orbit business planning tool

Developmental coaching: a blog

Andrew Watt | wattacoach.com

How to get there: Orbit planning tool

In preparing for battle I have always found that plans are useless, but planning is indispensable” attrib. Dwight D. Eisenhower, 1962

Often businesses or careers find themselves following a path of organic development or growth. A journey that is good enough to stay on, without necessarily being the ideal one. Of course circumstance and serendipity can intervene and many of the best opportunities are unexpected. But there is value in following a path that has been chosen rather than one that just happens.

Above all, this is because you tend to get to where you’re trying to get to. Motor racers call this target fixation: you naturally go to the point that you’re looking at (and if it’s the wrong point you’ll go there too). And your intuition is often a poor judge of where the next step should be; racers learn to follow conscious learnt behaviours rather than using their instincts in an emergency.

The point about organic growth is that it tends to make intuitive sense to us – do a bit better, earn a bit more – so we keep doing it. But if over time this is not satisfactory, I use a three year planning tool that works for individuals as well as small and large enterprises.

The UK government’s Department for Business, Innovation and Skills (BIS) developed Orbit as part of the Growth Accelerator scheme which helped high potential small and medium sized companies. There are three key stages 1. Creating a framework 2. Setting long and then short term objectives 3. Prioritisation of the Vital Few.

When I take clients through this process, depending on their situation, it might take anything from an afternoon to a few months. It works well as a collaborative process and often forces management teams to address fundamental questions about their business and what they want it to achieve. They key output of a one page diagram is often put up on the wall and referred to over time and then perhaps revisited and re-worked on an annual basis.

I remember one of the first clients I used it with doing a review after three years and they being amazed to realise that things that had seemed beyond reach had in fact been delivered. In their case it was landing six-figure clients – with hindsight the progress made sense, although when they’d set that goal it was way ahead of where they were at the time.

Of course it helps to do this exercise with someone like me, but you can follow the three steps yourself, following the guide here.

1. Creating a framework

The process begins by deciding what are the key measurable things that will determine future success. Things like, revenue, profit, customer numbers, market share which are common to many businesses, but also things specific to your business. This might be a re-location, setting up a new facility or developing a particular type of marketing.

Some of these key variables will be ‘hard’ and allow for clear numerical targets. Others might be ‘soft’ (or less tangible) and need benchmarking. One of my clients saw they could be getting good exposure by a more deliberate approach to PR, and set themselves a goal to be interviewed on Newsnight as an industry expert (which they ultimately did).

Once determined these targets will create the first version of Orbit and look something like this:

2. Setting long and then short term objectives

The next stage is to set the point you’ll be at on each of these key lines. Habit might suggest that we begin with the near future then plan out from there, but this is to lapse into an organic development state of mind. Instead, we begin with the end. Hence appearing on Newsnight was the measure for year 3 rather than year 1, something that seemed unachievable in the immediate future but was a realistic goal of where they wanted their PR effort to be in the longer term. Once you’ve set the stretching targets for year three, you plan backwards to the present day and set out a path of measures that will lead to your ultimate destination.

This is time also for sense check, to make sure that the path you’re setting is the right side of challenging but also credible.

Once completed you have something like this:

3. Prioritisation of the Vital Few

Having created the overall framework of measures and activities that will get you to where you want to be, you need to prioritise. Which three of these lines will be the tent poles that hold the overall strategy up and without which it would fall apart? Often this shows up a discrepancy between your current immediate priorities, which are often driven by operations, and an alternative which will drive strategic change.

Once you’ve pulled out the three most important measure these become your Vital Few. Further work is done to flesh these out further as these will be your priorities for action in the immediate future. They could become the focus of some coaching, to get activity going now. Sometimes these priorities will be things that were previously on a lower priority, things to get round to but never as important as ongoing operations which keep being the focus of attention. I had one client who decided they wanted a shop as part of their business in the longer term. Their key short term priorities were therefore to research and become knowledgeable about leasing and furnishing commercial premises. Since they were a graphic designer this was a completely new area of activity for them, but by engaging with it, they built the platform of knowledge that concluded with them successfully launching their shop.

I quoted Eisenhower earlier, pointing out that plans are useless but that planning is essential. Often Orbit will be re-iterated and adjusted as events alter the assumptions behind it. It’s not unusual for goals to be delivered on a longer time frame that expected, but just as common in my experience for it to be the other way round. The key is to develop a sense of destination so that individually or collectively there is a goal in place: over time, once you know where you’re heading you can work to get there.

Published by Andrew Watt

After ten years of coaching people in creative and tech industries in London I decided to write about some of the themes that often come up. View all posts by Andrew Watt

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Key Performance Indicators (KPIs) need to be monitored and reported continuously in real-time. Adding powerful KPIs in Orbit takes just a few clicks and delivers the built-in capability to show micro charts and data trends.

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Today the work no longer happens only at the office. A remote workforce relies on mobile devices to access applications, view reports, and make decisions on the go. The Orbit Analytics app enables you to securely access your operational dashboards, KPIs, and reports from a mobile device. Certified by both iOS and Android, it gives you the security, speed, and flexibility you need when viewing data remotely.

Orbit can be embedded within other proprietary software to deliver real-time business insight and improve decision making. Orbit dashboards can be consumed as iframe links in external websites and intranet portals.

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SQL Scripting

SQL Scripting is the most widely used language to retrieve and manipulate data in a database and now has evolved into the most sophisticated and powerful language to perform data analysis and feed the data to a visual interface. Mostly SQL queries are used to produce tabular outputs rendered to data grid components or analytical SQL query outputs that are rendered by visually compelling charting widgets.

Python Scripting

Python has gained popularity for its functional programming approach and data science libraries. It is a powerful programming language used for data manipulation and statistical outputs such as predictive and prescriptive analytics. Orbit automatically pulls the results from SQL queries into R programs. The SQL queries are generated using business schematic models, which are simple to use with drag and drop interface. Orbit’s integration with Python allows it to leverage Python’s charting libraries to produce sophisticated visual outputs.

R Scripting

R is a popular programming language for statistical data analysis. Orbit R editor automatically pulls the results from SQL queries into R programs. Administrators can anytime upgrade R libraries and leverage their latest functionalities. Orbit’s integration with R allows it to leverage R’s charting libraries to produce sophisticated visual outputs.

