How To Plan A New Business

The individual business plans of the departments and separate business units will need to be integrated into a single strategy document for the entire organisation.This can be a complex exercise but it's vital if each business unit is to tread a consistent path and not conflict with the overall strategy.A business plan will also ensure that you meet certain key targets and manage business priorities.

This guide will show how you can turn your business plan from a static document into a dynamic template that will help your business both survive and thrive.

Most potential investors will want to see a business plan before they consider funding your business.

This is not just an issue for large enterprises - many small firms consist of separate business units pursuing different strategies.

To draw up a business plan that marries all the separate units of an organisation requires a degree of co-ordination.

Many businesses choose to assess progress every three or six months.

The assessment will also help you in discussions with banks, investors and even potential buyers of your business.

This should include regular business planning meetings which involve key people from the business.

To find out more, see our guides on how to review your business performance and how to assess your options for growth.

You also need to make it clear what timeframe the business plan covers - this will typically be for the next 12 to 24 months.

The plan needs to include: If your business has grown to encompass a series of departments or divisions, each with its own targets and objectives, you may need to draw up a more sophisticated business plan.

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