Planning is essential for business viability and reducing risks of failure. A strategic plan should be developed using common business planning tools to analyze the environment, such as PEST, SWOT, and SOAR analyses. The strategic plan establishes the business direction by documenting its mission, vision, values, long-term goals, and action plans to achieve goals, helping ensure the business idea is viable before launching.

1. Planning for
Business
Viability

2. Planning is about
making mistakes on
paper
Some people just jump in and start their business and
somehow “make it” but most of us benefit from thinking
things through.

3. Business
Viability
Planning
Business planning tools
are important to
understand:
•Strategic Plan
•PEST
•SWAT
•SOAR

4. Work your idea through these
tools before you begin your
‘business planning journey’

5. Strategic planning is the process of documenting and establishing a direction of your small business—by
assessing both where you are and where you're going. The strategic plan gives you a place to record your
mission, vision, and values, as well as your long-term goals and the action plans you'll use to reach them