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Orbit’s custom widget API framework supports JavaScript, Python, and R programs. Developers can build visual widgets and include them in the list of available charts that others can use for data analysis and dashboards. It also allows the integration of third-party JavaScript libraries like D3.js, C3.js, Potly.js, and more.

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How to Use Our Landscape Irrigation Planning Designer

Before we start, we want to mention our amazing online sprinkler design tool: the Orbit Sprinkler System Designer . This tool allows you to create an online sketch of your property. 

As you’ll see, the process of planning a sprinkler system can be a worthwhile challenge. It requires time and accuracy. We’ve seen countless times how a small mistake—a bad measurement, a misplaced head, or forgetting a feature of your garden—can result in a bad plan (which, if not caught before installation, can cost hundreds of dollars in supplies and labor to replace).

The Orbit Sprinkler System Designer (OSSD) can make this step very simple. Just upload a bird’s-eye picture of your property (which can usually be obtained online through Google Maps or similar programs) and then trace over it. You’ll only need to measure one item of your yard, like the width of your driveway, for scale and the computer does the rest. Once you’ve finished tracing and drawing (it usually takes about 30 minutes) the system will ask for the water flow information you collected in last week's blog and, bingo, you’re done. The computer will do the calculations and give you a plan for placing heads, valves, and zones in ideal locations. OSSD will even give you a comprehensive parts and estimated price list of all the supplies you’ll need. You also are able to print a detailed, customized guide for installing the sprinkler system, down to the placement of every pipe, every sprinkler head, and every nozzle. Oh, and it’s totally, completely, 100% free!  Yeah, it’s a pretty great tool and we’re quite proud of it. We encourage you to give it a shot.

For those who are able to find success with the sprinkler design system, the rest of this post will be more about sprinkler theory and why things are done the way they are. For those going the old fashioned way, pay close attention to what follows.

Theory and Best Practice

Irrigation systems work in funnels; well, reverse funnels is probably a better description. At the top you’ve got your main water line connection. This usually comes from the municipal water system, but for some people a well is used or even, in rare cases, pumps from some freshwater source like a river or lake. But the Average Joe is connecting to his city’s water line.

From the water source, the water travels to your valve box containing a manifold and several valves. Of course, your water may be required by local code to pass through such things as a backflow prevention device, but the basic premise is water comes from the main line, passes through the manifold, and then flows out through a valve to the watering zone. Each zone contains a number of sprinkler heads, which is determined by your available water flow. Sprinkler heads are the mechanisms you see spraying the water on your lawn. There are various types of heads, each with a specific purpose, and we’ll get to that in a bit.

There are many approaches you could take in deciding the number of zones, type of heads, and watering means you will use, but the question that should guide all your choices is, "How can I effectively water all areas of my yard using the least amount of water?" This is where the savings will really come from, because no matter what kind of system you put in, it will generally pay for itself if you maximize efficiency. So, make watering efficiency and conservation your target and you’ll get where you need to go.

There are a plethora of head types used in irrigation systems. Let’s talk about each, their pro’s and con’s and where you might use them.

Medium Area Sprinkler Heads

The most common sprinkler head is the pop-up. They come in a number of sizes, but the basic premise remains the same: the water forces the interior of the sprinkler to pop up and spray water in a pattern through interchangeable nozzles. Pop-ups are fabricated to spray at different distances, which you will choose based on your yard layout. Adjustable nozzles used on pop-up sprinklers can spray anywhere from 4–19 ft. They are great because they are inexpensive, reliable, and easy to repair. The nozzles screw on and off, letting you choose the one that best suits head placement. They are great for watering the average lawn and errors can be easily detected.

Pop-up sprinkler heads aren’t perfect though, and there are situations where they may not be ideal. Pop-ups are the carpet-bombing of sprinklers; they’re not precision instruments. Now, when you’re watering your lawn, this isn’t a big deal—in fact, it’s what you want—but for watering flower beds, gardens, trees, pots, or anything that doesn’t cover an expansive area of ground, pop-ups aren’t the best choice. The advantages of using pop-up sprinkler heads are the ease of use, even watering patterns, and affordability.

Large Area Sprinkler Heads (Rotors)

There are two types of large area heads, impact and gear drive. As their name implies, these sprinklers are effective in covering large areas of turf. Impact heads are familiar to us because of the recognizable ratcheting noise they make as they go back-and-forth.

Gear drive sprinkler heads are a relatively new product in the sprinkler line-up. These are very quiet in their operation, and emit a single stream of water. Their superior area coverage means you don’t have to install as many sprinkler heads. These heads are adjustable, allowing you to adjust the spray distance (how far the water goes) and the radius (how wide the arc of the head is). Their closed case design resists clogging from grit, sand, and heavy grasses.

Remember, rotors aren’t ideal for small patches of land. They cost more and repairs can be a more intricate and may even require changing the entire head.  Finally, rotors require higher water pressure.  When considering rotor sprinklers it’s important to determine if your area meets these requirements   If so, you'll be pleased with the outcome.

Eco-Stream Rotator (Rotary)

The pop-up Eco-Stream Rotator Sprinkler Head is a hybrid between pop-ups and rotors. Often called the rotary sprinkler, it looks like a popup, but behaves like a handful of gear drives being sprayed in a kaleidoscope pattern. Further, they offer the adjustability of rotors with the effectiveness of popups. Other benefits include use with lower water pressures where gear drives cannot be used. There is also evidence suggesting that rotary sprinkler water coverage is superior to popups. They are also easy to install and repair. These are best for medium sized watering areas.

What head you use will be determined by the size of the watering area. For areas larger than 25’ x 25’, you’ll want to use large area sprinklers (either gear driven or impact heads). Areas smaller than 25’ x 25’ will use popups (either traditional or rotary). For flower beds, shrubs, ground cover, etc. you’ll want to use small area sprinklers, drip, or soaker lines.

Gardens and flowerbeds require a different approach to watering. Pop-up, gear drive, and impact sprinkler heads work great for the lawn but they aren’t precision instruments. These will work well if you have a lot of ground cover, but what if your beds just have shrubs, flowers, etc.? For those plants, drip irrigation is an excellent choice because it’s easy to install and maintain, its flexibility in a changing garden is unmatched, and it’s efficient. We will talk more about this awesome option in a later edition of our blog, but be aware that using drip irrigation can save on your water bill and water your plants more efficiently and directly.

