From Brexit to the Covid-19 pandemic to the ongoing cost-of-living crisis, it can feel like there is one saga after another that businesses must contend with.
For a business owner, it can feel like events outside their control are in the driver’s seat of their business.
Therefore, a business plan is vital to help owner’s take the reins of their business in these uncertain times.
From start-ups to established firms, a business plan can help to inform future decisions, engage staff, and attract potential investors.
What is a business plan?
A business plan is essentially a document that outlines the direction, goals, finances and future plans of a business.
It can be used to appeal to potential investors as a business tries to raise capital, or it can be used internally to demonstrate to the team where the company is and where it is going.
It also helps business owners to set out their goals and keep on track of how the business is performing.
Business plans are a must for any fledgling business, but should also be an adaptable, ongoing concern for any established business.
Tips for writing your plan
Firstly, know the purpose of your plan. Understand whether you want it to attract investment or outline direction as this will help inform what to include.
Think about your audience, are you writing to new investors, current employees or your shareholders?
You might want to consider the following points to include in your plan:
- A summary of the business;
- Research about the industry the company operates within, such what your business does differently ;
- Market analysis, including potential risks, audience demographics, and growth of the wider market;
- Outline how the plan is going to be implemented such as timescales and any changes that need to be made to the organisation;
- It is important to include information on the business’ financial history and projections for the future. This will help shareholders to see how the business has performed so far and where it is projected to be heading.
Remember to actively use the plan and reference it as you move forward. Don’t be scared to change it as your business grows, as your plan should grow along with your business.
Looking for advice on business planning? Contact our team for expert advice.