Successful companies have several common factors … a strong, well organized Vision, Mission Statement, and Business Plan. Without a well formed strategy, your goals and objectives will never be achieved.
Your Strategic Business Plan is your roadmap so everyone in the organization, from the CEO to janitor understands why your organization exists, where it wants to go and how it plans to get there. “It’s all about getting the right people on the bus … the wrong people off, then putting the right people in the right seats before it can effectively move forward as an organization:” Jim Collins from the book Good to Great gives all of us who plan to build and grow a company a vision for success, but this is not always the case.
Forbes magazine ascribes the reasons why 8 out of 10 business fail within the first 18 months to several factors. One that stands out most is the inability of the business owner/leaders to ‘nail a profitable business model.’ This entails many different factors, but when you’re talking about a new product or service idea that you know without a doubt is the ‘next big thing,’ the ultimate item that everyone is going to want, it still requires a solid business plan.
Without a strong business model for success, almost every product will falter. If it truly is a ‘must have,’ it will likely gain traction eventually, but the potential your company will miss out on in the meantime could be staggering.
It could be enough to drive your company underwater.
Let’s say you have a product that is going to be revolutionary for millions of people around the world. There is absolutely no doubt this product is going to change lives and you’re going to sell millions of units for years to come. Before you begin patting yourself on the back and checking your company’s banking accounts, step back.
Who is your target market for this incredible new product? Is it 20-30 year old men? Maybe it’s 24-44 year old married couples. Maybe your new product would be most attractive to 40-60 year old business professionals planning for retirement in a few years.
When you step back and just look at this simple example it’s easy to understand why it’s so critical to have a solid plan.
Now, if you identify your target market, how will you reach them? Do they tend to find new products and companies online or in print? Maybe they prefer the radio while driving to work or TV in the evening.
There are a tremendous number of variables to consider before you even start focusing on product development.
Venture capital (to fund your product’s development, marketing, and more).
Market Analysis (know exactly who your product will be most attractive to).
Go it alone or focus on a joint venture?
These are just a few of the many considerations that go into a strategic business plan. It must include the most pertinent information about your product or service so that everyone who may have a vested interest in it, or who may consider getting on board with your company, can have almost all of their questions answered by simply reading through the business plan.
The television show The Shark Tank is a reality based program where successful businessmen and businesswomen are courted with entrepreneurial products and innovations. They ask tough questions of the participants about the who, what, when, where, and why. They ask about current sales numbers, the market, and any other information that might be pertinent to help them decide whether they invest or pass.
Your business is swimming with sharks, too, but they’re not going to be helping you; they’re out to consume you. With the right strategic business plan, you’ll become one more shark in the water.
SBS Consulting is strategically positioned and experienced to help your company focus on the most important aspects of the business plan.
SBS can help:
· Business Plan Development
o For existing plans: Business plan Auditing
o Asset Analysis
· Market Analysis
o Go it alone or Joint Venture?
o Market Forecasting
· Financial Funding
o VC (Venture Capitalist)
- Road Show Planning
Discover the power of a potent strategic business plan and put your revolutionary new product or service right into the hot seat and enjoy the tremendous success that follows, with SBS leading the way.