Writing a business plan can seem like a daunting task even to established small businesses. In fact, it is one of the most requested areas of assistance that West Virginia Small Business Development Center (WV SBDC) coaches receive.
“I would estimate 90% of our clients ask for help in that particular area,” said WV SBDC Business Coach Harold Patterson.
Although WV SBDC coaches won’t write the plan for you, they will offer excellent advice. Their extensive experience across a wide range of industries allows them to provide insight, structure, and support throughout the process.
A Strong Foundation
Though no state mandates a business plan for formation, many have specific requirements for general licenses or industry-specific permits (including doctors and restaurants). However, even when it is not required, a business plan remains critically important. It is a foundational document, a roadmap that outlines your business and helps define its vision, purpose, goals and objectives. A business plan is usually necessary for securing capital, as lenders typically require one when an entrepreneur is applying for a small business loan.
“I often recommend it so that people can get their thoughts together, whether they need additional funding or not,” Patterson said.
The good news? WV SBDC coaches can guide you through its development and implementation. The WV SBDC has access to tools and software that help simplify and streamline the planning process.
WV SBDC business coaches conduct their own research to serve as an added asset to clients, but it’s also important to share as much information as possible about your background and professional experience.
“One of the biggest things we run into is that even with a startup, there’s a history there. How did this all start? Knowing that helps us a lot,” Patterson said.
Some Advice About AI
WV SBDC Business Coach Todd Crump noted that while Artificial Intelligence (AI) tools like ChatGPT can be useful in helping to generate ideas and attempt to quantify plans, they are not a replacement for local knowledge. AI can make mistakes, too, and it often overlooks or is not privy to specific market information, resulting in generic plans.
“With the advent of AI tools, some can take an idea and attempt to quantify their plan to commercialize it,” Crump said. “However, we can be a catalyst to help mold their concept into a viable, market-ready product or service by adding the ‘spice’ of local and regional knowledge, experience, expertise, and objectivity. We also help clients determine whether starting a business, even if potentially successful, is in their best interest based on timing, capacity, or other factors.”
Uniquely Suited for Your Business
Not every section of a traditional business plan applies to every business. Depending on the business model, coaches may recommend different planning approaches, such as a Business Model Canvas, startup plan, or other formats. The WV SBDC can help identify the type of business plan best suited to your business model, work through the objectives that make up a successful plan, and assist with implementation once it is tailored to meet your individual needs.
Think of a business plan as a “living document” that evolves as your business grows, updates to reflect new developments, and remains flexible enough to adapt to changes and challenges that occur. The WV SBDC will be there for you when you need help and support along the way.
Learn more about WV SBDC business planning services at: wvsbdc.com/services/business-planning
Become an WV SBDC client: wvsbdc.ecenterdirect.com/signup
About the West Virginia Small Business Development Center
The West Virginia Small Business Development Center (WV SBDC) is an accredited partner program with the U.S. Small Business Administration and a division of the West Virginia Division of Economic Development. Funded in part through a cooperative agreement with the U.S. Small Business Administration, the WV SBDC assists entrepreneurs and small business owners at every stage of the business lifecycle by providing technical assistance to help clients clarify goals, develop skills, and acquire resources to operate successful enterprises.
WV SBDC business coaches hold professional certifications including Certified Business Advisor® (CBA), Entrepreneurship Development Professional (EDP), MBAs, and credentials in design thinking, AI, cybersecurity, and exporting. Coaches bring experience in technology, innovation, manufacturing, finance, management, human resources, and marketing.
This program is supported by federal funding. Full disclosures are available at wvsbdc.com/fundingdisclosure.