While KCARD is able to provide a variety of services to clients, our staff spends a large percentage of time working with clients on business plans. Here are a few questions with one of our Business Development Specialists, Kellie Padgett.
Q: I have never put a business plan together and the process looks really overwhelming and/or frustrating. Is the process of creating or updating a business plan painful?
A: Absolutely not! KCARD staff are here to help put your dreams onto paper as well as ensure that you have thought through all the risks involved and connect you with other resources as needed. I love watching a client light up as they are sharing their dreams for the business with me. Not every conversation is easy, but our staff does try and provide support to make the process smooth. When working with clients, KCARD has the philosophy of “meeting the client where they are,” which means KCARD staff can be flexible in how we work with clients — we can meet virtually, over the phone, or in person at the farm, office, or another convenient location.
Q: Why do I need a business plan?
A: Typically, people don’t think about creating a business plan unless they are applying for funding (federal program, grant, loan, etc.). However, going through the planning process can be very valuable, and helps prepare you for many of the challenges that you will face. From creating job descriptions to defining target customers to identifying business goals, creating a business plan provides an opportunity to put a plan in place to see dreams through. Additionally, it is so hard to track the health and progress of your business if you aren’t tracking metrics.
Q: When should I develop a business plan?
A: Most businesses come to KCARD asking about creating or updating their business plan during a season of change. However, we would encourage any business to develop or update a business plan at any point. This means even during the “dreaming” phase. Just getting your thoughts onto paper can help you define your goals and timeline.
Q: How do I get started writing a business plan?
A: When I start working with a client, the four main questions I am seeking to understand are:
What products or services do you offer or are looking to offer?
Who is your target audience and how do you plan to get your product to them?
What are your goals for your business and what does the timeline look like?
How much will it cost to reach those goals?
While we will cover so much more in a client meeting, these are the main areas that need to be established first. If you are having a hard time getting started, I would encourage you to answer these few questions first. Also, KCARD has a Business Plan Development Guide that outlines the key areas and questions for the business plan. And remember that it’s ok if you don’t have complete answers for each one. Developing a business plan is a process and we are here to help guide you through. Contact us at (859) 550-3972 or kcard@kcard.info to get started!