Business Plans

Why Is A Documented Business Plan Important? 

30% Quicker Growth!

According to a research by the University of Oregon, businesses that plan, grow 30% quicker than those that do not. This study indicated that while many firms can succeed in the short term without a plan, those with a plan grew quicker, and overall, were more successful than those without one.

 

A business plan will provide you with a clear outline of all the actions that need to be taken to achieve steady growth and success. It will help you manage business-critical factors, recruitment, budget, and revenue potential, all important factors for you as the business owner as well as for potential future investors.

 

A business plan will also provide you with essential insights, establish timelines, and prevent potential risks. It is the foundation that will help your business grow, evolve, increase market share, and respond to increased demand.

 

Yet when working with business owners, I often hear them say, “I’ll be happy if we do the same as last year, or a little bit more.” But that isn’t a plan as such; it’s more an acceptance that there’s nothing they can do to change their business performance and that their business growth is out of their hands.

 

I have prepared this business plan template to support organisations with business planning.   The clear well-structured format offers several key benefits to business leaders:

  1. Clarity and Direction: It provides a clear roadmap for the business, outlining goals, strategies, and action plans. This helps leaders stay focused and aligned with their vision.
  2. Improved Decision-Making: By having all critical information in one place, leaders can make informed decisions quickly and efficiently.
  3. Resource Allocation: It helps in identifying the resources needed, whether financial, human, or technological, and ensures they are allocated effectively.
  4. Risk Management: A comprehensive business plan includes risk assessments and mitigation strategies, which help in anticipating and managing potential challenges.
  5. Performance Monitoring: It provides benchmarks and performance indicators, allowing leaders to track progress and make necessary adjustments.

What It Says About Your Business

When it comes to prospective investors and banking lenders, a well-structured business plan is a major asset for several reasons:

  1. Demonstrates Preparedness: It shows that the business leaders have thoroughly thought through their business model, strategies, and potential challenges.
  2. Builds Credibility: A detailed plan reflects professionalism and credibility, which are critical factors in gaining the trust of investors and lenders.
  3. Highlights Viability: It outlines the financial projections, revenue models, and profitability, giving investors and lenders a clear picture of the business's potential for success.
  4. Risk Mitigation: By presenting a well-thought-out risk management plan, it assures investors and lenders that the business is prepared to handle uncertainties.
  5. Facilitates Due Diligence: A comprehensive plan provides all the necessary information for investors and lenders to conduct their due diligence, making the process smoother and faster.

 

Discuss Your Business Planning Cycle for FREE

For a deeper insight into your organisation or to discuss strategies for planning and implementing change, please contact me to arrange your FREE 1-2 hour consultation.

This is where our journey begins—working together to support your business and create the success you’re striving for.