City Notes: Deadline for business plan contest nearing fast

By Tim Fox, Executive Director, Charles City Area Development Corp.

One facet of the Charles City Area Development Corporation’s business engagement program is the annual Business Plan Competition.

Deadline for entries is Monday, July 1. The competition offers a single prize of $2,500 for the superior business plan submission.

Applicants will be judged upon completeness and clarity while expounding upon standard business plan components.

This starts with the executive summary, which provides a short, succinct description of the other elements of the plan. It is important that you have an “ask” in this section; that is, what do you need to launch or expand your business?

This is followed by the company analysis, describing how the company shall be organized legally and its products and services and which opportunities the company will capitalize upon.

This is followed by the industry analysis and the customer/competitor analysis. What is the status of the market in which the business is trying to compete? Who are your customers and what are their needs?

Next up is the marketing plan. This is a strategy for market penetration, marketplace product specifications and price point[s].

The operations plan details who will do what in the company.

The management team comprises the next section — does the company have sufficient human resources to leverage success? This part should list key management personnel and other investors and professional advisors and who comprises the board of directors.

Finally we arrive at the financial plan. How much capital is needed? Are the pro forma income statements and balance sheets and cash flow projections realistic?

One key to a sound business plan resides in its simplicity. Succinctness is definitely a virtue.

So get your business plan submitted! Eligible applicants may have an existing business or a startup business. All residents of Floyd County and Nashua are eligible.

For more information, please contact me at 641-228-3020 or submit your plan to 401 N. Main St., Charles City IA 50616-2021 or to tfox@charlescityia.com.