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Strategic planning is essential for small businesses as it provides a clear roadmap for growth, direction, and sustainability. By setting specific goals, identifying target markets, and outlining tactics for achieving success, small businesses can allocate resources effectively, minimize risks, and stay competitive. A well-crafted strategy also helps business owners anticipate challenges, adapt to changing market conditions, and make informed decisions. Moreover, strategic planning fosters alignment within the team, ensuring that everyone works toward common objectives, ultimately improving efficiency and increasing the likelihood of long-term success.
1. Write a Business Plan
A business plan is your roadmap for success, outlining your goals, strategies, and the steps you need to take to achieve them. It typically induces an overview of your business, market analysis, competition research, financial projections, and a clear plan for growth. A solid business plan will be both a strategic tool and a blueprint for overcoming challenges to seize new opportunities.
Action
- Follow SCORES's business plan template. Filing out this template with your company’s information will give you all the necessary tools for your company's future. Reference your Business Model Canvas to help get you started.
2. Projections
Projections can be a controversial topic in the world of businesses. On the one hand, they are not real, and the numbers can be fabricated to say just about anything about what you expect the future of your business to look like. However, well-made, realistic projections rooted in facts can be a necessity for anticipating what your company will be capable of going forward.
Below are three common projections that will help you plan for your business.
Take The First Step
Great startup ideas don’t need to start big—they need to start with clarity and purpose. Start noticing the gaps and challenges around you, and then focus your efforts on crafting solutions.
3. Market Analysis
As an entrepreneur and business owner, it is always important to be studying what your competitive landscape looks like and what new opportunities there might be for your business. A market analysis is an in-depth assessment of your industry, target market, and competitors, helping you identify areas for growth, customer needs, and the potential for greater profits.
A market analysis is not a one size fits all type of tool. Some questions to consider when making yours are:
- How is your target customer (from your customer portrait) already solving their problem?
- What are new applications for the technology we are already using?
- How much are my competitors charging for a similar product to ours?
- Is our product justifiably worth more?
- Are there other areas our team can bring value to?
- If we wanted to expand, what would be the first 1, 2, 3 steps in the process?
What is the cost/benefit ratio for new opportunities we could potentially seek out?
4. Crafting a Pitch Deck
A pitch deck is a concise, visual presentation that outlines the key elements of the business to potential investors, partners, or stakeholders. It typically includes slides that cover the business's mission, market opportunity, product/service offerings, business model, financial projections, and the team behind the venture. The goal of a pitch deck is to effectively communicate the value proposition and potential for growth, while capturing the interest and support of the audience.
Action
Create a pitch deck using the following resources.
For small businesses, a well-crafted pitch deck is crucial in securing funding, partnerships, or other strategic opportunities by clearly demonstrating how the business plans to succeed and scale.
Scaling your small business is like growing a garden – it takes careful nurturing. Start by refining your processes and automating them where possible. As demand grows, hire the right people to handle key roles, opening you to explore new markets and paths forward. Throughout it all, do not lose sight of what has made you successful and keep your scaling sustainable. Growth requires patience, but with each step, you will build a more successful business. This section will help you better understand:
- Sustainable scaling practices
- Best approaches to hiring
- Recruitment tactics to attract talent
Be Ready To Launch Your Business
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1. Sustainable Scaling
Sustainable scaling for small businesses involves growing at a manageable pace while maintaining quality, efficiency, and financial health. It requires careful planning, resource allocation, and the ability to adapt to changing market conditions without overextending your capacity or compromising customer experience.
Action
Complete this training on scaling and take notes on how you believe it can apply to your business.
2. Hiring Best Practices
Hiring for small businesses is challenging due to limited resources, making it harder to compete with larger companies on salaries and benefits. The need for candidates who can handle multiple roles creates added difficulty in finding the right person. To overcome this, businesses can leverage local networks to find candidates who fit their culture and possess transferable skills. Follow the links below to learn different approaches to make your hiring successful.
3. Taking Your Business to New Levels
Entering the growth phase of a business means scaling operations, boosting marketing strategies, and improving resource management to drive higher revenue and broader market reach.
These resources will help you do that:
- 5 Signs your business is primed for growth
- Ready to Grow? 5 Things to Keep top of Mind
- Talent Acquisition Course
- Reach New Markets
- Coworking Space on the Northshore
- Palette Northshore
- Find other spaces using Startup NOLA’s Ecosystem Map
- Find more Louisiana resources using Louisiana Business Hub’s online navigator: SmallBiz NOLA
Finding the right funding for your small business can feel like both a challenge and a lifeline. You know that without enough capital, it’s tough to cover day-to-day expenses, let alone invest in growth or ride out the rough patches. When you’re just starting or trying to scale, every dollar matters. Whether you decide to approach a bank for a loan, apply for a government grant, or explore options like venture capital, there are many avenues to consider. In this section we will:
- Help you consider the right funding for you
- Assemble the necessary components to seek funding
- Help make funding less intimidating
With persistence and planning, you can find the right funding to help your business thrive. Completing the following sections will give you the basic tools you will need to seek funding.
1. Personal Financial Statements
Personal financial statements provide a snapshot of an individual's financial health, detailing assets, liabilities, income, and expenses to help assess net worth and guide financial decision-making.
2. Business Debt Schedule
Personal financial statements provide a snapshot of an individual's financial health, detailing assets, liabilities, income, and expenses to help assess net worth and guide financial decision-making.
3. Personal Tax Returns
Personal tax returns are annual filings with tax authorities that report an individual's income, deductions, credits, and tax liabilities, helping determine the amount of taxes owed or refunded.
4. Affiliate Financials
Affiliate financials are the financial records of any other businesses owned by the owner of your business. Including:
- YTD Financial Statements (Profit & Loss, Balance Sheet)
- Last 3 years personal tax returns of any owner of 20% or more
5. Copy of Business Plan, Projections and Analysis
Refer back to Step 8: Develop Your Strategic Plan
6. Copy of Articles of Organization & Copy of Guarantor Driver’s License
Articles of Organization are legal documents filed with the state to officially establish a limited liability company (LLC), outlining essential details such as the business name, address, and the names of its members or managers.
To obtain a "geaux biz copy" of your Articles of Organization in Louisiana, you need to access the Louisiana Secretary of State's online portal called "geauxBIZ" and search for your business entity to download a certified copy of your Articles of Organization. LA SOS Order Documents & Certificates
Be Ready To Launch Your Business
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