Small Business Business Plan

If you merely want to get everyone on the same page or have a place where all your thoughts are put in one place and have something you can quickly update as your business cycle and learnings change, a short, one-pager could be the way to go. Regardless of what format you choose, your business plan should contain the following: Executive summary: Think of this as a more detailed elevator pitch.

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Banks and financial lenders usually require a business plan as part of an application for a loan.

The other benefits of having a business plan include setting out long and short-term goals, measuring your progress against the goals, clarifying a business idea or proposal and highlighting potential problems before they happen.

However business plans don’t need to be overly complicated, nor full of jargon or buzz words.

Instead think of a business plan as a useful summary of your business, that sells your idea and ambitions to a potential customer, supplier or even staff.

These tend to be about 10-15 pages, on average, and they provide a deeper level of detail about your company. Don’t be afraid to seek guidance from others who have been there or done that.

If you merely want to get everyone on the same page or have a place where all your thoughts are put in one place and have something you can quickly update as your business cycle and learnings change, a short, one-pager could be the way to go. Regardless of what format you choose, your business plan should contain the following: Executive summary:  Think of this as a more detailed elevator pitch. Involve your mentors or even potential investors. Often, they know what it takes to succeed and can provide a much more accurate picture of what your expectations should be starting out.

Remember there are a number of legal requirements if you set-up or run your own business, especially if you employ staff.

Don’t panic we can help you take care of the paperwork.

Potential investors and banks will want a realistic picture of your books.

If you want to find out how to borrow money or make savings, don’t forget our FSB Business Banking can help you.

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