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Business plans

There can be many reasons for a business plan to be prepared, some of them could be:

  • Need to borrow some money. Lenders want to see the plan and will expect the plan to cover the main points.
  • Grow your existing business. Establish strategy and allocate resources according to strategic priority.
  • Use a plan to establish the right steps to starting a new business, including what you need to do, what resources will be required, and what you expect to happen.
  • To avoid big mistakes: The last thing you want to do is work on your start-up for a year, only to realise you were doomed to fail from the start.
  • To balance your emotions. At the start of a new business many of us are very exited about the new venture, or at other times, we can be overwhelmed by doubt, fear, or exhaustion. A business plan lets us step back, and take an objective look at what we are doing and why.

If a business plan is not needed, we could prepare financial elements such as:

  • Cashflow forecast
  • Sale and Cost Forecast
  • Personal surviving budget
  • Projected Profit and Loss Account