Building a Business Plan – New SBA Online Tool
Having a business plan is a must for small business owners, but finding the time to put pen to paper often means putting them on hold until the very last minute, such as right before that big meeting with a loan officer or bank manager.
But business planning does not have to be that way. Every smart entrepreneur and business owner should already have a firm grasp of key information about their business and on what will influence the path they take and decisions they make over the course of 1-3 years.
Putting this information together into a concrete plan is essential if you want to secure a business loan or outside financing, of course. But the planning and mental exercise of writing it down is just as important to the success of your business. Writing a plan will not only help you succeed, but it will open your eyes to what it’s going to take to get there.
One of the big challenges for smaller businesses is actually building a business plan. What format should it take? What numbers should you pull together to demonstrate that you have a rock solid financial foundation?
SBA has just launched a new online tool that can help.
To simplify the process, SBA has just launched a new “Build a Business Plan” online tool that guides small business owners through the process of creating a basic, downloadable business plan. The great thing about this tool is you can build a plan in smaller bites, save your progress and return at your leisure.
To use the tool, you’ll need to be a member of the SBA Community register here and then log in. The tool offers a tab-based step-by-step guide that lets you enter information into a template for each section of the business plan, including market analysis, company description and financial projections. The tool is secure and confidential and will keep your plan on record for up to six months. You can also save, download or email the plan at any time.
The author of this article is the US Small Business Administration.
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam. The SBA provides assistances primarily through four programs:
- Business financing programs including debt, equity and micro lending
- Entrepreneurial development through education, information, technical assistance & training
- Promotes small business Federal Government contracting with subcontracting procurement opportunities, outreach programs, and training to help meet the 23% goal for small business contracting
- Advocacy and research on behalf of small businesses