What is business planning? It is a process that encompasses all the goals, strategies and actions that you envision taking to ensure your business’s survival and growth. These actions are normally encapsulated within your business plan – see below:
What is a business plan? Well in essence it is a written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.(and many other aspects of your business – please see below)
Successful businesses create detailed business plans and review them regularly. This can be a complicated but ultimately rewarding process. The process also enables owners and managers to identify areas for business improvement.
There are people who will argue that in today’s fast-moving environment a business plan is an irrelevant waste of time. This is not the case. Every business needs to have a stated aim and a route map to the goal. Not to have one risks drifting.
An added benefit of undertaking this process is that you can share with your important stakeholders. This ensures that everyone who is crucial to your success feels included and is aware of, and hopefully helps you to attain, your goals.
We have a wealth of experience in this area and can create for you a powerful document that will enable you to build this route map to your goals.
Your business plan should encompass the following areas. Not all will be relevant to your business, but nevertheless should be considered -
- Executive summary of the business and it’s aims.
- Business details.
- Key personnel.
- Your vision.
- The idea.
- Your goals.
- What the business does.
- What makes you different and worth investing in.
- Legal information – planning/licences etc
- Sales and marketing/ market research.
- Customer profile.
- Competitor profile.
- Risk management.
- Debt structure, including equity.
- Profit & loss.
- Balance sheet.
- Detailed explanatory notes to the financial elements of the plan.
- Milestone plan.