Writing a business plan is an essential task when starting a new business. It is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts.
It will help you set targets, collate all your ideas and plan for the future.
Links 4 Dorset consultants can help you prepare a business plan which may be used to secure finance or as a focus for you to work towards.
It is a dynamic document that should be reviewed regularly to help you monitor and measure the performance of your business.
Every business is different; however for the majority of cases you should include the following elements in your business plan:
If you need help writing your business plan, give us a call to find out how we can help. Contact us on 07919 488503 to discuss further.
Executive Summary - In this section you should highlight the key points of your plan. It is the most important part of your Business Plan, on completion the reader should understand what your business is about.
Vision - In this section you should identify clear and challenging objectives and how you will go about achieving these goals and how you plan to develop your strategy.
Business Description – In this section you should describe the products or services your business will provide and where the business will operate.
Legal Requirements - In this section you should state whether you intend to be a sole trader, a partnership or a limited company. You should also highlight any licenses you need before you start trading.
Management Structure - In this section you should include relevant details on your experience and the training you have undertaken. You should also include similar information on any key personnel.
Market Strategy - In this section you should include details of your market, your customers and your competitors. You should set objectives and targets and how you intend to achieve them.
Marketing Plan – In this section you should set out how you will promote your business through the various methods available and how you will stand out from your competition.
Pricing and Sales Targets – In this section you will decide your pricing policy and set your sales targets. You should also set out a sales forecast.
Finances – In this section you should include details on how much money you need to start-up, how you are going to source the finance, the personal income you will need to take from the business and forecasts of your cashflow for the first year.
Operational Requirements - In this section you should include information about any premises you are intending to operate from, the equipment you will require and the staff you will need.