Business Plan Preparation
A good business idea needs a great business plan with useful financial information, business goals and a strategy to make the idea a reality.
At some point, all businesses, new or old, will need funding, angel investors, or new stakeholders. An expert business plan can help you determine the viability of your idea and help a bank or other lending institution understand your vision for the company’s future.
We have a team of highly qualified business plan writers who have years of experience assisting small business owners in developing a professional and tailored business plan and financial forecasts to help them achieve their objectives.
Having close ties with financial institutions, we instinctively know what information is required and how it should be presented to give you the best chance of getting the loan that best suits your needs.
Why do I need a business plan?
Those looking to invest or lend money want assurances that they will get a return on their money or earn a higher return. So all investors or lenders will demand a solid business plan. Writing a business plan ensures you focus on your company’s overall operational and financial goals, as well as the finer details like budgeting, marketing, and planning.
Think of it as the road map to your business’s future! Think of it as the road map to your business’s future! Reviewing the business plan can help you see what goals have been accomplished, what changes need to be made and insights to drive growth. Of course, you can always go back to the plan to review, monitor its progress, and change direction if need be. It can also be used as a tool for any financial, management, or technology-related matters.
Use a business plan to evaluate your business and its progress. Schedule annual business reviews to assess overall business operations, financial health, and goals. It will also help you identify any weaknesses and guide any changes.Keep in mind that business plans can change and evolve according to your company’s needs and that you can seek the help of professional experts at the right time in case you find any weaknesses in your plan.
Naturally, any stakeholder who has invested in your business will expect to be kept up to date on how it is progressing. Budgeting and having a marketing plan will help you win the confidence of your stakeholder(s) by communicating your future strategy sales projections to outline how you intend to sell and deliver your products to customers as an attractive proposition for the future.
Creating a business plan has several advantages. While a business plan is necessary for a start-up loan application, you can still significantly benefit from having one. Here are six important things a business plan does for you:
- Share your thoughts and ideas about running the business giving anyone who reads it a clear vision of the future.
- Having a structured business plan helps you identify, and solve, any potential problems or issues in achieving your goals.
- Pay attention to the broad operational and financial objectives so you are more aware of any unforeseen problems as your business gets up and running.
- Achieve key business milestones. Think about the key elements of your business to inform decision making as you move forward.
- Circulate it to your wider team. Once everyone is familiar with the business plan, everyone can work together to achieve your vision.
- Use your business plan to run the business and map out your business’s future.
Your Business Plan Journey With Us
Your business plan should outline your company, strategy, and goals. Then, explain why your company will succeed. Here are some key features to include to convince banks and investors to fund your company’s expansion. Can we help you write a new business plan or review an existing one?
Your business and key objectives
Include a detailed business description, core services and products, business goals and a timeline for achieving them. Your goals can be short, mid, or long-term, depending on your business strategy. For example, when applying for a start-up loan, explain how you plan to use the funds to persuade the investor or bank that the money will be well invested.
Your operational plans
Also include the people or departments in charge of specific tasks. Describe each department’s responsibilities, daily operations, and cost analysis. Make an attainable goal that inspires everyone. Set a deadline for everyone to work towards.
Your sales and marketing plans
Demonstrate how you will create and manage demand for your product or service. Outline your sales and marketing strategies to attract customers, purchases, and the resulting annual revenue. Include your marketing strategy for reaching your target markets. The list should include marketing and sales promotions as well as advertising.
Your target customers, market and competition
Include a detailed business description, core services and products, business goals and a timeline for achieving them. Your goals can be short, mid, or long-term, depending on your business strategy. For example, when applying for a start-up loan, explain how you plan to use the funds to persuade the investor or bank that the money will be well invested.
Your skills & experience
It provides a helpful summary of your company to a potential customer or supplier. Showcase your skills, experience, education, and motivation for starting your own business. If you do not have relevant business experience, show how you can apply your skills to your new venture.
Financials
How will you create and manage demand for your product or service? Outline your sales and marketing strategies, including how you will attract customers, what they will buy, how much you will earn annually, how you will communicate to promote your products or services to your target markets. The list should include marketing and sales promotions and PR and advertising.
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If you need any help with the accounting aspect of your small business plan: writing, preparing or updating your existing business plan, please call us to find out more.