Write a business plan

A business plan is a written account of how you see your business developing. It allows you to:

• measure progress
• identify things not going to plan
• show outsiders your business aims and prospects
• estimate future profits based on sales forecasts

Your business plan will show the overall shape of your business and the effect a decision in one area will have on another. It identifies the opportunities, and also the threats to your business.

How to write a business plan

Your business plan should cover all the relevant aspects of your business, including:

• your business idea
• the market
• your people
• your marketing
• advertising strategy
• premises and equipment
• setting up costs and overheads
• a break even analysis.

Lack of hard information or experience may require you to make realistic assessments rather than firm conclusions – you can always adjust your plan later as results come in.

Action Checklist

Some action points to follow:

• Review your plan regularly. Some businesses produce monthly or quarterly plans, or write a plan to deal with seasonal variations or particularly demanding times of the year.
• Consider producing one version for use with outsiders to ensure your company is seen in the best possible light and another inspirational version for internal use.
• Contact us for further help and advice.