Home
>
Strategic Planning
>
More Uses for Your Business Plan

More Uses for Your Business Plan

You have invested a lot of time and energy on writing a business plan just to get a loan or to attract an investor. What do you do when you get the money or, worse, should you be turned down?

Do you just file it away? That's like investing in a boat that remains parked in your driveway after its inaugural voyage.

Instead of filing it away or leaving it on a shelf to gather dust, why not capture more return on your investment? To gain a clearer perspective, convert your investment of time and energy into a dollar amount. Then, you'll think twice before filing your business plan away.

Ways to capitalize on your investment

Expand the marketing section for an ongoing planning document, or for periodic reviews, or for revising marketing strategies. The historical data, projections, competition surveys and analyses are valuable bases for updating the data into a working framework. The material is a convenient reference for when you are asked to make an oral presentation, to write an article, to provide background data for ad copy or for other promotional activities.

Save the various sections as templates for any number of purposes. Some of these can be used for decision-making, for analyzing proposals and new ventures, or for dispensing with those time-consuming 'dream/someday' projects.

Use some excerpts for such Human Resource Management activities as: orienting and training a new associate, or as a preparation for a staff promotion.

All your grueling work on the financial data can form the foundation for financial controls and reviews, budget-actual sheets and as background for trend projections. Your original documents serve as benchmarks and as reminders of your progress for your bankers.

You will not have to start out from scratch should you have a similar need to re-apply for funds, tender an invitation to a partner, or supply data for the experts should you consider 'going public.' The evidence of before-and-after progress is helpful as a contribution to a 'for sale' proposal, or for a sudden and urgent offer to buy. Plans for expansion, mergers, spin-offs, or cooperative alliances can start with your collected data.

Your business plan, with its appendices, is a convenient repository for company data and records, equipment details, floor plans, measurements, maps, contact details for legal and accounting consultants, general historical information, industry descriptions including your historical SWOT (strengths, weaknesses, opportunities and threats) analysis of the past, current and future at the time of its writing.

Create in-house displays of your mission statement, the organizational chart or the photographs and biographical sketches of your benefactors and supporters.

Don't have a business plan in your files? Begin preparing portions today as an investment for that day when you will need one. It's quite probable that when that need arises you will be too pre-occupied to devote the required time and energy on an appropriate plan.

Now, you have a greater incentive to do a more thorough business plan today, knowing it is going to serve several useful purposes in the future.

About The Author

Gerry McRae added practical wisdom to his college and univeristy courses by owning and operating small businesses. That wisdom is now online at http://www.unclemaxsays.com.

residential cleaning services Winnetka ..

In The News:

New AI road monitoring system uses sensor-embedded fabric to predict infrastructure problems, potentially reducing maintenance costs and traffic disruptions for cities.

Holiday charity scams target retirees through lookalike organization names, untraceable payment requests, and data broker information to steal donations.

The Federal Trade Commission says criminals are posing as IRS agents, law enforcement officers or other officials, often over the phone or online, to steal thousands of dollars at a time.

AI phishing scams now use voice cloning and deepfake technology to trick victims, but Kurt "CyberGuy" Knutsson reveals warning signs to watch for.

Inversion Space unveils Arc, a reusable reentry vehicle that can deliver up to 500 pounds of cargo from orbit to anywhere on Earth in under an hour.

Red flags like processing fees, urgent countdowns and requests for full Social Security numbers expose fraudulent settlement sites targeting consumers.

Comprehensive analysis of Google Maps, Waze and Apple Maps examines usability, routing accuracy, data handling and features across the top navigation platforms.

Expert analysis reveals whether wired Ethernet or wireless Wi-Fi connections are safer for home internet use, plus practical steps to secure your network from attackers.

Australian construction robot Charlotte uses sand, crushed brick and recycled glass to 3D print fireproof, floodproof homes with reduced carbon footprint.

Cybercriminals are using fake invitation emails to trick recipients into downloading malware and stealing personal information and data.

Flying drones could help retailers fight a 93% increase in theft rates as Flock Safety promotes airborne security systems to track suspects and deter crime.

The Fox News Artificial Intelligence Newsletter brings you the latest news on the emerging technology every Saturday, highlighting top stories.

Hacker group Radiant stole data from 8,000 children at Kido nursery chain, demanding ransom and directly contacting parents with intimidation tactics.

As 18 states implement bell-to-bell cell phone bans, creative students use Google Docs, iMessage on MacBooks and Post-It notes to stay connected in class.

A sheriff's captain says deputies often spend hours writing reports between calls, but Axon's AI program, Draft One, helps them save crucial time in the field.

Sora 2, OpenAI's new video-generation app, can create AI-generated videos based on a singular prompt. The results are both mind-blowing and terrifying.

iPhone and Android users can reduce Wi-Fi calling battery drainage through settings adjustments, background app limits and stronger Wi-Fi connections.

Work email scams are becoming harder to detect as criminals use AI and spoofed addresses to trick employees into opening malicious attachments and links.

From her Arizona living room, Christina Chapman ran a covert hub that helped North Korean operatives infiltrate U.S. firms, netting $17 million in stolen salaries.

UC Santa Barbara researchers developed a soft robotic intubation system that achieved 100% success rates for experts and 96% for paramedics with minimal training.

Scammers exploit probate filings to target grieving families with fake fees and debts, Kurt "Cyberguy" Knutsson reports.

Automotive giant Stellantis becomes latest victim of widespread Salesforce breaches affecting companies like Google, Cisco and Adidas this year.

A woman from Washington reunited with her missing Maine Coon cat Louie after 11 days using Love Lost, a free AI-powered pet recovery platform.

Expert cybersecurity tips help Mac owners remove malware infections and strengthen defenses with antivirus software, password managers and system updates.

Meta's AI chatbot training rules bans sexual roleplay with minors and block access to child abuse material as regulators scrutinize its safety measures.

More Uses for Your Business Plan

Strategic Planning