Business Plans Planning is a pre-requisite for the establishment and development of a successful business enterprise. Without planning there are simply too many variables and at least one of them will go wrong and potentially sink the business. It is not essential to reduce your business plan to writing. There are four main reasons why it is advisable:
- Writing a business plan assists the entrepreneur in keeping to the initial idea that led to the establishment of their business. The only constant in life is change, it is always happening and not all of it is to our advantage. By writing a business plan, the anticipated growth in the business and the operator can be measured and monitored, making it easier to anticipate potentially damaging situations in business life.
- By writing a business plan we start a history of our business which is important and provides the operator with a continuum within which they can measure their progress.
- Should we need to access finance at any stage in our business life, potential investors will need to know who we are, what we do, how we do it and what we have already achieved. This can be done through interview but that uses valuable time.
- Most businesses involve more than one person and many have more than one person in a management role. Every person looks at a business from a different viewpoint. Thus, to cater for these differences and the number of employees, the most effective way is to reduce their needs and opinions to paper, making the most effective compromise position on which growth and development of the business appeals to the greatest number of people.
There are four reasons for drawing up a business plan:
1. To identify and address those factors necessary for the successful establishment and development of a business opportunity;
2. To identify and address those factors that affect an established business when there is a requirement or opportunity to undergo significant capital growth, or change in direction of the business.
3. To act as an inducement to investors and lending organisations for the investment/lending of money to establish/develop a business; and
4. To act as a “road map” for the establishment or development of a business providing projections by which progress can be measured and monitored. In the planning of a business, we offer a comprehensive consulting service which guides a prospective/existing business owner through the steps needed to produce a comprehensive and complete plan for the establishment and growth of a business.
Further we offer technical advice to business owners and assist in the sourcing of funding necessary for the establishment or development of a successful business.