Update your family office's business plan as needed.
Whether you run a catering business or a shipping business from your home or office, you need a business plan to alert potential investors to funding needs and remind owners and employees of company goals. An organized business plan with a clear focus can grab your readers' attention and communicate important financial information about your business and the direction you want your office to go.
Instructions
1. Create an executive summary, which is a summation--no more than four pages in length--of your office's history. Enter a mission statement; the names and duties of every family member directly involved with the management of your family's office; and a business address.
2. Define the products or services your office offers such as consulting or financial advice. Disclose the names of business's investors and outline your business' financial growth patterns. Explain your plans for the business. For example, do you expect to expand the business by opening a new office in a different state?
3. Explain how your office operates differently from its competitors and why. For example, does your office provide a more personalized approach to the services it provides?
4. Evaluate your target market. Enter outlook information such as whether small businesses are thriving overall within your target market. Make a projection about growth rates for the industry. Identify the expected market share and revenue gains your business hopes to achieve.
5. Add a short business description to define how your family business works and how all the players fit together. Identify your office's organizational structure and explain who does what at your office. Provide credentials for each owner.
6. Develop a marketing strategy for your office. Talk about how your family hopes to expand its business and find future customers. While your current communications strategy may be limited, list any activities--including word-of-mouth marketing--which your office currently employs to achieve its marketing goals.
7. Make a formal request for funding. Cite a specific dollar amount and give the deadline by which you expect to receive the money. Attach financials such as your business' income statements, balance sheets, and cash flow statements (up to five years old).
Tags: your office, your business, your family, your target market, about your