Developing a Business Plan and Strategy for a Pavement Maintanence Contractor
The Pavement Maintenance industry is changing on an ongoing basis.
Having a plan at your fingertips allows you to make the adjustments necessary to adapt to this changing environment.
Whether you are a first time entrepreneur or have been operating a business for several years you must prepare a strategic business plan. This is an ongoing process that you use throughout the life of your business.
Planning is the systematic development of actions aimed at reaching business objectives. It involves analyzing, evaluating, and selecting opportunities. A business plan is a detailed written statement that tells why, how, and when a company will achieve specific objectives.
After preparing the plan, management should adopt a business strategy for action. Key personnel, prospective investors, and other interested parties should know precisely how management will use the money and resources at its disposal. Management’s primary responsibility is to secure the business’s future.
This should be accomplished through orderly planning. It should not be left to chance.
If you are starting a business, a business plan will help you to define your concept, evaluate the competition, determine your risks, and estimate your costs.
The length and sequence of a business plan will vary with the complexity of the business. But every plan contains the six essential elements. These are: where, why, how, when, who, and what. Where the business is to be located may be determined by considering its purpose, the competition, the capabilities of management and the opportunities for success. Why the business will succeed is determined by identifying market and product advantages. How describes the company’s resources and it’s ability to carry out the plan. When the business arrives, is indicated by milestones measured in profits, sales calls, number of employees, and so forth, as per the plan. Who defines each person’s specific responsibilities for accomplishing the goals of the business. What are costs as indicated by the cash flow projections.