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Businesses Benefit from Strategic Plans- 5/15/2012
A well-written strategic plan is essential to the capital raising process for any company. However, as Bart A. Basi and Marcus S. Renwick of the Center for Financial, Legal & Tax Planning, Inc. point out, there is no precise road map for preparing a strategic business plan. Basi and Renwick’s article, “Strategic Planning: More Than A Mindset,” appears in the Spring 2012 issue of Welding & Gases Today, the leading magazine for the gases and welding equipment industry.
A strategic business plan is one of the most important strategic documents for any business owner.
“Your plan represents the foundation on which any future deal will be structured,” write Basi and Renwick. “It should be regarded as a key marketing proposal that will gain the maximum level of interest from potential investors.”
Even though it is said that money is the root of all evil, it is difficult to run a business without it. A well-written strategic plan is essential to a company’s capital-raising process. It is a way for an investor to review the company’s potential. Basi and Renwick advise, “If you cannot show these three things in your market analysis, then you will never persuade anyone to invest in your company, to loan you money, or to work for you:
• There is a market for your product
• You understand the potential customer’s needs and your product meets that need, and
• You are able to sell your product at a profit.”
To learn more about the elements of a strategic business plan, read “Strategic Planning: More Than A Mindset," at Welding & Gases Today Online.