Posted by Michael Foudy Last updated 12th July 2021 reading time
In life you get those events, you know the ones, lifetime events that come along usually only once; a wedding day, a dream trip, buying a house and they all have one thing in common: planning. Setting up and running a business is also one of those events so why wouldn’t you put in the same effort in planning your business?
A Business Plan is an essential tool for your company; it’s a blue print for your business whether you are just starting out or have been in business for years, this compass will help guide you to build it into the business you want.
Approximately a third of all SME’s in the UK don’t have a Business Plan, that’s about 1.5m businesses, if you are one of them here are some reasons why it might be a good idea to prepare one…
Research shows that SME’s with Business Plans make 20% more profit
Having a business plan doubles your chances of increasing profits, increasing revenue and attracting new customers
A well-researched Business Plan which includes the right figures and realistic forecasts will reassure potential investors you are a sensible investment opportunity
A Business Plan will help you set out and achieve your goals
It will help you set goals for your managers and staff
The Business Plan will help you plan your cash flow and forecast capital expenditure
A good Business Plan will help you secure business finance and loans and enhance your credibility.
It can help you plan your succession strategy or prepare the business for sale
A Business Plan tests the feasibility of your business idea
It will help you plan for the recruitment of staff
The best laid plans don’t always work, however with the right guidance you can be prepared for anything.
