Business planning is an essential component of any successful business but it is often overlooked due to pressures of day to day work. A well considered and constructed business plan can help you safeguard your own investment, focus your efforts, ease external financing problems and provide you with a yardstick against which to measure your progress. Once developed you should aim to maintain your business plan in-line with your business.
Writing a Business Plan is essential but it is not as difficult as it may sound - it is simply a way of putting your ideas on paper.
Areas that are usually covered:
- description of the business - brief overview of purpose of business and location.
- evidence of demand for product/service - size and location of market, buying patterns, type of research carried out.
- sales and marketing - how you will promote your product/service, sales targets you've set, competition and how you will overcome it.
- product/service - description and its advantages (and disadvantages).
- management - CVs, training needed, what are these people bringing into business?
- financial forecasts - cash flow forecast, profit and loss, initial financial outlay
Your plan should contain the essential information required - not waffle. Try and tailor it to the needs of whoever is going to be looking at it. And remember, with financial predictions - best to be prudent - don't be over-optimistic!
You can obtain examples of business plans from local libraries and the business services of banks.
Help and advice on creating a business plan for your business, can also be found on the 
Business Link South Yorkshire.
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