A Business plan in my opinion should be short, sharp and effective.
Business plans are important to ensure you stay focused on your fundamental goals and that these goals are communicated across the team (Future Directors you shouldn’t guard your plan like the ring from the Hobbit but share your hopes and dreams for the business with your staff – it will motivate them for you to have a common goal).
I am a big fan of one page plans. One for overall strategy and then one each for marketing, staffing and financial goals.
If, however you require funding from outside investors or from the bank you will need a more traditional business plan that is maybe 6-10 pages with appendices. This could be part of a longer blog series (which we don’t have space for here!) but a summary is as follows:
- Executive Summary
- Business Description
- Market Strategies
- Competitive Analysis
- Design and Development Plan (for product or service especially tech focus)
- Operations and Management Plan – Staffing plan with a focus on who will do what and when.
- Financial Forecast and Budget – Most important bit that should be at the start!
It’s important to draw up a financial plan annually and at the same time to reference and update your business plan. This would be a great exercise to do with your business coach and then share with your team. Whilst you can access helpful guides for business planning online, it is always good to draw up your plan with a business advisor. We want to improve UK SME failure rates by offering our expertise to start-ups and small businesses. Therefore, if you’d like us to help you with your business plan or if you are looking for a Xero Accountant in London or a QuickBooks Accountant in Birmingham then get in touch now for a free consultation!
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