Introduction to successful Business Planning

There is a well-known expression in the world of business advice that says "failing to plan is planning to fail". Well, we know that taking the time to plan your way into business markedly increases your chances of survival and ultimate success.

Your Business Plan does not need to be a deep, dark, complex document. It should be a clear and concise statement, a story about your business that says: -      

• This is my business idea                   
• These are my objectives (goals) for the business and                                                               
• These are the steps I am going to take to get there (achieve my objectives)       

There is no need to write a prize-winning novel but it will be important to give a clear explanation of how your business is going to function and how you are going to achieve your stated ambitions and objectives for the business.  This means that you will have to provide information to back up the statements you make in your Plan and include evidence of market research and detailed financial data for at least the first twelve months, if not longer.

There are 4 really good and compelling reasons why writing a business Plan is a good idea: -   

1.        It will clarify and focus your thinking about the business            

2.        It will help you determine if your Business idea is commercially viable

3.        You will need a Business plan if you intend to finance the business from a bank or investor

4.        It will help you to review the progress of the Business

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