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about business plans

Whether its used as a road map or for potential investors, NBA can help our clients formulate, create or strengthen their business plan.

Do i really need a business plan?

Startups and Established Firms Benefit From Business Plans

business plan

The Startup

The classic business plan writer is the entrepreneur seeking investment money. It is used to convince investors that their venture is worth the investment. It can also be used, regardless of your financial situation, as an all-important road map that can guide you through the startup process and beyond.

The Established Business

Firms that are well beyond the startup phase can find a business plan useful in all stages of operation. There are many different reasons an existing company should consider creating or amending a business plan.

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FinancingA business plan may have its use in finding initial financing or in securing additional financing to fund their growth plans. Financial institutions need an updated plan to help them in their financing decisions.

Change in Market/Industry direction If your company is part of a fast changing industry, you may want to update your plan yearly, quarterly or monthly. Sometimes a significant change in the market will make you re-assess you business direction. Failure to keep up with these market changes could spell doom for your company. who dominated the photographic film products industry for most of the 20th Century, found this out the hard way.

Change in Products and Services Perhaps your company is about to offer a new product or service. It's time to re-write your plan to include this exciting change. How will this product or service be used to propel your company forward and what are it's projections for your bottom line?

New ManagementIf your company has hired new management and they have a say on the direction of the company, a newly revised business plan should be created to include their vision and goals for the company's future.

Company Growth or Decline Perhaps your company has outgrown its home office or finds that it needs to downsize; maybe you need to hire more employees to meet the demands of work flow or you must layoff part of your workforce to sustain your bottom line, perhaps your revenue is higher or lower than once projected: your business plan should be modified to reflect these new realities.

Business Plans and Financing

A just released supports the notion that if you have your own financing, you don't really need a formal business plan to succeed. The findings suggest that unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business.

Regardless of which side of the fence you're on, NBA stands ready to assist you with a solid business plan that you can take to investors, or simply use as a road map as you move ahead.