A business plan establishes the goals and objectives of a business and outlines how they will be achieved. It is vital, especially for small businesses, to review progress and update processes to achieve targets.
Business plans should include:
- Executive summary: Identify what your business mission statement is, outline your company operations, your management style, and even your company culture.
- Products and services: Review products and services your business offers and determine whether pricing and manufacturing needs to be altered. Don’t forget about obtaining new licenses or renewing old ones!
- Market analysis: Recognise who your target market is, who your competitors are, and what your strengths and weaknesses as a business are in response to the market. Conducting an analysis will guide your marketing and advertising.
- Marketing strategy: Establish how you will be presenting your product to the customer and how you intend not just the products but also the brand to be seen by customers. This will help create an outline for advertising and media campaigns for different channels.
- Financial planning: Having a financial plan that sets out the financial statements of the business thus far, future predictions and potential new financial targets and how they can be met.
- Budget: Plan a budget that includes all business expenses. It may be beneficial to also create estimates of the revenue to understand whether the budgeting needs to be reassessed. However, ensure that expenses identified in the budget are practical, and not simply complying with revenue.
A business plan will give you an overarching understanding of the business and provide you with a reference point down the line. Spend time on constructing a thorough business plan which incorporates the elements which have been discussed and any other ones that are specific to your business. If you need any help contact your business adviser.