Three Business Plans

Three Business Plans-83
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.Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan.

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.Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan.

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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.

Regular review is a good vehicle for showing direction and commitment to employees, customers and suppliers.

Defining your business' purpose in your business plan keeps you focused, inspires your employees and attracts customers.

This guide will show how you can turn your business plan from a static document into a dynamic template that will help your business both survive and thrive.

Most potential investors will want to see a business plan before they consider funding your business.It is a tool that can help you attract new funds or that you can use as a strategy document.A good business plan reveals how you would use the bank loan or investment you are asking for.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.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.Typically, each department head will draft the unit's business plan and then agree on its final form in conjunction with other departments.Each unit's budgets and priorities must be set so that they fit in with those of the entire organisation.It's sensible to review current performance on a regular basis and identify the most likely strategies for growth.Once you've reviewed your progress and identified the key growth areas that you want to target, it's time to revisit your business plan and make it a road map to the next stages for your business.

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