Accountants & Tax Advisors
Your business plan is a statement of intent. It should provide details of how you are going to develop your business, when you are going to do it, who's going to play a part and how you will manage the money.
Clarity on these issues is particularly important if you're looking for finance or investment. The process of building your plan will also focus your mind on how your new business will need to operate to give it the best chance of success.
Many people think of a business plan as a document used to secure external funding. This is important because potential investors, including banks, may invest in your idea, work with you or lend you money as a result of the strength of your plan.
There are many other benefits to creating and managing a realistic business plan - even if you just use it in-house. It can:
The following people or institutions may request to see your business plan at some stage:
You should also bear in mind that a business plan is a living document that will need updating and changing as your business grows. Regardless of whether you intend to use your plan internally, or as a document for external people, it should still take an objective and honest look at your business. Failing to do this could mean that you and others have unrealistic expectations of what can be achieved and when.
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