Business Planning

A good business plan is one that drives the business forward. Most businesses either don’t have a plan or don’t follow through with it. Successful businesses have a clear plan and implement it well. It is essential to have a realistic and workable business plan to know where your business is heading, with measurable milestones to monitor progress.

A business plan is a written document that describes your business, objectives, strategy, market and some financial forecasts. Most importantly it provides a map to navigate your business in the short to medium term.

Why Should You Develop a Business Plan

Business planning is not just about writing a business plan for your investors or bank manager. It can and should cover the strategic and operational concerns and issues for your business, starting with what your objectives are, and articulating how to deliver them.

Can you describe what your business is?

Can you state your business objectives?

What are the milestones and when should they be achieved?

How are you measuring business performance, don’t just think in terms of financial performance either?

Does the workforce know what they are working towards, and how they are contributing?

These questions can be endless, but business planning can provide many of the answers.

Business plans should be reviewed and updated as:

• A business is formed
• A new year beckons
• A change is made in ownership or leadership
• Difficulties are felt
• The business expands
• New opportunities arise
• A transition in the business is required
• A major event is prepared for; e.g. exit, sale, floatation

Whether you need to design a strategic, business, marketing, staff/HR, or operations plan, or need to fix a problem, a good business plans will help maximize the success of your business and keep it on track to achieve its objectives.