Business planning for BIAs
A business plan is typically created after the board finalizes the strategic plan. Business plans are created by the executive director and/or staff. They are designed to advance the strategic plan, aid in funding and minimize legal issues.
The business plan is external-facing, and is intended to be shared with funding organizations/sources and other stakeholders. The business plan should include detailed information about the BIA’s financial position and financial forecast.
A business plan should:
- include tactics supporting the strategy
- encompass one to three years
- contain a marketing plan, operational plan, and financial plan
Business plans vary in how they are written; however, a comprehensive plan will include the following information:
- business overview
- executive summary
- sales and marketing plan
- operating plan
- human resources plan
- financial action plan
- financial appendix
- overview of programs, services and events
- contingencies
- tasks, milestones, goals, risks, success opportunities
- details of who, what, where, when and how