Ever wondered what banks really mean when they ask for a business plan?
A business plan involves a process of defining where you want your company to be in three to five years' time, and exactly how you and your team are going to set about addressing this. Ideally, it is a planning and review process which involves making decisions about a number of enduring characteristics of your business, including:
- Defining the characteristics of your company in three to five years' time,
- Defining specifically what business you want to be in,
- Answering the question "Where will the company derive its growth from"?
- Considering the internal structure and resources of the company in combination with the impact of various external factors (political, economic, social and technological),
- Identifying objectives, strategies and associated action plans, which will assist you to succeed,
- Define an effective implementation process so that all the hard work is put to good use.
What are the benefits of a business plan?
Why would you want to do business planning?
- Organisations need to adapt to changes which may have occurred or will occur in the future;
- Planning is used as a means to identify and focus on these changes and to develop a strategy which helps protect your business from threats and weaknesses, and allows you to capitalise on opportunities and strengths which you have identified through the planning process;
- Your company should appreciate the need to make sound medium to long term decisions and approach planning in a way which involves all the stakeholders/board members/staff, ensuring acceptance of the long term planning process;
- Business planning can also be used to provide comfort to outsiders in communicating the strengths of the organisation.
Our approach to any Business Planning exercise is based upon a well-tested Business Planning methodology, which is tailored to meet your needs.
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