A well-drafted business plan is an essential tool for managing your business, particularly in times of economic uncertainty, where downturns can be sharp and sudden. Failures are much easier to avoid when you’ve planned a clear direction for your business and a loss of direction can be nipped in the bud.
A good business plan portrays your ever-evolving situation and consequently needs to be dynamic, regularly reviewed and updated to become a valuable tool in the management of your business.
The benefits of good planning
An active business plan allows you to:
- Step back from the day-to-day activities and clarify your business purpose to yourself and communicate it to partners or staff
- Facilitate decisions regarding strategic goals and the route to success
- Make better-informed judgements, having considered the impact a course of action will have
- Identify potential problems before they arise
- Ensure that all decisions drive the business in the right direction
- Have adequate resources and working capital available to achieve your business goals
At CRM, we understand how sometimes, business owners and directors can’t see the wood for the trees, and we’re here to help. On the morning of Wednesday 22nd May at Begbroke Science Park, we are holding a Planning For Success Seminar. With lots of useful pointers to help you plan and forecast within your business plus a chance to network with like-minded business people, you will leave the seminar with a clear focus on measuring your business for success.
Although each business plan is tailored to its own business, try to ensure you stick to these five golden rules:
- Simple – for the reader to understand, and you to follow
- Focused – on your firm’s needs, and where you want the business to go
- Relevant – to the reader’s interests, and your goals
- Accurate – be prepared to justify your analysis
- Realistic – information must be credible
Your business plan should include these basic sections:
- Company details
Clearly define what your company is, what it does and what its USP is.
Carry out an analysis of your marketplace and competitors to understand where you operate.
- Products & services
Explain how your products or services benefit your customers and how they differ from others.
- Sales & marketing
Use all the data available to compare results and look for trends to identify what works well.
Describe the roles and responsibilities of partners and managers and how they contribute to the success of the business.
Ensure you understand your numbers – assets, debts, cash flow – to identify whether you need extra financial support.
If you need help to develop your business plan or want to find out more about CRM’s Planning For Success Seminar on 22nd May, check out our website or give us a call on 01865 379272.