Business Plan Writing in the UK 2022
There are a plethora of different business plans with different purposes from basic business plans, funding business plans to Expansion business plans etc. Whatever they are, they all represent your business and include similar information most of the time even when the intention of them is for a different purpose. A business plan is defined as a document that concludes the operational and financial objective of a business. It is essential and, in many cases, creates a road map to success and details plans and budgets to show how the objectives will be achieved. A business plan will be able to demonstrate and guide how a company will achieve its goals. It is the standard for anyone starting a business to create a business plan as part of their first step. They can also be used for business expansion, help with relocating your business or starting one in another country and or gaining funding for your business, essentially, they can help elevate your business from one level to another.
The Importance of a Business Plan
Business plans are extremely important for a plethora of reasons, they can bring so much to a business of any scale. Having a business plan that is detailed and informative will help you track your business’s success or lack thereof; it will help you set business goals and objectives and be able to identify priorities and also set a benchmark for your priorities. It also helps you create strategies as you can include market research and a marketing strategy to make sure your priorities are aligned and your business’s audience is well-considered and runs smoothly. Furthermore, a business plan is useful for reducing risk, starting a business can be extremely risky but chances of risks are decreased when tested against a well-crafted business plan. It is also paramount to have a business plan so you are better prepared to pitch to investors and funding campaign platforms. Ultimately, a good business plan shows the viability of your business, it helps you create the thing you’re passionate about making your idea become reality.
How to Create a Business Plan
Many entrepreneurs like yourself wondering where to start when writing a business plan, questions like how do I create a business plan, what information needs to be included and how should I structure such a complex and important document. There are many ways to tackle this challenge. You can reach out to a company like ours and a team of experts will write up the business plan and do a lot of the hard work for you, but if your budget is smaller and you have enough experience templates are a great option too. They offer structure and guidance whilst also allowing you (its users) to customise the Business plan so that it is personal to you and your business.
Some multiple websites and companies offer business plan templates but here are 3 free options to choose from;
- The Prince’s Trust – Although its primary focus and expertise are supporting young people their business plan template is available to everyone. Its 16 pages long although it isn’t as extensive as other business plans it goes into great depths about the logistics of how a company is going to work and its purpose for starting.
- Microsoft word – Microsoft has a start-up business template that is available for its users to download. It is 28 pages long extensive and text-heavy and offers you a lot of guidance, asking you questions, giving pointers and things to consider as you go along,
- Gov.uk – The UK government website offers an abundance of information for business owners and when it comes to business plans this is no exception. On the ‘write a business plan’ page of the website, there are many different templates to choose from as well as advice to guide you along the way.
- Your Bank – If you’re gathering funding for your business or whatever the reason your bank may have asked you to write up a business plan. Conveniently banks offer templates to use, using your bank’s templates will be highly recommended because they will focus on all the information that is important to them, you’ll tick all the boxes and answer all of the questions they are all looking at which will make your meeting go more smoothly.
How to Structure a Business Plan
A good business plan has a few components that must be included, no matter what your business is or how long you want your plan to be you’ll still need to cover some areas. Your business plan should be informative and tailored to your business regardless if you’re using a business plan template or writing one from scratch, you’ll still need to pay great attention to detail. There are a few components that you must include such as the company description, the section should include an in-depth description of your company like its mission statement, information about its origins etc. A marketing strategy is also something you should include, as well as a section about organisation and management, service of the product line, funding requests, SWOT analysis and an executive summary. If that was too brief we have written an in-depth article on how to structure a business plan in the UK and you can also reach out and contact us if you would like more information.
Whichever approach you decide to take when writing up a business plan for your business, whether it’s reaching out to a company like ours to do it for you, using a template from the sources I’ve mentioned previously or doing it completely from scratch. Business plan writing is a complex task, you must research your industry, understand your business and its finances and so much more. The journey to achieving a successful business is a difficult one but as you overcome hurdles like business plan writing, increasing the chances of success for your business it will slowly become more rewarding and not just financially.
If you need any assistance in preparing a business plan, expansion business plan or any other services please get in touch with us.