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Comprehensive Business Planning Guide for Success

Understand why a business plan is crucial, what information is needed, and key steps to take. Improve your chances of success, set goals, analyze finances, and identify resources. Find support and guidance for starting and growing your business.

wynne-stanton
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Comprehensive Business Planning Guide for Success

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  1. Ray Dale Eastbourne & District Enterprise Agency Ltd (more about services & other help later)

  2. Business Planning

  3. Do you need a business plan – Why? What information is required? Who can help you? Business Planning

  4. Starting a journey Where you are now Where you want to be The steps needed to get there Objectives / Goals Would you go on a long journey without making some plans? Why have a business plan?

  5. Convince yourself the idea is real / has a good chance of success Convince others – staff, investors, funders, suppliers, customers Clearer focus on product / service / vision being sold Forces you to deal with all aspects of the business Reminds you why you reached certain decisions, and acts as a measure of progress / incentive to continue Why have a business plan?

  6. Improve your chances of success Why have a business plan?

  7. What information is required? Narrative & Financials

  8. Why do you want to run your own business? Ultimate aims short / medium / long term goals to achieve Current skills / opportunities for improvement Resources / equipment required Who are your customers? How many do you need? Competition – SWOT – USP? How will you market your product / service? Importance of market research What information is required?Narrative

  9. Personal Survival Budget – How much? Start up costs Running cost – overheads (fixed) Sales forecast Cash flow forecast Profit / Loss statement What information is required?Financials

  10. Don’t over estimate sales Don’t under estimate costs Charles Dickens - "Annual income twenty pounds, annual expenditure nineteen pounds & six, result happiness.” “Annual income twenty pounds, annual expenditure twenty pounds and six, result misery." Financials - Tips

  11. Not Mystic Meg Best estimate based on market research Potential customers / how many can you handle? Competition Compare estimate to actual regularly Product / service rate Hourly / daily / weekly / project rate Sales Forecasting

  12. Daily rate (you) = £100 Estimate 2 days pw for first 6 months Estimate 4 days pw for next 6 months Sales for year = 24 weeks @ £200 + 24 weeks @ £400 Total = £14400 per year Rate per customer per day = £50 Estimate Number of customers per day = 4 Working 3 days pw for 48 weeks = 576 customers per year Sales for year = 576 x £50 = £28800 per year NB – Number of days / weeks able / willing to work. Seasonality Sales Forecast- examples

  13. Quite a lot to it Don’t be afraid of it Don’t expect to complete it in an afternoon Benchmark with other similar businesses Don’t put it in a drawer and forget about it Review regularly / change as necessary Business Plan

  14. Bank manager / accountant Investors / funders Mentor / similar business EDEAL – 2 hours FOC – www.edeal.org.uk Phone 01323 641 144 Business Link – website, telephone advice workshops – www.businesslink.gov.uk Phone 0845 600 9006 Who can help?

  15. Business Planning • Do you need a business plan – Why? • What information is required? • Who can help you?

  16. Any Questions?

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