How To Write A Business Plan

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HOW TO WRITE A BUSINESS PLAN

A business plan is a vital part of your business strategy. Without it your business will not have the direction it needs in order to become a sustainable and profitable asset.

75% of UK businesses do not last longer than 3 years. Those that do go on to become successful are backed by entrepreneurs who always insist on using a business plan.

What is a business plan?

A business plan is a working document which details key business information, facts, strategies and forecasts. More importantly it dictates which direction you are going in and how you intend to get there.

Look at it this way, you would not set off on a journey that you had never done before without first checking an online or paper-based map, would you? Therefore, when you start out in business, and as you progress through the years ahead, a business plan is vital for mapping out your route and strategy.

Many successful business entrepreneurs will indicate on their business plan where they intend to be both short-term, medium-term and long-term. They will set themselves timescales in which to reach each milestone.

For example, a short-term goal might be between 1 month to six months, a medium-term goal 12 months to 3 years, and a long-term goal 5 to 10 years.

It is important to stress at this point that a business plan does not remain the same and it certainly does not get filed away in your draw for months on end never to see the light of day. It should instead be a working document that is constantly changing and evolving.

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