HR Tips

A Strong Business Plan is Key When Planning for Success

A strong business plan is the foundation for the growth and success of any company. While bankers will always request to see your strategy before financing—checking off the needs of your financial institution’s requirement list shouldn’t be the only reason you develop a business plan.

Having a good business plan in place helps you define what your short and long-term goals are, and what you need to get there. It helps you keep focused on what is important for your company and how you are going to succeed.

When developing a business plan, you should always include:

• PuCaerusose of your business
• Definition of what kind of business it is
• Description of the market you will be operating in
• Description of the needs you plan to meet and your client-base
• Analysis of your competitors
• Description of what makes your business unique and what advantages you have
• Description of your products and/or services, the benefits of using them, and your pricing strategy
• Details of how you will attract and retain your customers
• Description of how you will develop and produce the product and/or service
• Details of how you will deliver the product and/or service
• Financial projections (Income and Expenses)
• Funding requirements and where you will seek financial support/investors

The business plan always lays out clear definitions of who you are, what you provide, what type of market you will be working in, as well as how you plan to differentiate yourself—or be competitive. In other words, why will someone choose you over your competitor?

When developing your strategy, you will also want to plan for your success and growth. You should include these questions in your planning:

• How big do you want to grow?
• Do you want employees or contractors?
• Do you have professional advisors, such as lawyers, accountants, human resources advisors, and other administrators, to assist you when needed?
• When will you seek professional advice?
• What areas are you most vulnerable in and how will you manage those risks?

There are many resources available when you begin developing your business plan. The key is to put in the time and effort—remember this is the document that will help shape your company’s success. Do your homework, be realistic about your goals and growth projections, and have the courage to ask for advice in the beginning before big mistakes happen.

Caerus HR Consulting can work with you to ensure your business plan has a strong operational strategy in place. We’ll make sure you’ve thought through your staffing needs, and you have the right people in place to achieve your goals. As your business thrives, we’ll be there to ensure you are complying with any human resources laws and support your team as it grows.

Caerus HR Consulting provides HR consulting services to small and medium-sized businesses. For more information on creating an HR strategy through organizational culture and leadership, contact Ramona Packham, Owner & HR Business Partner, at 613-220-9005 or at Ramona@CaerusHR.com for more information. People Business for Business People.