Whenever someone comes to a member of the Startup Assist team to ask for advice about a new business idea or business growth, one of the first questions we ask is, “Do you have a Business Plan?”
60% of the time the answer is “yes’. So, if the conversation continues and we get involved to help the person with their business, we obviously ask to see the Plan. It is a ‘Plan’ in their mind , which is a great start, but it is usually just a collection of ideas or ambitious targets or unrealistic numbers. !
First it must be appreciated why a Business Plan is essential. It is created to define a roadmap for the business. But the first question and point to be addressed is: “What is the reason for setting up or growing the business?” The “Why” . And the answer to this question will determine many aspects of the planning process: about the products or services, the specific market, market factors including demand and competition. What are the business targets and timescales, and the actions to be done to achieve the targets. On the way it identifies such specific issues as market research, marketing required, funding, set up costs, cashflow, etc. Miss any one of these items and it could be the reason a business fails.
So many startup businesses these days are ‘One person businesses’, and the business principal has to address every one of these areas as well as providing the products or services.
Sometimes, in the process of creating the Plan, reasons are identified why the business planning should be actually stopped or the plans revised. Many business support organisations will provide a Business Plan template and leave it to the business owner to complete. This process is very rarely successful as without experience, the numbers included are not realistic or in a format that satisfies ge purpose of the PlanWith the right questions and guidance, a working plan can be created. ( for a viable business idea)
It takes the experience of someone who has started and developed businesses to understand the great range of issues to address, and, the right questions to ask. But when you actually develop and agree a working plan, it will give a business the best chance of being successful.
Have a chat about your business idea, and make sure that all the main business setup questions and issues are addressed. Email: ian@startupassist.uk
or complete and submit our Business Review form: https://startupassist.uk/new-business-review/