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Whatever stage you are at with your business, it is never too late to see the benefits of a formal business plan and strategy. In this time of economic uncertainty, it is vital that you are able to plan ahead, anticipate bumps in the road, and devise a strategy to deal with them.
If you are seeking assistance through loans or other sources of finance, you will need to demonstrate that your business is viable and provide a narrative around the business strategy. If you are taking other measures to assist with cash flow, you will need to understand how these measures will play out in the longer term. Now more than ever, a business plan and cash flow forecasts are important.
Not only are they tools to shorter term cash management, but they provide focus for longer term objectives.
1. It is the roadmap to your business
You wouldn’t set out on a journey with no idea where you are going or how you are going to get there, so why would you run your business like that? The business plan needs to be a dynamic document that constantly evolves.
2. Cash flow forecasts
Cash flow is the single most important KPI for nearly every business at the moment. A detailed cash flow forecast is an essential part of any business plan and should be a part of the regular management information for all businesses at the moment.
3. We all need objectives
Without having measurable objectives it is difficult to gauge how successful your business really is.
4. Identify opportunities and threats
To achieve the most out of your business you need to be quick to identify new opportunities to expand and grow, and threats that may need you to change track. A business plan should change as your business grows and as the market in which you operate evolves, or disaster strikes.
5. Be proactive not reactive
You will be able to proactively plan what work needs to be completed to achieve your goals rather than just reacting when surprises happen.
Our Business Plan Team are experienced in preparing plans and modelling forecasts based on your specific needs and business. We will take time to understand your financial position, strategy and goals, and advise you on how you can create a comprehensive plan, which will act as both a guide and a benchmark to measure performance.