Business Plans: Drive Yours to the End Zone

For those seeking to own a small business, a continuously refined plan lays the groundwork for success—and serves aspiring entrepreneurs well amid any economic climate.

Business plans are formal documents that outline your company’s goals, experience, strategies, operational model, and financial picture. They’re essential to secure funding from a bank or investors.

At the beginning of your business journey, these documents contain guidelines for how you intend to operate. You then refine the plan, incorporating more detail. With time, you gather a team—an experienced Small Business Administration (SBA) lender such as 21st Century Bank, a lawyer, a certified public accountant, and an industry mentor to ask you the hard questions.

Compare the importance of a business plan to the preparation required for a Vikings victory.

Coach Kevin O’Connell and his team spend countless hours analyzing video of past games, assessing each player’s strengths, and crafting a strategy tailored to each opponent. He doesn’t just show up on game day and hope for the best—he creates a playbook designed to win. The Vikings’ success starts long before kickoff.

Apply this logic to build your business. Whether you’re constructing a startup or considering acquiring an existing business, the business plan lays the groundwork for your future “win.” Sure, you can make in-game switches to improve performance—rearranging your roster or identifying new means of revenue generation—but ultimately, it’s the preparation that helps you adapt to challenges.

Visit us at 21stcb.com/tcb for a step-by-step guide to drafting a business plan.

“At the beginning of your business journey, these documents contain guidelines for how you intend to operate. You then refine the plan, incorporating more detail.”

—Jon Dolphin, president of 21st Century Bank

Stay Ahead of Fraud and Float

Running a small business today means juggling countless responsibilities—from marketing and customer service to legal compliance and finances. And when every dollar and decision counts, staying ahead of risk, inefficiencies, and delays is critical. That’s why mastering these three areas of financial management is essential for growth and resilience.

1. Fraud Prevention. Tools like Positive Pay, ACH, and wire transfers play a major role in protecting your business. ACH is especially versatile, supporting both accounts payable and receivable. Gain control over payment timing with the ACH debit feature and use the ACH credit function for secure vendor payments and payroll deposits. Additionally, every client should have a wire agreement in place so it’s ready whenever they need it.

2. Payment Strategy. Leveraging electronic payment solutions such as ACH and purchasing cards provides a more secure and efficient way to manage vendor and employee payments. These methods not only streamline operations, but also significantly reduce costs and limit exposure to check-related fraud.

3. Receivables Strategy. Transitioning from paper checks not only streamlines the collection, processing, and reconciliation of payments, but also strengthens customer relationships by offering faster, more convenient options. In turn, businesses gain quicker access to working capital without the delays and risks. associated with check float.

Want help tailoring these tools to your business? Our experts are here to help. MidWestOne Bank. Member FDIC.