What should my Business Plan include?
A business plan is a critical tool for any business looking to succeed in the UK. It outlines the company’s goals, strategies, and financial projections and provides a roadmap for achieving success. As accountants specialising in business advisory services, we understand the importance of a well-crafted business plan.
Why create a business plan?
Sometimes you are required to share your business plan if you are looking to raise finance, therefore it is a great idea to already have one in place. The plan should set out the business’ strategy and action plan for the next number of years, meaning it will help you focus on the business goals and ideals, setting objectives and how they will be achieved.
Here are some of the key elements that your business plan should include:
Executive Summary
The executive summary is a brief overview of your business plan, outlining your business concept, goals, and strategies. It should provide a snapshot of your business and grab the attention of potential investors or lenders.
Company Description
The company description should provide an overview of your company’s history, mission, and goals. It should also include information about your management team, legal structure, and any relevant industry experience.
Market Analysis
A market analysis should include a detailed assessment of your target market, competitors, and industry trends. It should also outline your marketing and sales strategies and include any market research or customer surveys you have conducted.
Products and Services
This section should provide an overview of the products or services you offer, including any unique features or advantages over competitors. It should also outline your production and delivery processes.
Financial Projections
Financial projections should include a detailed analysis of your cash flow, income statement, and balance sheet for the next three to five years. It should also include any start-up costs, capital requirements, and projected revenues.
Funding Requirements
This section should outline your funding requirements and describe how you plan to use the funds. It should also include any details about your current financial situation, such as any existing debt or equity financing.
Risk Assessment
A risk assessment should identify potential risks to your business and outline strategies to mitigate those risks. It should also include a plan for responding to unexpected events or emergencies.
To sum up…
A well-crafted business plan is a critical step for any business looking to succeed. It should provide a roadmap for achieving success and set realistic goals for your business. At its core, it should be a clear, concise, and comprehensive document that outlines your business concept, goals, strategies, and financial projections.
At Lewis Brownlee, we can help you develop a customised business plan that meets your specific needs and goals. We work closely with our clients to provide a comprehensive analysis of their business, help them set realistic financial goals, and provide ongoing support to help them achieve their goals. So, if your business needs help developing a winning business plan, please do get in touch – we’d be happy to help you through!
Get in touch with our Business Services Manager, Jess Morris, if you’d like assistance with putting together your business plan!
Call us on 01243 782 423, or email us from our contact page and we will be in touch.
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