It is quite disconcerting that we come across many small businesses without a well-drawn up, structured business plan. Not only does that put them at a distinct disadvantage if they ever need to raise funds or find partners for their business, but it is also rather like a ship without a rudder, floating around aimlessly without direction or control.
Just as it is essential to have short, medium and long term goals (part of a good business plan) many small businesses go no further than that and have no structured plan for what they are trying to build. Unquestionably, a Business Plan is a blueprint for a brighter future, so let’s look at why…
What is a business plan?
A business plan outlines your business objectives and generally includes information about your products or services, your financial structures and resources and your proposed marketing strategies. It should be created at the start of a business and constantly updated as the business grows.
How does it help you?
Small business owners often seek professional help for the drawing up of a business plan as it can guide them in their planning and their decision making, and seeing the bigger picture for their business improves their chances of it ultimately being a success. It can also help to obtain the backing of investors or potential partners if you can see your overall financial position and plans for the future.
What does it consist of?
There are study courses on how business plans can be constructed, going into the finer details and intricacies of running a business, but the essence of a business plan is that it should contain…
- A market analysis – This requires analysing and collecting information about the things that affect your specific industry. You don’t want to be playing the game on the wrong field!
- Competitors analysis – This entails analysing and evaluating your competition. Who are they and what are their strengths and weaknesses? This helps you to remain a cut above the rest from day one.
- Customer targeting and segmentation – This is establishing the demographics of your specific target market and dividing your customers into groups for market analysis.
- Marketing – A vital part of any business is to have a specific and targeted marketing plan.
- Logistics and operational plans – For planning how you can best execute your production processes.
- Cash flow plans and projections – Also a vital aspect of keeping any business afloat is to ensure a professionally administered and always available cash flow!
- An overall plan for long-term growth!
Consult the experts
Platinum Business Solutions (PBS) offers a comprehensive Business Administration service from drawing up business plans for start-up businesses to Financial Administration, the organisation of legal documents and the management of any kind of documentation required.
You need to look no further than us for every facet of creating, running and growing a business at every phase of your business journey, and remember that our core function is to position our clients ‘ahead of the curve’ by generating the vital competitive advantage that has become imperative in today’s business world. This is a vital part of any Business Plan, so contact us today for the best possible start you can get – or to finish stronger than you have ever previously been!