Business Plans and Planning for the Future

Whether you are looking to start a business, get funding for an existing business, or create a succession strategy so that you can retire from your business…you need a plan.

A well-written business plan is necessary to show prospective investors or lenders that you deserve their financial support. A plan must be clear, accurate, focused and realistic so that it will convince investors that you have what it takes to run and grow a successful business. 

Another way of thinking about business planning, is that of planning for how and when to transition ownership or management of the company, and/or what to do in case a key person is suddenly unable to continue working. This kind of planning can be greatly helped with the services of a financial professional who can help you project a future value for the company based on current financials and market trends and conditions. 

If a business will transition to a family member, there are a variety of considerations to begin taking into a account far ahead of that time. Putting a plan in place well in advance gives everyone involved a kind of blueprint for how to prepare.




More reading:

Do You Need a Business Plan?

Start Up and Organizational Costs 

Planning - the Key to Business Success 

Leave Your Business to Your Family - Not the Government 

A Buy-Sell Agreement for Business Succession