What are the keys to success and why should this information be included in a business plan for a Full Service Restaurant?
The keys to success section of a business plan is a very significant part of the plan since this is where a small business owner like Jack Gordon gets to write down what things have to happen for the business to succeed in the days ahead. The reader of the business plan who may be a potential lender or partner needs to know how successfully an owner like Jack Gordon will be able to execute on the plan that they have put together. This is where you get the opportunity to tell them about the key elements of the plan that need to be successfully executed or reached for the success of the business to be a reality.
Items that we typically recommend small business owners like Jack Gordon mention here are:
What are the implications of not mentioning a key element in the business plan for a small business like A Touch of Tuscany?
The implications could be significant for a small business owner like Jack Gordon. The most important repercussion could well be that a lender or partner may choose to take negative action against the small business in the event the business was not able to execute on its business plan due to a key element that was not mentioned in the plan itself.
Now we are not suggesting that this section of the business plan needs to be a legal disclaimer that lists every little thing that may possibly go wrong in the future, but key and important elements must be mentioned and if there are many key elements - well then you just make sure that you list them all up front. It is much easier for a small business owner like Jack Gordon to set the expectation of the lender or partner right at the very outset than have to answer questions later about not including key elements in this section of the business plan.
A lender may choose to cancel the line of credit or business loan that they put out for the business and a partner may choose to revert to legal options in the event a key element or variable was left out of the business plan like the successful closing on a key contact from a client or getting permits and approvals from the government that have a history of being hard to get.
What can a small business owner like Jack Gordon exclude from the key elements section of the business plan?
We always recommend that small business owners like Jack Gordon not include the most obvious elements that affect every business in this section of the business plan - for example - the economic health of a target market like Westchester County, New York. The reason we don't recommend stating the obvious is because while it is important to the general success of the small business, it by no means unique to the small business itself but is in fact an element of the larger market place that affects everybody.
The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!
The Business Loan Application covers every item you will need in your loan package and tells you how to get approved for business loans.
Fire your loan broker and use our Free Business Loans Bank / Lender Directory to find every bank in the country lending to small businesses.