Business Plans

A business plan 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.

The plan will then also allow you to identify areas of improvement and outline your goals for the future.

 

Why does my 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.

You should always bear in mind that anyone reading the plan will need to understand the essentials of your business quickly and easily.

 

What are the benefits of business plans?

Business plans can provide invaluable for ensuring the future growth of your business, by helping you to secure corporate finance. This is because lenders will need a clear picture of what your business could look like in several years’ time.

 

What’s included in a business plan?

The business plan should cover the following areas:

• An overview of your plans for the business
• A description of your business and its objectives, as well as how you plan to achieve them
• Details of the key personnel within your business
• Details of your product or service and your unique selling point
• Details of your target markets and your marketing plan
• Information on your proposed operating practices and production methods
• Information on your projected financial performance
• Details of how much finance you want and in what form

 

How Edwards Accountants can help

Putting together a business plan is often seen as a one-off exercise undertaken when a new business is starting up. However, the plan should be updated on a regular basis. It can then be used as a tool against which performance can be monitored and measured as part of the corporate planning process.

At Edwards Accountants, we can help support your business by working with you to create a robust business plan, establishing a strong working relationship with your business that stands the test of time.

Not only this, but we can also provide a range of accountancy services to support your business, including assistance with share option schemes, patent box and grant assurance.

To find out more about accountancy services in the West Midlands, please contact our team today.

 

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