Head Placement

Once you’ve placed your heads you are ready to create your zones. This part can be tricky and requires a bit of math. Group plant types into specific zones. By this we mean that grass, flowerbeds, grow boxes, etc. should all be separated into their own zones. This is because each plant type has different water requirements.

Warning! Heads of different types (rotors vs. pop-ups) cannot be combined in the same zone. This goes for drip and shrub sprays as well. Things have to be the same because each type of head has different GPM requirements and output. If you combine different head types in the same zone, you won’t be able to evenly distribute water; some places will get over watered, some under watered.

Knowing these two things, you can begin to group your heads into zones. When mapping out the zones, it’s important to provide sufficient water pressure to each zone. All the heads in the zone combined must be using at or below the total available water flow (GPM). You might even want to step it down by 1-2 GPM just to make sure there is enough water in the case of a drop in pressure. Note how we’ve grouped the two zones on the right in the example above. They don’t exceed the total GPM of our main line (14 GPM and 13.35 GPM). We’ll do the same with the other zones.

Manifold Placement

Zones connect to valves, which are grouped together in a valve box, where they connect to the main water line. These boxes usually can hold up to four–six valves. Placement is a matter of preference, but there are few things to take into account when deciding where to put your valve boxes.

First, grouping is a good idea so you can daisy chain the main line. The main line from your water source is the most expensive run of piping that you’ll lay, so it’s best to keep these runs short. Of course, we don’t recommend putting all your boxes in the front yard, but you don’t want to space boxes all over the yard either.

Another consideration is making sure your boxes are easy to access. When you’re having problems with your sprinklers—which will inevitably happen—there’s nothing more frustrating than having to poke around in difficult to reach places behind rose bushes or under trees. A better option is to have the boxes in a clear location where you can work in them with ease. Admittedly, the caps can clash with the aesthetics of yard but options, such as faux rocks,  can blend the boxes with your landscape.  

So, there you have it. We've covered the basics of sprinkler theory, sprinkler head types and placement, as well as manifold placement.

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Maximizing Efficiency with the Orbit Business Planning Tool

By knbbs-sharer

As the business landscape continues to evolve rapidly, it is becoming increasingly important for organizations to have a solid plan in place to ensure they remain competitive in their respective markets. However, planning can be a daunting task, and many businesses struggle to create comprehensive, effective plans that can guide them towards success.

That’s where the Orbit Business Planning Tool comes in – a powerful software solution designed to simplify the planning process and help businesses create detailed, actionable plans that can drive growth and profitability.

In this article, we will explore how the Orbit Business Planning Tool can be used to maximize efficiency and overcome common planning challenges, such as lack of clarity, poor organization, and limited resources.

The Benefits of Using the Orbit Business Planning Tool

The Orbit Business Planning Tool is a comprehensive planning solution that offers a wide range of benefits to organizations of all sizes. Some of the key benefits of using this tool include:

1. Enhanced Clarity and Focus: With the Orbit Business Planning Tool, businesses can create clear, concise plans that align with their strategic objectives. This allows teams to stay focused on what truly matters and avoid getting sidetracked by unnecessary tasks or priorities.

2. Improved Organization: The Orbit Business Planning Tool helps businesses organize their plans using a variety of customizable templates. This makes it easy to keep everything in one place and ensure all team members are on the same page.

3. Time-saving Automation: The Orbit Business Planning Tool automates many of the tedious tasks associated with planning, such as data entry, analysis, and reporting. This frees up valuable time and resources that can be used for more high-level strategic planning initiatives.

4. Real-time Dashboards: The Orbit Business Planning Tool offers real-time dashboards that allow businesses to see how their plans are progressing in real-time. This helps teams stay on track and adjust their plans as needed to ensure success.

To maximize efficiency with the Orbit Business Planning Tool, businesses should follow these best practices:

1. Define clear goals and objectives: Before starting any planning project, it’s important to define clear goals and objectives. This helps ensure that the resulting plan is aligned with the needs of the organization and has a clear path towards success.

2. Use customized templates and workflows: The Orbit Business Planning Tool offers a variety of customizable templates and workflows that can be used to streamline the planning process. By using these tools, businesses can save time and ensure consistency throughout the planning process.

3. Collaborate across teams and departments: Planning is a team effort, and it’s important to involve all relevant stakeholders from across the organization. By collaborating effectively, businesses can ensure that everyone is on the same page and working towards common goals.

4. Use real-time data and analytics: The Orbit Business Planning Tool offers real-time data and analytics capabilities, allowing businesses to make informed decisions based on accurate, up-to-date information. By using this data to inform their plans, businesses can maximize the chances of success.

In today’s fast-paced business environment, having a solid plan in place is essential for success. Fortunately, the Orbit Business Planning Tool offers a powerful solution for businesses looking to streamline their planning processes and create comprehensive, actionable plans.

By following best practices and using the tool to its full potential, businesses can maximize efficiency and overcome common planning challenges to drive growth and profitability. So why wait? Start using the Orbit Business Planning Tool today and take your planning efforts to the next level!

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The Business Model Canvas. The Customer Journey Map. The Budget Template.

As you’ve probably figured out, there is no one-size-fits-all franchise model for rebuilding your local food system..

But there are best practices and business planning tools that can guide you toward building your operation in a smart, thoughtful way. We have adapted two excellent business design tools to a local food distribution focus. Whether you’re just getting started or whether you’re looking to grow your operation, these tools are an alternative to lengthy business plans that end up sitting on shelves (or digital folders). They’re designed to help you plan, assess and evolve. By providing a flexible framework for mapping your business and the experience of your customers, these tools offer a different lens through which to assess opportunities and solve operational challenges.

They’re designed to help you continually plan, assess and evolve – so you can develop a robust business that has the capacity to change the food system.

Download local orbit’s business model canvas.

Before you begin the Business Model Canvas, read through each area of the blank canvas. Every section prompts you with questions to think about. It might seem overwhelming at first, but it will begin to make sense as you see how all of the sections are connected. At the center of the canvas are your Value Propositions. What makes your business different from all of the other food distributors, and how do you add value for your producers and your buyers? When you have a clear sense of the various ways you offer value, you can begin to piece together other aspects of the canvas like the partners you should work with, the activities you’ll need to be doing, and which customer segments to focus on for business growth and sustainability. We recommend completing the canvas in an iterative way. Fill in the sections that come easily to you, then repeat the process and make revisions based on how other sections refine your approach. Completing the initial draft of this canvas will make it easier for you to communicate your ideas and receive valuable feedback from your colleagues and mentors.

