A business plan is an essential element for every business; whether operating as a start up or an established venture. This written document should describe the nature of the business, the objectives, the strategies to achieve these aims and financial forecasts. A well thought out plan will keep everyone focused, attract funding and become a tool for measuring performance.
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Overview: This section should summarise your business plan, stating the key points. It is important to be concise and interesting as often this opening page will have a significant influence over the reader.
Business Vision: This part of the plan should convey the business opportunity you are seeking to exploit. Who you are, what you do, what your market is and how you intend to address it should all be explained here. There should be plenty of detail about the industry you are operating in, the expertise you have and what makes you better than your competitors.
Marketing and Sales: This section should have all the details of the marketplace you are operating in, your customer base and the market research you have carried out. You should also explain the ways you intend to promote and sell your business to include prices, advertising channels and a sales plan.
Personnel: The people involved in your business are critical to its success. Describe in detail your management team - have photographs of key members and outline their background, experience and qualifications. Be realistic about you workforce in terms of numbers of employees, anticipated wages and any work you intend to outsource.
Business Operations: Outline any premises you have along with production facilities. If you anticipate needing to add to either of these categories you should explain this here. Information technology is a key aspect of all modern businesses and you will need appropriate systems in place. Financial and management accounts must be kept up to date and it is advisable to have a method for doing this at the very outset of your business.
Financial Forecasts: All the information contained in your business plan must be demonstrated clearly in a set of financial forecasts. Cash flow, profit and loss and sales projections for the next three to five years should be included.
Your business plan is an ever changing entity, needing to adapt as the requirements and circumstances of the business change. There are many aspects to consider when drafting the plan to ensure its flexibility for the future. It is also important to remember that the information is not only for use internally. Other individuals and organisations will use the document if they are considering working with you or lending you money.
In the first instance we recommend you visit your local Business Link. This government run body has a wealth of information on starting new businesses, and can give you some free advice on how to proceed or put you in touch with people that can help.