It will aid you through a process where you will have many options to choose from with the aim of generating wealth/profit. The plan will help you make more rational and thought-through decisions in order to keep your business thriving and generating profit.
To add value every business competes on price, quality, quantity, niche, innovation and differentiation. A proper Business Plan process will test each of these options in order to make a more informed decision. A business plan will give you structure and ensures your objectives are kept central to all your decisions.
A business plan is not always created due to the effort and time required. It can be created at any stage, but it is usually prepared for stakeholders. Many businesses do survive without a business plan and it is also true that many business failures could have been avoided with a proper Business Plan.
It brings the process of accountability and examines each strategy. It is also true that genuine growth and potential can be achieved by preparing a Business Plan and treating it as a navigation tool to make informed and better decisions.
Generally, Business plan contents different from business to business because DNA of every business is different. Below are some key points a good Business Plan should cover: Glossary of Terms, contents, a disclaimer notice, executive summary, the business, the product/service, market research, management and operation, financial plan, funding requirement and biographies of entrepreneurs
A business plan is a navigation tool to improve the decision-making process to achieve the highest potential of your business and innovative ideas. It brings many areas of business onto a testing ground. It acts as a devil’s advocate and exposes many weaknesses and sometimes brings you back onto a testing ground. Your business plan should be a working document that develops alongside your business.
To find out more about Business Plan please contact us at Sterling Finance on 0161 339 4989 or email info@sterlingfinance.net.
