| Are you struggling to write a Business Plan or even | | | | what he has to say. |
| find the motivation to be pick up a pen to even start? | | | | If you don't have an accountant, speak to other |
| Many business people who must write a Business | | | | business people and get a recommendation from them |
| Plan, whether for internal planning or for their Bank | | | | as to whom to use. A recommendation can save you |
| Manager, fall at the first hurdle, and don't produce a | | | | many hours of phone calls and interviews. |
| Plan because they haven't the faintest clue where to | | | | The Bank |
| start. | | | | You may think that the Bank would not wish to spend |
| There is no excuse for this to happen. If you have | | | | time talking through your idea, but don't forget that they |
| never put a Business Plan together, you don't have to | | | | are on the look out for good business, so it's in their |
| struggle on your own because there is plenty of | | | | interest to get in early before any other Bank does. If |
| support out there to help you write a blockbuster of a | | | | you are already one of their business customers, they |
| Plan. | | | | should be happy to review your initial plans. The Bank's |
| Here are some of the places or people you can seek | | | | aim is to build a relationship with you, and so they will |
| assistance from. | | | | be pleased to provide their thoughts on any expansion |
| Your Team | | | | plans. The same applies if you are a customer who |
| Don't ignore the people who know as much about the | | | | maintains an ordinary personal account and is looking |
| business as you do - your staff. Enlist their help and | | | | to start up in business for the first time. |
| use all the knowledge they possess. It's usual to find | | | | Getting the Bank involved early on means you can |
| that, in some cases, they have a more in-depth | | | | pick their brains and get their early views, before you |
| knowledge about specific areas of the business than | | | | make any irreversible decisions. You may think that this |
| you! | | | | is a bit odd but being pointed in the right direction may |
| Bring together the key people in your business and | | | | save you time later. For example, by seeking their |
| explain to them what you are planning to do, and that | | | | early thoughts, you may get the impression that the |
| you need their help in compiling a Business Plan. | | | | Bank is not keen on your idea so this could give you |
| Allocate specific parts of the Plan to the people who | | | | the clue that you may be better off placing your |
| have the right skills: sales and marketing to your sales | | | | request with another Bank. |
| and marketing people; production issues to your | | | | If this is your first time in business, or the first Plan you |
| production team etc. Tell them that you need a | | | | are writing, asking someone to go through the key |
| complete overview of their contribution to the business; | | | | issues with you will provide a number of tips and |
| how their department works; how they interact with | | | | advice, which aren't necessarily included in any Bank |
| the rest of the business; their strengths and | | | | booklets or brochures. The advantage of this |
| weaknesses. | | | | approach is it won't cost you a penny and you are |
| In order that the process doesn't drag on too long, give | | | | establishing an immediate relationship with the person |
| them a specific deadline by which their contribution has | | | | who will be reviewing your Plan. |
| to be returned. | | | | Business Colleagues, Local Chambers Of Commerce |
| Don't overlook the power of co-opting your staff in | | | | or Chambers of Trade |
| helping to complete your Plan. There is no better way | | | | These are organisations comprising of local business |
| to achieve "buy-in" to your vision and strategy than | | | | people who get together on a regular basis to share |
| getting your team involved. | | | | ideas and experiences, hold seminars and trade fairs. |
| Accountants | | | | You may think that people already in business, |
| If you can afford it, you can ask for help from an | | | | especially in the same line as you, would not want to |
| accountant. He will have seen many Plans and so can | | | | help someone else start up in business or expand in |
| provide some practical advice, particularly where Profit | | | | case it damages their own firm. However, this is far |
| and Loss and Cash Flow forecasts are concerned. If | | | | from the case. |
| you don't feel comfortable with figures or you don't | | | | All entrepreneurs know what it's like during the early |
| have an accountant within your business, then it would | | | | days in business or the problems trying to grow an |
| be wise to seek help in compiling these figures, after all, | | | | existing one. They will be more than willing to share |
| the Bank is going to make some very important | | | | their experiences and give some general advice. You'll |
| decisions based on these forecasts, so they have to | | | | be surprised at how generous some business people |
| be as accurate as possible. | | | | can be. |
| However, don't underestimate the benefits of doing the | | | | Books |
| forecasts yourself. This exercise will give you a very | | | | There are numerous books on how to prepare |
| good understanding of how your business works from | | | | Business Plans. Each of them has something different |
| a financial perspective; you'll realise the importance of | | | | to add, so buy a few and pick up some of the key |
| managing cash properly and the effect a rapidly | | | | points. |
| increasing or decreasing turnover can have. In addition, | | | | Take a visit to your local library. As well as books on |
| because you did the figures yourself, it will give you the | | | | how to put a Plan together, they may have information |
| motivation to monitor your performance on a regular | | | | relating to your line of business, which could be useful in |
| basis. | | | | gathering background facts to bring your Plan to life. |
| Once you have finished the forecasts, you can still ask | | | | With these sources of advice there really is no excuse |
| your accountant to review them to ensure that you're | | | | for you not getting down to writing that long overdue |
| not totally mad! He can give you a formal 'stamp of | | | | Business Plan! |
| approval' to include in your Business Plan, so listen to | | | | |