• See a   sample populated canvas   using a well-known company’s model as an example.
• Take a look at a preview of the Business Model Generation book .
• Watch a video tutorial about the Business Model Canvas.

We suggest printing out the PDF as a poster – printing it out 24″ x 36″ on architectural printers is an affordable option at most copy shops – and then brainstorming with sticky notes. Alternatively, you might laminate it to use with dry erase markers. Seeing the various parts of your business from a new perspective then can help you be more strategic and see how to connect your big vision to everyday operations on the ground.  Make sure to put it on a wall where you and your team can continue to review and update as you learn!

Download Local Orbit’s Customer Journey Map

• Using Customer Journey Maps to Improve Customer Experience
• Examples of Customer Journey Mapping
• Customer Journey Mapping: 10 Tips For Beginners
• Customer Journey Map – the Top 10 Requirements

Download Local Orbit’s Budget Template

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A Starting Place

These tools are a just starting place. They are only as worthwhile as they are useful in helping you develop your business. If the Business Model Canvas is missing a key question for your operation, add a new section! If the budget doesn’t have the right expense categories for your situation, change it make it more useful for you.  Make them your own tools.  And please let us know how you’re using them, and how they could be more helpful!  We follow our own advice and iterate based on feedback.

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“Someone’s sitting in the shade today because someone planted a tree a long time ago” - Warren Buffet

The Strategic Business Development Review is our unique and powerful audit tool covering all aspects of your sales and marketing approach. 

The SBDR was devised by Sarah Chapman  in 2011 to bring a structured, coherent approach to our clients’ marketing, business development and corporate communications planning.  We help our clients navigate the multifaceted dynamics and increasing complexity of these disciplines, de-mystifying marketing.

Orbit Business Planning

There are five principal reasons you need a business plan:

• To prove that you’re serious about your business.
• To establish business milestones.
• To better understand your competition.
• To better understand your customer.
• To document your revenue model.

These and 15 other good reasons are covered in our hugely popular Orbit Business Planning Workshops. This is a dynamic, high impact day covering all aspects of your business, defining your desires, ambitions and goals The day normally involves business leaders, and ion from anyone else involved in future planning decisions.

Budgets and Yearly Plans

Whether it’s an all-encompassing annual marketing and communications plan, plans around networking and CPDs, or internal events and communications, Chapman Consulting can help you plan and prepare.

We also support clients in preparing annual budgets for all of these activities.

We help businesses grow.

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Planning Your Business Strategy for 2023

by Gillian Thompson | 13 Dec, 2016 | Business Strategy Archives | Thompson Training and Development

2016 is drawing to a close. Now is the time to reflect – and plan for the year ahead, mapping out your 2017 business strategy.

You’ve built a thriving, successful company. You’re ready for your next big phase of growth. The question is, do you know how to get there?

Before you can initiate the next stage in your business journey, you need to identify the barriers holding your business back and establish the critical steps needed to achieve growth – rapidly and sustainably. When setting out your 2017 business strategy, it’s vital to set out a framework that will help you to:

• build a successful growth strategy;
• discover new routes to funding and investment and
• unlock your capacity for innovation.

If you’re looking forward to 2017 and beyond, there are 5 essential “must-do’s” any business leader should be looking to do before the end of 2016:

• Complete a ‘diagnostic assessment’ of your business
• Create a single page, top-level growth plan
• Set out clear, defined actions plans for key growth projects
• Identify funding opportunities from local growth hubs and LEPS
• Partner a business coach with a proven track record for driving businesses growth

This blog sets out a methodical framework for approaching business growth strategy, supporting you in planning for 2017 – and beyond.

1.Complete a diagnostic assessment of your business

Before we can understand where it is we want to go, first we need to know where we are now .

This stage gives you the opportunity to consciously explore your ambitions, your capacity and your opportunity to achieve growth before entering the next stage of your business. Use this time to identify the main barriers holding your business back from further growth and develop a clear, tailored 3-year growth plan.

If completing a ‘diagnostic assessment’ sounds a bit too much like a medical intervention, don’t panic. The key is to keep it simple and get a clear SWOT analysis of where your business stands – and where it could go.

Start by creating a one page “word picture” that summarises your company’s strategic development and performance plans for the next three years. Using an ‘Orbit Diagram’ gives you a highly visual yet simplistic approach. To ensure you get maximum value from the technique and to optimise buy-in, it is recommended to include the company’s top management team in this process.

An example Orbit Diagram at this stage would typically take the format below.

Completing your Orbit Diagram

At the most basic level, your Orbit Diagram should describe your company vision for the next three years.

Begin by agreeing with your group what measures of performance would be most meaningful when describing your strategic journey. These, in effect, become the axis labels around the outside of the Orbit Diagram. They will typically, but not exclusively, include strategic growth measures such as:

• Sales turnover
• Number of employees
• New office locations
• New product launches on stream
• % Blend of customer types
• Amount or % of turnover from overseas sales and opportunities
• Key strategic appointments to the team
• Quality standards / accreditations
• New Marketing / Sales resources

Strategic planning is a conversation that evolves, not a one-off task.

Therefore, at this point, it’s a good idea to begin with the fundamentals. Approach the Orbit by initiating discussions and agreeing your three-year target for core financial measures like turnover and profit. This way, your Management Team can clearly define exactly how much growth is desirable and feasible.

This is your core framework. After agreeing and completing the turnover and profit figure axis for all three years, consider the other axis labels to define and explain how your company can realistically deliver this financial growth.

Here, you are answering the question, “What else needs to change?” These axis labels may include topics like “breaking into new markets”, “securing additional financing” or even “key board appointments”.

When completed, your Orbit should set out all the necessary high level information needed to tell your company’s three year “growth story”.

2. Create a single page, top-level growth plan

You have your Orbit Diagram and a top level three-year plan. Now, it’s time to focus thinking around the specific breakthroughs that need to be achieved in the next twelve months.

Begin your single page planning session by reviewing your three-year Orbit diagram. Facilitate a discussion with your team as to what they believe to be your company’s ‘vital few’ breakthroughs for the coming year.

As the name suggests, these are a small number of critical strategic breakthroughs the company must achieve if it is to stay on target to achieve the vision defined in the Orbit diagram. Consider these the 20% of actions that will ultimately drive 80% of the outcomes for the year.

