How to put a business plan together for your business……
Hands up if you have a business plan. If your hand hasn’t gone up, would it surprise you to learn that you are not alone. In my experience many businesses don’t have this key document, or if they do it’s likely to be out of date and gathering dust on a shelf having never been used.
So What is a Business Plan – in simple terms it is the road map that the business uses to get from where they are today to where they want to be in the future. It is a formal document that sets out your business goals, details how you are going to achieve those goals and has a timescale within which you’re going to achieve them.
Why they are important – In addition to providing your business with clear direction they also help you to benchmark the performance of the company. If you are applying to the bank for finance or looking to raise investment then you are going to need one, similarly if you’ve decided to take the business in a new direction then having a business plan will help you to keep your focus.
What is the Aim of a Business Plan – Your business plan should cover off the following areas
- Give an overview of what your company does
- Outline your business strategy and action plan
- How you will make money
- What is required for you to achieve your goals
- Lastly it should explain why you think your company will succeed where others might not.
Key things your Business Plan needs to include –
- An Executive Summary
- A Business Description
- Your Market Strategies
- A SWOT Analysis
- Details of your products and services
- Operations Details
- Management Plan
- Financial Information
As a business coach one of the first things I get my clients to do, if they haven’t already done so, is put together a business plan, both a formal one as mentioned above and a more day to day operational one that they regularly update as they achieve individual goals. If you’d like help with putting yours together then click here to send me an email, or give me a call on 07952 112432. For more information on my business coaching services please click here.