Starting, running, or growing a business without a business plan is like blindfolding yourself while driving and hoping you’ll make it home in one piece.
This means that maintaining a written business plan in most cases is the difference between the success and failure of your business. Especially in its infancy. A business plan is a blueprint of your business, focused on how it will run, and provides future direction in achieving your goals.
Depending on your business type, your plan could include the following sections:
- Business Summary: A one-page overview written after your business plan is finalised.
- About your business: This is typically called the management plan or operations plan. It covers all the details about your business, including structure, registrations, location and premises, staff, and products or services.
- About your market: This is the marketing plan. It should outline your marketing analysis of your business’ industry, your customers, and your competitors. This section should also cover your key marketing targets and your strategies for delivering on these targets.
- About your future: This section covers your plans for the future! Include things like a vision statement, business goals and key business milestones.
- About your finances: The financial plan can seem straightforward. It includes how you’ll finance your business, costing and financial projections.
For further information on growing your business, check out our blog post about it or speak to a small business accountant.