A business plan is a blueprint of the steps you need to take to build your business. Creating a business plan is a crucial step that everyone needs to take before they start a new business. Existing businesses should also prepare a business plan if they are considering taking on a new product or service, to ensure that the actions they take are planned out and that risks are mitigated. An effective plan could help you gain funding from your bank or a grant, but it will also help you clarify your business objectives.
Why do you need a business plan:
- To provide focus and to set clear objectives for the business.
- To enable you to spot potential pitfalls before they happen and help mitigate risks.
- To set realistic targets and to test the feasibility of your business idea.
- To identify your main customers, suppliers and your competition.
- To identify your financial needs and cash-flow requirements.
- To calculate appropriate pricing for your product/service.
- To raise finance.
- To give your business the best possible chance of success.
Abac Chartered Accountants have a wealth of experience in preparing business plans, so if you are considering starting a business or if you are adding a new product/service to your existing business, we can provide you with professional advice and prepare your business plan for you.