Kevan Dunne, our Business Adviser has read, dissected, developed, assessed and lent money against literally hundreds of business plans during his career. Here is his take on the value of a simple business plan.
Why do you need a business plan? If you are setting out on a journey, particularly to somewhere you haven’t been before, it makes sense to plan the route to get there quickly and easily. In modern terms, think of a business plan as your ‘Business Sat Nav’. Surely the journey will be more stressful, and at risk of going wrong, and take longer than it should, without it?
How much detail? Well that depends on who needs to read it. If it needs to go to your bank or investor who may not know you personally then it will need to be very comprehensive both in terms of the business itself and relevant details of your skills, ability, experience, qualifications personally.
If you do not need to raise finance, then after bearing in mind all the legal bits, then essentially your business plan is a list of measurable objectives, (principally your own personal ones), a set of sales targets that will meet those objectives and a marketing plan (specific marketing activities) to ensure you meet those sales targets.
Under the Merton Business Support Service, we can help you with drafting your first business plan or developing what you have done.
Call the Business Helpdesk on 020 8619 0700 to find out how we can help you with your business plan or any business-related issue.