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Creating A Business Plan: Top Tips

For the budding entrepreneur, taking that first step into business requires a solid and well structured business plan. Regardless of the business size and industry, a plan (although not set in stone) is an indicator of what your business does, its advantages and its goals and will ultimately assist in securing financial aid.

Whatever source of funding your business may need, a solid and well structured business plan will provide investors with the vital information they need when making their decision. Therefore, in order to appropriately kick start your business, you must ensure you have the perfect business plan in place but just what do you need to include?

The basics of any business plan can include the following information:

  • Information on what the business does
  • Information on the advantages of setting up the business
  • Personal experience of the business owner
  • Financial projections
  • A detailed understanding of the funding that is required

It is important that, when creating a business plan you are sure to include all the fundamental costs that will incur, you prove your reliability and show that you have a solid understanding of what will be required for success. Above all, make sure that your plan makes sense to you before anyone else and be sure to not give investors the chance to discover any holes.

Here at Calculated Accountants our team have years of experience in helping small and start up businesses get off the ground so we have put together our own top tips that are sure to help you create the perfect business plan...

  • Explanations- It is important to ensure that you give potential investors a good understanding of what you are trying to achieve and you can do this by providing a clear explanation of the research you have undertaken.
  • Concise- Investors won’t appreciate fluff so keep your plan clear and concise. Have you included hard facts? Figures? And forecasts? Have you looked clearly at your market?
  • Realistic- There is no such thing as perfection so ensure you remain realistic by including any difficulties and hurdles your business may face and how you plan on approaching them.
  • Skills- Many entrepreneurs forget that they are not only asking for investment in their business but in themselves too. Explain your own experience in your chosen industry and the skills you can put forward to making the business a success.
  • Sales- One of the crucial things investors will look at is how their money will be returned. Explain the sales process and discuss how you will attempt to boost sales and market your brand, how you will manage finances and above all, what your profits will be?

The above are a few of the points we at Calculated Accountants consider to be crucial when creating the perfect business plan however if you are a new small or start up business owner, consider speaking to a financial expert in order to give your business the best chance possible.

Is your business plan as perfect as it could be?

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