Business Plan
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