Welcome
To the blog for small and medium sized business (SME) owners.

Sunday, April 29, 2007

Business Plans - Who Needs Them?

Often a business plan is prepared at the request of a third party, typically at a time of distress or fund raising.

Should this be the case in your business the import of having setting strategy, translating strategy into a financial evaluation with timings and the ability to measure actual performance against plan will be lost.

A business plan, and its execution, should be an integral part of the business thinking; and not considered only relevant when its preparation is demanded by interested third parties.

Circumstances continually change, and as a consequence the business plan may need revision, and should, therefore, become a living document.

Third parties who may have an interest in your business plan include banks, investors, a buyer of your business, grant provider, joint venture partner, employees.

3 comments:

natalie ferguson said...

About a month ago, we launched a business planning tool that helps small and medium business do just this... Ongoing planning that they can track and match against reality and add to as and when they can - This avoids that position of having a third party demand a business plan and having to quickly whip one up.
You may be interested in taking a look, we offer a 30 day free trial at http://www.planhq.com
Would love to hear your feedback, as I think it really solves this problem! ]
Thanks!http://www.simpleandloveable.com

DAW Consulting Limited said...

Hi Natalie
Thank you for the information on your Business Plan software. I agree all too often business owners prepare plans only for them to be filed and not referred to. Your software appears to offer an easy update solution.

Regards
Dave

mybadcredit said...

Kudos to your blog. Indeed, business plans help guide the direction of any new business.
It is is the blueprint and communication tool for the business itself and the road map to tell others how you expect to get there.
Tke a look on the largest samples of business plans for businesses operating in various industries.
Have a super day!