Remember : you are selecting the optimum ‘vital few’ genuine breakthroughs that will drive strategic growth. Resist the temptation to include progression goals that would have naturally occurred anyway!

Next, decide which of the draft ‘vital few’ breakthroughs your company should adopt. To do this, you must first recognise the reality of the situation.

These breakthroughs must be high level, high-growth orientated and strategic in nature. They should be set with understanding, not just bravado. And like any tangible business objective, they should be SMART (Specific, Measurable, Achievable, Realistic, Timely).

Typical “vital few” examples which deliver step changes in growth could include:

• Increase sales turnover with existing customers from £1 million to £1.5 million by November 2017
• Achieve £0.5 million turnover from new export strategy by Dec 2017
• Generate £400k from the launch of new product X by year end
• Win a £600k contract from the aerospace sector before Dec 2017

If we refer to these agreed ‘vital few’ as the “WHATs” (What we want to achieve), then next we must establish and agree the HOWs (How we will achieve the WHATs). Alternatively, you can think of the “WHATs” as the ends, and the “HOWs” as the means to an end.

Take each selected “WHAT” in turn; ask the team to brainstorm what they believe to be the key drivers of execution for this breakthrough. What important things must happen to convert this aspiration into a reality?

3. Set out clear, defined action plans for key growth projects

Once you’ve identified your HOWs, it’s critical to drill down further still to deliver on your vision.

This stage ensures that each distinct project has defined targets, measures of success and agreed timescales for delivery. In addition, it helps establish who is to be responsible for the delivery of each HOW project – a Champion, who can take ownership and hold accountability for outcomes.

Develop an Action Plan for each HOW project. Champions will need a robust action plan to ensure each HOW project is delivered on time and to specification. While there are many complex project applications and tools available, it can be helpful to take a simple, top-level approach to mapping out the core essentials, as per below.

This highly visual review technique can also be used to drive the agenda for review meetings, with projects in ‘red’ getting immediate attention.  This helps keep your strategic plans on track.

4. Identify funding opportunities from local growth hubs and LEPS

If you’re a business with the ambition and potential for growth, the good news is, there’s a wealth of support available.

Growth hubs  are local public/private sector partnerships led by the Local Enterprise Partnerships (LEPs). They join up national and local business support, making it easy for businesses to find the help they need.

Available grants can range between £1,000 and £6,000 in some areas, with funds available to SME businesses to support identified growth projects that demonstrate a clear ‘step change’ approach for the business. These can provide vital assistance to increase turnover and support the creation of new jobs. Grants can also make up to a 40% cost contribution towards the cost of services such as expert advice, coaching or consultancy across a variety of business disciplines.

In other areas, grants are also available to put towards the cost of funding and support to expand and develop your workforce. To find out more about support available for your business, visit www.gov.uk or call the Business Support Helpline on 0300 456 3565 to speak to an advisor.

5. Partner a business coach with a proven track record for driving businesses growth

Partnering with an experienced, specialised business coach can maximise your chances of delivering on your strategic vision and provide you with the freedom and time to focus on what you do best: running your business.

When setting out ambitious growth plans, don’t underestimate the value a coach can deliver; these are individuals who can provide focus, align actions with your overall objectives and give valuable insight and experience.

However, buyer beware: there are so many ‘coaches’ out there, but not all are equal in terms of what they can deliver. Ensure you look for one who is verified and credible; ideally qualified with an ILM Level 7 Masters Equivalent in Coaching and a member of a recognised coaching body such as the European Mentoring and Coaching Council (EMCC). By selecting someone who is certified, you can safeguard your business and investment while ensuring your partner meets with set standards and a defined code of practice for coaching.

Take time to consider what your objectives are for working with a coach. There are many definitions of coaching; not all coaching styles are suited to all organisations. It’s more important when sourcing a partner to look for an individual who has robust experience of business and the commercial world, with a proven track record for delivering high quality business coaching.

The two key criteria against which to judge potential Growth Coaches, therefore, are:

• Personal business record: look for experienced and credible business people who have strong commercial acumen and firsthand knowledge of growing a business, either as a business owner or in a senior position.
• Proven track record in coaching business leaders: the most effective coaches can demonstrate an existing successful track record as a business coach, focusing on business performance.

Finally, look for a coach who can demonstrate their credibility, experience and expertise. These are the individuals who can build strong and robust relationships with business leaders, creating profitable partnerships.

Is it too late to get started for 2017?

No. It’s never too late. Before we wrap up for Christmas, take the time to get your leadership team together and get business planning for the year ahead. You won’t regret it.

We are an award winning Sales Training, Leadership and Business Coaching provider, we focus on delivering tailored programmes to help businesses achieve sustainable growth.

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Our experience spans strategy, business planning, budgeting, operations design, operating risk management and controls design, compliance by design, process transformation, technology transformation, Agile delivery, Lean, Six Sigma, and Design Thinking. 

Our expertise is founded on Lean principles, Human-Centered Design thinking, meticulous data analysis, process engineering, and insightful performance measurement.

We have synthesised these into a cohesive Open Orbit approach where Clever meets Simple.

Clients engage us for advice on:

• Documenting processes and controls to meet regulatory requirements
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How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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How to Make a “Good” Presentation “Great”

• Guy Kawasaki

Remember: Less is more.

A strong presentation is so much more than information pasted onto a series of slides with fancy backgrounds. Whether you’re pitching an idea, reporting market research, or sharing something else, a great presentation can give you a competitive advantage, and be a powerful tool when aiming to persuade, educate, or inspire others. Here are some unique elements that make a presentation stand out.

• Fonts: Sans Serif fonts such as Helvetica or Arial are preferred for their clean lines, which make them easy to digest at various sizes and distances. Limit the number of font styles to two: one for headings and another for body text, to avoid visual confusion or distractions.
• Colors: Colors can evoke emotions and highlight critical points, but their overuse can lead to a cluttered and confusing presentation. A limited palette of two to three main colors, complemented by a simple background, can help you draw attention to key elements without overwhelming the audience.
• Pictures: Pictures can communicate complex ideas quickly and memorably but choosing the right images is key. Images or pictures should be big (perhaps 20-25% of the page), bold, and have a clear purpose that complements the slide’s text.
• Layout: Don’t overcrowd your slides with too much information. When in doubt, adhere to the principle of simplicity, and aim for a clean and uncluttered layout with plenty of white space around text and images. Think phrases and bullets, not sentences.

