A business plan is a written document that includes a brief description of your business. It also contains the objectives, strategies, sales, marketing and financial forecasts of the business.
Banks and financial lenders usually require a business plan as part of an application for a loan. The other benefits of having a business plan include setting out long and short-term goals, measuring your progress against the goals, clarifying a business idea or proposal and highlighting potential problems before they happen.
However business plans don’t need to be overly complicated, nor full of jargon or buzz words. Instead think of a business plan as a useful summary of your business, that sells your idea and ambitions to a potential customer, supplier or even staff.
Remember that anyone picking up your business plan should be able to understand exactly what your business does and where you want it to go in the next 12 months or few years. It should also include the steps you’re going to take to get the business to that point. Break the information down into simple sections:
Whether you’re launching your own start-up or looking to grow your small business, our FSB Business Leads will help you find new customers. Our specialist advice can help you build your business’s profile and our members are already benefiting from exclusive discounts to access the latest business data lists.
Remember there are a number of legal requirements if you set-up or run your own business, especially if you employ staff.
Don’t panic we can help you take care of the paperwork. Our members have free access to our FSB Online Legal Documents service which has a dedicated business start-up section with handy tip-sheets on Employment Law, Health and Safety regulations and business insurances. We also have our FSB Company Pension Plans to help you cover you and your staff’s retirement.
Whether you’re already running a business or want to get yours off the ground, being on top of your finances is crucial for making it a success. Make sure you clearly write down all your earnings and outgoings in your business plan. Potential investors and banks will want a realistic picture of your books.
If you want to find out how to borrow money or make savings, don’t forget our FSB Business Banking can help you. We offer independent, unbiased business and personal finance advice and our members already benefit from a free initial consultation, a free financial healthcheck and investment advice.
We’ve been supporting small businesses for over 40 years, so join us for peace of mind and to benefit from a range of exclusive deals and services. We’ll help you concentrate on what’s important, running your business.