Telling the truth about SME life today

5 tips for the perfect business plan

Share on facebook
Share on twitter
Share on linkedin
Share on email

It seems obvious: companies that take the time to understand their position in the market, set goals and objectives, and review these goals on a regular basis are more profitable.

Yet, shockingly, our research found that around one third of all small and medium-sized businesses in the UK do not have a business plan. In certain sectors this rose to around 50 per cent of all small businesses.

Its clear that many small firms are choosing not to prioritise business plans, in favour of more immediate concerns like winning new customers and keeping old ones happy. Indeed, one of the most common reasons offered for not having a business plan was that they didnt have the time . Perhaps more worryingly the research suggested that many small businesses dont know how to put a plan together at all. Some reported that they didnt have anyone to help , while others werent comfortable with the numbers .

However, it is important to get the ball rolling. Here are five top tips for writing a strong business plan.

1. Set goals

At the beginning, it’s important to understand what you want to achieve with your business. It might be a percentage growth target, a diversified client base, a profitable exit or you may simply want to earn enough to fund your current lifestyle. 

Understanding and defining your goals helps to bring focus to the business and allows you to measure performance at the end of a defined period.

2. Understand how you will achieve these goals

Once youve defined your goals, you need to outline how exactly you will get there. Do you need to invest in technology Hire more staff Do you need to change offices to reduce your overheads  

Think carefully about how you intend to achieve these goals then put it down in the plan.

3. Look for opportunities

Any good business plan will show an understanding of the companys home market place and identify opportunities and threats as a result. 

This will help you to better determine how you position your company and its offering compared to competitors and in line with current market, economic and social trends.

Trending

Topic

Share on facebook
Share on twitter
Share on linkedin
Share on email

Related Stories

More From

Trending

If you enjoyed this article,
why not join our newsletter?

We promise only quality content, tailored to suit what our readers like to see!