Business Plan Advice
Many years of real world commercial and managerial experience at your disposal ...
Our financial experience is available to you to help you put together a well considered business plan which will allow you to plan and formulate realistic and accurate forecasts. We also have legal and marketing consultants in-house to assist with key non-financial aspects of a well rounded business plan.
Business plans to help raise money
For businesses looking to raise external investment, a good business plan can often mean the difference between attracting interest in the first place or not. A good plan is essential for credibility. Banks and other 3rd party funders are also likely to expect a business plan and a poor one, whether due to the accounting aspects not being correct or thought through or other aspects,will reduce your chances of a successful application significantly.
We recommend that as part of the financial part of a business plan, a cash flow statement and balance sheet will need to be prepared.
How to write a business plan for your small business?
The starting point is generally to consider why you are writing your business plan - plans will be different depending on whether they are for an internal or external audience or perhaps both and can also depend hugely on the business stage reached and different industry or sector. As an example, a start up business plan will generally be very different from a plan prepared for a growing business seeking significant external investment. Business plans for a manufacturing business will also differ hugely from a plan for an internet based business, such as an app or other mainly intellectual property type business.
As a consequence, whilst it is understandable for small businesses to seek easy and cheap solutions, it is dangerous to simply rely on a template for a business plan. Templates can be useful starting points but for such an important documents as business plans, thought, time and often external experienced help are a far better option.
Key aspects of the process often include :-
- Executive Summary;
- Description of product or services;
- Market opportunity and competitive differentiation;
- Details of management team and ownership structure;
- Financial projections;
- Researching competitors, customers and the market;
- Funding requirements (if any).
Business Plan financials
Don’t overestimate or sugarcoat - we all want to present our business in the best possible light but realism is important. There are risks associated with every business and every business plan. Ignoring or overlooking these risks, failing to anticipate that you will need to fully understand all aspects of your plan, especially any financial forecasts or projections by be asked about them by potential investors, banks and so on, is a very common error. Think of Dragon’s Den and you will quickly appreciate how this process works. So, always be realistic.
Keep your start up business plan under review
It can be tempting, especially if the plan was prepared to raise investment or a loan, and that succeeds, to file the plan away and not look at it for months or years. Businesses change all the time though as do market conditions. So, it’s important to review and update your plan regularly. Also, filing the business plan away reduces the chance of sticking with it. If you don’t implement a good plan because you forgot about it, you’ll end up kicking yourself at best.
Advice and financial projections for business plans
Every business is different so every business plan is different and the content may depend on whether it's for internal planning and use, to apply for finance or seek investment or a combination of these or other reasons. Our experience with owner managed small businesses extends to many business and sectors, including :-
- Restaurant and catering business plans
- Start up business plans
- Software and tech business plans
- Gym and leisure businesses
- Property investment and real estate related
- Care homes
- Business plans in support of investment and immigration to the UK
If you need any help with the accounting aspect of a business plan, writing, preparing or updating your small business plan, (we have in-house business strategists, marketing consultants and legal consultants who can also add their input) please don’t hesitate to drop in to our London head office or call or email us.