Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities.
It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.
What should a business plan include?
There are no rules about what your plan should cover or the level of detail. In general, plans need to include information regarding:
- business profile
- vision, mission and goals
- market research
- operational strategy
- products and/or services
- marketing plan
- financial strategy.
Before starting your business plan
You may want to consider the following key questions to help determine if you are ready to start writing your business plan.
- Have you thoroughly refined your business idea so you have a good understanding of how your business will operate?
- Have you researched your business concept to determine if there is a need for it in the marketplace?
- Have you completed a feasibility study to determine expected level of success?
- Do you have the money required to start and grow the business?
- Are you prepared to invest significant time into the business to get it up and running?
How often should I review my business plan?
Business planning is an ongoing activity. Review plans regularly and update whenever your circumstances change.