San Diego business lawyers provide assistance with the creation of a comprehensive business plan. A comprehensive business plan should be created before you start company operations and it should also be updated periodically as your product and the market evolves and customer demands change.
Your company’s business plan can help your organization secure financing and capture interest from investors; it can reduce the likelihood of disputes or disagreements arising among co-owners and can help to resolve conflicts that do arise; and it can provide an important framework for you to work within as you take steps to ensure the continued success of your business organization.
Creating a Successful Business Plan
The Small Business Administration explains the importance of creating a business plan and offers a step-by-step guide to the different components of a comprehensive plan that you should create for your organization. As the SBA states, your business plan is an “essential roadmap for business success.”
The Small Business Administration indicates that most business plans will set forth projections for the three-to-five years of business operations that are upcoming. Detailed business plans should typically include:
- An executive summary, which serves as a snapshot of the entire business plan and which includes a brief description of the goals of your organization.
- A description of your company, which is focused on your company’s core competencies and on the key features that set your business apart from competing entities.
- An analysis of the market in which your company will be operating, which is produced after you have conducted detailed research into the industry, the demand for products or services you are producing, and any competing organizations within the same field.
- An outline of your business structure, which should detail the different levels of hierarchy within your organization and provide insight into the management structure and management techniques your company will incorporate.
- Details about the services or products your company will be providing, including information on the product life cycle and the way in which the products or services your company offers can meet the needs of your current customers and potential customer base.
- A marketing plan, including not only details about how to reach your desired audience but also information about your sales strategies.
- Financial projections, which are especially important if you are seeking funding, but which are also a core component of any business plan for a variety of reasons. Projections are necessary so you can determine what it will take for the organization to become or remain profitable. You should be as specific as possible when setting forth financial projections, as these projections can guide you in setting prices, negotiating with suppliers, and making decisions about building up an inventory or hiring staff members.
Every business plan is different, but by ensuring you incorporate these core components into your plan, you can have a roadmap for your organization to work from as you move forward. The SBA confirms that a business plan is invaluable when seeking funding from investors or lenders.
Whether you are pitching your company to investors, trying to secure a loan, or simply setting up a plan for your company’s ongoing operations, it is important to ensure that you both make an initial plan and update it regularly. Both startups and established business organizations benefit from having a detailed plan to achieve profitability and guide ongoing operational decisions.
Getting Help from San Diego Business Lawyers
San Diego business lawyers can provide you with the type of comprehensive legal advice you need to ensure your business plan is a valuable guide towards profitability and continued success. By working with an experienced attorney as you create your plans, you can take active steps to minimize and mitigate risks such as employment discrimination lawsuits, injury claims, or breach of contract cases.
You can make a plan to address tax compliance and to appropriately structure your operations to minimize tax liability. You can also ensure you work within the current regulatory framework which applies to your industry, and ensure that you take proactive steps to comply with all federal and state requirements for operations. And, you can make plans for the survival of your business organization if something happens to you or any co-owners of the organization.
The business attorneys at Gehres Law Library bring both legal experience and practical business knowledge to the table when we work with startups and other small businesses. To find out more about the ways in which our legal team can help, give us a call at 858-964-2314 or contact us online to today.