{"id":1824,"date":"2011-01-03T08:42:04","date_gmt":"2011-01-03T15:42:04","guid":{"rendered":"http:\/\/www.financenewmexico.org\/articles\/?p=1824"},"modified":"2013-07-02T12:59:01","modified_gmt":"2013-07-02T18:59:01","slug":"new-year-new-business-plan","status":"publish","type":"post","link":"https:\/\/financenewmexico.org\/sandbox\/articles\/general-business-advice\/new-year-new-business-plan\/","title":{"rendered":"New Year, New Business Plan"},"content":{"rendered":"
\"Mike

Mike Mykris, Director, NMSBDC at Santa Fe Community College<\/p><\/div>\n

Writing a business plan is a daunting process to many entrepreneurs, but one that will help find financing and keep a new or existing business on budget and on schedule for growth and development. And it\u2019s worth it \u2014 studies show that business owners without a formal plan are three times more likely to close their doors.<\/p>\n

A plan can clarify how much money is needed to open a business and help the owner determine where to find capital \u2014 whether from a bank or relative \u2014 to keep it running. Established businesses are in equal need of a plan in order to stay on track or to make crucial changes, particularly with the state of the economy in mind.<\/p>\n

Business plans are from 15 to 150 pages long. Any business plan should contain the following:<\/p>\n

Executive summary:<\/strong> A precise and persuasive plan will condense the business concept into a statement that includes intentions and requirements of the business, either new or established.<\/p>\n

Business description and\/or history:<\/strong> This describes in detail the business concept \u2014 and in the case of existing businesses, successes and anticipated milestones.<\/p>\n

Product or service description:<\/strong> Business owners and startups often can find financing more easily with a full description of the product or service line of the business; why it differs from similar products; and its competitive advantages.<\/p>\n

Market analysis and approach:<\/strong> Business owners must be familiar with the market and customer base for the product or service and include a description of the industry, trends and expected growth. This section should include an owner\u2019s plans for reaching potential buyers through marketing \u2014 for instance, through websites, social-networking sites, traditional advertising or through outside sales representatives. Seasonal or cyclical changes in product demand should be addressed.<\/p>\n

Competition:<\/strong> Owners and investors will gain insight into the company\u2019s unique strengths with a description of how the business differs from the competition and a realistic assessment of the strengths and weaknesses of similar ventures.<\/p>\n

Operating plan:<\/strong> This is a description of the facilities, employees, manufacturing or business processes, contractors and suppliers, technology and skills needed to deliver the product. Also included here is a detailed description of the manufacturing process and capacity.<\/p>\n

Key personnel:<\/strong> Employees who will bring specialized skills to the business; a list of their contributions and qualifications; and the position or job title that they will or do hold is critical to analyzing the venture and preparing for potential employee losses.<\/p>\n

Financial analysis:<\/strong> This should factor in business costs, the state of the industry and the general economy in order to predict the business\u2019 financial situation in five years. It should contain profit and loss or income statements; balance sheets; cash budgets; and key ratios.<\/p>\n

Prospective entrepreneurs and business owners can get free help writing business plans from the nearest Small Business Development Center. The centers offer one-on-one consultation as well as workshops and classes. Visit www.nmsbdc.org<\/a> for more information.<\/p>\n

Article 170<\/p>\n

Download 170_New Year New Business Plan<\/a>\u00a0PDF<\/p>\n","protected":false},"excerpt":{"rendered":"

Writing a business plan is a daunting process to many entrepreneurs, but one that will help find financing and keep a new or existing business on budget and on schedule for growth and development. The New Year is a good time to review and revise an existing business plan. Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/1824"}],"collection":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/comments?post=1824"}],"version-history":[{"count":6,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/1824\/revisions"}],"predecessor-version":[{"id":6147,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/posts\/1824\/revisions\/6147"}],"wp:attachment":[{"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/media?parent=1824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/categories?post=1824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financenewmexico.org\/sandbox\/wp-json\/wp\/v2\/tags?post=1824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}