Guide 5 min read
1. The benefits of a business plan
Whether you’re starting a business or already running one, creating and regularly reviewing your business plan is important.
Internally, it provides a good framework to develop and implement your ideas, then monitor your performance. It also helps you to spot potential pitfalls before they happen.
Externally, it can give you credibility when engaging with stakeholders such as lenders, investors and potential partners, and makes it easier to communicate your aims and how you’ll achieve them.
Writing a business plan can be daunting when you’re facing a blank piece of paper, so this article and our Business Plan Guide and Business Plan Template will help you get started.
2. What should your business plan include?
When creating a business plan, it should include:
- an outline of your business, its aims and objectives and whatever products or services you provide – this is called an executive summary.
- an overview of the market in which you operate.
- who is involved in your business.
- your short term and longer-term objectives.
- your resources and any need for external funding.
- your strategies for selling your product/service.
- your strategies for marketing your product/service.
- financial forecasts.
3. Presenting your vision
You want your plan to make an impact and leave a positive impression:
- keep it short and concise
- make it readable and confident
- keep the presentation professional.
Clearly describe what your business does and set out your vision for your business. This includes who you are, what you do, what you have to offer and what the market you’re entering looks like. See our sector research for more information. Make sure your plan is realistic. Once you have prepared your plan, use it. If you update it regularly, it will help you keep track of progress.
4. Ongoing business planning
As your business grows and changes, your business plan should become a business growth plan. Although it might seem like more work, it follows the same business plan structure as your original and:
- keep your business on the right track
- help avoid unpleasant surprises
- enable you to be more flexible
- help you adapt to changing circumstances.
We all know that change is inevitable – whether that be the market, your employees, the political climate, or your personal circumstances.
You need a clear approach to your business planning and review cycle. Depending on what’s right for your business, it could be monthly, quarterly or every six months, and you can decide which key people you want to be involved.
Successful businesses know that regularly assessing performance against the plans and targets, make it more likely they will reach their goals.
Read more about measuring how your business is performing.
5. Next steps
Our two downloads, Business Plan Guide and Business Plan Template, will help you create and complete your business plan.
You can also get in contact with your local Business Gateway office and our advisers will be able to provide further guidance to help you refine your business plan and discuss development ideas.