Uncertain Economic Times Make Having A Solid Plan Even More Vital To Success, Says Jeff Nock Iowa
IOWA CITY, Iowa, // icrowdnewswire.com// July 22, 2020 // –Business plans have always been necessary for planning, raising money, and gauging the success of the venture. Companies that develop business plans succeed more often than those who don’t, says Jeff Nock Iowa. The economic uncertainty of COVID-19 has made a strong business plan even more critical to profitability and long-term growth. Startups need solid plans, and companies that have existing plans also will want to rework them based on changing market conditions, says Jeff Nock Iowa.
Business plans include several components. These include an executive summary/description of the business, detailed information on the market and competitive environment, how this business will differentiate itself within that environment, what are the financial goals and milestones, and how the business will be operated. The plan also should include how the company is responding or will respond to shifts in demand, such as toward more e-commerce, and remote working that are part of the current business environment, says Jeff Nock Iowa.
In creating or rewriting a business plan, a company should consider carefully who the audience for the plan will be; for example, is the plan to seek funding or a joint venture partner or is it primarily for giving internal direction. The audience will drive the content, says Jeff Nock Iowa.
Jeff Nock Iowa offers the following tips to develop a solid first business plan or to adjust one for the current context.
Jeff Nock Iowa is the founder and CEO of Prescient Consulting LLC, which has helped more than 250 companies develop and execute effective business plans. Jeff Nock Iowa has considerable experience in managing non-profit and not-for-profit organizations, including President & CEO of Goodwill of the Heartland, CEO of EPX Denver, and AVP of Marketing and Product Development at ACT. Jeff Nock Iowa also has been part of three tech startups.
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