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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

We do regular research with businesses to better understand the outlook and viewpoint of the business community. If you are a business owner, leader or manager, join our online business research panel, Business Perspectives.