Your business plan can be a few pages or hundreds of pages in length, but the people reading your plan – be they banks, investors or Enterprise Boards, are used to reading a lot of documents like this.

The more concise your plan, the more likely it is to be read - and the more likely it is to be understood.

Own your plan and make sure it fits you

If you prepare your plan yourself, you will own its content. You will identify problems that may arise, and as a result identify issues you need to consider. You will be able to present the plan convincingly to banks, investors and other potential funders. If you have a partner – you should build your plan together.

If the business is an extension of you as owner/manager, then the plan should capture your personal motivation and direction. It’s no use preparing a plan that conflicts with what you really want from the business, or from life, over the coming years. You and your family must be comfortable with the direction, structure and growth planned for the business.

Be realistic – err on the side of caution

Avoid producing figures or using assumptions that are outside industry norms. If you present a plan showing net profit of 10% when the average for the sector is 5% - you must show how you will achieve the difference. Over optimistic forecasts will put your business proposal at risk and create doubts about your credibility for success.

Be clear in your objectives

The business goals should be clearly stated, realistic and attainable. The objectives must be clear. They are a reflection of your ability to deliver as a manager. The reality of starting your own business is that nothing will go exactly as planned. If you have a documented plan with clear goals – you can see exactly the difference between what is actually happening and what you have planned. This gives you control and allows you decide what you need to do to correct things quickly and get back on course.

Avoid padding

Keep the business plan document brief and to the point. If you are planning a simple business then the plan should be simple. If the business is complex – the plan will be more complex – but equally realistic. The plan should be typed and bound with a table of contents. It should be written to communicate rather than impress, easy and simple to follow with accurate text and figures.

Find some business plan tips and templates HERE