“Going into business without a business plan is like a mountain trek without a map or GPS - you’ll eventually get lost and starve!”
Kevin J. Donaldson
Author, and Business Coach
Writing a Business Plan
A goal without a plan is just a dream!
We plan to make it come true.
Whatever form your business plan takes, it will create a structure to the direction you want your business to go. It is an essential part of setting up a new business, no matter how scary the process may seem to you.
Nothing written in a plan needs to be unmoveable. It’s good to be able to adapt with the expected and unexpected events that are bound to occur whilst setting up a business. You’ll learn things about your customers and your market as you progress with your plans, so things are sure to change, but just having the document to refer to will help you make accurate and solid decisions for you and your business.
Here To Help
Your business plan outlines what your business does and what you are trying to achieve. It explains what the market opportunity is, what makes your business special and how you will make it a success.
Writing a business plan is the essential place to start, because without mapping out where you want to go and how, it’s impossible to react the right way when the first thing doesn’t go as you had hoped, or worse, to not react at all.
Across all the pages in this section, we provide a series of guides to help you find what you should be looking for to so that when the time comes, we can help you…
CHOOSE THE ADVISER WHO UNDERSTANDS YOUR NEEDS.
Without a business plan you’ll be forced to work reactively rather than proactively. This will have a negative effect on the growth of your business but could also put off potential investors and creditors from contributing. A plan will give you something to fall back on when things go astray and allow you to strategies for future decisions.
A business plan will form a huge part of any pitches you make for funding with investors, shareholders and creditors. If you’re projecting a strong and structured business plan with a positive future outlook, potential employees should be encouraged to contribute to the business.
Having a good business plan can act a good fortune teller, helping you plan for future developments and possible challenges that may arise. It can also encourage you to do any market research which will be a great help when looking for growth, give you an idea of how well you’re doing and identify which areas you may need to adjust slightly to achieve your overall strategy.
It’s not particularly easy to prepare a business plan, so don’t expect it to come together overnight. Make sure you get hold of a good accountant before you start, they can be invaluable when putting something together.
There are lots of details to think about, and it’s important to stay logical and practical. Some basic tips include:
Make sure you do your research
- Who are your customers?
- Do they have any issues or concerns you can help with?
- What are your competitors’ strengths and weaknesses?
- Are there gaps in the market you need to be aware of?
Set goals
- What’s the aim for your business in the next few years? Think in steps, so think over the next two years, or the next five years.
- Do you have a long-term aim?
- What’s your target turnover and profit for the first year, then to the next year?
It’s important to stay realistic with the timeframes you’re thinking of in your business plan. Setting a 10 year dream may seem most exciting, but stay close to the reality so set small, achievable milestones to keep you on track.
Get the finances right
One of the most important elements of a business plan is the finances. Without this, you’ll struggle to get your business off the ground. Make sure you know the answer to these questions:
- How will you fund what’s next on the agenda?
- How do you expect to bring in money?
- What will you earn as the business owner?
- Are there funds for this?
- How much will you pay out in wages?
- How would you use any funding or investment?
Make sure you’re really clear and everything is accurate; you can never check enough! Knowing your business figures inside out is going to encourage investors that you have a clear idea of the direction of growth and of your business. When putting this together, use the help available from your accountant, who will keep your feet on the ground.
Every section of your plan will require precision and clarity. Having a clear and understandable plan from beginning to end will help those reading it feel excited about the concept of investing in this new project.
Having an accountant can help you throughout the whole process of plan writing. If you look for one who specialises in advising your type of business, you’ll sure to be on for a winner, through good times and bad.
Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.
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