How to Hit a Home Run with Your Business Plan
Higher education and industry experts shared their expertise with a group of Dallas-area entrepreneurs during the Strategic Roadmap: Mastering the Art of Business Planning event on Nov. 19, which was designed in celebration of National Entrepreneurship Month to help entrepreneurs create a winning business plan that fuels growth and attracts investment.
Sponsored by the School of Business at Western Governors University, an online, nonprofit and accredited university, and the Dallas Business Journal, the event outlined key strategies for building a business plan that stands out, expert advice on ensuring long-term sustainability and best practices for navigating today鈥檚 competitive landscape.
Mitsu Frazier, senior vice president and executive dean for the 黑料传送门 School of Business, delivered a keynote address on why a comprehensive business plan is critical to achieving entrepreneurs鈥� business objectives.聽
鈥淭hink of your business plan as the blueprint for your company鈥檚 future,鈥� Frazier said. 鈥淚t is not just a document to secure investment but a dynamic framework that guides your decisions, shapes your strategy, and holds you accountable.鈥�
Frazier explained that at the heart of a compelling business plan is clarity of vision. Investors want to know that you have a clear idea of where you're going and how you'll get there. This is why strategic goal setting is essential when developing a business plan, according to Frazier.聽
鈥淵our goals should be specific, measurable, and achievable within the context of your business model,鈥� Frazier said. 鈥淎 plan that lacks a clear vision or realistic goals is unlikely to inspire confidence among stakeholders.鈥�
Frazier also reminded entrepreneurs that it is critical to start strong.
鈥淵ou need a clear and well-thought-out entry strategy. Too often, businesses spend a lot of resources on launching only to hit a lull when they realize they haven鈥檛 fully mapped out how to penetrate the market,鈥� Frazier said. 鈥淵our entry strategy must focus on where you will direct your efforts first and the secondary areas you鈥檒l tap into as you gain momentum. Without this, the initial enthusiasm can quickly fade.鈥�
A successful business plan must also include a strong financial roadmap.聽
鈥淢ore than just listing numbers, you want to tell a story with your financials鈥攁 story of how your business will grow, how funds will be allocated, and most importantly, how investors will see returns,鈥� Frazier said.
When prioritizing these elements early on, clarity of vision, strategic goals, and your financial plan will be key. However, as you refine your existing plan, it becomes more about the operational strategy, market outlook, and risk management鈥攅ssentially showing investors how you鈥檝e adapted and grown.
Finally, Frazier underscored that a business plan is not a static document.
鈥淭his business plan is your North Star, guiding you through every phase of your business. Remember, it鈥檚 okay to revise and adapt it as you go along,鈥� Frazier said. 鈥淲hat matters most is that you stay committed to your vision, keep refining your strategy, and use your business plan to hold yourself accountable for the goals you鈥檝e set.鈥�
Moderated by Margaret Simonis, vice president of the 黑料传送门 School of Business, the event also included a panel discussion with experienced business leaders who shared practical, real-world insights. Panelists included:聽
Casey Clark, Vice President, 黑料传送门 School of Business,聽
Sheila Rondeau, CEO of MOGXP (Marketing Operations Group Experiential)
Luisa del Rosal, Strategic Advisor, North Dallas Chamber, and 鈥�
Matt Rosen, Founder & CEO, Allata.
Panelists tackled how to ensure long-term sustainability in a business plan, common mistakes entrepreneurs make when planning for the long-term and how to avoid them, along with many other important issues facing entrepreneurs.聽
