If you are looking to launch your business in 2022, an accountant can help you when writing a business plan, to ensure you are well prepared for the early stages of the process. A business plan is a written document that includes a number of key details related to how your business is set up and how you intend to grow it. You will want to ensure that it is as comprehensive as possible, to persuade potential investors and business partners that working with you is the right decision. Different types of businesses in all industries have benefitted from careful planning, so allow us to walk you through the key details you should include and the benefits you could see from creating a business plan.
What should a business plan include?
- An executive summary – This should include a description of the products and services you have to offer and why you have chosen that industry. Demonstrate how you have identified an opportunity in the market and cover the purpose your business serves.
- Target market – Describe who your customers will be. Who are the audience that you are hoping to sell your product to? Who are most likely to spend money on your product or service?
- Marketing plan – What is the advertising strategy your business will adopt to ensure that your product or service reaches the target market and engages them effectively? How will you encourage them to purchase it?
- Competitors – Who currently holds market share? How do you plan to take this market share from them? What differentiates your business from the others in your industry? You should also identify barriers to entry and how you intend to compete, whether this be in terms of price, quality of product or something else.
- Financial overview – This should highlight your financial projections for the early stages of your business, as well as where you expect to be in a year’s time and three years’ time. You should also show evidence of financial planning; putting together a cash flow forecast to predict incomings and outgoings.
The benefits of a business plan
- Attract new funding – If you are looking to appeal to investors or venture capitalists, an organised business plan can help them to see how their finance will be utilised. Providing along-term plan for the business will ensure they have an idea of when they will start to see a return on this initial investment.
- Clarity for business owners – Having a clear business plan template will allow you to continue referring to this document throughout the early stages of your business. This will let you be clear on your aspirations and allow you to stick closely to your strategy without exceeding budgets.
- Employees – including a business plan when recruiting can help attract the best possible talent, as you can explain to them your vision for growing your business into a larger company. It can also motivate employees to achieve certain targets with possible financial incentives factored into the budget.
If you are looking to launch your business in 2022, our expert accountants at Omer & Company can offer you their knowledge. Our business start-up services can guide you through the early stages, managing your finances and helping to grow your business into an established company. If you would like to learn more about our complete accountancy services and how we can offer a helping hand to your business, give us a call today on 020 8850 0700 or email info@omeraccountants.co.uk.
