According to the National Main Street Center’s Institute for Professional Downtown Management:
The cornerstone of a dowtown business’ activities is a business plan.
Why?
- to learn about the business opportunity itself
- to provide insight to the potential for development
- to identify human and financial needs of the business
Key uses include:
- describe the key planning elements
- describe the proper inplementation plan for development phase
- emphasize that content of the plan changes as the business develops
As identified by Matthew Weaver, author of the Oklahoma Dept. of Commerce Main Street Program article, “Turn on the Lights”, the 4 key elements of a business plan are:
- an economically & viable product or service with attractive markets
- an establsihed attack plan that can be replicated
- a seasoned management team that has demonstrated ability to carry out the plan
- a tool for indetifying “go”, “no-go” decisions for use of funds
In Matthew’s words, to sum it up, “A business plan does contain many important points, but the 3 key components are the product/market concept, the attack plan and of course, management.”
Matthew Weaver is a dynamic presenter and a great representative for the Main Street Program in Oklahoma. For more information check out the web site at www.OKcommerce.gov and look for Main Street under the Communities side bar.
[small biz] [rural] [entrepreneurs]
