Business planning is an essential component of any successful business. But it is often overlooked due to pressures of day-to-day work. A well considered and constructed business plan can:
- Help you safeguard your own investment
- Focus your efforts
- Ease external financing problems
- Provide you with a yardstick to measure your progress against.
Once developed you should aim to maintain your business plan in line with your business.
For information email Business Link Yorkshire: info@businesslinkyorkshire.co.uk.
Writing a business plan
Writing a business plan is essential. It is not as difficult as it may sound - it is simply a way of putting your ideas on paper.
Areas that are usually covered:
- Description of the business - brief overview of purpose of business and location.
- Evidence of demand for product/service - size and location of market, buying patterns, type of research carried out.
- Sales and marketing - how you will promote your product/service, sales targets you've set, competition and how you will overcome it.
- Product/service - description and its advantages (and disadvantages).
- Management - CVs, training needed, what are these people bringing into business?
- Financial forecasts - cash flow forecast, profit and loss, initial financial outlay.
Your plan should contain the essential information required - not waffle. Try and tailor it to the needs of whoever is going to be looking at it. And remember, with financial predictions it is best to be prudent - don't be over-optimistic!
You can obtain examples of business plans from:
Help and advice on creating a business plan for your business, can also be found on the business link website.