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Why You Should Create A Business Plan

And improve your profits ...

 
 

POSTED BY ROGER EDDOWES ON 07/05/2018 @ 8:00AM

If you have a business mentor like I do, you will have it drummed into you that must create a business plan. To rely on passion and perhaps optimism is not enough ...

If you want to create a business plan then working with a business mentor is a great idea!

If you want to create a business plan then working with a business mentor is a great idea!

copyright: thodonal / 123rf stock photo

When you create a business plan, you have the opportunity to test out your ideas and it certainly focusses your mind. You can’t afford to waste time and money when starting out.

But if you ignore the business plan what can go wrong?

  • You could run out of money before you even open your doors to the first customer

  • You don’t know who or where your customers are and their buying habits

  • You fail to build in quality resulting in unsatisfied customers, broken reputation and warranty claims

  • You fail to make a profit

So, what do you put in a business plan? As a bare minimum, Barclays Bank recommends you include:

  • What your business will do

  • The products or services it will provide

  • How customers will access your products or services (bricks & mortar shop, online or by phone)

  • Your approach to pricing

  • Your long and short-term objectives including a series of benchmarks that you can check your progress against

Why not take a moment to watch this short video from Xero from the Startup Series? It's episode two and is called Writing a Business Plan.

At Essendon, we can act as your Virtual Financial Director and provide a comprehensive advisory service. We will always be there to offer you up-to-date financial information, projections, data analysis and will always give you calm, constructive and sensible advice.

"Our aim is to always give you the tools and expertise to improve your profit, not necessarily to chase growth in turnover!"

If you’d like to find out more about how I can become your Business Godparent and help you create a business plan, call me on 01908 774320 or click here to ping over an email and let's see how I can help you.

Until next time ...

ROGER EDDOWES
Business Godparent

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More about Roger Eddowes ...

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.