What is this planning all about?  It is a document that defines the business, a bit like a Road Map for the next 12 months. It identifies your goals, and assists in the daily running of the business. The development of the plan encourages the business owner to write down key objectives, helps allocate resources properly, provides specific and organized information, and is a crucial part of the financial package.

The benefits of preparing the Business Plan are; it sets out a clear direction to help ensure that the opportunity you have identified matches your goals and ambitions. Planning allows the business to examine ideas carefully, and assists in the decisions covering time, resources and financial commitment. A key area in the development of the plan is that it helps challenge old ideas and creates a climate for new innovations.

The main areas that it covers includes an Executive Summary(key points),  a marketing plan, operations plan, management and staffing, financial forecasts, risk assessments, an action plan, and I would ad market research information as well.

I have found from my experience that there are many barriers to planning which include fear of the unknown, fear of the future, fear of failure, and fear of success, and how do we write them. The business is changing quickly and planning is not seen as worthwhile.

Before starting the business plan obtain advice from your accountant and bank manager, and check out the templates. There is a wealth of information and resources available and source a template that suits your business. 

The business plan doesn’t need to be complicated. They are a desk top document that is used daily to measure the performance of what has been planned. When it is measurable it is easier to evaluate and manage.