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business plans

Starting a business can be daunting but sitting down and writing a business plan can help you to formalise your business idea and make you think carefully about all aspects of your business. It’s not just something you should do when starting out, it should be a yearly process to revisit and revise your plan.

You should see a business plan as a blueprint for your business, a roadmap to achieve success and will help you to understand and achieve your goals.

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There are huge benefits to witing a business plan, here’s
just a few of them…

A foundation for success
A business plan can give your business a firm foundation for future success. Owners who write a business plan are 16% more likely to be successful.
Understand your market
A business plan should include an analysis of the market you are entering. Writing a plan makes you step back, look the market and your competition, and work out how to make your business a success.
Get the numbers
right
The numbers may sound great to begin with, but start doing the detailed maths around outgoings, pricing and profits and it can often break an idea and make you rethink your figures.
Get
funding
Without a business plan, you’re unlikely to get funding from third parties. A business plan helps investors to understand why you need funding, how you’ll use the funding and that can pay the investment back.
A roadmap for the future
You need to formalise where you want to take the business and how you’ll get there. A business plan is a roadmap to your destination.
Accountability & alignment
Whether it’s holding yourself accountable or using a business coach or mentor, formalising your plan will help you be more accountable. As you take on staff, it will also help you align them to your business plan and goals.
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Here at dns we can help you with all your business planning needs. Download our business planning guide here. We can provide business planning services if you’re:

  • Raising funds
  • Starting a business
  • Applying for a loan
  • Need a business plan review
  • Starting a business
  • Changing your business
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Still not sure how to write a comprehensive business plan for your business and want some help? Give us a call today on 03300 886 686 to speak to our advisors, we'll find the right solution to all your business planning needs and offer fixed price packages.

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FAQs

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A business plan aims to set out the action plan and strategy of a business. Key highlights include:

  • It usually covers the strategy for a period of one to three years
  • The plan elucidates the goals and how they will be achieved
  • By involving employees while drafting a business plan helps to build a collaborative, committed team
  • A written plan helps to focus and develop ideas – prioritisation helps to save precious time
  • A drafted business plan acts as a benchmark for the business performance
  • The business plan can also be useful to attract new senior management; raise bank or equity finance; positioning a business for sale; attracting business partners, such as agents and distributors

The key elements of a business plan guide include

  • Executive Summary
  • Company Description
  • Market Analysis
  • Product and/or Service
  • Marketing & Sales Plan
  • Financial Plan
  • Appendix

A business plan must focus on what readers needs to know and make sure the plan has no spelling errors. Detailed business plans will encompass detailed market research data; financial projections and assumptions; product or service description or technical specifications. Few important things to cover in a business plan: start with an executive summary, include a contents page – each page with section numbering, use charts if required. Carefully review the plan and read it from a target reader's perspective. The plan must access risks and measures to avoid any uncertainties

Be Concise

It’s imperative that prospective investors can comprehend what the business is all about by taking a quick glimpse at the plan – the business overview should cover all the key details along with financial highlights. Executive summary should encompass the business overview, financial highlights, business strength and opportunity areas, and key strategic initiatives – use a simple language all through

Be Specific

Writing a business plan that is specific is as essential as writing a concise plan. The details provided in a business plan will help to understand the plan will be actually delivered

Have Knowledge About the Market

The success of a business depends a lot on the business target audience. While preparing a business plan, make sure that it clearly states what the target market is – who will be purchasing the products or services and what is the competitive landscape (how many other companies are dealing with similar products)

Understanding the Finances

It is important to understand the revenue model of the business. If the business isn’t sure about its earning, it will become difficult to sustain the business in the long run. Make proper use of the business plan – the plan will act as an incredible source of information when it comes to seeking investments and loans

Yes, you can use a guide to help you formulate a business plan. Download the dns business plan guide here.