We all know that a new business needs a business plan. But What should you include?
In this issue of Business Fundamentals, we look at what should a business plan include.
With the end of the year approaching, many people will be taking time out to look at their business plans for the coming twelve months.
What should a business plan include? Here’s a quick guide to putting a plan together for a twelve month period.
- The Big Picture. The first job to include in a business plan is to identify those two or three major goals that you want to achieve. Make them challenging but achievable.
- The Steps you need to take. For each of these major goals you then need to identify the steps you need to take to achieve them. Setting them out in a timetable will help you to work out whether they are achievable and help you to keep focused throughout the year.
- The Resources you need. This is where you include in your business plan a bit more detail. Identify the ‘what’ and the ‘how’. For example you may need more marketing resources. Do you need to hire staff, take time yourself, or outsource? If you take time yourself, how will you free up your workload?
- Financials. Once you identify the resources, you need to factor in the costs, taking into consideration when they will need to be met and how they will be met. Against that you need to assess the financial benefits that taking these steps will bring. Again you need to consider timing as well as value. Ultimately the financials should underpin and the support your vision for the year ahead.
Are you looking to grow in 2020, but need to know what to include in your business plan? Ask us for advice, we’d be happy to help.