I passionately believe that a Business Plan, together with a Financial Forecast (at least two years hence), will provide you with a clear statement of your vision, strategy and objectives, and bring you the following benefits:
- It will set out clearly your strengths and that of your team, based on your past experiences.
- It can be used to attract finance to fund growth.
- It will provide much of the information required for a grant application.
- It will help you communicate your business vision to your employees and stakeholders (instead of keeping it in your head!).
- It will help you to identify potential risks to your business and set out strategies to resolve them.
- It will include ‘what if’ scenarios and the consequences for your business.
- It will provide you with a timetable for future profitable growth and the investments required to achieve it.
- It will help you to demonstrate that you have appropriate contingency plans in place to recover from potential business disasters.
- If you are considering a future exit sale, it will help you to maximise the value of your business.
Above all, a business planwill put you back in the driving seat of your business (where you should be, instead of being overwhelmed by the day to day stuff) and help you to focus on driving your business forward.