Before NASA stated the Apollo program, a detailed plan was drawn up detailing how it would get to its various objectives and goals. The program was a success and landed the first men on the moon. There adjustments to the plan as the program evolved but without the planning its doubtful the first Apollo flight would have got off the ground
So why do Directors of SMEs not take take the same approach when running their own businesses, as most they have no business plan. As a consequence they are unable to attract investment when required, satisfy existing investors that their money is safe, demonstrate how they will continue to grow profitably, communicate their company’s short and long term strategy to employees and often have difficulties with their bank.
Therefore it’s perhaps not too surprising that 25,000 businesses fail every year, with over a third of those failing in their first year of operation.
Whilst many company directors agree that having a business plan would resolve a number of issues, they don’t have the time to produce one. Or they’ve been put off by the perception that once it’s been produced, it’s out of date and only acts as a large and expensive paperweight.
T2D advisors are skilled in the production of working business plans; plans that are concise, easily understood and provide a practical tool to run the business efficiently and effectively. They also understand the style and format favoured by banks and other finance providers. This, in combination with the professional relationship many have with local and regional business bank managers, can be of great assistance to a business owner who would otherwise be raising funds on his or her own.
Contact us today to arrange an initial consultation
Here are some typical activities and benefits companies can get from a good business plan:
- Provide a clear statement regarding the organisations vision, strategy and objectives.
- Identify the individual directors past experiences and how these will combine to provide a strong management board.
- Produce a business plan that can be used to attract additional finance to fund further growth.
- Provide a significant proportion of the documentation required for a grant application.
- Provide a clear and easily communicable strategy to stakeholders and employees.
- Identify and quantify potential risks and resolution strategies.
- Help the directors demonstrate that they have the appropriate contingency plans in place regarding statutory business disaster recovery.
- Maximise the value of the company in preparation for an exit sale.
We regularly draft business plans that are tailored to the owners’ requirements for investment, business sale, investor updates and other purposes. We have the experience and by working with the management board can ensure that these plans become living documents for the business. This can be for a start-up, those looking to diversify, an existing business needing additional finance, etc.