What is a business plan and why do I need one?

Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. It is one of the most important aspects of starting a new business. 

Your plan should provide a thorough examination of the way in which the business will commence and develop. It should describe the business, product or service, market, mode of operation, capital requirements and projected financial results.

Why does a business need a plan?

Preparing a business plan will help you to set clear objectives for your business and clarify your thinking. It will also help to set targets for future performance and monitor finances and profitability. It should help to provide early warning for when you might need to reconsider the plan.

If the following questions resonate with you, contact our team who will be pleased to assist you.

• What is a business plane and why do I need one?
• What is the content of a business plan?
• How can I measure myself against my business plan?
• How often should a business plan be updated?
• Who needs to see our business plan?

Please contact a member of our Corporate and Business Services team to find out how we can help you and your business