What is a business plan and why do I need one?

Thinking of starting a business? You will find one of your first steps towards success is writing a business plan. 

What-is-a-business-plan

What is a business plan?

A Business Plan breaks down in detail your goals and how you will achieve them.  So, you should use it to guide you through each stage of your business. After all, your business plan is your roadmap for starting up and managing your business! It should cover how to structure, run, and grow your business by touching on financial, marketing and operational aspects. 

When will you need one?

  • When you have a business idea and want to get started.
  • When you need funding – bank loan, investors etc.
  • When the market has changed – Successful businesses all have something in common and that is flexibility. You should always reevaluate and update your business plan to stay successful.
    • For example many companies had to change their business plan in the past few months due to Covid-19 completely disrupting the market as we knew it.

Why do you need one?

  • You want to apply for funding or get investors. 
  • To build a strategy and a plan to set your business up for success.
  • To test if your business idea is feasible before investing too much into it – this way you can avoid wasting time and most importantly money. 

What does a business plan consist of?

There is typically nine parts:

  1. Executive Summary
  2. Overview and Objectives
  3. Products and Services
  4. Market Opportunities
  5. Sales and Marketing
  6. Competitive Analysis
  7. Operations
  8. Management Team
  9. Financial Analysis

For more on this topic check out Key Items Every Business Needs

Stratlign Inc, is an accounting and business advisory firm with a team of Certified QBO Pro-Advisors. With their easy online accounting capability, it allows them to service you from anywhere (as long as you have internet connection of course). Startup and startup strong! Fill out a “Let’s Talk” form to connect today!

FREE RESOURCE

Your Guide to Set Up Subcontractors the Right Way

Are you having trouble collecting information from your subcontractors? Download our “Subcontractor Checklist Packet” to know what you need from them for 1099’s, workman’s comp, and liability audits. We’ve even included a contract for reduced liability!

Justice Bragg

Business Development Specialist

At work, Justice is passionate about helping the team make decisions and connections that propel the business forward. He prioritizes client satisfaction by serving as a medium to facilitate communication to the proper channels making sure every issue is properly addressed.

Outside of work, Justice enjoys exercising by going to the gym and playing pickleball with his friends. He is a self-proclaimed foodie who can’t say no to trying a new restaurant, sometimes even immediately regretting it.

Zachary Williams

Staff Accountant

At Level Accounting, Zach is responsible for bookkeeping & payroll. He is dedicated to ensuring financial success for our clients.

Beyond the office walls, Zach’s weekends are filled with adventure, whether he’s exploring Florida’s hidden gems with his wife or battling it out in tournaments. When it’s time to unwind, you’ll find him at the movies or casting his line out for a relaxing fishing session.

Melanie Jerome, MBA

SENIOR STAFF ACCOUNTANT

Meet Melanie J, one of our senior staff accountants! Melanie ensures your financial health with precision and expertise. Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures. Whether she’s balancing books or exploring new trails, MJ’s dedication and skill set the standard for excellence in our team.