business plan

Almost Third of Small Businesses Think a Business Plan is Irrelevant

Almost Third of Small Businesses Think a Business Plan is Irrelevant

Almost a third (29%) of small and medium sized businesses don’t have a formal business plan with 43% asserting that a plan is not important, according to the latest Close Brothers Business Barometer (CBBB). Of the remaining number of business owners without a plan, 20% say that they prefer to keep an informal plan in their head and 15% believe that, although a plan isnot completely irrelevant, an official business strategy is not a priority. The survey also found that, of the small businesses who have a formal strategy in place, 14% only review their business plan every two to five years. Small businesses could be missing out on opportunities to grow by not having (or failing to review) a formal business plan, with a recent Barclay’s report (also highlighting the number of small firms with... »

Writing Your Business Plan

A business plan outlines your vision for the future of your business, looking at where you are now, where you want to be by a given date and how you intend to get there. This guide looks at: The benefits of a business plan What should be included in your business plan? The basics of writing your own The benefits of a business plan Many businesses fail because they don’t have a clear strategy and objectives. Writing a business plan forces you to address the details of your own business proposal and clarify exactly what you have to do to make it a reality. Any shortcomings or potential problems will soon become obvious if you take the time to look at your business idea objectively. In this way you make your mistakes on paper rather than in reality. A good business plan will: Give you a... »

Everywoman

Female entrepreneurs plan more than men

Female entrepreneurs are more likely to plan their business development than their male counterparts, according to female business network Everywoman. Research from Everywoman highlighted that 55% of female entrepreneurs work to a business plan, compared with only 34% of male entrepreneurs. Co–founder and director of Everywoman Karen Gill said: “In order to grow, you need to have good planning in place and as the survey shows, it is the female entrepreneurs who are more likely to be doing that. Female–led businesses have long been labelled as lifestyle businesses with no desire for growth, but this research proves that in fact these businesses do want to grow.” The survey also found that women are more likely to set profit targets than men — 47% of female entr... »

Writing a Business Plan: A Guide for Your Small Business

Writing a Business Plan: A Guide for Your Small Business

Every business needs a point to aim for, and to know how it’s getting there. Unless everyone involved knows precisely where and how the business is progressing, it can be very easy to fall off course. Plotting the direction of your business is the purpose of a business plan – a written outline of the strategy and initiatives needed to guide your business to its desired location. This guide will help you understand what to consider when writing up a standard business plan. We cover what a business plan is used for, how you can use the three-pronged approach of vision, values and mission to effectively communicate what your business is about, and how you can break this down into achievable objectives for the short- and long-term. What is the purpose of a business plan? The main purpose of a ... »

Business Planning

A quick guide for Chief Executives and Management teams in Small and Medium-sized Companies. This short business guide is designed to enable the management teams of small and medium-sized firms to start work right away on the preparation of a meaningful business plan. It is practical and pragmatic, encouraging the reader to use the business plan as an on-going tool – not just something to take to the bank manager when seeking additional finance. In this business advice article we discuss: What is a Business Plan? Possibly the most important question you will ask and your business will already have the answer Getting Started on your Business Plan Setting your business objectives and focusing on the practical outcomes of your plan Information Gathering for your Plan A handy list of FAQ... »