Business Planning

Getting Started

Your vision for the business should be the root of your business plan. The vision you have should question the real purpose of the business and paint a picture of what you want the business to become – in the short term and the longer term. It should show the growth levels you want to achieve, for instance, or perhaps the size that you want the business to become. You decide which business factors make up your vision.

A Way Forward

To build your business plan, you need Information from a variety of sources. Recommended Business Planning techniques follow this pattern

Setting Your Objectives

To go forward towards your vision, you need to set a series of objectives. These should relate specifically to your business situation and should be:

  • ambitious – but achievable
  • specific
  • measurable
  • bounded by time, i.e. carry a deadline
  • market performance – how well you perform through sales results; which markets to attack
  • products and/or services – how long existing products will last and plans for renewal/replacement; extensions to product/service range
  • financial matters – how the business is financed; levels of retained profit; sales income generated, cash flow
  • operational matters – methods, technologies and processes being kept up to date or renewed; technological advances in your industry; quality issues.
  • organisation and people – what structure should be adopted for the business; people planning issues; training and development

Business Planning Guide © Crown Copyright 2011

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