Writing a business plan may seem like a struggle to a new business, after all, it can be seen as an administrative burden. Over the next week or so I will give you a few ideas as to why and how to write a business plan that will should give the reader a true feel for what you are doing, what you hope to achieve and what financials you expect to return.
Should I Write A Business Plan?
Writing a business plan as a new business is a solid foundation when starting out. A business plan will give you an overview of many aspects of the business and what you should achieve throughout what can be a challenging first year in business. Given this, the answer is generally yes.
Is Writing a Business Plan Hard?
Writing a business plan can be a challenging process, but the rewards are great. Remember to break the business plan into smaller, manageable pieces, instead of trying to attack it all at once. This is the exact reason have have decided to breakdown my advice – you don’t need to eat the elephant in one go ! (elephants I’ll come back to in another blog entry)
How long does it take to write a business plan?
This depends on the complexity of the business itself. Some business plans can be put together in a couple of days. Others may take many more sittings. It should be an iterative process, not viewed as a task to simply ?get done?. Bear in mind you may need input from other sources (like your accountant).
Do I Need a Business Plan Even If I Don?t Want Investment?
A business plan even when not seeking investment is still a worthy investment of time. It will structure all pivotal elements of your business into a succinct document and give you a great grounding for your first year. The most valuable piece of work I did when starting a business was to see the numbers down in a business plan in black and white – I really grounded me and made me understand what I was trying to achieve.
Do I Need to Write a Business Plan Each Year?
Generally, after the first year, a business plan turns into an annual plan as it is assumed the business has become viable. I would however go back and look at your plan after a year even if its just so you can laugh at how naive you were !
I?ve Never Written a Business Plan Before, Can I Get Help?
There are many businesses that will support in structuring, writing and articulating your value proposition and competitive advantage into a business plan, as well as marrying this to a structured P&L and go to market strategy.
Be sure when you are dealing with the financial side you consult your accountant.
For More information or assistance in writing a plan contact me.
In the meantime look out for the next instalment where I go through what to include in your plan.