Why do you need to write a Business Plan?

I was on a KPMG Accountants seminar discussing how businesses are to grow and plan for the future. One of the key steps that needs to be taken to allow a firm to grow and secure future funding is to write a robust business plan.

KPMG said it’s no longer acceptable to simply do a year’s cash flow and business plan. Rather, you’ll need to do an 18–24 months Business Plan and Cash flow forecast.

Business Planning has always something to do when you needed a grant or a loan. However, Business Planning has now become a necessity and is a crucial document for several reasons:

  1. Roadmap: It serves as a roadmap for your business, outlining your business goals, strategies, and the steps needed to achieve them. Writing a business plan forces you to think through various aspects of your business, such as your target market, competition, and financial projections. This process provides clarity and direction for your venture.

  2. Communication Tool: A well-written business plan is an excellent communication tool. It can be shared with potential investors, partners, employees, and other stakeholders to convey your vision, strategy, and potential for success.

  3. Risk Management: By conducting thorough research and analysis while creating your business plan, you can identify potential risks and challenges early on. This allows you to develop strategies to mitigate these risks and improve your chances of success.

  4. Resource Allocation: A business plan helps you determine how much capital, resources, and manpower you need to start and operate your business. It also helps you allocate these resources effectively, ensuring that you’re making the most of your available resources.

  5. Evaluation and Benchmarking: Once your business is up and running, you can use your business plan as a benchmark to evaluate your progress. By comparing your actual performance to the projections outlined in your plan, you can identify areas where you’re excelling and areas where you need to make adjustments.

Professional business plan writing service at CJM

Throughout the past year CJM has delivered 77 Business Plans across a very wide range of industries and sectors.

These business plans have varied greatly and involved Business Planning for the asset transfer of football pitches, funding for the Ardeer Beach Hub and the launch of Scotland’s First Medical Cannaboid Manufacturing site.

Throughout the last twelve months we have supported and worked with projects large and small to reach their targets. Even with the uncertainty and difficulties of the pandemic, we have been able to support businesses and help them achieve their goals by developing their business plans.

We work with you; we develop plans that meet your organisation’s needs, and we partner with you to make it happen. Whether you are a new project, a growing organisation or a business who needs to re-plan in light of the pandemic.

Whether it is a cash flow, financial forecast, financial strategy, or a full business plan, we can support you every step of the way. From optional appraisal and feasibility studies, to representing you at fundraising panels or boards. Contact us today to enquire about our business planning services.