A well-drafted business plan is a valuable management tool. But how do you produce an effective plan?

  • Business plans enable management to step back and consider the direction of the business, allowing decisions about goals and routes to success
  • A business plan should be focused on the firm’s needs and relevant to the reader’s interests
  • A plan should be accurate and realistic – be prepared to justify claims
  • It’s vital to explain the importance of the company’s product/ service and its potential. The reader may not have your specialist knowledge
  • Plans aren’t one size fits all, but the relevant details common to all plans need to be included and made as accessible as possible for the reader