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!

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Justice Bragg

Business Development Specialist, Florida

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, Florida

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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.

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SENIOR STAFF ACCOUNTANT, FLORIDA

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Seren Lunsford, MBA

STAFF ACCOUNTANT, INDIANA, QUICKBOOKS ONLINE PRO-ADVISOR

Meet Seren, one of our dedicated staff accountants here at level accounting! She is responsible for bookkeeping & payroll. Outside of the office, you can find her on the sidelines of a soccer pitch, karting track, or baseball diamond, cheering on her two active boys. Seren is also a proud owner of two gentle giants, her beloved Great Danes. In her downtime, she channels her creativity into baking and decorating sugar cookies, always eager to experiment with new baked goods ideas and recipes. With her expertise in accounting and her passion for family, pets, and baking, Seren brings a unique blend of professionalism and warmth to our team.

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EXECUTIVE ASSISTANT, FLORIDA

Ivette Rivera is our Executive Assistant at Level Accounting, juggling schedules and keeping things running smooth.

When she’s not crushing it at work, Ivette is an avid participant in her church community. As a mom, she’s all about those quality moments, whether it’s baking up a storm, hitting the water for some kayaking fun, or just chilling with a good book or binge-worthy show. And let’s not forget her partners in crime at home: Harley Quinn, the fridge-raiding pit bull, and Atlas, the cat who rules the roost. Ivette’s all about that balance between work hustle and personal bliss.