Business Plan
- Thread starter MarkSS
- Start date
D
Deleted member 335660
The Business Model Canvas is considered to be one of the best.
I will try and put the link in the post but if it fails just google it.
https://www.businessmodelsinc.com/about-bmi/tools/business-model-canvas/
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The most important part of any business plan is the cashflow projections, this is a area where many if not most businesses fail
You need a few projections one what you originally planed, one with say 25-50% less sales than planned and one with 25-50% greater sales than planned if you do them on a spreadsheet it's easy to make the adjustments
To few sales and you need more money to get you through the low sales income area
To many sales and a few late payers and you run out of money to pay your suppliers or even if they all pay on time your still paying your suppliers well before your customers pay you
Basically a fine balancing act
A good plan will show up your main competitor's and how you plan to compete with them plus how you plan on getting sales and at what cost Sales / Marketing
You need a few projections one what you originally planed, one with say 25-50% less sales than planned and one with 25-50% greater sales than planned if you do them on a spreadsheet it's easy to make the adjustments
To few sales and you need more money to get you through the low sales income area
To many sales and a few late payers and you run out of money to pay your suppliers or even if they all pay on time your still paying your suppliers well before your customers pay you
Basically a fine balancing act
A good plan will show up your main competitor's and how you plan to compete with them plus how you plan on getting sales and at what cost Sales / Marketing
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I have created a guide and template
Often the best way to start is by working on cashflow projections, which will throw up lots of relevant questions
https://www.kickstartbiz.co.uk/business-plan-review/
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My business is 14 years old, and I've written several business plan revisions in that time. The most recent revision was done in December last year when changes in our industry led to an opportunity which meant it would be strategically beneficial to reacquire these forums from Sift. It is a 5 year strategy for the business but I'll no doubt revise the plan a few times over the coming years.
The point I'm making is that without a plan you will struggle with what direction and strategy you have for your business. You should always have a plan, and always refer to it, and always revise it if your market or vision changes it.
There are lots of templates online you can use, even Word comes with a few, but my best advice is write it for yourself (and business partners if you have anyway). It has to work for you, be in your language and your vision. It has to mean something to you so you can refer to it, can work with it, and always update it if your business needs change. Make sure it includes what you will stand for, why your business exists, and includes measurable KPI's so you know if you are on track.
The point I'm making is that without a plan you will struggle with what direction and strategy you have for your business. You should always have a plan, and always refer to it, and always revise it if your market or vision changes it.
There are lots of templates online you can use, even Word comes with a few, but my best advice is write it for yourself (and business partners if you have anyway). It has to work for you, be in your language and your vision. It has to mean something to you so you can refer to it, can work with it, and always update it if your business needs change. Make sure it includes what you will stand for, why your business exists, and includes measurable KPI's so you know if you are on track.
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I support business owners and charity boards to write business or strategic plans. I always say the type/content of plan depends on the purpose/reader. But most people I meet don't know how to word a good plan; how to get their message across; how to structure the financials for funders.
It sounds like you've cracked that Ozzy and that's great. However many others I've come across are a bit behind you....
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I cannot take the credit, it was my board of directors (Non-Exec & Investors) who helped me get to this stage. It would be wrong of me to take any credit that I came to this position off my own back.
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T
The Byre
On those rare occasions that someone comes to me with a business proposal (or they are just asking my opinion on their business plans) I ignore any written business plan. It'll be waffle and BS anyway!
I ask five questions -
1. What can we earn?
2. What can we lose?
3. What is your USP?
4. What is your Plan B if the customers stay away?
5. What proof do you have for all the above?
I ask five questions -
1. What can we earn?
2. What can we lose?
3. What is your USP?
4. What is your Plan B if the customers stay away?
5. What proof do you have for all the above?
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If that's the case I'd argue it isn't a business plan, it's a sales brochure. The plans I do are well researched, clear methods of delivery, and risks to mitigate and adapt for, with KPI's to measure progress.
I'd be offended if you called my business plan BS after how much work I'd put into it
. I'd welcome challenge, if I couldn't answer or explain a challenge then I'd thank you for raising something I hadn't thought of - but BS I'd pour my tea on you
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T
The Byre
Well, obviously (I hope!) I was not referring to you - but sadly many plans I get to see are exactly as you state - sales brochures!
For some reason, the plans I see from women are better (i.e. more realistic and factual) than those from men. The last two were from women and the first is thriving and plans for rapid growth will hopefully be realised as soon as the C19 madness has subsided. The second did very well for three years, but then the women running the place refused point-blank to scale-up and expand because she had found new interests - pilates and mindfulness - and those are things that are a million miles from anything I want to go near. So I had to pull the plug.
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Absolutely agree, and I'm aware of a whole load of psychological reasoning behind this that is a can of worms I don't want to open, but based on my own experience too women (on average) produce much more thought through and organised businesses and strategy.
Of course ignoring the ones they put on TV for shows like Dragons Den, we all know they only show us the ones that make good viewing.
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Usually a hybrid between sales brochure, product spec. and fantasy fiction fiction. None of which actually belongs in a plan.
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- Original Poster
- #16
oh no not a storm in a tea cup! but I agree you need something on paper. For me it’s important to plan ahead with highs and lows! Being realistic and researching the market. I had some great tips from you all on here!If that's the case I'd argue it isn't a business plan, it's a sales brochure. The plans I do are well researched, clear methods of delivery, and risks to mitigate and adapt for, with KPI's to measure progress.
I'd be offended if you called my business plan BS after how much work I'd put into it
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