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Business Planning
Why do I need a business plan?
Your business plan is a vital document, and should be regularly reviewed to make sure you are clear about your goals and on-target to achieve them. When you are thinking about growing your business, it is particularly important to revisit your business plan.
What should it include?
Your business plan should include:
- A summary of what your business does, including its location, premises, equipment and suppliers.
- Financial information.
- A summary of how your business has developed and your future plans for growth and improvement.
- Marketing aims and strategies.
If you are looking for external financial investment, you will also need to include more detailed information, such as:
- The aims and objectives for each area of your business.
- A history of your business, including financial details.
- The skills and qualifications of your management team.
- Why your product or service stands out from the crowd, and where it fits into the marketplace.
Don’t forget – your business plan should have timed targets. An open-ended plan with no deadlines is easy to ignore!
How can I use my business plan?
Armed with a professional business plan, you can use it to:
- Regularly check your progress and performance to ensure you are meeting your goals and objectives.
- Underpin a continual business planning cycle.
- Decide how best to use finance and resources to achieve maximum return and growth on your investment.
- Apply to investors for business funding. Find out more about using your business plan to attract investment on the national Business Link website.
A positive and forward-looking business plan will also help to inspire confidence and loyalty in your existing staff and attract new high-calibre staff as you grow.
Where can I get more information?
Register with us now to benefit from the professional expertise of one of our 200 highly experienced and knowledgeable business advisers.
Find more detailed information about preparing a business plan for growth on the national Business Link website.