Business Plans

What is a Business Plan?

Formal working document that outlines the main objectives and aims of a business and provides how they hope to achieve this using quantitative and qualitative data.

What do Business Plans act as?

Act as a roadmap to help minimise risk of failures by reviewing all data and all possibilities.

Contents

* Executive Summary
* Marketing Plan
* Financial Plan
* Operations Plan
* Human Resources Plan

Benefits of a Business Plan

✅ Helps to attract investment

✅ Provide a means of reviewing objectives and strategies

✅ Act as a road map as to how to run business.

✅ Offers a sense of direction

✅ Encourage regular reviews of the firm

✅ Encourage greater communication levels

Drawbacks of a Business Plan

❌ Planning takes time and money

❌ Much of the data is estimated

❌ Can set unrealistic and over ambitious targets.

❌ Too rigid and miss out on opportunities and cannot respond to threats.

❌ Fail to actually implement the business

Sources of Guidance

Small Business Advisors

British Chamber of Commerce

Accountants

How Important are Business Plans?

Greater chance of success with a business plan than those without one.