As an intern or early career professional, chances are that you’ll be tasked with making or giving a presentation in the near future. Whether you’re pitching an idea, reporting market research, or sharing something else, a great presentation can give you a competitive advantage, and be a powerful tool when aiming to persuade, educate, or inspire others.

• Guy Kawasaki is the chief evangelist at Canva and was the former chief evangelist at Apple. Guy is the author of 16 books including Think Remarkable : 9 Paths to Transform Your Life and Make a Difference.

Partner Center

Harbor Freight Tools store coming to Livonia this spring

LIVONIA — Harbor Freight Tools is planning to open its latest metro Detroit location in northern Livonia .

The company expects to open at 33523 Eight Mile Road in May, according to its website. People who drive by the site, near the corner of Farmington and Eight Mile roads, can see crews working on the space.

Harbor Freight's corporate office did not return a request for comment.

Other nearby locations include Westland, Redford Township, Walled Lake, Dearborn and Southfield. The company's Redford location opened earlier this year on Telegraph Road.

The hardware chain, based in California, is known for its discount tools and home improvement items. Harbor Freight has more than 1,400 locations around the country.

More: Excitement builds as people line up for eclipse glasses at Southfield Library

More: Oakland County previews $3.4M project planned for 12 Mile Road in Farmington Hills

More: After debate over noise, beer tent, Milford Memories approved for summer

Get the latest headlines for metro Detroit every morning in your mailbox by signing up for  our daily briefings newsletter .

Contact reporter Shelby Tankersley at [email protected] or 734-311-0659

About Empower

• Overall Rating
• Pros and Cons
• Ways to Invest

How Empower Compares

• Empower vs. Merrill Guided Investing 
• Empower vs. Vanguard Personal Advisor Services 
• Why You Should Trust Us

Empower Review 2024

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

0.49% to 0.89%

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free financial and wealth management tools; fees top that of traditional brick-and mortar-firms
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Investment selection includes stocks, ETFs, bonds, and private equities; portfolio management for employer-sponsored plans (e.g., 401(k)s or 403(b)s)
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Socially responsible investment strategies and tax optimization strategies
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. One-on-one financial advisor guidance
• con icon Two crossed lines that form an 'X'. High management fees
• Promotion: None at this time.

Note: Empower is formerly known as Personal Capital. In February 2023, Personal Capital completed its rebranding as Empower.

Empower is a comprehensive wealth management firm offering an easy-to-use interface, free financial tools, cash management accounts , and more. Moreover, you can link your bank account, credit cards, brokerage accounts, and more to Empower's budgeting app for assistance with managing investments and retirement planning. 

Empower offers personalized retirement planning services, tax-optimization strategies, data-driven portfolio construction, and access to a range of investable securities. Individual investors, financial professionals, and plan sponsors can use the firm's assortment of financial planning services and trading tools. 

You can open a self-directed or professionally managed account to access thousands of mutual funds , ETFs, individual equities, and fixed-income securities. Retirement plans, custodial accounts, and socially responsible investing are also available. 

Is Empower Right For You?

Empower is a great platform for professionally managed ETF portfolios, retirement planning, socially responsible investing, and private client services. DIY traders can benefit from a do-it-yourself investment account with no account minimum and commission-free trading. However, automated service and management are quite expensive.

Empower is pricey, requiring a minimum of $100,000 for its wealth management services. Plus, it charges hefty AUM fees. You'll pay up to 0.89% per year to use its services if you have less than $1 million in your account. 

If you're a newer investor and looking for lower minimum requirements and fees, check out our picks for the best investment apps for beginners .

Empower: Overall Rating

Empower pros and cons, is empower trustworthy.

Empower is one of the largest retirement services providers in the US, administering about $1.5 trillion in assets for more than 18.5 million investors through the provision of retirement plans, advice, wealth management and investments. As such, it is subject to close oversight by government agencies, including the US Department of Labor, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation.

In late 2022, Empower faced a lawsuit that accused the company of using fraudulent sales practices. The plaintiffs claim that Empower neglected its fiduciary duties by manipulating investors to invest in Empower accounts when cheaper options were available elsewhere. An Empower representative said this was unfounded, and the lawsuit hasn't been settled yet.

Ways to Invest With Empower

Investment accounts.

Empower's goal-based investment accounts are a flexible, low-cost alternative to Empower's expensive digital wealth management services. You can invest in a wide range of mutual funds, ETFs, stocks , CDs, and more with no minimum investment, no maintenance fees, and commission-free stocks and ETFs

An Empower Investment Account is designed for self-directed traders looking to save outside of retirement savings. Additional features include automatic investments, unlimited access to your money, and optional debit card or check-writing features. 

You can also open an Empower Premier Investment Account either as a do-it-yourself investor who wants access to a financial advisor , or as a hands-off investor wanting a professionally managed account. My Total Retirement (or Managed Account Service) provides professional investment accounts.

Although the Premier Investment Account requires no minimum investment, you'll need at least $5,000 in your account to access Empower's managed services. 

Retirement Plans

You can open a Premium IRA or a self-directed brokerage IRA through Empower. Both of these account options are available as traditional or Roth. The platform also offers SEP IRAs and a guaranteed retirement income plan.

An Empower Premium IRA is available as a self-directed or managed account, providing more than 130 mutual fund options for no initial minimum investment requirement. Mutual fund trading is commission-free. You can access professional guidance from an advisor and comprehensive financial planning.

The Brokerage IRA option is a DIY retirement plan offering mutual funds, ETFs, fixed-income securities, and individual equities. It doesn't come with professional account management or access to advice and guidance from an expert. But you'll still get access to the platform's free online investing and planning tools, and commission-free trades for stocks and ETFs. 

Digital Wealth Management

Empower's wealth management service includes a professionally managed portfolio, unlimited advice, and help with retirement planning from the platform's advisory team. The company separates its portfolio management offerings into three tiers:

• Investment services : This level is best for those with $100,000 to $250,000 in assets. It offers unlimited access to financial planning and retirement guidance. Plus, you'll get a personalized portfolio of ETFs, copious digital planning tools, and support from human advisors.
• Wealth management : The wealth management tier takes things up a notch. It gives you two financial advisors who offer ongoing guidance and support, and it supplements this with a personalized portfolio and tax optimization strategies. Plus, you'll be able to take advantage of specialists in real estate , stocks, and more. You'll need over $250,000 to qualify, but not more than $1 million. 
• Private client : Reserved for those with more than $1 million in investment assets, this tier offers private equity investments, specialist support for wealth and retirement planning, two financial advisors, and priority access to its Investment Committee and specialists. Note, though, that the private equity option is only available to those with $5 million or more invested.

