A business plan is a useful document for securing investment and accessing support for your company. It’s something that is often associated with start-ups who need to research their market and prove their idea is viable. However, an up to date business plan can help you determine what works for your business, where you can improve and how your market is changing. In this blog, our team of experts offer their advice on creating a powerful new business plan for the year ahead…
Review last year’s business plan
No business should go in to a new year without reviewing the successes and lessons to be learnt from the previous 12 months. Revisit your objectives – did you meet them? If not, why not? Perhaps they changed throughout the year – something in hindsight you may or may not have been able to prepare for. Think about external factors that impacted on your sales – are these likely to continue in to the year ahead? The more reflecting you can do, the better.
Take steps towards growth
Businesses often talk about growth plans, but it can seem daunting to begin to action them. Put practical steps in motion by talking to a support service such as Business East Sussex. Much of the support available to SMEs is free of charge. Discussing your plans and eligibility can show you what options are available.
Update your company profile
Your company profile may not have been updated since the early days of business. If you’ve expanded your products or services or your target market has shifted, it’s worth updating this information. It’s useful for a wealth of things including marketing and hiring new team members.
Tailor your plan to its new focus
An initial plan, created at the start of your company journey usually has to appeal to all manner of people including investors, banks, people working for you and venture capitalists. If you require an updated business plan for a specific purpose, although it’s great to keep the information varied, you can tailor the content to the areas your reader will be more interested. For example, if you’re looking for further financial backing, make sure the numbers add up.
Tidy up the financials
Any solid business plan should cover the financials. As an established business, you should have figures to back up your claims in your new business plan. As an SME you should have more of an idea about income, outgoings and profits meaning you can be more specific and confident in your projections.
Find out more about creating a new business plan or business growth by contacting us.