Your business plan is arguably the most important document that your business will ever create. So why do some people only complete a business plan when asked by the bank?
Is it not knowing where to start or what to include? Is it because people ‘know’ the business and do not feel they need one? Or is it the fear of monitoring performance against plans?
In our opinion, not one reason should stop the planning of your business in such a formulated manner, providing you with the ultimate reference document. If you out perform the plan then great, but many times, when we speak to business owners, we get told ‘I do not know why it has not gone as I thought it would. It was not as I planned’.
We suggest that as a minimum, your business plan should include:
- The key details of the business.
- Your executive summary including your aims and objectives.
- The business description including your unique selling point.
- Your key people and the business operations.
- Elements unique to your business such as stock, premises, training plans, equipment, insurances etc.
- The Marketing plan.
- The financial forecasts including flexing for potential scenarios.