As for investment types, the first tier only offers ETFs. Empower's wealth management tier offers ETFs and stocks, while its private client services focus on ETFs, stocks, bonds, and private equity investments.

Although Empower's fees are quite high compared to similar platforms, it still charges less than most traditional advisor firms. While Empower charges 0.89%, traditional advisors usually charge 1%.

Investors can choose between two different portfolio strategies: 

• The Personal Strategy: With the Personal Strategy, Empower invests your money into a globally diversified portfolio of stocks and ETFs. It relies on both its technology and advisor oversight to build portfolios, and each includes portfolio rebalancing, tax optimization strategies like tax-loss harvesting, smart weighting, and advisor access.
• Socially Responsible Investing: With this socially responsible investing portfolio, you can have the platform focus your portfolio on companies that have high environmental, social, and corporate governance ( ESG ) standards. Empower primarily focuses on US and international equities and with these portfolios.

Empower Fees

Empower's Investment Accounts have no initial minimum requirements. However, Empower's wealth management services require significantly high minimums, with the lowest tier requiring a minimum of $100,000 for access to unlimited advisor guidance and professionally managed accounts. 

AUM fees are tiered: 

Empower Retirement Advisory Services also tiers My Total Retirement managed accounts based on account balance:

Brokerage IRAs with balances under $100,000 are charged a $35 annual maintenance fee. Accounts with balances over $100,000 have no annual maintenance fee.

Certain mutual funds have no fees, while others charge $25 per trade with an additional $5 per exchange fee. Options cost $0.65 per contract (+$19.99 if traded over the phone). US Treasury securities, corporate bonds, and agency bonds cost $20 per transaction.

Empower — Frequently Asked Questions (FAQs)

Empower is a comprehensive wealth management and investment platform offering self-directed and professionally managed portfolios across multiple asset classes. Get access to fiduciary advisors, customized financial planning, free budgeting tools, and a suite of retirement-related account features and resources. 

Empower is a great online platform for retirement planning and saving. Not only does it offer IRAs, but Empower also has goal-based retirement planning tools, spending plans, a recession simulator, money management resources, and more. 

Empower's wide range of financial planning services and investment features may benefit beginners willing to meet the high wealth Management minimum requirements for passive-investing strategies and professional advisor access. However, Empower benefits people with complex financial situations and high net worth most. 

Empower vs. Merrill Guided Investing 

Empower and Merrill Edge suit passive investors who don't want the daily legwork of maintaining an investment portfolio. Merrill Edge's accounts — Merrill Guided Investing Online and Merrill Guided Investing with an Advisor — are better options for those searching for lower minimum requirements.

Empower and Merrill Guided Investing offer similar fees, but Empower is better for investors who want access to a wider selection of investment types. Empower's wealth management services and financial tools are also difficult to beat. Whereas Merrill Guided Investing offers the option of guidance from one advisor, two of Empower's tiers of service offer access to multiple dedicated advisors.

Merrill Edge review

Empower vs. Vanguard Personal Advisor Services 

Regarding fees, you'll pay less in all aspects with the Vanguard Personal Advisor Services account. But Empower's wealth management services give you access to more investment types than Vanguard does.

Empower clients with lower balances pay higher fees, and customers with higher balances pay lower fees. The same applies to Vanguard's wealth management account. But Vanguard requires a $500,000 minimum investment to get access to a dedicated fiduciary. 

Vanguard Personal Advisor review

Why You Should Trust Us: How We Reviewed Empower

We examined Empower using Personal Finance Insider's rating methodology for investing platforms to compare and examine account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 to 5. 

Investing platforms generally offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Empower was evaluated with a focus on how it performed in each category.

• Main content

Travel tech checklist for long weekends

Produced by: Priya Singh

Long weekend tech prep

This year we have several long weekends lined up. If you are planning to bank on them, here are a few gadgets, apps, and tools that you need to keep in mind to make the most out of your trips.

Portable wireless charger/battery bank

One of the most important things that you need to carry are chargers and power banks. They will not only keep your devices powered throughout the trip but also keep the battery anxiety away. You can also opt for wireless and MagSafe chargers as they are much easier to use

Offline Maps

Doesn’t matter where you are going, there are times when the network will be an issue. To avoid getting lost in such circumstances, always download the offline map of the place you're visiting on your Google Maps app so that you can navigate easily even without internet connectivity

Noise cancelling headphones

A good noise-cancelling headphone or earbuds can be a great way to block out the noise on a plane or train ride. You can opt for options with active noise cancelling (ANC) like Sony WH-1000XM4, OnePlus Buds 3, JBL Tune Beam TWS earbuds, Apple AirPods Pro and more

A good camera

While many of you might have a good camera smartphone already, but carrying a GoPro camera for a bike road trip or skiing trip can enhance your experience and coverage by a lot

Anti-theft apps for phones

Losing your smartphone when you are on a trip can be disastrous. To avoid this situation, you can prepare well by installing an anti-theft app for your smartphone before your trip. Android users can opt for Find My Device by Google, Life360 while the iPhone users can simply turn on their ‘Stolen Device Protection’ tool and also track their devices using Find My for Apple products.

Digital payment apps

Carrying a lot of cash during a trip is not exactly safe. You should always have digital payments apps like Paytm, Google Pay, or PhonePe installed on your smartphone in case you run out of cash during your vacation. It is always wise to have it set up before you reach your destination

There is no doubt about Green Survey’s advice for other startup businesses when it comes to the implementation of a digital solution for all their data.

COWI maintains a competitive advantage with new, superior solution to handle CV and Reference data

With the Orbit app for Power BI you get processed, ready to use data, for visual reporting, giving you the insights you need to make better business decisions.

Orbit Outlook Archive Extension, synchronise your files so you can easily navigate your email history and handle both your files and contacts without a hitch.

Work better with your data

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Project management software for construction

Streamline all your processes – ranging from proposal preparation to finished construction.

