Creating a coherent plan doesn\u2019t mean having to write a 100 page tome.\u00a0\u00a0 It could just be a few pages long, but getting your idea down on paper will help you formulate your thinking and at least ensure you have thought through how you are going to get your business off the ground, what resources you need, and ensure you have clear objectives in place. If you are looking for investment or are looking to build a team a clear, credible plan will be necessary to get those individuals on your side and wanting to be part of your business. It\u2019s easy to get carried away, but you should aim to keep your plan as succinct as possible, avoid waffle and get to the point.<\/p>\n 2. Create simple forecast<\/strong><\/p>\n Show how your business will grow in the short, medium and long term and clearly demonstrate what the end goal is. If nothing else, it will show how feasible your business is and how far it could go.\u00a0 But be realistic and conservative \u2013 it\u2019s better to underestimate your cash position at any one time than vice versa.<\/p>\n 3. Tell a story<\/strong><\/p>\n You want people to be excited by your business, so clearly show how you are solving a problem, doing something groundbreaking or innovative or creating something that has global potential.<\/p>\n 4. Understand your customer<\/strong><\/p>\n Clearly show you\u2019ve done your research and understand where the market is for your product or service, how big the potential is, who is going to buy it and why they need it.<\/p>\n 5. Tell the truth \u00a0<\/strong><\/p>\n Make sure you know your numbers back to front and only include information and data that you can back up with hard facts and stats.\u00a0It\u2019s tempting to exaggerate claims, but be prepared to challenged.<\/p>\n \u00a0<\/em><\/strong><\/p>\n Before you start planning for the future, you need to have a firm grasp of what you have done in the past and where you currently stand. Ask yourself questions like:<\/p>\n Has my team been working effectively and productively? Why\/why not?<\/p>\n What goals\/milestones have I achieved in the last year?<\/p>\n What impact and difference has this made to the business?<\/p>\n What were my profits over the last quarter?<\/p>\n What have I not achieved that I intended to? What impact has that had?<\/p>\n What do I need to carry over and what do I need to drop from that list of things to achieve?<\/p>\n This sets you up for determining the best course of action going forward and will mean your plan is more focused, relevant and useful.<\/p>\n 2. Set personal as well as business goals<\/strong><\/p>\n In my experience as a business coach in London, we find that the drive to achieve business success is stoked by the knowledge that your success in business enables you to achieve your personal goals. Set personal goals and see how they synchronise with your business goals so that you are more motivated to achieve both together.<\/p>\n Some quick tips for writing goals:<\/p>\n 3. Don’t just write goals; craft a plan<\/strong><\/p>\n When you create a solid plan it becomes a lot clearer what is and isn’t achievable over the next year. You can also see what actions you will need to take on a regular basis and create a Default Diary where you can block out time every week to get those regular tasks done.<\/p>\n 4. Always assign accountability<\/strong><\/p>\n \u00a0<\/strong>You have all of these actions now for your business, but you also need to clarify who<\/em> is going to achieve them. You should draw up an \u2018Accountability Chart\u2019 in your plan which clearly shows all the important functions of your business and exactly who is in charge of what function. These functions may include things such as Head of Company, Marketing, R&D, Finances, Sales, Recruitment etc. These required functions should be clear from when you categorised the goals for your business. Even if you are a one-man-band this is an important exercise. You may be doing everything yourself, but you still need to wear different “hats” to ensure that all the different aspects of your business are being dealt with. Organising yourself this way will make it much easier to bring on team members when you eventually get to that stage, as processes will already be in place.<\/p>\n 5. Constantly review your plan<\/strong><\/p>\n A business plan is not a static document. You do not create a business plan and then let it sit. You are not even creating a little reference manual for your business. This is a dynamic document that you should be pulling out at the beginning of each week to review what you did achieve and highlight what you did not. This reminds you of how much you actually are achieving, and also lets you take stock of what you are not doing. You should then ask yourself \u2013 is this goal still important to me? Do I need to make adjustments to prioritise this? Then you can remove those goals and actions or carry them forward. Undoubtedly, constant review of your plan and direction will allow you to achieve a more consistent rate of growth rather than resting at a plateau, or seeing jerky and unpredictable moves upwards.<\/p>\n <\/p>\n The most common business plans are written for investors, lenders and current employees. Know which one you\u2019re targeting and write the plan with them in mind. For example, if you\u2019re writing a plan for a potential investor it needs to get to the point swiftly, as they don\u2019t want to spend their time reading a long business plan with lots of irrelevant information in.