Why bother with a Business Plan?

With Calathea Accounting

There are lots of businesses that haven’t got a business plan or have one but it was poorly written and hasn’t been looked at for years.

Maybe you only originally prepared one because you needed finance and the bank requested it and you haven’t looked at it since.

Maybe it was poorly prepared and therefore is of very little value.

If you want to succeed, then you need to plan. Your business plan will essentially be the blueprint to lead you to your goals. It should enable you to set realistic and measurable goals; set clear strategies for achieving your goals and be a way of you regularly reviewing your goals in light of changing circumstances.

A Business Planning Session

Our process to support clients in writing their business plans is via a Business Planning Session. This will enable you to take some time out of your business to focus on your business. We start by reviewing past performance and clarifying future direction. We will set solid and realistic goals and define strategies for achievement.

At the end of the session, you will have a one-page Business Plan which will lay out your map for your journey to success.

Every business should have a Business Plan. They are a must for increasing the level of growth, profitability and cash within your business.

What our Business Planning sessions involve:

· Discussing and setting both personal and business goals for the next 12 months

· Discussing and agreeing on an action plan with strategies to support achievement of goals

· Identifying Gross Revenue Targets and Key Performance Indicators

· Identifying opportunities and vulnerabilities in your business that need to be managed

· Establishing a 90 Day Action Plan to address immediate critical issues

A Business Plan can be prepared at any time although if you are applying for finance, planning for a major change in your business or starting a new venture, then a Business Plan is crucial.

The Benefits of a Business Planning Session

· Review and set the direction of the business

· Eliminate procrastination

· Identify common goals amongst a number of directors (if applicable)

· Identify and prioritise your key goals

· Create strategies to achieve your goals

· Identify what you will need to achieve your goals

· Set timeframes for achieving your goals

· Develop a tool to communicate your business goals and vision with your team

· Divide your goals into short term and long term – quick wins vs. key projects

· Develop a template to review actual performance against targets

· Create a platform to develop Financial Forecasts

· Use your Business Plan as a basis for you to set team members’ individual goals / targets