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
Source
Electrical and Mechanical Contractor
Postscript
Nick Antoniou is a partner at Smith and Williamson Chartered Accountants.