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 and 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’s 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, types of research carried out.
- Sales and Marketing - how you will promote your product/service, sales target you've set, competition and how you will overcome it.
- Product/Service - description and its advantage (and disadvantages).
- Management - CV, training needs, what are these people bringing into business?
- Financial forecasts - cash flow forecast, profit and loss, initial financial outlay.
You can obtain examples of business plans from local libraries.
For further advice and guidance on business plans please contact Business Link by calling 08457 171615 or visit the website at www.businesslink.gov.uk
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