Business Planning: A Practical Perspective
Author: Steve Piekarski, Executive Vice President/Chief Operating Officer at ProFed Credit Union
If you have read the article published in the 2023 Fort Wayne City Guide, Fail to Plan or Plan to Fail (April 2023), you know the importance of projecting cash flows to the point you become comfortable with your business’ growth trajectory. You already understand your prospective business’s seasonality, stabilization of revenues & operating costs, break-even point, and income you can expect to support yourself and your family. Service Corp of Retired Executives (SCORE) and any of the ten Small Business Development Centers (ISBDC) sponsored by the State of Indiana are available to help you with this analysis and the development of a formal business plan. Of note, both organizations maintain an active presence in Northeast Indiana.
Although these organizations provide much needed resources, many new business owners struggle to understand the business terms and concepts that are called to their attention. So, it is common for us at ProFed to hear entrepreneurs question what they read or hear and how it might apply to their circumstances. Unanswered questions often leave would be business owners frozen in their efforts to plan, leaving them to question exactly how to start.
That’s where ProFed can help. As a not-for-profit, member-owned financial service cooperative, we are committed to helping members and prospective members navigate uncertainty. We can serve as an interpreter and a sounding board, explaining business terms and concepts in a manner that makes sense to you and your circumstance. In doing so, we can also identify trip points as we arm you with leading questions for more meaningful conversations with your accountant, attorney, insurance agent, investors, and advisors.
Below is a list of topics to start you thinking. Become familiar with the following topics and how they may impact your business plan and ‘pitch’ to investors or lenders. Combined with your cash forecast, your familiarity with each will become the foundation for discussions you hope to entertain. Anytime you begin to feel mired in questions, feel free to get in touch with our business services team without obligation.