Business Planning.

What is the purpose of Business Planning?

How will Business Planning help my Business?

In any business there are things you can influence and control, and some things you can’t. You will have choice in some aspects of the business and not in others.Business planning does not guarantee business success, however it can enable you to identify and exploit business opportunities, as well as helping you to manage the business, assess risks and make informed decisions.

You will find a simple business planning checklist below, as well as a reminder of useful tools, methods , questions, and tips for business development.

Business planning is important. Whether your business is a shoe shop, furniture manufacturer, hairdressing salon, gardening service, fashion designer, estate agent, financial adviser, or  any type of business, planning will help you to manage the business, assess risks and opportunities, & make decisions.

Read common questions about business plans.

3. If you need to raise finance to strat the business, or perhaps apply for a loan or grant to develop the business further, the bank or any other investor will want to assess you and your plan before deciding to make any loans or investment.

Common questions about business plans

Q. Do I need a business plan? Without some form of plan the risk of failing , however you measure it, increases. You may also find it difficult to obtain business finance or investment without one.

Just as you might plan for a holiday,  a day trip, or a night out, planning helps you achieve your objectives.

Q. What should be in the business plan? Look at the simple checklist below, this highlights the core content of any good plan.

Q. How many pages should a business plan contain? A good business plan relies on quality not quantity. Content will depend on your business and every business is unique. Remember the reasons for doing the plan. Some plans consist of only a few pages but should address the elements in the checklist below

Q. Do I need to write my plan down? Remember the reasons for creating the plan. Some businesses are very successful and have little or nothing documented, however risks can be greater, and opportunities may be missed.

Q. Can any business benefit from having a plan? Whether you are a manufacturer, retail outlet, hairdresser, landscape gardener, coffee shop, or any other kind of business, having a plan will help you to to manage and develop the business .

Business Planning Checklist : ‘How to’ guide.

Here is a basic checklist for creating a plan. Don’t forget that the business environment like most aspects of life, is dynamic! Make sure you monitor and adapt your plan as things change. Start with a simple list , quality of your plan is better than quantity.

Business plans help to define your targets and how you will achieve them.

Start your business plan: Write a single line or short paragraph about each factor below. Then consider the plan in the context of its purpose and uses as described above.

Aims & Objectives of the business- what are they? This may change over time

Your income needs, take into account that new businesses take time to start generating profits

Assessment of finance to get started

Business Premises- what do you need , is location important, what will it cost?

Marketing- how where and when will you market your product or services?

Competition- who and where is your competition?

Your customers - who are they, do you understand your target market and customer profile?

Advertising & promotion- how where, when, and what will it cost?

Personnel- who will do what, do you need additional training, knowledge, resources?

Insurance, Legal, & Contingency plans- what insurance do you need, licenses, etc?

Pricing & Terms of trade

Sales forecasts - how much do you think you can sell of each product or service, and when?

Profitability forecasts - is the forecast return on your investment worth the risk?

Cash Flow- when will money come in and be paid out?

Once you have started your plan , each section can be expanded , and gaps filled in with research or by speaking to people. Visit the resources page for details of where to find free business advice.

Business resources and grants

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