Our quick and easy ten-minute business plan is equally useful for those with or without an existing plan.
If you’re new to business planning, it’s a painless start. If you already have a plan, ten minutes might be all you need to reaffirm past thinking or highlight areas for review. Either way, it must be worth ten minutes. Right?
Before you begin
A few dos and don’ts:
Do decide who your audience is. Are you planning for internal strategic use, or to raise finance?
Do grab past financial figures and future forecasts if you have them.
Do get key staff involved if you want, and make it a practical team exercise.
Don’t look at your old business plan. Approach this with a fresh head.
Don’t worry about missing bits out. You can fill in the gaps later.
Don’t forget, it’s designed to take ten minutes, so keep every stage brief and to the point.
Your ten minutes start now
Spend two minutes making notes on each of the following points. If you like, have a break after each one to collect your thoughts on the next.
1. Your opportunity
Describe what your business does and why. Write down what makes your business unique, and why this translates into an opportunity. Define your market potential and the value you bring to customers. Express a vision for the future of your business.
2. Your objectives
List your key objectives, that are specific, measurable, achievable, realistic, and time-based. Exactly what do you want to achieve, and by when? Where should your business be in 10/5/3/1 years time? What are your key aims and measures of success?
3. Your strengths and weaknesses
Strength is good, but weakness turned into strength is even better. First list your strengths; the things you are really good at, the areas you are the most competitive. Then outline your biggest weaknesses and threats, and try to define contingencies if things don’t go to plan. Later you can devise strategies for improving your weak areas. (A business plan for external audiences might not focus so heavily on weaknesses, but even so - if you are asked it pays to have constructive answers to hand).
4.Your environment
Estimate your total market size, value and growth potential. List your competitors, and where they sit in relation to you in the marketplace. Describe your current customer base, and define your ideal costumer. Consider how environmental influences - such as an economic downturn - might affect all of these factors.
5. Your finances
Look at your current financial state, past performance and financial forecasts. Work out if you can fund your objectives as outlined above. Identify future capital requirements and periods of cashflow shortfall, and devise a plan for raising the finance you need.
Now relax
Ok, we admit, there’s more to business planning than this. In most business plans, you’d find strategies for achieving specific objectives and marketing goals. You’d talk about your management team, and delve deeper into market research and financial planning. And you’d tie everything together with an engaging and succinct executive summary.
But regardless of its weaknesses, our ten-minute business plan represents an easy-going, effective start for those without a business plan. For those with an existing plan, it’s a quick and easy review.
If you like, you could tweak this process to better suit your needs, and repeat it every few months. In doing so, you can ensure your business plan stays close to your business reality.
More info - Prepare a business plan
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