Whether you’re starting a business or already running one, creating a business plan is key.
Externally, there are many key benefits to creating and managing a solid business plan. Primarily, it can help secure finance, funding and measure success. It does this by giving you a clear way to present other stakeholders such as lenders, investors and potential partners with your business plan outline, your aims and how you’ll achieve them.
And it also has benefits internally. Such as helping you spot potential pitfalls before they happen, efficient finance structuring, developing your business and measuring your success.
When creating a business plan, it should include:
- An outline of your business, its aims and objectives and whatever products or services you provide – this is called an executive summary.
- An overview of the market in which you operate.
- Who is involved in your business.
- Your short term and longer-term objectives.
- Your resources and any need for external funding.
- Your strategies for selling your product/service.
- Your strategies for marketing your product/service.
- Financial forecasts.
You want your plan to make an impact and leave a positive impression.
Keep it short and concise. Make it readable and confident.
Keep the presentation professional.
Clearly describe what your business does and set out your vision for your business. This includes who you are, what you do, what you have to offer and what the market you’re entering looks like.
As your business grows and changes, your business plan should become a business growth plan. Although it might seem like more work, it follows the same business plan structure as your original and will keep your business on the right track, help avoid unpleasant surprises, enable you to be more flexible, and help you adapt to changing circumstances.
