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Business Plan

What is a business plan?
A business plan is a written statement of your business; what you want to achieve with it and how you will do that.

It should outline the structure of your business, the product or service, the customer, the growth potential and the financials.

But as well as giving information about your business it should also inspire you for the future.
 A business plan should give you an idea of what you need to achieve, says Nick Bos, a business adviser in East London.
Every business should have a plan whether it is to open a second shop or float on the stock exchange.
It is why you are in business.
It helps you to define strategy and, if properly used, will help you involve and motivate key members of staff.
It allows you to work out how to make your business a success and can help you avoid failure by plotting the pitfalls along the way.
It should outline a realistic target for how that can happen while remaining flexible enough to make changes along the way.
By setting out a plan and some targets, you can also monitor your progress and get the business back on track fairly quickly if anything goes wrong.

 

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