Preparing a business plan

Planning is one of the most important things you can do to make your business successful – whether you are considering, starting, running, expanding or exiting a business.

If you are starting a new business, your business plan will help you get your idea off the ground. It will give you an opportunity to consider what goals are realistic and achievable and help you identify what you can do within your budget. Your plan will be a guide to making your idea a reality. It is a key document for investors, banks and venture capitalists.

If you own an existing business, having a business plan that is regularly reviewed and updated will help you take control of the direction your business is heading. Your business plan will allow you to make the most of new opportunities and identify potential risks and act before problems occur. If you decide to sell your business, your plan will be useful for attracting potential buyers.

This guide will help you understand what a business plan is and how you can prepare or update one for your business.