Business Plan

Business Plan

Although many people believe that a business plan is only applicable for starting a business or when seeking finance, they can be a vital asset to your business.

At High Reach Marketing our business consultancy team have a great deal of experience in both reviewing, receiving and writing business plans and may assist you in developing yours.

What is a business plan and when should it be used?

A business plan is a document that gives a full description of the business, inclusive of its strategies, the market and products, the objectives, and financial forecasts, and which allows the user to plan ahead, allocate and review resources, predict possible problems and plan solutions to these. In my view, one of its key elements is that by constantly reviewing it and amending it where necessary, it encourages the user to maintain a high degree of focus.

It is important to understand that a business plan rarely remains static - it should be evolving as your company is, and needs to be realistic. It is pointless to set unachievable targets – this will not motivate anyone and it won’t impress those who may have invested in your business.

The business plan for external funding

In order to secure funding it will be vital that you have a well prepared and accurate business plan - it should be an honest appraisal of what you believe is genuinely achievable as your business will be measured against the targets and objectives that you initially set.

Anyone who is looking to your business either as an investment, to offer a loan, for grant allocation, the bank, or perhaps potential partners will want to see your business plan.

What should it include?

The are many sites where it is possible to download the basic categories of a business plan and lots of hints and tips on the internet - so it is worth some time and effort exploring these.

The essential elements of a business plan should include:


• Executive summary - an overview of your business
• The business opportunity and its aims - who you are - what the business will do and or sell, to who and why
• Marketing and Sales strategy include the features and benefits of the product or service
• Staffing structure - the team - their credentials
• Operations - premises and facilities, IT systems - management systems
• Financial Forecasts
• Appendices - such as market research data / technical info / competitor information
• State the financial need and how it would be used

Remember that you may be staking yours and others futures on the business plan so you need to be confident that it is realistic, well thought out and structured and will attract the right levels of interest.

If you are looking for advice or assistance with your business plan then contact High Reach Marketing for an informal and no obligation discussion. Tel - 01284 717184 or 07887 846095

 

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