If you take away only one concept from this section of our website let it be the understanding of how important a business plan is to the successful start-up and expansion of a business. Completion and continuous updating of a well thought out business plan is one of the most critical activities that a business owner can undertake.
A business plan is simply a plan of action. It is the articulation and compilation of the ideas, resources and strategies that will be used to start and grow your company. Though a business plan refers to a written document, it is where you capture the results of critical market and financial research. When a company is in expansion mode a business plan can also be referred to as a strategic plan.
A business plan is a dynamic document that will change frequently based on:
- Changes in the market
- Feedback from customers and suppliers, as well as employees and colleagues
- The evaluation of your ideas and strategies
- The results of ongoing market research
A business plan serves several purposes:
- Feasibility analysis – evaluate business strategies and identify pitfalls.
- Plan of action – your guide for development and growth
- Selling tool used to secure financing for a business
- Communication tool for employees and strategic partners
- A measurement tool used to strategically plan and monitor business growth
Client Testimonials
“The WBDC’s Business Planning Process gave added direction to my efforts. This process saved me some useless steps and time.”
“I now have a much more realistic approach to managing my business’ finances,” says WBDC alum. “I shifted from being cost-concerned to focusing on generating revenue to make money for my business.”
Who Can Benefit?
All businesses at all stages of development should prepare and utilize a business plan.
How We Can Help
The Women’s Business Development Center provides assistance with business plan development through both workshops and one-on-one counseling.
We highly encourage anyone who has not yet started their business plan or who is having difficulties completing their business plan to take one of the workshops listed below.
Workshops
Workshops that focus on the development of a business plan include:
To find out when these workshops are being held check out our Calendar of Events. To register for a workshop contact the WBDC at 312-853-3477, x.0.
Consulting
One-on-One Counseling is available with our general business, marketing, and finance counselors to help you complete your business plan and to provide an evaluation of your business plan. For an appointment with one of our counselors contact 312-853-3477, x.0.
Next Steps:
1. Download and read the Business Plan Outline.
2. Visit other sections of this website, in particular the Market Your Business and Finance Your Business sections.
3. Review the Business Plan Outline and determine if you would benefit from a WBDC workshop on business plan development.
4. Once you have a draft business plan, set up an appointment to meet with a WBDC counselor to evaluate your business plan to date.
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