Why you NEED a business plan
At The Accounts Centre we’ve helped a wide range of small businesses create a business plan that has focussed their efforts, kept them on track and fuelled their company’s growth.
But what exactly goes into a business plan, and does every business need one?
A business plan can play an important role in helping business owners home in on what they should do, how they should do it and why.
Of course it’s possible to launch a new business without a business plan, and many small business owners do just that. Even if they manage well enough without one, a business owner may eventually need a business plan if they try to raise financing– either by attracting external investment from angel investors or crowd funders, or by getting a bank manager to approve a loan.
So what should be included in a business plan…?
- Executive summary – a synopsis of the most important points from the other sections of the business plan, like an instant snapshot
- Background on the owner and key personnel – including information about a company’s owner or management team will clearly identify how the team’s background will help this new venture succeed
- Products and services, and their competitive advantage – this one speaks for itself, though it must be kept concise and jargon-free
- Competitor analysis – this should highlight the size of the market, the main competitors in that market, their strengths and weaknesses, and why this new business is well positioned to steal market share. A great article for additional information is here at Finance Donut
- Sales and marketing plan – this should outline target customers, marketing channels to reach those customers, how to convert them into paying customers, and how much it will charge
- Financial projections – the big one, this should offer a realistic forecast of the company’s turnover, expenditure and profit for the next two to three years. We have a great guide to knowing your numbers that you will find useful for this.
Our team are experts when it comes to business planning (and business-growing), and offer a full range of services tailored to the needs of any businesses.
Give us a call on 0182 933 2027 (Chester) or 0151 380 0138 (Liverpool) and we can have a chat about your requirements – or arrange for us to get together at a time and place that suits you.