Business Planning

Business planning is an essential component of any successful business but it is often overlooked due to pressures of day to day work. A well considered and constructed business plan can help you safeguard your own investment, focus your efforts, ease external financing problems and provide you with a yardstick against which to measure your progress. Once developed you should aim to maintain your business plan in-line with your business.

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Writing a Business Plan is essential but it is not as difficult as it may sound - it is simply a way of putting your ideas on paper.

Areas that are usually covered:

1. Description of the business - brief overview of purpose of business and location.
2. Evidence of demand for product/service - size and location of market, buying patterns, type of research carried out.
3. Sales and Marketing - how you will promote your product/service, sales targets you've set, competition and how you will overcome it.
4. Product/Service - description and its advantages (and disadvantages).
5. Management - CV's, training needed, what are these people bringing into business?
6. Financial forecasts - cash flow forecast, profit and loss, initial financial outlay

Your plan should contain the essential information required - not waffle. Try and tailor it to the needs of whoever is going to be looking at it. And remember, with financial predictions - best to be prudent - don't be over-optimistic!

You can obtain examples of business plans from:

• Local libraries
• Business services of banks

Help and advice on creating a business plan for your business, can also be found on the Business Link Leicestershire website.