It’s typical to start a small business without first  thinking through a formal business plan strategy.  It’s critical to know how your business fits into your industry.  Also important is to know how your operational decisions will either help or hurt the achievement of your company’s goals and objectives. 

First you should include in your business plan strategy an analysis which details what your company offers to the marketplace.  Take the time to identify your company’s strengths and to understand what competitive edge you gain from those strengths. 

What are your main services and products, and how do potential customers get value from them?  What advertising methods do your customers respond to best, and what are the best ways to reach out to potential customers? 

Do not forget to include in your business plan strategy your areas of weakness and opportunities for improvement.  By facing those areas in your business that can use improvement, you will be able to create solid strategies to tackle them. 

The next area to address in your business plan strategy is your company’s operational approach.  How is your business structured, and who is in charge?  What unique qualities does your management team possess that sets them apart from others?  Describe any outside contractors and consultants that service your business. 

Lastly, you need to be able to identify in your business plan strategy your operational “plan B” should anything go wrong.  What if a key contractor decides not to continue working with you?  What if a storm destroys a large percent of your inventory?  Be ready for the unexpected by identifying early warning signs to be on the lookout for and have an alternate plan ready.

It is possible to operate a business on a day by day basis without a good business plan strategy in place.  However, taking the time to do so, particularly in the area of business operations which are so often overlooked, will give you a competitive edge when the unexpected happens. 

Be sure to visit SmallBusinessAccountingBackroom.com to get many more resources to help you take your business plan strategy to the next level.