Already using Orbit project management software for construction

The benefits of implementing a project management software that fits your industry

Suppose you are looking for a solution that streamlines your workflow and transforms your entire organisation to a standardised and scalable process – ranging from distributing bidding material to planning projects and execution on building sites. In that case, Orbit is the obvious solution for you.

Pre-Qualification & Proposal Materials

Create winning bids

Standardise and streamline your proposal process, enhance your workflow, and raise efficiency in everyone's daily work. Use data from clients and employees on an operational level with Orbit integrations and high-end tools.

Resource Planning

Book the right people for the job

Auto-assign the correct and available competencies to execute the task, and avoid overbooked employees and delayed projects.

Project Management

Execute your building project

Follow development on all projects with an extensive Gantt overview and stay on top of important milestones and quality assurance.

Stronger collaboration with the construction site through the Orbit app

Project status

Bring your projects with you to the building site and have a constant overview of important deadlines, and available resources.

Documentation

Use your phone to document the construction and upload your picture directly into the project folder.

Competencies

Documentation of valid certificates is important on the building site. Lack of documentation can lead to massive fines.

Contact management

Find the contact information you need, even when on-site. Solve issues on the spot, such as contacting the scaffolding company. All the info you need is right at hand.

Compliance & Documentation

If your company is ISO certified, a strict documentation strategy is required.

Documentation processes in Orbit are adjusted to the format and material that needs documentation.

Emails are archived directly onto the project in Outlook, mobile pictures from the building site can be saved through the Orbit app, and project templates let you create standard documents for collaborators to approve.

The right features will help the documentation process get done. And they will ease the process of pulling material for applications or renewals of ISO certificates.

The IT-solution to support your scaling strategy

Nordstern restructured their processes for sales and delivery and laid the groundwork for better data flow and scalability.

Already using Orbit to maximise their productivity

"I have been using Orbit in my work for about 8 months and I am very pleased with it. I use it almost every time I need to create a CV or a reference. Orbit helps make that process much faster and easier."

"Orbit has helped us to a better solution than we could have imagined. Through ongoing advice and guidance from Orbit, we got a platform that suited us."

"The Orbit system provides us with a seamless way of successfully managing our CVs and project references, especially owing to the system’s intuitive interface. What’s more, Orbit allows us to keep track of our employees’ qualifications such as education and training certificates, ready for documentation whenever this is needed for administrative, tender or audit purposes. Excellent collaboration with Orbit while troubleshooting and developing new features ensures a flexible and future-proof system."

Project Management tool stack for the construction industry

Streamlining your processes and creating better overview of your project portfolio

CV & reference management

The reference & CV solution streamlines your tender library and leaves time for you to add value to the sales material and guarantee agreement between content and reality.

Skills & certifications

Ensures that employees CV's are up-to-date on experience, certifications, languages, and other competencies that may influence their work.

Resource management

Form an overview of your resource availability with specific competencies or experience. That way, you can effectively avoid erroneous bookings and reduce unpleasant surprises.

Project management

Be certain that you always have a clear overview of your projects' progress and that no deadlines or milestones will be exceeded without taking action.

There's more on LinkedIn

Orbit tips and news

Book a tour of Orbit

Your business might benefit from updating your project planning software. Contact us for more info, an Orbit tour, or just a bit of good advice.

Anders Dyrholm

Orbit Online

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American Airlines pilots union sees 'significant spike' in safety-related issues

An american airlines pilot discovered a hammer in the wheel well during pre-flight exterior inspection.

American Airlines pilot to Boeing: Stop acting like a plane manufacturer and be one

Cpt. Dennis Tajer rips Boeing's safety culture in response to the Alaska Air cabin door incident on 'The Claman Countdown.'

The American Airlines pilot union is warning that there has been a "significant spike" in both safety- and maintenance-related problems within its operation.  

Among the "problematic trends" the union has been tracking are tools left in wheel wells, an increasing number of collisions between aircraft being tugged or towed, and an increasing number of items left in the safe area near jet bridges, the Allied Pilots Association (APA) said in a warning to pilots Saturday.

In one instance, the APA Safety Committee received a phone call regarding a flight that departed Phoenix on March 25 concerning a tool in the wheel well. 

UNITED ASKS PILOTS TO TAKE UNPAID TIME OFF AS BOEING ISSUES PERSIST

During the pre-flight exterior inspection, a pilot discovered a hammer in the left wheel well. Maintenance personnel further inspected the aircraft and also discovered pliers and a screwdriver in the left wheel well.

An American Airlines pilot discovered a hammer in the wheel well during the pre-flight exterior inspection. (APA)

"Just because it’s legal doesn’t make it safe. Be mindful of the hazards while operating on the ramps and taxiways in congested airports staffed with inexperienced controllers and ground personnel," the APA said.

"While United Airlines is currently under public and government scrutiny, it could just as easily be American Airlines," the APA said in a warning to pilots Saturday.  

MEXICO-BOUND UNITED AIRLINES PLANE MAKES EMERGENCY LANDING AT LOS ANGELES AIRPORT  

Last month, United CEO Scott Kirby made a public announcement reassuring flyers that the carrier is looking into the string of incidents that have recently involved its planes, from engine and structural issues to a wheel falling off during takeoff. 

At least eight unrelated incidents have occurred on planes operated by United since the end of February. As a result, the Federal Aviation Administration (FAA) has increased oversight of the carrier to ensure, in part, that it is complying with safety regulations, according to the Air Line Pilots Association.

An American Airlines Boeing 737 takes off from Miami on Dec. 29, 2020. (Reuters/Marco Bello / Fox News)

APA President Capt. Ed Sicher said they met with senior management earlier this month to discuss the "operational hazards we have identified" and that they now "have management’s full attention." 

Sicher said APA "secured management’s commitment to involve the union earlier in the safety risk assessment (SRA) process, and we are likewise seeking a commitment that APA will have a seat at the table for the entire quality assurance process." 

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American Airlines told FOX Business that its "robust safety program is guided by our industry-leading safety management system" which includes a "multitude of collaborative programs – and regular touchpoints – with the FAA and all our unions, including APA, to further bolster our strong safety record." 

The FAA did not directly weigh in on the union comments. 

The agency told FOX Business that "sharing and analyzing large amounts of data is key to aviation safety" and that the agency requires "all U.S. airlines to have  Safety Management Systems (SMS)  through which they identify, monitor and address potential hazards early on before they become serious problems." 

When some event occurs, the agency said it works with carriers to "ensure their systems take into account and mitigate the underlying factors."