So what are the advantages of business planning and how could it help your business to succeed? It lets you know where you want to go, what you want to achieve, what you have in order to achieve your goals and probably most importantly what problems you can expect along the way. Get our free, easy-to-use business plan template. Here are some of the common challenges:
Purpose of creating a business plan Be clear about what the business plan needs to achieve. A primary aim of any business plan is to set out your strategy and action plan This typically covers the next one to three years, or sometimes five years.
The plan explains your objectives and how you will achieve them. Putting the plan in writing helps you focus and develop ideas. Non-priorities are dropped, saving precious time. Once written, the plan is a benchmark for the performance of the business.
By involving your employees in the complete planning process, you continue to build up a successful, committed team. Sometimes the plan is aimed at people outside your business For example when you are: For example, to your bank manager or investors.
Ask the intended recipient first. Content of a business plan Base the plan on detailed information where possible. But do not include all the detail in the plan. Leave the detail for operational or marketing plans.
Keep the plan short Focus on what the reader needs to know. Cut out any waffle. Make sure there are no spelling mistakes.
Detailed business plans are often quickly shelved, because they are difficult to use on an ongoing basis. Include any detailed information you need in an appendix For example, you might want: Base your business plan on reality, or it may be counterproductive Over-optimistic sales forecasts can lead to increased overheads followed by a cash flow crisis and drastic cost cutting, all of which can seriously damage morale.
Be realistic, even if you are selling the business to a third party. Financiers, business partners and employees will see through over-optimistic plans that ignore weaknesses or threats.
Management credibility can be damaged. Make the plan professional Put a cover on it. Include a contents page, with page and section numbering.
Start with an executive summary. This summarises the key points, starting with the purpose of the business plan. Use charts, if helpful. Even if the plan is for internal use only, write it as if it were aimed at an outsider Include company or product literature as an appendix.
Give details about the history and current status of the business.
For example, try to imagine the impression the plan will make on your bank manager. Check that the plan is realistic. Make sure that it includes the evidence to back up what you say perhaps in an appendix or that you can provide evidence if needed.
What might go wrong eg if your main supplier closes down or you lose a key customer and what would you do about it? Concentrate on the executive summary. People often make provisional judgements based on the executive summary. Only then do they read the rest of the plan to confirm their decision.
Show the plan to friends and expert advisers and ask for comments. Which parts did they not understand or find unconvincing? Business and products Explain the history of the business When did it start trading and what progress has it made to date?4 Free Business Plan Templates: Where to find them and what you get.
Posted June 18, Business Link – This is the UK government’s business advice service. They have a downloadable business plan template along with videos and advice on how to fill it in. Our business banking partners HSBC have a downloadable template. You are leaving the HSBC Knowledge Centre domain.
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2. Tool. Use our interactive business plan tool to get started. Find out more. £12bn Lending Fund. You'll find it helpful to put together a business plan to plot the future of your business – from where you are now, to where you want to be in the future, and how you intend to get there. Sample business plans and guides from HSBC.
Download our business plan template and get started on realising the business of your dreams! How to write a business plan Published 8 months ago · 4 min read. Creating a business plan; Starting a business: Who is setting up in the UK and how can you do it?
Published 9 months ago. Business plan template hsbc.
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