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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 against which to measure your progress.
Once developed you should aim to maintain your business plan in line with your business.
Writing a business plan is essential but 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 include:
- 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 - best to be prudent - don't be over-optimistic!
You can obtain examples of business plans from:
- local libraries
- business services of banks
Advice and support with Business Planning is available to all types and sizes of business from Business Link contactable at the address below.
(Image: Christopher Beech Photography)
Contact Details
Business Link
Tel: 0845 058 6644
email: info@businesslinkem.co.uk
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