Picture the scene – the start of the New Year, you have your business strategy for the year mapped out, you have your budgets in place, staffing assured and cash flow off to a healthy start. Sound like your business? We can only hope.

We Know / this might not be the case and that you may need a little professional advice. Everyone has great intentions of making New Year’s resolutions for their business – many of which have failed before January is out and is this often due to lack of accurate planning.

The New Year is the ideal time to plan how you want your business to develop and strike a better work-life balance.

Having a business plan that accurately reflects the business and the direction it is moving in can be one of the most beneficial tools for an owner, and can be the factor that divides success and failure.

In short, a business plan is a document that details the business, the market in which it sits (or will sit), and how it makes money – both now and in the future. It is a formal overview of the past, present, and future of the business that can be used in several critical ways:

  • Securing funding
  • Maintaining focus
  • Assessing performance
  • Making key decisions

There’s no standard for a business plan, and no rules for what it has to contain or look like. However, the more detail included and the more aspects addressed make it all the more impactful. A good business plan could include:

  1. A business overview
  2. A market analysis
  3. A summary of requirements
  4. The structure of the business
  5. Key financials – present and future

For more information on how to write a business plan, where to access resources, and how to effectively use it within your business get in touch with our business advisory team. Email: wanttoknowmore@robson-laidler.co.uk or call Graham Purvis on: 0191 281 8191.