Write a business plan
A business plan is a written account of how you see your business developing. It allows you to:
- measure progress
- identify things not going to plan
- show outsiders your business aims and prospects
- estimate future profits based on sales forecasts
Your business plan will show the overall shape of your business and the effect a decision in one area will have on another. It identifies the opportunities, and also the threats to your business.
How to write a business plan
Your business plan should cover all the relevant aspects of your business, including:
- your business idea
- the market
- your people
- your marketing
- advertising strategy
- premises and equipment
- setting up costs and overheads
- a break even analysis.
Lack of hard information or experience may require you to make realistic assessments rather than firm conclusions – you can always adjust your plan later as results come in.
Action Checklist
Some action points to follow:
- Review your plan regularly. Some businesses produce monthly or quarterly plans, or write a plan to deal with seasonal variations or particularly demanding times of the year.
- Consider producing one version for use with outsiders to ensure your company is seen in the best possible light and another inspirational version for internal use.
- Contact us for further help and advice.
