Implications for the business 1. Introduction Business growth can be hugely exciting, but it does bring changes within the business. This section looks at the importance of your Business Plan and also at the implications of growing a business.
When and how to review your business plan The importance of ongoing business planning Most potential investors will want to see a business plan before they consider funding your business.
Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan. A business plan plays a key role in allocating resources throughout a business.
It is a tool that can help you attract new funds or that you can use as a strategy document. A good business plan reveals how you would use the bank loan or investment you are asking for.
Ongoing business planning means that you can monitor whether you are achieving your business objectives. A business plan can be used as a tool to identify where you are now and in which direction you wish your business to grow. A business plan will also ensure that you meet certain key targets and manage business priorities.
You can maximise your chances of success by adopting a continuous and regular business planning cycle that keeps the plan up-to-date. This should include regular business planning meetings which involve key people from the business.
To find out more, see our guides on how to review your business performance and how to assess your options for growth. If you regularly assess your performance against the plans and targets you have set, you are more likely to meet your objectives.
Many businesses choose to assess progress every three or six months. The assessment will also help you in discussions with banks, investors and even potential buyers of your business.
Regular review is a good vehicle for showing direction and commitment to employees, customers and suppliers.
What your business plan should include Your business plan should include a summary of what your business does, how it has developed and where you want it to go. In particular, it should cover your strategy for improving your existing sales and processes to achieve the growth you desire.
You also need to make it clear what timeframe the business plan covers - this will typically be for the next 12 to 24 months. The plan needs to include: The marketing aims and objectives, for example how many new customers you want to gain and the anticipated size of your customer base at the end of the period.
To find out about marketing strategy, see our guide on how to create your marketing strategy. Operational information such as where your business is based, who your suppliers are and the premises and equipment needed.
Financial information, including profit and loss forecasts, cash flow forecasts, sales forecasts and audited accounts. A summary of the business objectives, including targets and dates. If yours is an owner-managed business, you may wish to include an exit plan.
This includes planning the timing of your departure and the circumstances, e. If you intend to present your business plan to an external audience such as investors or banks, you will also need to include: The individual business plans of the departments and separate business units will need to be integrated into a single strategy document for the entire organisation.Planning for Business Analysis | Pluralsight,+ followers on Twitter.
1. Overview. Planning is key to any business. It's sensible to review your current performance on a regular basis and identify the most likely strategies for growth. 1. Overview.
Planning is key to any business. It's sensible to review your current performance on a regular basis and identify the most likely strategies for growth.
Planning for business growth. From Innovation, Science and Economic Development Canada. You've decided it's time to expand, but there's plenty to consider before you begin. These resources can help you make sound decisions that work for your business. 2. Planning for growth.
Savvy small business owners know that a business plan is a great tool not just to help guide and grow the business, but also to use as a reference to continually check where you are and what you have achieved.
A SWOT Analysis for Growth: If you do not have all the above going for you, determine how to get it by gathering your management team and analyzing each area of your company for strengths and weaknesses: marketing, sales, production, technology, human resources, customer service, etc.