Plan for your business rather than a business plan
Should you have a plan for your business rather than a business plan?
It is amazing how many businesses are started without a formal business plan, but everyone has a plan for their business however informal it may be. Most start-up businesses follow the same cycles as they expand and grow with those that are well capitalised and structured normally moving forward much quicker than those that are running on a shoestring with few systems. Some will never move beyond what could be seen as the initial stages as the business plan is to create a self-employed job for the owner.
Having a formal plan for your business is a good start, but does this need to be a “Business Plan”? In fact, it can be argued that most Business Plans that are written by small firms are for an ulterior motive of getting finance and are never used as a working document. Many are prepared, given to the bank and are taken off the shelf covered in dust on their way to the bin many years later.
However, owners with the drive, ambition and the resources to move their business through the barriers that stand in their way will normally see their enterprise grow. The problem can be that without a formal plan it is often hard to quickly see and overcome the problems that are cropping up and this identification process can be one of determining factors of how rapidly you can move on to the next level. With planning it is often possible to foresee the problems and effectively manage them so that they form a small hump rather than a massive mountain.
We would recommend that if you are an ambitious business owner you should have a plan for your business and that it is written down, with parts for your of marketing activity, sales targets, financial plans and staff requirements. The plan for your business can also describe the future barriers that are likely to slow the business down, as well as, those points where growth or profits will have a step change as the firm moves past the next hurdle.
Simply put, the message is:
- Where are you?
- Where do you want to go to?
- How are you going to get there?
- What do you need for the journey?
- Do you need help to get there?
What should you do now?
You can call me NOW to discuss your plan for your business and how it can meet your retirement, lifestyle or business needs. Or complete your details above and I will share some insights by sending you my report “Boost your business’s value by 50%” or email: firstname.lastname@example.org.
BRIAN RUSSELL FCA
Strategic Planning Partner
Tel: 01661 872004
Brian Russell FCA is a Chartered Accountant specialising in business development particularly within small and family run businesses to maximise the returns available when exiting your business or handing it on to the next generation.