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Business Planning
Why bother with a business plan? A business plan will give your business momentum through
a strategy firmly based on the commercial realities of what your business is
about and the market it serves.
Checklist
 | Have you established a clear set of objectives for your business?
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| Have you undertaken an internal audit of your present position?
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| Have you formulated a business strategy covering the next three
years?
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| Have you compiled a corporate plan that assigns responsibilities,
projects and cash flows and sets budgets?
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| Have you laid out a programme for implementation of your plan,
including performance indicators and an internal information system?
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Eight Key Steps
The type of business plan that will suit your business will depend on its
nature and size, however, in a generic sense the following key steps should be
considered:
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Complete a profit and loss projection for at least three years.
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Set your objectives.
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Document the strategy of your business.
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Determine strengths and weaknesses in terms of product, location,
reputation, licences, management and financial resources.
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Assess the market in which you operate.
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Undertake a SWOT analysis.
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Document the direction the business should take in the future.
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Develop a plan to implement your strategy.
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