Question: Wouldn’t it be easier for me to just take the plunge and start or expand my business without going through the strategic business planning process?

Answer: Not unless you’re the kind of person who would start on a cross-country trip without a road map. That’s what a business plan is all about – a road map specifying where you want to go and laying out how you intend to get there. Even if you would take such a risk of proceeding without one, chances are you’re going to need funding and no investor is likely to put up any money without a solid business plan.

Question: How important is it that I complete each Strategic Business Planning Guide in the order suggested, i.e., Situational SWOT Analysis, Business Plan, Executive Summary, and then PowerPoint™ Slide Presentation?

Answer: Each Guide provides the critical information needed to complete the next step. The Executive Summary, for example, depends entirely on the content of the Business Plan, which in turn is based largely on the results of the SWOT analysis. The PowerPoint™ Slide Presentation is the piece de resistance that brings the entire work to life visually.

Question: Once the business has gotten through the funding and successful startup phases and is making money, can I forget about the Business Plan?

Answer: Absolutely not. Your Business Plan should continue to be your guide, for organization growth and stability in day-to-day operations and indication of future potential. You should update your Business Plan at least once a year, or more frequently if rapid changes are taking place in your industry or organization. About every two to three years, you should conduct a Situational SWOT Analysis with your key constituencies and incorporate the results in your revised Business Plan, to be sure that you are effectively managing change and making the best use of all of the resources at your disposal.

Question: What are the top 10 most important things investors look for when evaluating a business plan to decide whether to provide funding for the business?

Answer: A discussion about how to incorporate these and other important elements into your business plan can be found in an article written by Mike Martinez, CEO of Strategic Management Services, Inc., which was published in the Dallas Business Journal August 23, 2002. For a FREE copy of this article please send your request to
info@businessplans-usa.com and we will be happy to send it to you by e-mail.

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