NIS has selected to partner with Growthink because they have a proven, five-phase business plan development methodology that we have developed over the past several years. Their process is as follows:
Phase I: Discovery
The first phase of a Growthink business plan development project is discovery. During this phase, Growthink conducts sessions to:
- Ensure that we are in synch with our clients' precise vision
- Identify strategic and research questions to be addressed during the project
- Assess the needs of the business plan's audience so we can address these needs in the business plan
Growthink has had great success conducting all sessions virtually (i.e., conference calls) or in-person.
Phase II: Market Research
Market research validates a business opportunity. Market research can also uncover threats to the business as well as opportunities. Growthink conducts customized market research for each client with regards to:
- The size of the market
- Market trends
- Customer wants and needs
- The competitive landscape
Growthink also conducts "benchmarking research" during this phase of the business plan development project. That is, we identify other companies that have succeeded and/or failed with similar businesses in the past. From this research, we identify the key success factors and pitfalls to avoid in pursing our clients' businesses.
Phase III: Business Strategy
Based on our experience growing and financing companies, and the research we conduct in Phase II, Growthink assists our clients in refining their business strategies. For instance, we may suggest a tighter focus or identify a new market for our client's products or services. In all cases, we will review our clients' business and revenue models and marketing, partnership, human resources, and operations strategies to ensure that they are sound. If not, we will work with our clients to enhance them.
During this process, Growthink will develop and/or refine our clients' financial model. We will develop realistic assumptions for all revenue and expense drivers and build a financial model including Income Statements, Balance Sheets and Cash Flow Statements.
Phase IV: Communications Strategy
Once the business strategy is finalized, Growthink works with our clients to determine how to best position them in the business plan. We answer critical questions such as what are the proprietary/unique aspects of the business that should be stressed in the Executive Summary. We then create an outline of the entire business plan in which we identify the key points that should be stressed in each section.
In developing each client's communications strategy, we leverage Growthink's unique knowledge of the needs of various business plan audiences such as venture capitalists, angel investors, banks and strategic partners.
Phase V: Communications Documentation
Growthink develops all of the key communications documents including the following:
- Executive Summary : a succinct synopsis of the business plan that highlights the key points raised within the plan.
- Strategic Business Plan : a full description of the business that answers the audience's key questions.
- Financial Model : an assessment of the amount of capital the firm needs, the proposed use of these funds, and the expected future earnings, organized into Projected Income Statements, Balance Sheets and Cash Flow Statements.
- Slide Presentation : An interactive presentation that guides the audience through a description of the company and their potential return on investing/working together.
Call NIS today at 1-888-466-7566 for current pricing on professional business plans.
Note: A comprehensive business plan may take six weeks or more from start to finish. Keep this time frame in mind as you start your new business. Putting your company in a position to securing financing will add more time to the process . |
