A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that time frame
A strong business plan will help your business off to a great start. We guide you through the process of writing the perfect business plan - what to put in it, how to use it, a and more.
Benefits of writing a business plan
“A business plan is like a flight path. It lets you know where you want to go, what you want to achieve, what you have in order to achieve your goals and probably most importantly what problems you can expect along the way.”
“Being able to identify potential threats, problem areas that could affect the business, and to be able to develop coping strategies in a proactive manner rather than in a reactive stance, is key to business survival.”
It’s also a great way to share information about your business, to develop your thinking and test scenarios before you make any changes (like leaving your job and going it alone), and it gives you a way to measure how things go when you do start up.
And if you’re looking for finance, then a business plan can make a difference. Rebecca McNeil, MD for Business Lending and Enterprise at Barclays, says, “A strong plan can help applications for finance from a business loan to alternative forms of finance and investment.”