“50% of all small businesses fail in the first couple of years. It’s a damning statistic but it’s true“: Theo Paphitis. This statement highlights the tough fact of self employment: your own skill set is not enough. You need to switch on to what it really means to run your own business. You need to shine a spotlight on every aspect of your business. You need a focused business plan.
I encounter many misunderstandings about a business plan. Here are just a few:
- ‘It’s a big, thick document that just gathers dust’.
- ‘It’s pointless – all I need is a plan in my head’.
- ‘It will be out of date as soon as I finish it’
Put the Spotlight on your business!
I appreciate these concerns, but preparing a ‘spotlight’ business plan needn’t be a trauma, and in fact can be a major source of stress reduction – something we could all benefit from! So, what are the practical benefits? Here are just a few:
- It sets out your strategy to grow your business
- It focuses you on every key component of your business
- It shows you the financial impact of different strategies
- It gives you a benchmark to track your growth
- It shows you the resources you need to implement your business plan
- It helps you to raise finance more easily
- It can help you decide if you really want to start up in business
- It helps you to grow your business wealth more rapidly
Let’s talk about your Business Plan
I help all kinds of people with business planning, day by day, whether they are start ups and existing businesses, micros and SMEs. If you would like to find out more about business planning and financial forecasting, indeed, how a business plan can shine a spotlight on your business, then please contact me on 07774548822 or email me at firstname.lastname@example.org. Let’s plan your business growth!