Strategic analyses and business plans
Many Florida entrepreneurs who are preparing to start a new venture are aware of the importance of a well-prepared business plan. Often required by potential lenders and equity investors, such a document can also be important for internal purposes as well.
There is a variety of tools that can be used in the preparation of a business plan. One such method is referred to as a “PEST” analysis. The acronym stands for the political, economic, social and technological factors and issues that may be applicable to the new venture that could have a bearing on the company’s success. A look at legal issues, such as the need to comply with domestic or foreign laws and regulations, may be a part of this analysis as well. A more focused approach is referred to by another acronym. A “SWOT” analysis will examine the strengths and weaknesses of a new venture or product, the opportunities to exploit those strengths and any threats that may be present. Leveraging the strengths and opportunities may help ensure a greater chance of success.
While those two methods are often used in a document that is presented to potential investors, another form of analysis can be appropriate for internal purposes as well. This will require a look at the company itself and its systems as well as the skills of its management and staff. A periodic review might help in spotting internal problems before they arise.
Business plans are not static, and they often are a valuable part in the operations of a company. An attorney who has experience in business formation and planning might be of assistance in the preparation and review of such a document.