Member Article

Creating the perfect business plan

With Business LinkIf you look behind the scenes at any successful company, you will find a strong business plan in place. Carol Groombridge from Business Link gives her guide to creating the perfect plan, which can help you identify potential problems, focus your development efforts and work as a measure of your success.LayoutWhen setting out your business plan, make sure you keep it short and to the point. Even more crucial than this is to make sure your plan can actually be read in the first place by using a typeface that is larger than 10 point. To give it that professional edge, do something simple such as binding it together or using a cover. StyleOne thing to be careful of is to check you are not just including information you feel the reader will want to know. Always try to put across your own personal views, making it realistic and honest; and show details of how you are going to develop your business. Even if your business plan is only going to be used only in house write it as if it was for an external audience. Subject matterAs business plans often contain a lot of in-depth detail it is important that you have an executive summary, which details the key points of the entire plan. It may be the only part of the business plan that is read so it has to catch the reader’s attention. There are four key areas which need to be covered:· a brief overview of your business opportunity· your sales and marketing strategy· the management and personnel team· operational and financial forecastsFinally, at the back of your plan you need to include an appendix which will contain any of your market research data. One of the most crucial things to do once you have completed your plan is to get an external adviser to read it. This allows you to get a different perspective on what you have written, and then you can improve your plan based on their views. Update your plan on a regular basis as your business grows and expands - otherwise you could end up setting unrealistic targets of what can be achieved and by when. The Business Link web site www.businesslink.gov.uk has plenty of useful tools, information and advice to help you with your business plan – including business plan templates, sample business plans and a guide to preparing your own business plan.

This was posted in Bdaily's Members' News section by Ruth Mitchell .