Having a business plan is one of the most significant indicators of a successful business – yet perhaps only 15% of small businesses have an up to date plan and even fewer actually use it to monitor the business.

Many business owners believe the preparation process to be a nuisance but, in fact, the work involved in creating a plan can be hugely beneficial and of real, practical help. In preparing an effective and credible plan you are creating a valuable, interactive working tool that should help you manage your business more easily and help it succeed.

Time spent planning is rarely wasted so make sure you gain maximum advantage by getting the right plan at the right time, presented to the right people.

Right Plan

Each plan must have a specific objective – internal strategy or increasing the overdraft for example. It must have sufficient detail to persuade, but must have an effective summary to gain interest. Focus must be established and maintained. Any negative aspects must be dealt with effectively – not ignored.

Right Time

Is the business ready to take the planned action? Are the owners or the management team fully committed? Is the business structure appropriate to success? Is the business properly prepared so as to be seen as ready for action?

Right People

The plan must be presented to the right people. It must be carefully tailored to appeal to the selected audience. It must be easy to read and easily understood by the recipients.

If you’d like to have a no-obligation chat about getting finding for your business just give me a call on 07774 110788, email me andrew@mercantile-group.com or tweet me@Andrew_Hawkins