\u00a0 Provide them with informative ideas which will get them interested in your business, don\u2019t try to pack every piece of information into the plan, but just enough to make them want to meet with you to discuss your ideas in much more detail.<\/p>\n 2.\u00a0Know your competition<\/strong><\/p>\n Don\u2019t become blind sighted by your excellence. You may believe you\u2019re the best in the business with no threat of competition, and maybe that is the case, but if you\u2019re creating a plan for investors they want to see there is a market for your business and if there is no competition, where is the market? Make it clear in your business plan how you\u2019re going to compete to trade as the best you can be, the use of charts, graphs and images will provide factual and visual evidence which can help to back up your potential ideas.<\/p>\n 3. Look to the future<\/strong><\/p>\n Show your audience where you see the business progressing to in the future. Set out clear realistic goals for individuals, clear plans to reach those goals and what the result of reaching those goals will be. If you\u2019re directing your plan at an investor, make sure to include how they will financially influence and benefit the company and tell them exactly what they are able to get out of the business to benefit themselves.<\/p>\n 4. Make sure you communicate<\/strong><\/p>\n Communication is key to a successful business plan. The simple but effective act of writing down ideas will help everyone understand and support your clear, well thought through goals, ensuring you\u2019re all on the same page so that the plan can be followed and work effectively.<\/p>\n 5. Keep it going<\/strong><\/p>\n To have a successful plan, you need to stick to it. Have regular meetings and talks with the people your plan involves and make sure everyone is on course and knows what they\u2019re doing, ensure they are meeting targets and deadlines. Make sure you are steering and managing your business constantly enabling you to keep track of the business\u2019 progress and reach goals in the desired time.<\/p>\n <\/p>\n When writing a business a plan, firstly think about its intended use and audience. Is it to seek investment? Is it to keep your business focused? Is it for your shareholders? Different audiences require different information. If you\u2019re not sure on who wants what \u2013 ask.\u00a0 Investors will want to see in-depth financial statements and forecasts.<\/p>\n 2. Ensure your numbers add up<\/strong><\/p>\n Be realistic and \u2018open book\u2019 about your finances. When demonstrating \u2018financials\u2019 in a business plan, be realistic and don\u2019t inflate the figures. The financials of any business plan are under significant scrutiny \u2013 one mistake can throw your entire forecasted P&Ls out and put off any investor. Check and re-check your financials and be clear about the forecasted results.<\/p>\n 3. Strong presentation<\/strong><\/p>\n Be creative, use bold figures and statements, yet steer clear of filling every page with text. White space can be a good thing. Use images and graphs to showcase your information, it will break up the monotony of words and figures and visually reinforce what you\u2019re saying. \u00a0Don\u2019t be afraid to use a template for guidance but be creative and adapt it for your own needs.<\/p>\n 4. Get professional guidance<\/strong><\/p>\n If you\u2019re new to business, but have a great idea and not sure how best to \u2018sell it\u2019 \u2013 seek professional advice. Look up business events in your area run by reputable organisations such as The Chambers of Commerce and Local Enterprise Partnerships who can point you in the right direction.<\/p>\n 5. Be concise \u00a0<\/strong><\/p>\n Finally, re-read your plan, does it get straight to the point? Investors have little time, and lots of business plans to review and need to see the benefits of investing quickly. Remove any overly-descriptive language and keep to the facts and figures. If your business plan needs to be lengthy, use an executive summary and appendices to focus the information in the right way.<\/p>\n <\/p>\n Thanks to all our contributors for their valuable advice. For more expert tips be sure to follow us on Facebook<\/a> and Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" In today\u2019s edition of \u2018Tips from the Experts\u2019, we asked four business professionals to share their top five tips on how to effectively create a business plan. With the potential for global success when starting a new business, becoming well versed in general business practices has become essential for those aiming for glory. Knowing how to write a business plan is essential; it has the capacity to make or break a potential start-up. Bertie Stephens, Co-Founder and CEO of Flubit.com 1. Keep it simple Creating a coherent plan doesn\u2019t mean having to write a 100 page tome.\u00a0\u00a0 It could just be a few pages long, but getting your idea down on paper will help you formulate your thinking and at least ensure you have thought through how you are going to get your business off the ground, what resources you need, and ensure you have clear objectives in place. If you are looking for investment or are looking to build a team a clear, credible plan will be necessary to get those individuals on your side and wanting to be part of your business. It\u2019s easy to get carried away, but you should aim to keep your plan as succinct as possible, avoid waffle and get to the point. 2. Create simple forecast Show how your business will grow in the short, medium and long term and clearly demonstrate what the end goal is. If nothing else, it will show how feasible your business is and how far it could go.