When starting a business, it is important to have a working business plan.
This will allow you, as the business owner, to think clearly about your product offering, structure your finances effectively, help spot potential pitfalls before they occur, and focus your efforts on developing your business.
What is it?
It is usually a written document which describes your business in detail. It will include an executive summary, a description of your business, your objectives, strategy and the steps and resources needed to reach those goals. It will also include information about your management team and staffing, and your business’ financials.
It should be a clear and concise plan, with key facts and evidence.
If you plan to approach a bank or a financial institution for a loan, a grant or even investors, a business plan will be helpful. Supporters or investors will want to see the true potential of your business idea clearly laid out in hard facts and numbers. They will look to use your business plan for this.
Aside from securing external funding, it can be helpful internally; it can be used as a great reality check for a new business owner to fully develop their business idea. It may also help inspire different approaches or fresh perspectives or new creative solutions for identified business challenges. This is particularly relevant to your business’ ongoing marketing and pricing.
Remember that your business plan is a working document, it should be regularly revisited and updated. It will help you to keep focused and allow you to think about your direction of travel.
If you need any help or want to talk about creating a business plans or looking after your business’ financials, please contact us.