A business plan is a written statement that describes and analyzes your business and gives detailed projections about its future. A business plan for a start-up or expanding business also includes financial proformas or projections. (Business $ense, July, 1996).
A business plan is not only necessary to give an overall picture of whether or not a business is feasible, but it is required by lenders and investors when seeking financial assistance. It improves your concept, increases your odds of success and helps keep you on track.
Assistance with preparing for loan application and locating available funds is a cornerstone service of NBDC. All information remains confidential and personal attention is given to each specific request. One of the largest obstacles every prospective business owner faces is financial backing. Even veteran business owners are often faced with refinancing questions. Your NBDC representative can look at your situation and provide you with direction regarding loan packaging.
Market research is a valuable tool when developing business plans, loan applications, advertising plans, and is a basic indicator of a successful small business. It is simply an orderly, systematic method of objectively learning about your business' customers. The same principles of marketing research will apply to any business, be it retail, wholesale, manufacturing, service or construction (Business $ense). For an existing business, market research defines the problem of sales decline. Gathering information, putting it together in a useful form that is appropriate to the needs of the business and applying the data to the marketing plan will better the chances of success. For new business start-ups, market research is an integral part of the initial business plan as it pinpoints the target market.
Strategic planning is essential when first developing a new business or expanding an existing business. Effective planning guarantees a promising future. It can also prevent serious errors when seeking financial assistance. Strategic planning is essentially putting everything in order. It involves a marketing plan, a financial plan, a management plan, and in general a business plan that encompasses any and all aspects of the creation and operation of a successful business. As one would not build a house with a blueprint, the business owner needs a plan to build his or her future.
The overall business plan is the basic written statement that described and analyzes your business and gives detailed projections about its future. (Business $ense). A sample Business Plan is provided below and is described in more detail in the previously referenced column "Business $ense." Writing a business plan is the first step in finding a lender or investor. It can determine feasibility, can improve the overall business concept, increase odds of success, and keeps you on track.
Planning takes other forms in that of marketing and management. A marketing plan maps out effective advertising and management planning involves methods of increasing sales through more effective operational procedures. Your NBDC representative can provide samples of planning.
Student to business consulting
This is a program that benefits both business owner and students. The Wayne NBDC Office works on a one-to-one basis with students needing experience and business owners requesting assistance with surveys, studies, computing, writing business plans and marketing plans. This allows the students a chance to use the quality business techniques they have learned at Wayne State College. The students earn credit and the business owner benefits from their education. Whether you are a student or entrepreneur interested in this service, please contact us.