The Business Plan – Can you grow without one?
22nd June, 2017
A business plan is often considered unnecessary by business owners but it should be considered an essential document for any business serious about growth.
The production of the plan should bring the management team together to:
- Assess your market needs and the competition;
- Consider the strengths and weaknesses of the business;
- Ascertain the critical success factors for the business;
- Identify what must be done to achieve profitable growth.
The exercise should bring out what is needed to achieve the growth goals. I am a big fan of the classic five Ps model to which I would add three more elements:
- Projections; and
The final pillar of the plan is the funding need, what the funds will be used for and generate in terms of return and, growth in the business.
To bring it all together consider:
- The reader, anticipate their questions;
- How to choose the right funder;
- Its length, make good use of bullet points, charts and appendices;
- How strong your Executive Summary is, it should no more than two pages but this is your elevator pitch;
- Your projections make them credible with robust ; and
- Make sure you can defend any statements made.
Mark Hislop, Founder and Corporate Finance Director at Advantage Accountancy & Advisory Ltd has funded, invested in, read and, authored 100’s of Business Plans over the past 30 years.
For a free consultation with an expert call 029 22 331169.