The accounting professionals at BASC Expertise work with entrepreneurs on a regular basis. We are involved with entrepreneurs from the formation of the business entity, formulation of a business plan, accounting and bookkeeping services, and annual tax preparation.

When it comes to formulating a business plan, we offer seven items that need to be considered and included:

1. A company profile that includes the details of the business, the products or services that will be sold, details of the legal structure of the business, and the profile of the key employees. This is also the time when a mission or vision statement will be formed.
2. What is your experience/expertise to operate this type of business? This is the step that helps the entrepreneur drill down to what sets him- or herself apart from the competition.
3. What market segment will your business serve? What are the trends and future opportunities the market offers? Do you have a niche area in which you will be marketing? If your competitors react (change their offerings based on your business) how will you counter-react to remain viable?
4. The entrepreneur should also include a detailed description of the products and services offered. This is the time to look at the product or service with a critical eye and uncover its challenges as well as the benefits your business will offer that sets it apart from the competition.
5. The operational details of the business will be part of the business plan. What steps are necessary to produce your product? How and where will you sell your service? Do you need a distribution network? What risks could you face with the goods or services you are providing?
6. What is your financial foundation? What kind of start-up capital do you need? Do you have access to that capital? How will you remain viable until the business starts to turn a profit? Who will you target for financial funding?
7. What are the main, and potential, risks to your business? What steps will you take to proactively overcome these risks?

This is a simple outline of the items an entrepreneur needs to consider before meeting with an accountant to prepare a business plan. The business plan is a tool that every business owner should have in his toolkit for success. While the business plan may not answer every challenge the business owner faces, it is a building block on which to balance the business.