Why Write a Business Plan?

Every business should have a realistic working business plan - and it's essential when you're starting up a business. You will certainly need a business plan if you are trying to raise money.
 
A business plan is a written document that describes the business, its objectives, its strategies, the market it is in and its financial forecasts.

You should write it with complete objectivity, so that anyone could read it and understand your business and its aims.

These are two great sources of information:
Business Link - Prepare a Business Plan
Microsoft - Office Online

The basic questions you need to answer are:

• What is it you are selling?
• Who will buy it?
• Who are the competitors?
• Why will people buy your product/service and not your competitors?
• How much will it cost and what will it sell for?
• How will you market and sell it?
• What are the opportunities/ threats?
• What is the state of the market you are in?
• Who is the team behind it?
• If asking for money, how much do you need and when will you pay it back?

Some Basic rules:

• Assume the reader knows nothing about you and the business.
• Keep it Simple - do not use jargon.
• Talk about Benefits, Benefits, Benefits.
• Make sure the figures add up.
• Have realistic forecasts.
• 'Anyone who talks 5 year plans, talks crap' Alan Sugar
• Quantify assumptions.
• Do not tell untruths.
• If you do not know say so or say the subject is being researched.
• Use SMART objectives wherever possible.
• Marketing is often the weak link. So spend time to show it is realistic and achievable.

To discuss a business plan project contact us here or call 0870 240 3139