Starting a new business? Let’s make a plan!
‘Fail to plan, plan to fail’, as the saying goes. If you’re going to create an effective, successful and profitable business, you need to create a solid strategic plan.
Your business plan is the route map that defines your goals, explains your strategy and gives real direction to the everyday running of your company.
So what should you include in your plan?
To create a truly robust and meaningful plan, here’s 5 key elements you must include:
1 Outline your vision
Explain WHY you’re in business and how you intend to add value for customers. For example: ‘We promote a healthy lifestyle through organic produce.’
2 Set out your goals
Outline your personal goals as a founder, and your wider strategic goals for the business. Then explain how these key goals are aligned. If your aim is to exit in 10 years, build this into your long-term plan.
3 Define your funding and budget
Start trading, you need finance, so outline the investment that’s needed and how you’ll access that funding. Then break down this initial investment pot into clear budgets for each operational area.
4 Forecast sales and cash flow
Define the profit number you need, then calculate the volume of sales needed to deliver that income – and give a clear breakdown of the cash inflows and outflows needed to achieve positive cash flow.
5 Set your timeline for success
Set key milestones and give the business some concrete deadlines for meeting the goals, sales and revenues that you’ve projected.
Is this all just a bit too much on your own? We agree, you shouldn’t do this by yourself! Talk to MB+M about creating a watertight business plan.
We’ll help you define your purpose as a business, and systematically set out how you’ll achieve your goals, giving you the best possible blueprint for success.
Give us a call on 5821 9177 and let’s start planning now.