Putting together a business plan helps you to clarify what you wish to achieve, how you are going to do it, and the steps that will get you there. As your business progresses the business plan will also help you to review your progress and change your forecasts if necessary.
It is essential to have a realistic, working business plan when you're starting up or running an established business.
A business plan is a written document that describes your business and includes:
- its objectives
- its strategies
- the market it is in
- its financial forecasts
You’ll need a business plan if you want to secure investment or a loan from a bank. It can also help to convince customers, suppliers and potential employees to support you.
Top Tips for writing your business plan
Provide Detail: The details will help you drill down into how you will actually deliver your plan.
Carry out research: Understanding your market. Make sure your plan is clear about your target market – who will you be selling to and who your competitors are and what they offer.
Seek Support: Contact us here at the Growth Hub for guidance and support
