An entrepreneur’s journey to success is less complicated if they have a map. Like any other destination, you need to know how to proceed to reach success. A business plan is that map and indicates how a business is structured, runs, and grows. Your plan may include information from marketing, financial, and operational standpoints.
It’s easy to skip the planning stages in the excitement of feeling that you are finally achieving your dreams of becoming your own boss. Unfortunately, poor planning can result in setbacks your business may not recover from in the future. Windroot can help you develop a well-crafted business plan, so you avoid the most common pitfalls of business ownership.
Before you can get funding from investors, you must have a comprehensive business plan. It shows potential backers what your company does and how it plans to grow before you’ve established a proven track record.
Even though the task seems daunting, establishing a business plan is one of the most important steps an entrepreneur can take. No matter what industry you are in, investing time into forming a business plan provides you with a guide to determine your business’s direction.
Windroot Business Advisors will help you develop a business plan that includes goals and guiding principles for your company. We guide you through the process and focus on creating a scheme that will help your business grow and succeed.
Business Plan Review
Ideally, your business plan should be reviewed and possibly updated regularly. The end of
an annual or quarterly financial cycle is a good time for a review. If you are in an industry
that changes often, you may want to update your business plan every month.
Updating your business plan is often more focused and fun than writing the original
one. Staff can be involved in the updating process, making them more invested in your business’s success. Windroot will review your plan and guide you and your team through the updating process.
There are multiple reasons to update your business plan.
- You are growing at a fast pace.
- You launch a new product, service, or add a new division that expands your markets
- Your business has undergone a significant management change, has a new owner, or has added a partner.
- You have a new location or change your existing one.
- You change suppliers or technologies.
- There has been a significant change in your market, like a shift in client tastes, altered regulatory climates, or consolidation trends among customers that require your business to pivot.
- There is a competitive disruption, like technological advancements by your or your competitors, that disturbs your business model.
- You are losing customers to a new competitor in your field.
- Your old business plan does not reflect your current state anymore. Perhaps it’s not a well-drafted business plan, it is no longer relevant, or things have drastically changed.
- Your business has reached a threshold, like meeting a sales goal or employing a certain amount of people.
- Your team is not meeting company goals, or you are falling behind. You should have SMART goals — Specific, Measurable, Achievable, Relevant, and Time-bound.
If it’s on paper,
it’s on purpose.
Non-Profit Set Up
You want to refinance or fundraiser. Investors and lenders want to know about your current challenges and have the most up-to-date look at the costs and opportunities you’re forecasting. A lender will require proof of an updated business plan to decide whether or not to approve your loan.
You have a financial snag like falling revenue, a decline in sales figures, you don’t meet your financial projections, or essential customers are leaving.
People do not start charities to get rich; they create them because they have a passion for helping or see a need in their community or industry. People who start non-profits are “Founders,” not owners. Neither they nor the organization’s board members can profit or benefit from the organization’s net earnings. A Founder can only get paid if acting in a staff role, such as Director or President.
Founders don’t start charities because it’s easy either; the amount of paperwork can overwhelm the uninitiated. You must register your non-profit as a corporation with your state and submit organizing documents to the Internal Revenue Service. These documents must limit the organization’s objectives to exempt purposes outlined in the Internal Revenue Code. The federal government will treat you as a tax-exempt organization, and your state government will address you as a corporation.
We assume that non-profits automatically have 501(c)(3) status, but the IRS recognizes 29 different tax-exempt classifications. Don’t stress! The Windroot team with help you figure out what kind of non-profit you need to register (there is an excellent chance that you will fall into the 501(c)(3) category) and guide you through the entire process
Just as with a for-profit business, a business plan helps a non-profit describe how it intends to achieve its mission in specific detail. Unlike a standard business plan, it also must identify what kind of board of directors you have, what your bylaws are, and more. Many questions need must be answered before you can file paperwork with the government, and Windroot will manage the process every step of the way.
“We make a living– Winston Churchill
by what we get,
but we make a life
by what we give.”
Windroot Business Services
Our expert analysts will help walk you through the business plan development process and deliver a well-thought-out plan that addresses every action your business must take on the road to success.
- Perform market research to determine the best strategies for success in your industry.
- Identify target markets as well as obstacles that exist within your sector.
- File articles of incorporation and obtain an employer identification number from state and federal governments.
- Devise a business structure depending on your sector, tax liability, legal needs, and other factors.
- Advise you on the number of employees and staff characteristics needed to fulfill your purpose.
- Establish payroll processes and billing procedures for your new business.
- Create a cash flow budget to clearly define your business’s financial needs at any given point in the future.
- Establish an accounting system using QuickBooks™.
- Train and support staff using QuickBooks™ software.
- Evaluate tax strategies and liabilities according to the most recent tax laws.
- Analyze and manage financial risk.
- Prepare profit improvement plans.
- Assist in procuring business loans and other financing.
- Develop strategies to reduce your business taxes.
- Generate an alternative minimum tax plan.
- Audit and coach members of your company’s management team.
- Conduct business valuations.
- Assist management with mergers and acquisitions.
“Research is formalized curiosity, it is poking and prying with a purpose.”– Zora Neale Hurston