Open-a-Bar.com › Articles › 5 Reasons to Have a Solid Business Plan
5 Steps to Having a Solid Bar or Restaurant Business Plan
In this current time of highly competitive business, stingy lenders and volatile economies, can we all agree that everyone should have a rock-solid business plan?
That was a rhetorical question - but, if not, let's elaborate in the form of a numbered list:
An old adage applies; If you want other people to take you seriously, you must first take YOURSELF seriously. A well thought-through and organized business plan, packed with research and statistics that support your business model and argue favorably for its inception is an absolute must. All along your journey, you will encounter many who need more than a handshake and a smile to believe in and back your dream. If you believe in yourself, your business ideas and your ambitions, then prove you're committed by investing in a proper, solid business plan.
A proper business plan will usually cover the next three to five years of your projected business strategy. In it, you will include:
- A summary or overview of your business - The whole picture.
- A description of your company, how it will operate and its management and operational structure.
- What products or services you will offer and how you will be competitive.
- Your financial projections and whether or not you will need funding or financial assistance and how you propose to secure it and from whom - this is HUGE.
- How you intend to market and promote your company to hit your financial goals.
- A market analysis that backs up your strategies.
- An appendix containing any credentials that are applicable.
If you plan to seek funding or financial assistance, then banks, investors and potential partners will require a proper business plan at the very least. Having a detailed, organized, strategic approach is crucial. Many business ideas never get off of the ground due to not having convinced the potential lenders of their game plan. You MUST NOT fail in this area if you want to move forward with your business.
If you do not feel 100% sure in your abilities to put a solid business plan together, enlist the help of a professional business plan writer, trusted advisor or attorney. Did I make you flinch? Good. Review your plan extensively and spare no expense or criticism. Refer to Step 3.
If, in the future, you ever feel like you may be losing your way, refer to your original business plan to help you stay focused and deliver on your original business promises. No doubt, the banks won't let you forget, but a refresher with the "old you" may re-energize you and provide ancient wisdom when contemplating future challenges.
And, as well thought-out or implemented - no business plan has to last forever. You have a network of professional services, a well-trained group of employees, a great business model, but, most importantly - you're the Owner.
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