PHILADELPHIA, PA, August 21, 2013 /24-7PressRelease/
-- Investment management professional and business owner Mike Kabarec
understands how difficult it is for prospective small business owners to develop a strategic financial plan. As the founder of Kabarec Financial Advisors, he has learned how to properly plan and initiate financial strategies to help push young companies in the right direction. A recent article from Land Line Mag shows how influential and encompassing a solid strategic business plan is; the news article is written for truck driving companies, just one of many industries that utilize business plans to prepare for success.
Mission statements are at the heart of any business plan. Before entrepreneurs start seeking out investors, paying leases on commercial building spaces, or advertising, they are recommended to develop mission statements that reflect the direction of the company. In a mission statement, business owners are often challenged to think of foundational practices they would like to hold dear throughout their companies' histories.
Next, business plans encourage entrepreneurs to list and develop values that are used to make the mission statement a reality. If a statement explains how a corporation guarantees customer satisfaction for success, the values may consist of things like honesty, transparency, and customer relations. These are the values new business owners should look for when they want to hire new employees or take on partners.
Goals and objectives come next for business plans. Some companies may write broader goals while others stick to objectives along the lines of, "Hire two employees before the end of the quarter," "Expand the product line," or "Reach into a new market." Without goals, businesses and employees have nothing to work towards. Goals are great motivators, according to the article, and achieving them deserves recognition and appreciation that a business plan is working.
"Creating business plans is a worthwhile, though tedious, exercise," says entrepreneur Mike Kabarec. "Whenever you sit down to write one, you might be anxious to start hiring away and selling products. However, carefully outlining your objectives and financial obligations is an important factor in order to avoid snags down the road. If you don't draw up bottom line profit margins, for example, you are practically giving away products without growing the company."
Kabarec, an expert financial planner and advisor, recommends entrepreneurs should ask for outside help when writing business plans. Diverse opinions from non-industry advisors help business owners see potential problems and opportunities they never expected. This includes things like diversifying product lines, tapping into new markets, or throwing out traditional bricks-and-mortar locations for Web-based commercial spaces.
"It's important for new businesses to take their finances seriously," Mike Kabarec says. "There are a lot of numbers and it is easy to get overwhelmed without outside help. Find an advisor you trust and who shares your vision of the company's future."
It is also crucial to note that business plans are not written in stone. Things change, product launches fail, and markets evolve. Mike Kabarec says business plans, even though they are not static, are still a necessity for successful businesses.
is an investment management professional who has mastered finances throughout his lengthy career. He is currently the president of Kabarec Financial Advisors, his Chicago-based company, which was founded in 1982. Kabarec helps his clients understand the importance of investment, tax, and wealth management.