Blog

Family Business - Writing a Business Plan – What You Need to Know

business planSimply said, effective planning is vital to any, to your Business success. 

Developing and writing your Business Plan is the first step when starting a new venture. There are many benefits! 

  • Your Plan is a strategic document, a description of how you present your Business to the market, potential customers and investors.  

  • It can help you to secure finance, prioritise your efforts and evaluate opportunities. It’s a crucial and essential tool for any Business. 

  • It acts as a roadmap and guide, spelling out the key elements that are vital to achieving your goals. It sets the context, objectives and is a way of assessing the viability of a Business venture before investing too much time and money.  

A solid Plan includes these 7 Key components:

  1. Business profile & Executive summary – This is a short explanation of what is in your plan. It defines and shares who you and your Business are, what you stand for. 

  1. Vision, Mission statement and goals – describes who, what you are and how you aim to achieve your desired goals, Business success.  

  1. Market research – do extensive homework. Explore and analyse market conditions, trends, economic and other contributing factors. Know your competition. This activity can help form informed decisions and directions. 

  1. Operational Strategy & Management – How will the Business run and by whom? Identify who is doing what, how and with what resources.   

  1. Products/Services - provide a full description of what you are offering, supplying and selling.  

  1. Marketing Plan – outline your advertising and sales strategy.  Find and explore your niche market. Use the 4 P’s marketing mix (product, price, place, promotion). 

  1. Financial strategy – develop a comprehensive financial plan that includes budget, projections, forecasts, outlooks, and capital sources. 

Congratulations! You are ready for the next step.  

Be prepared! Starting and running a new Business can be complex and challenging. Need help understanding paperwork, bookkeeping and taxation obligations.  Strategic Planning, Financial structures and more, we offer solutions! Contact Blackburn Accounting, we are your family Business specialists offering an individualised service.