Business Planning
An Effective Business Plan
1) Establish a Mission
What is the business, where is it
now
and where does it want to be?
2) Analyse Strength/Weaknesses
Take an objective and critical look
at
the business in its entirety.
3) Set Clear Goals
Maximise strengths and correct
weaknesses
and ensure strategies
are realistic.
4) Review Financial Resources
Are the resources available to
meet the
goals?
If not, how can
they be obtained?
5) Put it in Writing
Make it available to key
personnel.
6) Review Regularly
Use it don't lose it!
An Ineffective Business Plan
1) Unused
A Plan should be reviewed and
updated regularly.
2) Unrealistic Goals
Ensure predicted sales and profit
are achievable.
3) Disregarding Competitors
An efficient business is always
seeking to improve-this includes
the competition.
4) Renew or Change
Doing something new is not
always as
effective as doing
something better.
5) Consider the Price of Failure
Include contingencies in case
things go wrong.
6) Don't make it fit
Accept that a plan can confirm a
new goal is unachievable.
It is essential to have a realistic and working business plan whether you are just starting up a business or are an existing business.
A business plan is a written document that describes your business, its objectives, its strategies, and the market it is in and should include financial forecasts for at least the next 12 months. The business plan should be a “living” document, providing a reference to show how your business will develop and is an essential aid to securing external funding when approaching lenders.
The plan should also reflect your personal goals for your business and be objective.
We can help prepare a professional and personalised plan for your business with costs starting from as little as £300. Please contact us to discuss your requirements.
