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It doesn’t really make any difference what stage your business is at, a business plan is always something any business should have. Whether you haven’t even started trading yet, or you have a well established business, a business plan will help you plan ahead and see where your business is going and help you to decide where you want it to go. You can also foresee any problems you may encounter along the way.

If you haven’t started trading yet and haven’t even decided if you want to or not, a business plan can help you make that decision by gaining some idea on whether your business venture is going to work and is going to be profitable or not.

With regards to new businesses, a business plan is not just to gain funding, which is a common misconception a lot of people have. It will help you plan ahead and learn the best course of action to take. By putting pen to paper and writing a detailed plan you can outline exactly where you want to go, how you’re going to get there and any problems you could face along the way. Good planning and organisation from the beginning will lead to a greater outcome further down the line.

If you are also looking to get a loan from the bank to put towards your business then you will definitely need a business plan. A bank will want to see what their money is going to be spent on and how to you intend to pay it back.

Business plans are not just for the new business, older businesses can also benefit as you can keep an accurate track on how things are going. If you are having cash flow problems, a plan could help you understand why and how you can go about dealing with it. You will also be able to identify any flaws within the business and where changes can be made.

If you are in need of a business plan or would like some further advice on this then please do not hesitate to phone or email us, or alternatively, you can simply use the live chat link available.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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