2023
Over the past few years, individuals across the country have been creating new businesses out of their innovative ideas. While these entrepreneurs may be knowledgeable in the areas those ideas center around, they often need guidance in understanding how to start a business. Experts indicate the best first step to get that operation moving forward in 2023 is to write a business plan now.
Fortunately, entrepreneurs embarking on a business venture can access resources to expertise, from Todd County Development Corporation and its Executive Director, Rick Utech. “A good business plan explains how a business is structured, operates, and expects to grow,” he said. “It is a roadmap, a framework on which the foundation of a business can be built upon further.”
Plans to meet needs
Utech has extensive experience with assisting businesses through the life cycle, from startup to exit strategies, and assists businesses with developing business plans to help meet their needs.
Utech speaks extensively to the business owners of Todd County. “We are eager to meet entrepreneurs and business owners wherever they are in their business lifecycle,” Utech says.
What Is a Business Plan?
A business plan precisely defines your business, identifies your goals, and serves as your company’s resume. It shows all interested parties — employees, investors, partners, and yourself — that you are committed to building the business. Creating a plan forces you to think through and select strategies to propel your growth, including market research to support your plans. The essential components of a business plan include a current and pro forma balance sheet, an income statement, and a cash flow analysis.
Why You Need a Business Plan
A business plan helps you properly allocate resources, handle unforeseen complications, and make sound business decisions. A good business plan is crucial to any loan application because it provides specific and organized information about your company and how you will repay borrowed money. Additionally, the plan can inform sales personnel, suppliers, and others about your operations and goals. A business plan is for more than just startups. It is a living document that needs to be updated annually as your company grows and changes.
Components of a Typical Business Plan
The following are some of the chief parameters of a quality business plan, based on guidelines provided by the U.S. Small Business Administration (SBA) for creating a business plan. Breaking it down into several components and working on it step-by-step can make drafting a plan more manageable:
- Executive summary - a brief mission statement.
- Company description - list business goals, products, or services.
- Organization - management structure, relevant skills, and practical experience.
- Marketing and sales - identify customer demand, market size, and advertising plans.
- Financial projections - expected ROI and production estimates.
- Concluding statement - summarize commitment, goals, and objectives.
Make your plan for success now!
Whether you have an established business or expect to start one, a business plan is critical to meeting your goals. If you have a draft of your business plan or need help with how to start, contact Rick Utech today for assistance. Once that step is complete, and if you require financing, make an appointment to review and discuss it with your banker. As the year progresses, review the business plan and decide if changes are necessary. Todd County Development Corporation is here to assist you in your business venture! Make 2023 your best year yet!