A business plan is a crucial document for any business, whether you’re just starting out or you’re a well-established company. It provides a roadmap for your business and helps to ensure that all team members are working towards the same goals.

In its simplest form, a business plan is a document that outlines the goals and objectives of your business, as well as the strategies and tactics that will be used to achieve them. It provides a detailed overview of your business, your target market, and your competition, and includes financial projections and other key information. 

Problems caused by not having a business plan

There are a number of problems that business leaders and their businesses can face if they don’t have a business plan. 

Some of the most common problems you may face include:

• Lack of direction: Without a clear plan, it can be difficult for you and your team to know what direction to take. Team members may not be working towards the same goals which can be both confusing and unproductive. This can lead to overall inefficiency, which can harm the business’s growth and success.
• Difficulty securing funding: Many investors and lenders will want to see a detailed business plan before providing funding. This reinforces your credentials and lets the lenders know that you have considered all the important aspects of growing a successful business. Without a plan, your business may have difficulty securing the funding you need to grow and expand.
• Poor decision-making: A business plan can help to identify potential problems and challenges that a business may face, and provide strategies for dealing with them. Without a concrete plan, you may make poor decisions that can harm your business’s growth and success.
• Loss of focus: A business plan can help keep you focused on your goals and objectives. Without a plan, it can be easy for you to get sidetracked and lose sight of your long-term goals. Plus, a business plan can do wonders to reassure you and your stakeholders that you’re on the right path to success. 

Overall, it’s clear that not having a business plan can hinder your business’s growth and success.

7 components a successful business plan should include:

1. Executive summary: This is a brief overview of your business plan, highlighting the key points and providing a glimpse of what’s to come. It should also include a summary of your overall business goals and key KPIs.

2. Company Description: This section should provide a high-level overview of your business, including its history, ownership structure, mission, vision and values.

3. Market analysis: In this section, you should provide an analysis of the market in which your business will operate, including information on your target customers and competitors.

4. Products and services: This section should describe the products or services that your business will offer, including any unique features or benefits that set them apart from those of your competitors.

5. Marketing and sales: In this section, you should outline your marketing and sales strategies, including details on how you plan to reach and engage with your target customers (and within what timeline) and what price range you plan to offer your customers. 

6. Financial projections: This section should include detailed financial projections for your business, including your latest budget, your projected income for the next 3 years, your balance sheet, as well as your cash flow forecast.

7. Management team: This section should provide an overview of your management team, including their experience, qualifications, and roles and responsibilities within the company. If you’re a small business, we recommend you add details about yourself and your fellow Directors and how you plan to grow this team in the next 2-5 years. 

How can we help you turn your vision into a plan for success?

Our 4-hour business planning session gets to the heart and soul of your business. At the end of the session, you will have a clear and concise Business Plan.

This session will require you to take time out from day-to-day activities in the business to focus on the business. Together we’ll review your past performance and clarify your future direction.  

We’ll enable you to review actual performance against targets and establish a 90-day action plan to address immediate and critical issues. You’ll set solid and realistic business goals and define strategies for achieving them.  

At the end of the session, your easy-to-understand one-page Business Plan will act as a guide for you (and your team) to successfully implement your desired changes. It will ensure your business is on course for scaling up successfully.

Key benefits of having a Business Planning session:

• Review and set business direction
• Align goals amongst the directors (and inspire confidence in your wider team)
• Identify Gross Revenue Targets and Key Performance Indicators
• Establish a robust accountability system
• Identify critical challenges and opportunities in your business and the actions required to resolve or maximise them
• Set timeframes for achieving goals
• Identify what support and resources you will need to achieve your goals  
• Enables you to communicate your business goals and vision with your team
• Provides a platform to develop Financial Forecasts
• Use as a basis to set team members’ individual goals and targets

Call us today to understand how our Business Planning service will help you.