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The Growth Travel Plan
A Tool Worth Having on Your Growth Journey
Objective: Work through the business planning process to refine your business model, determine financial needs, and document obstacles.
Outcome: Completion of a 10-25 page business plan including 3 to 5 year financial projections for your business.
Benefit: A professional and accurate business plan increases the likelihood of funding from lenders and investors, and your ability to recruit a quality management team.
The Destination is where you want to go.
The Vehicle is your ride.
The Route is a map of how to get there.
Whether you are planning a journey or planning a business, a Travel Plan makes it easier to get find your way. You can go without one, but you decrease your chances of getting where you want to go and arriving safely. Many businesses venture off on their own and make progress toward their destination, but it is not uncommon for them to hit roadblocks, detours or have accidents that can cut their trips short. We want to help you and your business avoid those.
Just as a Travel Plan has multiple uses, so too does your business plan:
- It helps to guide the business decisions you make along the way
- It is an important tool for obtaining funding from lenders
- It is the key document investors use when deciding to invest
- It will play a vital role in recruiting members of your management team or advisory board
Just as you target your product to a specific market segment, you will want to target your business plan for raising funds, attracting talent, and as an internal management guide.
- Investors want to see how quickly they are likely to receive the return on their investment and the market potential of the business
- Lenders want to know if you are going to have sufficient cash flow to make the payments on your loan and your plan for making it work
- For you, the business owner, your business plan will help guide your financial, marketing and production plans, as well as other key aspects of the business.
- It will allow all your company’s stakeholders to check your progress toward key milestones and anticipate potential potholes along the way.
Don’t discount the importance of having a Travel Plan for your business’ Growth Journey. You might be able to see the road ahead of you now, but with all the twists and turns and hills and valleys you will inevitably encounter, your Travel Plan will help you reach your destination safely and on time.