Successful Business Plans

Lesson 1: Setting the Foundation

Objectives

In this section, you will develop short and long term goals. Here is where you need to formulate a vision of where you want to be in a few years. Make sure that you balance enthusiasm with realism. It is a good idea to use checks and balances when you visualize your company's progress. In order to achieve your goals, set a few simple objectives for each year, first through fifth.

With these ideas in mind, begin writing down what you want to achieve. Here are some questions to spur your thinking:

Are your long term objectives to stay a one-person shop, or to build a large company with several hundred employees, or a middle point?

Do you want the company to go public and sell its stock?

Do you want to pass the leadership down to your family?

What will you accomplish with the additional capital: open new office, purchase equipment, hire key personnel, expand your marketing and advertising?

Will you develop a stronger network of supplier and/or buyers as time goes on? How?

Will you become a manufacturer at any time? Of what products? When?

What are your intermediate goals (2-4 years)?

What profits do you expect to generate in years 1 through 5?

In order for you to achieve your immediate goals, do you have any debts that must be restructured or paid down? Explain why in detail.

What will be your expected net profits after taxes from sales each year? Take these net profits for a period of five years and show the total for that period of time.

Next, indicate the Total Sales Revenue for the same period of time.

Finally, write down at least ten objectives or goals that you plan to achieve with your business.

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