Have a Plan for Roseville Business Success

The economic environment for small businesses over the past few years has been incredibly hectic. Between procuring adequate supplies and managing workforce availability, small business owners and entrepreneurs may view the end of 2022 as the time to take a relaxing breath. Instead, the intelligent business owner will use this time to write or freshen up their business plan. Doing so will allow 2023 to start with positive momentum. 

Another reason to wade into the planning stage now is that December is National Write a Business Plan Month. The Roseville Economic Development Authority and other critical resources are available to assist in navigating the ambiguities of creating the essential business plan.

What Is a Business Plan?

A business plan precisely defines your business, identifies your goals, and serves as your company’s resume. It shows all interested parties — employees, investors, partners, and yourself — that you are committed to building the business. Creating a plan forces you to think through and select strategies to propel your growth, including market research to support your plans. The basic components of a business plan include a current and pro forma balance sheet, an income statement, and a cash flow analysis.

Why You Need a Business Plan

A business plan helps you properly allocate resources, handle unforeseen complications, and make sound business decisions. A good business plan is crucial to any loan application because it provides specific and organized information about your company and how you will repay borrowed money. Additionally, the plan can inform sales personnel, suppliers, and others about your operations and goals. A business plan is for more than just startups. It is a living document that needs to be updated annually as your company grows and changes.

Components of a Typical Business Plan

The following is a guideline based on the resources provided by the U.S. Small Business Administration (SBA) for creating a business plan. Breaking it down into several components and working on it step-by-step can make drafting one a more manageable task.

• Executive Summary - basic description, mission statement, product/service
• Company Description - detailed description, strengths and competitive advantages
• Market Analysis - competitive research, target market, industry outlook
• Organization and Management - company structure, organization structure
• Service/Product - detailed description of product or service
• Marketing and Sales - marketing strategy
• Funding Request - five-year estimates, fund usage
• Financial Projections - balance sheets, forecasts
• Appendix - supporting documents

Business plan resources

Open to Business is a free, confidential business counseling service for existing businesses and prospective entrepreneurs in Roseville. Luis Mendoza (651-216-6252) is the expert advisor available to provide business plan assistance, along with other small business education, such as accessing financing options, marketing education, accounting training and more. 

For additional assistance with your business plan, you can start by reviewing “A Guide to Starting a Business in Minnesota” from the Small Business Assistance Office of the Minnesota Department of Employment and Economic Development.

The Small Business Development Center (SBDC) - Twin Cities (SBDC) at the University of St. Thomas offers confidential and free counseling for every stage of business development. Email the SBDC regional director Diane Paterson for further information.

The SBA offers a Business Plan Tool to help simplify business plan creation in eight easy-to-follow steps. The SBA’s online, self-paced course on How to Write a Business Plan is an excellent resource for learning more about putting your business plan together. The course explains the importance of business planning, describes plan components and provides access to resources and sample plans.

Bplans and the SBA’s Business Planning Guide have many sample plans across specific business categories that are excellent resources to apply to your business.

Roseville is here to help!

A business plan will be critical to meeting your 2023 goals and for years to come. However, it is a flexible document and should change as your business grows. Once you have a draft of your business plan, review it with a colleague or Luis Mendoza at Open to Business. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your banker. Please contact the Roseville Economic Development Authority for any further assistance you require.

The Roseville Economic Development Authority (REDA) coordinates and administers economic development and redevelopment initiatives for the City of Roseville, MN. It serves as a comprehensive resource for businesses seeking to startup and grow in the area. In addition to prioritizing business retention and expansion, the REDA connects area employers with the dedicated and talented workforce they need to succeed and thrive.