1. Business Planning Top Ten Tips

2. Most small businesses fail because they have not researched their market thoroughly enough. You need to work out if there is a market for your goods or services, what competition there is, and how both are likely to change in the future. Do your Research!

3. Small business owners are sometimes over-optimistic about their financial predictions. Try and make your predictions as accurate as possible. Be Realistic…

4. Does your business have a unique selling point? What about your business is going to make it stand out from the rest and make people choose you? This is going to me the main focus of the business so your USP needs to be very accurate. What is your USP?

5. Never underestimate your competitors and what they are capable of. They are already in business and you are joining the market so you have to be sure that you are able to compete with them. Have you researched your competition and come up with something that is going to make you better than them? What about your competitors?

6. Is it a new product you are bringing to the market? Do you think people will take to it? You need to identify the things that could go wrong with your product. Once you have done this you can then come up with solutions that could counteract what is going wrong. Being prepared for the things that could go wrong will show that you are not blinded by your idea. Be honest about the risks!

7. This part of the business plan document is the one potential investors, or your bank will look at first. It should be robust and punchy. It should grab the readers attention as soon as they start reading it. This way they are interested from the first word and want to find out more. This summarises the plan as a whole, and needs to impress. Impress with the Executive Summary

8. As a business plan is a formal document it is recommended that you follow the standard format. This will include: An executive summary Company Overview Industry Analysis Customer Analysis Marketing Plan These will show how much research you have put into this idea. Follow the standard structure

9. Rather like a CV it’s a good idea that you tailor your business plan to suit the audience. You may have to present your business plan to a few different groups of people. If you’re a lecturer you will have to tailor it to the students but if you’re presenting it to your bank the format would be extremely different. Tailor the plan to the Audience

10. One of the first things investors will look for in a business plan is the exit strategy. What are your plans for the future? In what circumstances would you exit and how do you plan on doing so? What is your exit strategy?

11. There is no point having a business plan unless you update it as the business progresses. A business plan is a working document, which needs to be as fluid as the business itself. Don’t be shy of showing your plan to family, friends and colleagues who will typically be happy to provide honest feedback. Business Plans are Fluid