Your business plan will be a guide to starting your business and will help you turn your idea into reality. A business plan details how you will handle all the important aspects of your business. It maps your current situation, identifies your goals, and allows you to plan for the future.
A well thought out business plan can make it easier to secure finance to start your business. It can also help you to attract buyers if you want to sell your business.
What's in a business plan?
Your business plan combines several other plans that can often stand alone. This can include:
- an executive summary
- a business profile
- product or service and market analysis
- a marketing plan
- a legal and risk management plan
- an operating plan
- a management and personnel plan
- a finance plan
- an action plan.
Write your business plan
The list above should give you an idea of the different aspects of running a business. The next step is to make a record of these ideas. Find out how to prepare a business plan.
Once you are ready to document your ideas, you can use our business planning kit to develop a plan for your business.
Remember, it is a good idea to seek advice from your business adviser, solicitor or accountant as you prepare your business plan. Find out more about working with business advisers.
Review your business plan
Your business plan should be a living document that is reviewed and updated regularly. Using your business plan as an operating guide for your business will help you to make the most of new opportunities, identify potential risks, and act before they occur.
- Access financial benchmarking data to compare your business against other similar-sized businesses in the same industry.
- Find out how to create a business vision and write a vision statement.
- Learn how to develop business processes, procedures and standards.
- Find out ways to fund your business.
- Read how to develop and implement your business values.