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Management and Business Plans

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
A business plan means a lot of different things to different people. Which sort of business plan you need depends on factors such as type, scope and size of the business; whether investors will be sought; and the business and financial goals.

In addition to being a strategy planning document and a roadmap to success, a business plan is also a living or “evergreen” document that functions as an evolving management plan.

Included in this article are a review of eight key elements in a comprehensive business plan and a look at how a good business plan functions with regards to business definition, competitive differentiation and strategic goals.

Every business, no matter how small, should have a business plan. It is akin to a skeletal structure that contains all the moving parts. Though it may grow and change over time, it articulates the fundamentals of the business. Without a business plan for a guide, the functional strategy of building and running a business is easily lost in the minutia and distractions of everyday reality.

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