Writing a Business Plan? You're Not on
Your Own - There Is Help!
Are you struggling to write a
Business Plan or even find the motivation to be pick up a pen to even start?
Many business people who must write a Business Plan, whether for internal
planning or for their Bank Manager, fall at the first hurdle, and don't
produce a Plan because they haven't the faintest clue where to start.
There is no excuse for this
to happen. If you have never put a Business Plan together, you don't have to
struggle on your own because there is plenty of support out there to help
you write a blockbuster of a Plan.
Here are some of the places
or people you can seek assistance from.
Your Team
Don't ignore the people who
know as much about the business as you do - your staff. Enlist their help
and use all the knowledge they possess. It's usual to find that, in some
cases, they have a more in-depth knowledge about specific areas of the
business than you!
Bring together the key people
in your business and explain to them what you are planning to do, and that
you need their help in compiling a Business Plan. Allocate specific parts of
the Plan to the people who have the right skills: sales and marketing to
your sales and marketing people; production issues to your production team
etc. Tell them that you need a complete overview of their contribution to
the business; how their department works; how they interact with the rest of
the business; their strengths and weaknesses.
In order that the process
doesn't drag on too long, give them a specific deadline by which their
contribution has to be returned.
Don't overlook the power of
co-opting your staff in helping to complete your Plan. There is no better
way to achieve "buy-in" to your vision and strategy than getting your team
involved.
Accountants
If you can afford it, you can
ask for help from an accountant. He will have seen many Plans and so can
provide some practical advice, particularly where Profit and Loss and Cash
Flow forecasts are concerned. If you don't feel comfortable with figures or
you don't have an accountant within your business, then it would be wise to
seek help in compiling these figures, after all, the Bank is going to make
some very important decisions based on these forecasts, so they have to be
as accurate as possible.
However, don't underestimate
the benefits of doing the forecasts yourself. This exercise will give you a
very good understanding of how your business works from a financial
perspective; you'll realise the importance of managing cash properly and the
effect a rapidly increasing or decreasing turnover can have. In addition,
because you did the figures yourself, it will give you the motivation to
monitor your performance on a regular basis.
Once you have finished the
forecasts, you can still ask your accountant to review them to ensure that
you're not totally mad! He can give you a formal ‘stamp of approval’ to
include in your Business Plan, so listen to what he has to say.
If you don't have an
accountant, speak to other business people and get a recommendation from
them as to whom to use. A recommendation can save you many hours of phone
calls and interviews.
The Bank
You may think that the Bank
would not wish to spend time talking through your idea, but don’t forget
that they are on the look out for good business, so it’s in their interest
to get in early before any other Bank does. If you are already one of their
business customers, they should be happy to review your initial plans. The
Bank's aim is to build a relationship with you, and so they will be pleased
to provide their thoughts on any expansion plans. The same applies if you
are a customer who maintains an ordinary personal account and is looking to
start up in business for the first time.
Getting the Bank involved
early on means you can pick their brains and get their early views, before
you make any irreversible decisions. You may think that this is a bit odd
but being pointed in the right direction may save you time later. For
example, by seeking their early thoughts, you may get the impression that
the Bank is not keen on your idea so this could give you the clue that you
may be better off placing your request with another Bank.
If this is your first time in
business, or the first Plan you are writing, asking someone to go through
the key issues with you will provide a number of tips and advice, which
aren't necessarily included in any Bank booklets or brochures. The advantage
of this approach is it won't cost you a penny and you are establishing an
immediate relationship with the person who will be reviewing your Plan.
Business Colleagues, Local
Chambers Of Commerce or Chambers of Trade
These are organisations
comprising of local business people who get together on a regular basis to
share ideas and experiences, hold seminars and trade fairs. You may think
that people already in business, especially in the same line as you, would
not want to help someone else start up in business or expand in case it
damages their own firm. However, this is far from the case.
All entrepreneurs know what
it's like during the early days in business or the problems trying to grow
an existing one. They will be more than willing to share their experiences
and give some general advice. You'll be surprised at how generous some
business people can be.
Books
There are numerous books on
how to prepare Business Plans. Each of them has something different to add,
so buy a few and pick up some of the key points.
Take a visit to your local
library. As well as books on how to put a Plan together, they may have
information relating to your line of business, which could be useful in
gathering background facts to bring your Plan to life.
With these sources of advice there really is no excuse
for you not getting down to writing that long overdue Business Plan!
Robert Warlow
©
Small Business Success
More information on
dealing with banks can be obtained from Rob’s latest e-book ‘The Secrets of
Getting Your Bank Manager to Say Yes!’ at
http://www.smallbusinessloansecrets.com
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