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So you have decided to engage your entrepreneurial dreams by pursuing a business venture. This is an exciting milestone in your life and deserves a careful thought process in order to ensure the success of your business. It does not matter if you are a small business startup or a big business that is expanding; having a concrete business plan is a blueprint for your organization’s success.

Simply put, a business plan defines what the goals are for your business and how you plan to accomplish them. Your plan should be simple, precise, and easy to understand. Here at Business Link, we want to turn your dream of becoming a business owner into a successful reality, and the core of that success is going to be through a well-designed business plan that will guide you through your venture. How does it do this? Read on!

Organization

A business plan provides a clear statement of your business mission and vision. It’s a blueprint that you can use to focus your energy and keep your company on track. Your business plan involves setting benchmarks that will allow you to track your business performance and correct any weaknesses if necessary. When you have a business plan that includes industry analysis, target market, competitors, financial projections, marketing strategies, a timeline of your goals, and other details specific to your business, it motivates you as an entrepreneur while also keeping your business organized for success.

Strategy

An organized business plan formulates into a business strategy. A business plan allows you to critically analyze your operations, marketing, financials, etc., which will greatly improve your chances of success. Business plans are not set in stone. The business world is always changing, and that means your plan will too. Updating your plan when necessary will ensure that your strategic implementations and executions are successful and will help to mitigate risks that may arise during your venture. Formulating a business plan will give you a strategy and the confidence needed for your business to succeed.

Funding

Once you have an organized and strategic business plan, you can focus on funding. Banks and other financiers will want to see your roadmap to success before funding your business. A simple business model is not enough. You will need an in-depth business and financial plan that showcases the potential success of your company and how much capital you are seeking for your venture. You will also need a successful sales pitch, but don’t worry, we can give you some tips on that too!

Remember that starting and running a business is a process that needs to be constantly analyzed, and at every core of a successful company is a business plan! At Business Link, we want to make sure you are prepared when it comes to your venture. We offer business plan templates, reviews, and other resources that will allow you to organize your business strategy and get you well on your way to success!


Ready to take your next step towards starting your business?

If you are looking for one-on-one support for your small business, give the Business Link Business Advisors a call at 1-800-272-9675 or email askus@businesslink.ca. You can also visit the events page for upcoming activities!

And don't forget to follow us on social media for business news, event invitations, great advice, and more!


Matt McNary

Matt completed his internship at Business Link in the winter of 2019 as a Business and Market Research advisor. He pursues his passion for business in the Bachelor of Commerce Program at the University of Alberta. He is majoring in business studies with a focus in marketing while experiencing the diversity the University of Alberta has to offer. Matt is already very accomplished, and we're proud to have had him on our team.
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