Fail to plan or plan to fail!
Whether you need to prepare a businss plan to present to the bank or to a potential investor or for purely internal use, doing it well is crucial.
It is also an essential tool for the successful managment of your business, and is particularly relevant in times of economic uncertainly or downturns in the business cycle.
Business plans should aim to give more than a snapshot of the future. Because circumstances, people and opportunities change, a good business plan will help you to understand and share the moving picture, an ever evolving situation. Business plans therefore need to be dynamic, regularly reviewed and updated, becoming an invaluable aid to good management.
The Benefits Of A Good Business Plan
By planning ahead many benefits will accrue, for example, you can:
- Step back from the day to day working and consider the overall direction of your business, facilitating decisions regarding strategic goals and the route to success
- Make better-informed judgements having previously considered the impact of a particular cause of action on profitability for your business
- Ensure the decisions you make on behalf of your company drive you in the right direction
- Help you ensure that there are adequate resources and working capital to achieve your objectives and business goals
Additionally, a properly documented business plan should:
- Provide the necessary vision and direction for you and all your stakeholders to share and hence focus on building your business
- Inspire confidence and belief in your business potential and direction
- Provide a document recognised by lenders and investors as a basis for financing decisions
- Enable key staff to participate in the long term future of the organisation by setting out clear business objectives which help your staff define their own career paths
There is no definitive guide as to the precise form and content of a successful business plan, but the rules below are valuable. Your plan should be:
- Simple - for the user to understand and for you to follow
- Focused - on the business needs and where you want the business to go
- Relevant - to the users interests and your personal goals
- Accurate - be prepared to justify your analysis
- Realistic - information must be believable
How can we help you?
We would welcome the opportunity to discuss how we can help you.
For a FREE initial consultation, please either call 01865 379272, or click here to complete our contact form.