How To Prepare Business Plan

Planning is key to any business throughout its existence.

Every successful business regularly reviews its business plan to ensure it continues to meet its needs.

Many businesses choose to assess progress every three or six months.

The assessment will also help you in discussions with banks, investors and even potential buyers of your business.

A business plan will also ensure that you meet certain key targets and manage business priorities.

You can maximise your chances of success by adopting a continuous and regular business planning cycle that keeps the plan up-to-date.

In particular, it should cover your strategy for improving your existing sales and processes to achieve the growth you desire.This is not just an issue for large enterprises - many small firms consist of separate business units pursuing different strategies.To draw up a business plan that marries all the separate units of an organisation requires a degree of co-ordination.This should include regular business planning meetings which involve key people from the business.To find out more, see our guides on how to review your business performance and how to assess your options for growth.The business plan plays a key role in allocating resources throughout a business so that the objectives set in the plan can be met.Once you've reviewed your progress to date and identified your strategy for growth, your existing business plan may look dated and may no longer reflect your business' position and future direction.Ongoing business planning means that you can monitor whether you are achieving your business objectives.A business plan can be used as a tool to identify where you are now and in which direction you wish your business to grow.It may seem obvious, but make sure all departments are using the same planning template.Objectives for individual departments It's important for each department to feel that they are a stakeholder in the plan.

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