Business Plan
Toolkit Contents
Home | Financial Business Planning | Finance Business Records | Business Development | Help with Business Debt
Reasons to have a business plan
Business Plan Scope
Create a Business Plan
The Prince's Trust Business Plan Template
Business Plan Template
Taking PAYE salary
Taking Director Dividends
Pension Contributions
Reason for a Business Bank Account
Types of Business Bank Account
Open a Business Bank Account
Signing Instructions
Business Bank Charges
10 popular freebies
Free Software
Free Business Resources
Why do I need Business Insurance?
Types of Business Insurance
How do I get Business Insurance?
Invalid Claims
Payment Obligations & Recovery
Making prompt payments
The Prompt Payment Code
Receiving prompt payments
What must business invoices include?
Payment terms
Claim debt recovery costs
Recovery of debt owed to your business
Benefits of Financial Software
Cost of Financial Software
GOV UK Tested Accountancy Software
Types of Business Risk
Create a Business Risk Register
Maintain your Risk Register
Importance of business contingency
Start a contingency fund
Calculate operational expenses
Importance of Business Laws
Types of Business Formation
Laws & Regulations
Helpful Governance Agencies
> Self-employed records
> Companies registered with Companies House
> Inspection of records
> Digital Receipts
> Making Tax Digital
> Benefits of Digital Receipts
> Free Digital Records Storage
Register for online filing
What needs to be filed?
Annual Confirmation Statement
File a confirmation statement
What is corporation tax?
Completing a corporation tax return
How is corporation tax calculated?
What are dormant accounts?
File Dormant Accounts
Dormant Accounts Example
Deductible Expenses
Non Deductible Expenses
Gather Financial Records
Completing the Tax Return
What triggers a compliance check?
How are checks undertaken?
After the check
Appeal a Decision
Important: New Legislation
Cash basis accounting
Information for Cash Basis Accounts
Prepare Cash Basis Accounts
Accrual Accounting
Information for Accrual Accounts
Prepare Accrual Accounts
What are Actuals?
Information for Actuals
Calculate Actuals
Check for Differences
What is a balance sheet?
Create a balance sheet
What is bank reconciliation?
Information for a bank Reconciliation
Perform a bank reconciliation
Check for Differences
Create a Cash Flow Forecast
Types of business expenses
Detailed expenses
Types of business income
British Bank Free Template
What is a fixed asset register?
Create a Fixed Asset Register
About Depreciation
Calculate depreciation
What is petty cash?
Start a petty cash fund
Check a petty cash difference
What is a profit & loss statement?
Create a profit & loss statement
A to Z Glossary of Accounting Terms
Tidy up your accounts
Order your expenses & receipts
Untidy accounts - penalties
Set up a spreadsheet
Spreadsheet Formulas
Available Small Business Grants
How to apply for a Grant
Importance of marketing & advertising
Types of marketing & advertising
Advertising laws
Why is market research important?
Market research methods
Evaluate market research data
Tips to start advertising online
Search Engine Optimisation
Pay-per-click
Free Websites
Free advertising options
Set up Google My Business
Word of mouth
Social Media Strategy
Set up a Facebook campaign
Set up an Instagram campaign
Set up a Linkedin campaign
Set up a TikTok campaign
Set up a Twitter campaign
Benefits of networking
Where to & how to network
How to write a 30 second pitch
Benefits of video networking
How to join a Google Meet
How to join a Microsoft Teams meeting
How to join a Zoom meeting
New Business - 10 Top Tips
Existing Business - 10 Top Tips
Research your business idea
Study the competition
What is financial distress?
Where to spot signs of financial distress
Typical signs of financial distress
Insolvent Distress
Cash Flow Test
Balance Sheet Test
Legal Action Test
Types of Business Debt Liability
Personal Guarantees
Wrongful Trading
Insolvent Trading
Fraudulent Trading
Statute Barred Debt
Challenge a Statute Barred Business Debt
Breathing Space rules for Business
Individual debt solutions
What is a statutory demand?
Statutory Demand Process
Challenge a Statutory Demand
What is a bounce back loan?
Options for Bounce Back Loan Debt
Coronavirus Business Interruption Loan
What is a Business Interruption Loan
Options for CBIL Debt
Time to pay agreements
HMRC Recovery Powers
Reasonable excuses
How to appeal
VAT late filing penalties
Late interest payments
Consequences of non-payment
Options for VAT debt
What is company administration?
When is it a good option?
Administration Process
Types of debt reorganisation
Advantages of debt restructuring
Disadvantages of debt restructuring
What is a CVA?
Is a CVA a good option?
Setting up a CVA
Potential problems & risks with a CVA
CVA Costs
Types of investors
Advantages of investors
Social investors
Disadvantages of investors
What are mergers & acquisitions?
Mergers & acquisitions process
Types of mergers & acquisitions
Advantages of mergers & acquisitions
Disadvantages of mergers & acquisitions
Universal Credit - Business Owners
Guide to universal credit
Minimum income floor
How to start a claim
What is dissolution?
Dissolution process
What is strike off?
When is strike off not allowed?
Strike off process
What is liquidation?
Is liquidation the best option?
Compulsory liquidation
Liquidation Fees
Contents
Reasons to have a business plan
Business Plan Scope
Create a Business Plan
The Prince's Trust Business Plan Template
Overview
A business plan is a crucial tool for starting, growing, and managing a successful business in the UK. It's an important document that outlines the goals, strategies, and financial projections of a business. Business plans are usually written for a period of one, two or three years and then should be updated.
Your business should review your goals and mission regularly to your business plan. A business plan should not remain static, it can and should be amended in the context of your industry or sector and external forces. A good example of this is the COVID-19 pandemic.
Reasons to have a business plan
A business plan can serve several purposes, including:
Securing funding: A well-prepared business plan can help you secure funding from investors, banks, or other sources of financing.
Defining business goals and strategies: A business plan helps you clarify your business goals and develop a roadmap for achieving them.
Establishing credibility: A professional business plan can demonstrate your expertise, experience, and commitment to your business, helping to establish credibility with potential investors, customers, and partners.
Monitoring progress: A business plan provides a framework for monitoring the progress of your business and making adjustments as needed.
Complying with legal requirements: Depending on the type of business you have, you may need a business plan to comply with legal and regulatory requirements, such as registering your business or obtaining a business loan.
Business Plan Scope
There is no set length for a business plan. However, a typical business plan is usually between 20 to 40 pages in length, excluding appendices. The length of your business plan should be determined by the complexity of your business, your goals, and the intended audience.
It's important to note that a business plan is a dynamic document that should be updated regularly, so the length can vary over time. The key is to ensure that the plan is comprehensive, concise, and effectively communicates the critical elements of your business strategy.
Create a Business Plan
A small business plan typically includes the following sections:
Executive Summary: A brief overview of your business, its goals, and key strategies.
Business Description: A detailed description of your business, including its history, products/services, target market, and competition.
Market Analysis: An analysis of your target market, including size, growth, trends, and customer needs.
Marketing and Sales Strategies: A description of your marketing and sales strategies, including how you will reach and engage with your target market.
Operations Plan: A description of your daily operations, including your production processes, supply chain, and management structure.
Financial Plan: A detailed financial plan, including projected income statements, balance sheets, and cash flow statements.
Appendices: Any additional information that supports your plan, such as market research, resumes of key personnel, and copies of leases or contracts.
Remember to keep your plan concise and focused, and avoid including unnecessary information. It's also important to regularly review and update your plan as your business grows and changes.
The Prince's Trust has useful Free Business Plan Packs to help.
The Prince's Trust Business Plan Template
Business Plan PDF Template.pdf