Outsourced CFO Services & Consulting – Foster Financial
A Strategic Business Plan is much more than a tool to obtain financing. If you still have all you plans and ideas locked up inside your head... preparing a strategic plan helps you clarify your company's direction, ensures your key leaders are all "on the same page", and keeps both management and staff focused on the tasks at hand.
Strategic Planning is often needed when...
- Starting a new venture, product or service
- Expanding a current organization, product or service
- Buying a new business, product or service
- Turning around a declining business
- The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks.
- Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service.
- Identify key performance indicators that tell you whether your business is moving forward or backward.
- Justify that your plans are credible by fully researching the need being filled with your new venture.
- Utilize professional finance and accounting without hiring full-time with our Fractional CFO. We have controller services, outsourced CFO services and virtual CFO ready to oversee your daily accounting operations.
- Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns.
- Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture.
- Develop management plans including full descriptions of management systems and timelines for implementation.
- Develop financial plans including projected startup costs, operating costs, payroll management costs, revenue, profits, and break-even analysis for the first 3 to 5 years.
- Build a robust financial reporting that provides detailed information––from accounts receivable, accounts payable, to financial statements like the balance sheet, income statement, and cash flow.
- Projected financial planning–like financial forecasting and cash flow analysis–allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your company's success, and help you get the funding you require. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan.
- Identify building and equipment needs including vendors and cost estimates.
- Formulate company milestones including timelines for upcoming products and services in development.
- Remember: Failing to plan is planning to fail.