ACCOUNTANTS, TAX CONSULTANTS & ADVISERS TO BUSINESS

121 Trewmount road, Dungannon, BT71 7EF

Writing a successful business plan

Being such busy people, some clients may forget how important a good clear business plan is.

Business plans are generally used when a business is experiencing a period of change, for example:

  • starting up a business
  • expanding operations
  • looking at specific projects
  • applying for finance
  • preparing a business for sale

However, business plans can be valuable for businesses seeking opportunities, evaluating challenges or simply reviewing their business.

Key elements

When writing a business plan you first need to establish its purpose and who the target audience is. The most common uses for a business plan are to:

  • help secure finance
  • provide details of your business objectives
  • act as a benchmark for the future
  • act as a tool to see how your business is managed
  • help focus on your business objectives
  • test whether your business or a new income stream is viable
  • improve your business
  • help identify inefficiencies
  • give your business the best possible chance to succeed

Regardless of their target audience, most business plans contain a number of generic titles. These are:

  • executive summary
  • about the business
  • market/competitor analysis
  • marketing and sales
  • management/owners
  • the operations
  • financial forecasts
  • financial requirements
  • appendices

As with all documents that a third party is going to rely on, all assumptions must be clearly stated and backed up with as much factual evidence as possible. Those providing the finance won’t simply rely on good faith; they need hard evidence to back up the claims of the business

If you feel your business would benefit from a good business plan please do not hesitate to contact FHC on 02892270072 or info@fhc-accounts.com