Contact: 01858 289189 | hello@thebusinesshut.co.uk

Stay focused.

Posted by Charlotte Morley in Accounts, Business, Marketing, Sales, Start Ups, The Business Hut, Tips | 0 comments

Hello! Thanks for stopping by. If you’ve joined us from our July Free Friday, welcome!

This month we’re discussing Business Plans. Many business owners and budding entrepreneurs think that the Business plan is dead. But truth is, a Business Plan, even a short one can help you to gain focus, set a new tone for your business and certainly assist with building a new business. The perfect roadmap for even the smallest or early stage idea.

That’s why, this month, we’ve created a Free Business Plan Download for you to use to gain clarity on your new or established business. If you’re not sold, take a look at the reasons to write a business plan and you might just reconsider.

Click here to download your Free Business Plan


There are many reasons to write a Business Plan, from getting a new idea off the ground to financing or even to determine new objectives. We’ve listed 10 reasons why you should be writing the valuable internal tool.

1. Organisation 
The biggest reason to write out a business plan is to help you stay organised and stay on track. Businesses without a plan can easily swerve off target and profits can suffer as a result. Creating a plan with costs projections, revenue forecasts, and more can help a small business remain committed to its long-term goal.

2. Iron it out
You wouldn’t put a creased shirt on in the morning. Much like your business, you need to iron out the creases before you start your day. Writing a business plan allows you to really think things through. Your plan should question the validity of your ideas, the product/service target markets and so on. It should force you to do your own proper due diligence.

3. Clarity 
Writing a business plan allows you to think more clearly about what you’re doing and where you’re going. It’s easy to get bogged down in making your business plan a “to-do” list, so be careful to use it to assist you in focusing on the direction the business is moving in, rather than a list of things to do. Think of it as more of a map showing direction.

4. It’s simple math
A lot of ideas sound great when you’re discussing them. However, simple math can make or break an idea. Before launching a new idea, create a financial model to project your return (ROI). Think about more than one scenario too. Things don’t always go perfectly and it’s best to be prepared. You can save a lot of time and frustration thinking through the numbers, and making sure it’s possible to hit your revenue and profit goals.

5. Gain a better understanding of your market
Many new business enter a market without fully understanding how they will fit into it. Business plans can help you not only assess the market and competition, but also how your business will fit into it. This forces you to deeply examine your businesses chances of success.

6. Organisation 
The biggest reason to write out a business plan is to help you stay organised and stay on track. Businesses without a plan can easily swerve off target and profits can suffer as a result. Creating a plan with costs projections, revenue forecasts, and more can help a small business remain committed to its long-term goal.

7. It’s Black and white
It’s human nature to find a concept easier to contemplate if we have something to look at. Writing a plan not only gives you this visual aid, but forces you to think about things you wouldn’t have otherwise. Once something is written on the page, you’ll be surprised what other ideas it sparks.

8. Align the team
Writing a business plan is an ideal way to make sure that everyone on your  team is aligned with the current and future plans for the business. In the early stages of a company, it’s imperative for founding team members to be on the same page as to how they’ll work together on moving the business forward to great success. Avoid any miscommunications by getting it all on paper early.

9. Hold Yourself Accountable
A business plan is a great tool that allows owners to articulate their vision for the future of the business. Force yourself to think about all questions on the business plan and create a long term vision and strategy for your idea. Once these are down on paper, they can serve as a guide to allow you to track your progress and hold yourself accountable for the future.

10. Establish Benchmarks
Business plans are a valuable, iterative, document that can serve as a successful benchmarking tool. Where did your business exceed expectations? In what areas did your strategy maybe fall short? While it’s fine to “pivot” your company based on what you’ve seen in the market, having something in writing puts the onus on you to be honest about your company’s performance.


Don’t forget to download your Free Business Plan. If you need help with building your business plan, or perhaps interested in making the move to the cloud with Xero – get in touch for a chat. Catch us on the phone 01858 289 189 or drop us an email hello@thebusinesshut.co.uk

Thanks for reading,
Charlotte

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