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Your business plan is a key document that describes your business, your objectives, your market and your financial forecasts.
Your business plan has many functions, it can help you secure external funding and can also help you measure your success.
Planning your business is a necessary process to undertake before, during and after you start. Writing your plan helps clarify your thinking and identifies the journey your business is on, where you intend to get to and how you intend to get there. Your plan will also help you review your progress against your forecast and make any necessary adjustments to get you back on track. Your business plan should be updated regularly as your business grows. It should also be a well presented document so that you can show it to an investor or bank should you need to raise finance.
To maximise your opportunities for success for your new business there are some common mistakes that can be avoided. These include:
For a business to be successful it needs to get its marketing right. Marketing is all about identifying and satisfying your customers needs – profitably. Our useful resources section includes everything from market research to pricing, promotion, selling, distribution, customer care and lots more.
Whether you’re starting up, or growing your business, if you’re thinking about seeking finance, there are a number of key questions you should think about before you approach anyone for funding, including:
You need to fully understand these key points before you decide to seek access to finance this will also help you be better prepared for any future funding application you submit.
Starting a new business can be a daunting prospect however there is plenty of support available for you.
Get to know the legal requirements involved to avoid any complications in the future.
There are many ways of owning a business, however which option best suits you?
Get to grips with VAT and the required insurance protection your business needs.