You may think a business plan is just for start ups but you’d be very wrong to assume this. Yes a business plan is an asset to your business when you first start out. You have a clear picture of the reason behind starting your business, what motivates you and what you want the end result to look like.
Once your business starts to grow you will need to review your business plan, or even go back to the drawing board. Don’t be afraid to do this, a lot can change in your growing business and also in your personal life which can have an impact on what your business goals may be.
A business plan helps you to identify the strengths and weaknesses of your business which then enables you to invest more time into the areas which need it the most. As part of your business plan it’s important to assess the market and your competition in order for you to have the upper hand and think outside the box.
By mapping out the road ahead you will be able to look ahead to your long term objectives and highlight any new opportunities which may have arisen.
If you struggle to set yourself financial goals your accountant will be able to guide and support you. Your business plan should be reviewed at least every quarter and your accountant can hold you accountable. Meeting with them every month or quarter will allow you to both review your business plan and goals. By doing this your business will be more successful and you will be much more productive in working on your business rather than just in it.
Key points to be aware of when writing your business plan
When writing your business plan it’s important to have in mind who your audience is. Who will be reading your plan? Will it be used internally to ensure your business is meeting its targets or will it be required to secure funding and investments? If it’s the latter it’s important to include as much information as possible to give the reader a clear picture of your mission.
Your business plan should include;
Business objectives
Your business strategy
Selling methods
Marketing plans
Financial forecasts - another great reason to collaborate with your accountant!
We’ve put together the following list which may help you as a guide to what headings to use within your business plan;
Executive summary
About the business
Market and competition
Sales and marketing
Management
Operations
Financial forecasts
Financial requirements
Risk Assessment
Appendices
After you’ve written your business plan your ‘why’ will become much more clear and you will probably find a new sense of motivation and excitement for the future of your business. Make sure you don’t lose track of the plan and review it often with the support from your accountant. Don’t worry if you’re not on track when you review, there’s nothing wrong with having to reassess. You may just need to break down your goals a little further, taking smaller steps to get to where you need to be.
Pinnacle Advisory services can help you plan, readjust and forecast during your meetings, just ensure you put time aside to invest in your business. Ultimately your business plan isn’t just a piece of paper, it’s your go to document to future proof your business.
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