Thinking about Writing a Business Plan?
Writing a business plan can be daunting, but it doesn’t have to be. Most importantly, there are plenty of online resources to help. Read this blog and consider the questions and tips. In addition, find out about Maximum Solutions Consulting Ltd.’s writing a business plan service.
Before spending time writing a business plan, it’s important to be clear about its purpose and how it will be used. For instance, are you writing a business plan to present your idea and vision? Secondly, is it to apply for financing or obtain investment? Alternatively, is it to record key pieces of information so you can evaluate progress? For example, whether you’re on track with sales forecasts and budgeted costs. In addition, this dictates the intended recipients or audience. Regardless of your answer, this may be the first time you’re putting together a business plan. If that’s the case, you might consider a writing a business plan service.
Writing a Business Plan Service
At the start, it’s not necessarily easy to articulate your business idea let alone write it down. In addition, it might feel easier to get on with ‘doing’, rather than writing a business plan. Of course, you don’t have to have a fully documented plan to get started. However, it’s important to complete market and competitor research as well as have a 12-month cash flow forecast. This helps you understand your potential customers and their demographics, along with the timing and location of your product or service. For instance, so you can get a good sense of the market and competition. Is it the right time and location? In addition, potential new competition. What impact could this have on your startup business?
Regardless of whether you plan on utilising a writing a business plan service or doing it yourself, it’s advisable to complete market and competitor research first. It will help you be objective about your business idea. In addition, assist your understanding about the challenges and risks. Most importantly, this helps keep you on track and ensure you’re prepared and ready. Remember, the startup journey can be challenging and sometimes, stressful. It’s filled with unexpected twists and turns. As much as you prepare, things can unexpectedly happen. Plus, things don’t necessarily work out the way they’re planned.
Keep in mind that within the first 5 years, 60% of startups fail. Certainly, there are several factors, which influence success and contribute to this significant figure. For example, poor planning, poor management and also, poor cash flow. With this in mind, it’s important to prepare a robust plan.
Write a robust business plan
A robust business plan requires careful thought and preparation, including appropriate and relevant research. This is where a writing a business plan service, and/or startup business advice and coaching can help. For example, writing clear business objectives/goal(s). Are they Specific, Measurable, Achievable, Realistic and Time-Bound (SMART)? Have you thought through what type of business entity and the pros/cons of each? Do you know how to put together a cash flow forecast or what to include in a business plan?
A good business plan is concise, but also includes specific sections. For instance:
- Executive Summary, including business detail and objectives
- Target customers
- Market & Competition
- Marketing & Sales Plans
- Operational Plans
- Financial Plan, e.g. at least a 12-month cash flow forecast
- Backup Plan
- Supporting Evidence, e.g. your skills and experience, specifically how this supports and backs up your business idea
Maximum Solutions Consulting Ltd.’s service
Maximum Solutions Consulting Ltd.’s writing a business plan service supports startups and small business owners in and around London. Steve Wyatt, London Business Advisor, has +20 years professional work experience. Steve’s worked in large, global and complex organisations. For example, Financial Services, Education and the Consulting sectors. Most importantly, he’s managed business operations and multi-million-pound budgets. In addition, he’s accustomed to writing professional business documents, processes and procedures.
Most importantly, Steve has first-hand experience in writing a business plan. For example, for startups and his own business; Maximum Solutions Consulting Ltd. The challenge with writing a business plan can boil down to time, particularly if you’re still working for an employer. In addition, knowing what to include, together with expertise and/or ability to write professional business documents.
Steve partners with you to understand your business idea and needs. The writing a business plan service is a tailored London business advisory service. This is because requirements vary from client to client, as much as between the different types of businesses and industry sectors. For example, it could include research, drafting a cashflow or business plan, based on the information and research you’ve already completed. In addition, he can advise you on best practice, so you can write your own business plan. Alternatively, you could pay for a writing a business plan service, where Steve does this for you. Regardless of which option you choose, communication and collaboration between client and Steve is vital. Certainly, there may be pieces of information that are specific to you and your business. Secondly, only you know your business idea and what you’re trying to do.
Want to know more?
Finally, take a look at Maximum Solutions Consulting Ltd.’s YouTube Channel for additional business advice and coaching tips. For example; making the jump from PAYE to Self-Employed, 5 tips to help startups and tips to ensure good cash flow.