External Finance

Write a business plan

A business plan is a written account of how you see your business developing. It allows you to:

  • measure progress
  • identify things not going to plan
  • show outsiders your business aims and prospects
  • estimate future profits based on sales forecasts

Your business plan will show the overall shape of your business and the effect a decision in one area will have on another. It identifies the opportunities, and also the threats to your business.

How to write a business plan

Your business plan should cover all the relevant aspects of your business, including:

  • your business idea
  • the market
  • your people
  • your marketing
  • advertising strategy
  • premises and equipment
  • setting up costs and overheads
  • a break even analysis.

Lack of hard information or experience may require you to make realistic assessments rather than firm conclusions - you can always adjust your plan later as results come in.

Action Checklist

Some action points to follow:

  • Review your plan regularly. Some businesses produce monthly or quarterly plans, or write a plan to deal with seasonal variations or particularly demanding times of the year.
  • Consider producing one version for use with outsiders to ensure your company is seen in the best possible light and another inspirational version for internal use.
  • Contact us for further help and advice.

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