A well-crafted business plan is an important tool to help you manage, and grow your business. Its main aim is to set out your vision for the business, and the steps you will take to get there. It will normally set out your strategy for the next few years, typically between 1 and 5 years.
· Work out what is important and a priority, and what is not.
Let’s look at some of the characteristics of a business plan. A good business plan should be….
· Mindful of the audience, whether internal or external, investors or banks).
· Your vision over the next 1, 3, 5 years? Be realistic.
· What makes you better than the competition.
People – recruiting new employees, developing new skills.
Set clear targets for these objectives and when you plan to achieve them.
Finally, how you are going to reach these targets? Have a step-by-step action plan for each one.
· your understanding of competitors, their advantages and disadvantages.
sp; what relationship do your customers want with you.
· any key staff that would cause a problem if they left.
· managing equipment, risk and limits to your capacity.
· Readable or a pile of gobbledegook.