Business Planning

Business Planning
24 Oct 2016

Hello again! It’s Matt from, and this morning, I had a client call me. He told me that his son wants to start a business, so I asked him what his son’s business plan looked like. “Hmmm. Not sure he has one. What is that?”

That got me thinking…how many businesses actually have a thought out and written out business plan? If you’re looking for investors or a loan to start your business, you’ll need one! If you are already in business, do you have a business plan for the coming year? If you do have one, are you preparing to update yours?

Patrick Hull is a contributor to, and while researching for this blog post, his simple business plan made sense to me. I hope you’ll be to use it yourself.

  • Mission statement and/or vision statement so you articulate what you’re trying to create;
  • Description of your company and product or service;
  • Description of how your product or service is different;
  • Market analysis that discusses the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure;
  • Description of your management team, including the experience of key team members and previous successes;
  • How you plan to market the product or service;
  • Analysis of your company’s strengths, weaknesses, opportunities, and threat, which will show that you’re realistic and have considered opportunities and challenges;
  • Develop a cash flow statement so you understand what your needs are now and will be in the future (a cash flow statement also can help you consider how cash flow could impact growth);
  • Revenue projections; and
  • Summary/conclusion that wraps everything together (this also could be an executive summary at the beginning of the plan).

At Premier Investments of Iowa, we take all of our clients through the process of creating a financial plan. It’s how we identify a path to growth. So, if we do that for our personal investments, why shouldn’t we do it for our businesses?

I hope that you found this blog helpful! As always, if you have any questions about this or other subjects, feel free to!


Matt Westberry

As an independent financial professional, Matthew R. Westberry’s goal is to help you create a personalized investment plan that is unique to your situation, attitude and goals. He is dedicated to building long term relationships and providing continued service to ensure that your objectives are met. Matt takes a personalized approach with his clients, he will sit down at your kitchen table, take the complex issues facing retirees & pre-retirees and put together a comprehensive, easy to understand plan that will help you achieve your financial goals. Matt graduated from Coe College in 2005 where he majored in Business Administration and Economics. Matt is currently enrolled in The American College of Financial Services Certified Financial Program. He believes that continuing his education benefits both him and his clients. Matt is currently an Investment Advisor Representative with Cambridge Investment Research, Inc. He holds the series 6, 7, 63 and 65 licenses as well as accident, health and life insurance licenses. Matt currently resides in Marion, IA with his wife Cassandra and son Landry.