Business planning

Prepare a business plan

Every business should have a realistic working business plan- and it is essential when you're starting up a business.

A business plan is a written document that describes the business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business.

This guide will show you how to prepare a high-quality plan using a number of easy-to-follow steps.

Get the right finance for your business needs

This interactive tool helps you choose the right type of finance for your business

Use your business plan to get funding

How to present your business plan to the right people in order to secure funding

Decide whether to lease or buy

Should you lease or buy outright? you should also look at the  following options:

·          The audience for your business plan

·          What the plan should include

·          The executive summary

·          Your business, its products and services

·          Your markets and competitors

·          Marketing and sales

·          Your team's skills

·          Your operations

·          Financial forecasts

·          Presenting your business plan

Many people think of a business plan as a document predominantly used to secure external funding. This is important - as potential investors, including banks, may invest in your idea, work with or lend you money as a result of the strength of your plan.

But there are other benefits to creating and managing a realistic business plan - even if you just use it in-house.

It can:

·          help you spot potential pitfalls before they happen

·          structure the financial side of your business efficiently

·          focus your development efforts

·          work as a measure of your success

The following people or institutions may request to see your business plan at some stage:

·          banks

·          external investors - whether this is a friend, a venture capitalist firm or a business angel

·          grant providers

·          anyone interested in buying your business

·          potential senior partners

You should also bear in mind that a business plan is a living document that will need updating and changing as your business expands. And regardless of whether you intend to use your plan internally, or as a document for external people, it should still take an objective and honest look at your business. Failing to do this could mean that you and others have unrealistic expectations of what can be achieved and by when.

Our team of expert business advisers and consultants would act as a midwife to help you deliver your wonderful business ideas with the format and content that would impress and help secure the confidence of any investor.