August 2025

As a small business owner, have you taken the time and effort to prepare a formal business plan?  Research shows only 33% of small business owners have a documented business plan and only 50% had a business plan when they either started, acquired or invested in their business.  This may help explain why so many small businesses fail!  Those that create and utilize a strategic business plan have a much greater likelihood to launch, grow sales, attract investment, gain access to capital, and succeed over the long-term.  

What is a Strategic Business Plan?

A strategic business plan is a comprehensive business plan with a time horizon of 3-5 years.   A strategic business plan addresses both the internal operations of the business and the external environment in which it resides and competes.  A strategic business plan defines the vision and mission of the business, long-term objectives and opportunity within the overall marketplace, and the competitive strategy for marketing and selling its products and services.  This plan is often utilized to communicate with investors, shareholders, directors, as well as with the employees of a business.  A strategic business plan is not static and should be revisited at least annually to reflect changes in the market, in operational strategy, or financial goals.

What content is included in a Strategic Business Plan?

Regardless of the type of business, or the market in which it competes, a strategic business plan often contains the following elements:

·         Executive Summary:  overview of the plan:  Opportunities, objectives, and strategy

·         Company History/Overview:  Founding, historical achievement, current state

·         Vision or Mission Statement:  Aspirational objective of the business

·         Product and Service / Strategy:  Product offering, benefits, pricing

·         Sourcing and Procurement Strategy:  Vendors, production, warehousing

·         Marketing Strategy:  Brand, go to market, communications, promotion

·         Sales and Distribution Strategy:  Sales organization, channels, territories

·         Industry, Marketplace, Competitor Overview:  Macro environment, SWOT analysis

·         Growth Strategy:  Key drivers for sales growth and business expansion

·         Historical Financial Statements:  Balance sheet, P&L past 3-5 years

·         Pro-forma Financial Statements:  Financial projections future 3-5 years

·         Capital /Financial Requirements:  Cash and funding requirements 

·         Organizational Strategy / Key Employees:  Structure, key staff, org chart

·         Risk Assessment:  Identification of potential risks, strategies to minimize

·         Exit Strategy:  Options, valuation considerations, timing

Does a small business benefit from preparing a Strategic Business Plan?

Regardless of the size or complexity of the business, or the amount of capital invested, no owner wants to fail.  Over 20% of small businesses fail in their first year, just under 50% in their first five years, and almost two-thirds cease to exist in their first ten years.  Businesses that develop a strategic plan, and revise the plan periodically, significantly improve their probability of success and sustainability.  For a small business, an owner has a greater ownership stake, with strategic decisions on product, sales, marketing, personnel, and finances having the ability to make or break the business.  It is imperative to evaluate and choose among strategic options, put these plans on paper, and have the ability to share this plan with advisors, customers, business partners and staff. 

What if you do not have the time and expertise to prepare a Strategic Business Plan?

As a small business owner, your time and focus are likely directed towards near-term decision making and management of your business.  It may be challenging to find the time to step away from the business and prepare a strategic business plan.  Your business expertise may also be focused on technology, product or service, sales, marketing, or even finance, but not necessarily in strategic business planning.  Good!  Finding an experienced financial advisor with  whom you can collaborate with and seek advice from is ideal when developing and documenting a strategic business plan.  If you do not have the resource in-house, consider hiring a fractional CFO or business advisor on a project basis to help you develop and utilize your strategic business plan.    

Our Accounting and Advisory Services

Riley Wigle CPAs has recently expanded our service offering to provide accounting and advisory services, including transactional, fractional controller, and CFO advisory roles. Each member of our advisory team brings over 25 years of experience in accounting and finance, and is dedicated to helping you strengthen and grow your business.  With strong expertise in strategic business planning, our team will collaborate with you to develop and deliver a tailored  and effective plan for your business.  Please contact us for more information and to schedule a complimentary consultation today.

Why Riley Wigle CPA’s?

Riley Wigle CPAs offers personalized, forward-thinking tax and advisory services tailored to individuals, real estate investors, and business owners seeking strategic financial growth. Our team combines deep technical expertise with a proactive approach to planning, helping clients minimize tax liabilities and maximize long-term success. To learn more or schedule a consultation, visit our website or call us at 541-389-6401.

July 2025

Who They Are
Fractional controllers and CFOs are finance professionals who provide accounting and financial expertise on a part-time, contractual basis. They can be onsite or remote, and business owners can benefit from the knowledge and skills of these experts as needed. They are suited specifically to your business and budget while serving the same function as a full-time employee.
Fractional controllers and CFOs likely gained their accounting and finance expertise in senior level positions within larger businesses. In addition, they may have experience working for smaller businesses and startups as full-time staff members. Fractional controllers generally have worked with either a wide range of businesses or only specific industries, allowing owners the choice to work with those who best fit the needs of their business.

Roles & Key Differences
Fractional controllers serve the same function as a full-time controller: to oversee a company’s accounting operations, including month-end close and reconciliations, financial reporting, KPI tracking, and budgeting. Controllers also establish and monitor internal controls to ensure accurate financial reporting and compliance with local, state, and federal entities. As a business grows, a controller provides the oversight that a bookkeeper or external CPA may be unable to provide.
Similarly, fractional CFOs serve the same function as a full-time CFO. They provide oversight of the company’s overall strategic planning, manage cash flow, drive growth and probability initiatives, and oversee the controller functions listed above. CFOs are more forward-focused, while controllers are typically responsible for current finances and operations. CFOs work alongside business owners or CEOs to spear-head business development, expansion, and M&A activities.

Benefits
For start-up, small, and even mid-sized business owners, fractional financial services allow them to benefit from having access to high-level accounting and finance expertise without the commitment of hiring a full-time employee. Business owners can benefit from the knowledge and skills of these experts on an as-needed basis, and get insight suited specifically to their company. For businesses needing to add a senior-level professional to their team but are limited by budget or location, contracting with a fractional controller or CFO is a smart decision.

Our Services
For over twenty years, Riley Wigle CPAs has been delivering professional, future-focused tax services to individuals and business owners in Central Oregon. We have recently expanded our firm to provide accounting and advisory services, including transactional, fractional controller, and CFO advisory roles. Each member of our advisory team has over 25 years of accounting and finance experience, and we are ready to help strengthen and grow your business. Please contact us for more information and schedule a consultation with us today.