\u00a0 But be realistic and conservative \u2013 it\u2019s better to underestimate your cash position at any one time than vice versa. 3. Tell a story You want people to be excited by your business, so clearly show how you are solving a problem, doing something groundbreaking or innovative or creating something that has global potential. 4. Understand your customer Clearly show you\u2019ve done your research and understand where the market is for your product or service, how big the potential is, who is going to buy it and why they need it. 5. Tell the truth \u00a0 Make sure you know your numbers back to front and only include information and data that you can back up with hard facts and stats.\u00a0It\u2019s tempting to exaggerate claims, but be prepared to challenged. \u00a0 Shweta Jhajharia, Principle Coach and Director at The London Coaching Group 1. Start with a review of the past and present Before you start planning for the future, you need to have a firm grasp of what you have done in the past and where you currently stand. Ask yourself questions like: Has my team been working effectively and productively? Why\/why not? What goals\/milestones have I achieved in the last year? What impact and difference has this made to the business? What were my profits over the last quarter? What have I not achieved that I intended to? What impact has that had? What do I need to carry over and what do I need to drop from that list of things to achieve? This sets you up for determining the best course of action going forward and will mean your plan is more focused, relevant and useful. 2. Set personal as well as business goals In my experience as a business coach in London, we find that the drive to achieve business success is stoked by the knowledge that your success in business enables you to achieve your personal goals. Set personal goals and see how they synchronise with your business goals so that you are more motivated to achieve both together. Some quick tips for writing goals: We find the best way to actually achieve goals is to define long-term goals (5-10+ years), then break those down into 3-year goals and then into 1-year goals. Write emotively and write in present tense. For example, “I feel elated and humbled to have completed the Kokoda track on Anzac Day 2016.” This creates a deeper connection to your goal and comes from an angle of envisioning success already having happened rather than “working” towards it. 3. Don’t just write goals; craft a plan Categorise \u2013 From your 1 year goals, group them into categories (Travel, Family, Social Life, Community etc.). You can also extract your business goals from this and further categorise, if required (e.g. Marketing, Recruitment, Finance etc.) Prioritise \u2013 Categorising allows you to then prioritise more easily. Choose just one goal in each category and highlight that as your most important to achieve. Actions Required \u2013 This is the important part. Next to each goal, write down what you actually need to do to achieve it. Get specific, be realistic. Divide \u2013 Now you have a list of actions to achieve over the year. Split those out over the four quarters. If you can, split them out over the 13 weeks of each quarter too. When you create a solid plan it becomes a lot clearer what is and isn’t achievable over the next year. You can also see what actions you will need to take on a regular basis and create a Default Diary where you can block out time every week to get those regular tasks done. 4. Always assign accountability \u00a0You have all of these actions now for your business, but you also need to clarify who is going to achieve them. You should draw up an \u2018Accountability Chart\u2019 in your plan which clearly shows all the important functions of your business and exactly who is in charge of what function. These functions may include things such as Head of Company, Marketing, R&D, Finances, Sales, Recruitment etc. These required functions should be clear from when you categorised the goals for your business. Even if you are a one-man-band this is an important exercise. You may be doing everything yourself, but you still need to wear different “hats” to ensure that all the different aspects of your business are being dealt with. Organising yourself this way will make it much easier to<\/p>\n","protected":false},"author":1,"featured_media":8312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,217],"tags":[7,93],"class_list":["post-2077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-growth","category-expert-tips","tag-business-tips-2","tag-tips-from-the-experts-2"],"yoast_head":"\n
\n![\"Bertie-image\"](\"http:\/\/uk.instantoffices.com\/blog\/wp-content\/uploads\/2015\/10\/Bertie-image-200x300.jpg\")
1. Keep it simple<\/strong><\/p>\nShweta Jhajharia, Principle Coach and Director at The London Coaching Group<\/a><\/em><\/h2>\n
\n![\"shweta-960\"](\"http:\/\/uk.instantoffices.com\/blog\/wp-content\/uploads\/2016\/03\/Shweta-960-300x200.jpg\")
1. Start with a review of the past and present<\/strong><\/p>\n\n
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Anna Morrish, Marketing Executive at DMC<\/a><\/em><\/h2>\n
\n![\"anna-morrish-720\"](\"http:\/\/uk.instantoffices.com\/blog\/wp-content\/uploads\/2016\/03\/Anna-Morrish-720-212x300.jpg\")
1. Write for your audience<\/strong><\/p>\nChris Brown, Director at Central Finance<\/a><\/em><\/h2>\n
\n![\"chris-brown-director-at-central-finance-200x300\"](\"http:\/\/www.instantoffices.com\/blog\/wp-content\/uploads\/2016\/03\/Chris-Brown-Director-at-Central-Finance-200x300-200x300.jpg\")
1. Know your audience<\/strong><\/p>\n