Preparing your business plan

 

Planning not to fail

Failing to plan your business is the first step toward planning to fail. Recording your ideas, plans and strategies is essential given the ongoing sluggish economy when so many business owners are struggling to maintain profitability and cash flow.

Planning includes:

• Taking prudent, calculated risks rather than blindly reacting to events
• Making the best use of available resources
• Developing your plan so that you can achieve the lifestyle you want.

All businesses plan to some extent, but the planning is often informal and ill defined. You should always set out your plans in writing, because this compels you to define your ideas clearly.

The current economy

The global economy is perceived by many as being relatively buoyant. In the UK there remains uncertainty over the impact of Brexit and COVID-19. This is a situation we all live with and is a cause of some concern.

• How do you perceive the UK economy will impact your business?
• To what extent is the current uncertainty likely to impact you and your customers?
• How robust is the demand for what you do?
• How price sensitive is your marketplace?
• What, if any, is the impact of internet-based competitors? How can you expand your business using the internet?

Planning

When planning, you should consider:

• What information you need to assemble
• The initial decisions to be made
• The sales and marketing options open to you
• The market opportunities that exist
• The threats that exist.
• https://www.e-accounts.co.uk/2020/07/08/preparing-your-business-plan/