Business Strategy, Planning, and Feasibility Analysis
T Developing Strategy t Business Plan t Feasibility Analysis t Structuring Your Business Plan t Consultants vs. Do-It-Yourself t What the Experts Say t Summary
This chapter addresses the need to develop a business strategy—and eventually a business plan—to enhance your chances of receiving financing. In some cases, a comprehensive business strategy, properly articulated, will be the difference between obtaining financing or not.
A strategy is a plan of action specifically designed to achieve a predetermined goal. Business strategy requires an executive approach to defining and solving the marketing, design, production, and financial problems that may prevent you from achieving your goal. However, creating your basic strategies may not require a time-consuming and arduous process, just as communicating your strategy does not require writing a very lengthy and complex book.
Recognizing Success: You know you have
Created and communicated effective strategies when
Your audience understands three things.
1. The current state of your business—your origin.
2. Your long-term (typically five-year) goals for the busi - ness—your destination.
3. How you will travel from origin to destination and solve the problems you know you will encounter along the way.