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You are here: Home » Archives for business plan

business plan

What I learned from going bust

September 5, 2017

Business startup lessons

Every business owner can learn valuable lessons from studying how successful businesses are born and grow.

Looking out for, and replicating, key drivers of success in other businesses, can help to drive our own business forward.

However, vital insight can also be gained from business failures. In many cases, what we can learn from terminal business mistakes can prove even more illuminating than what we can glean by following the high-flyers.

Here, Robin Booth shares his experience of going bust, and highlights lessons we can all learn from a business failure.

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steps to successful financial planning

Good planning is important for both startups and established businesses, and a financial plan is no exception.

As a new business owner, you have probably never had to produce a financial plan, so it can definitely be a daunting prospect. However, investing a little time and effort in making a financial plan for your new business can save you a lot of money and pain down the line.

So to help you get your financial plan right we asked Robin Booth of Brixx.com to outline the 6 steps to develop a coherent, holistic financial plan of your business. Continue…

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factors affecting your business plan

Thinking about your business in different ways affects how you plan for the future, opening up some new avenues, but making others potentially harder.

By being aware of how you view your business you’ll also invent new ways of thinking about it, which will give you a more balanced and flexible approach to financial planning. Robin Booth of Brixx.com explains how to think differently about your business, and the benefits of doing so; Continue…

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According to Bloomberg’s infamous, mythical study, 8 out of 10 businesses fail in their first 18 months.

The Bloomberg figure has been shown to be nonsense, but business failure statistics given by other sources still report business closure rates of 20-40% within the first 2 years of trading, which is still a very high failure rate.

In this article, I’m going to explore one of the ways to avoid the financial pitfalls many businesses find themselves in. I’m going to talk about not just having a financial plan – but understanding the discipline of testing it.

There are myriad reasons why such a large proportion of businesses don’t succeed, but for small businesses cash flow problems are one of the most common reasons. There are practical ways to stave off cash flow problems – but much better if they can be avoided in the first place. Continue…

When you are launching a new business, it’s fair to say that planning your finances isn’t the most exciting aspect of of being a startup. However, it is a crucial part of understanding whether your business has a chance of succeeding

And the good news is that there are now dedicated software, tools and apps that can quickly and easily produce financial forecasts for you.

So to help you understand more about how planning your finances can help your startup succeed, we asked Robin Booth of Brixx.com to share his experience with us;

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When you decide it’s time to get your business started, you’ll find the first piece of advice given by most experts is to “get a business plan written”.

And they’re right; that is the first step to turn your business dream into a reality. But many people find it the hardest step to make.
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When it comes to writing a business plan, there is one single golden rule that dwarfs all others – your business plan must address each of the key concerns of your potential backer.

If you fail on this first point, all the other things you should and shouldn’t do pale into insignificance and even a great business idea might fail to get backing it needs. A good business plan keeps the investor happy, so follow these 10 Dos and Don’ts to ratchet up your chances of success:

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Writing a business plan is an important step in the business start-up process. And, if you want to raise funding for your new business, you simply must produce an up-to-date business plan to show potential backers.

Even if you don’t place much importance on the business planning process, the simple act of writing down your thoughts can help focus your mind on aspects of the business which you may otherwise have neglected.

So to get you started on the right path, here are 10 business planning tips to help you produce an effective plan; Continue…

There is a lot to be gained from business planning but many businesses will search for a million reasons to avoid it. However large or small your business is, planning for the future is critical to its success.

Apart from the obvious benefits of setting your stall out for the year ahead, creating an annual strategy will motivate, inspire and focus you on what needs to be done and when.
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When you are starting a new business, you will most likely need to produce a cashflow forecast.

If you’re looking to raise money, from either a bank loan or outside investors, a cash flow will be one of the financial forecasts that you will need to produce for prospective lenders and investors.

As your business grows, a cash flow forecast becomes an increasingly important tool to help you manage the business and to avoid any sudden cash flow problems.

We all therefore appreciate the importance of a cash flow forecast, but are there any trade secrets to doing it better?

Here are some top tips to help you produce a better, more accurate cash flow forecast first time, and how you can use it to give your business a commercial advantage.
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Business development is much more than just about marketing, sales, pitching, online wizardry, mailings, advertising, branding, social media strategies, glossy brochures, discount deals, promotional gimmicks or special events.

Every single thing a business does has a potential impact on how your business performs. Following these 10 business development truths, will help your business to grow and give you an edge over your competitors.
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The second instalment of our two-part guide to writing a business plan for business angels, examines each of the main chapters in detail, highlighting the areas that need particular attention if you are to successfully attract funding from a business angel or private investor. Continue…

This guide has been written for ByteStart by John Courtney of Beer & Partners Ltd.

There are many books on writing business plans – all the banks provide a handy checklist for example. Yet business plans should always be written with the audience in mind. This guide is therefore aimed at helping you put your message across to one particularly critical audience – the business angel.

We see nearly 2000 plans a year and we know what our angel investors are looking for; more importantly perhaps we also know the pitfalls and howlers to be avoided. Continue…

As you start up your business, the need for a well thought through business plan is clear.

Even if you are just going to be you sitting in your spare bedroom selling things over the internet, you need a business plan to understand how you are going to market your products or services and actually turn a profit.
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One of the keys to success in any venture is having an accurate and informative business plan. It will set a clear direction and ensure you spend your time productively. As a vital document, you need to invest time getting it right before you make any key business decisions.

There are numerous tools and sources of information online, that allow you to research and plan virtually any business idea. Here are a few of our favourites.
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In association with Lloyds TSB Commercial, here are 10 handy hints and tips to consider when setting up your business.
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The following 8-part guide on how to write a business plan serves as an outline for anyone who is thinking of starting their own business, or improving an existing business.

The aim of this guide is to focus your ideas and create an easy-to-follow plan which can be shown to potential investors, bank managers and business partners.
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In Part 2 of our 8-Part Guide to Writing a Business Plan we look at The Objectives and Executive Summary.

Both, ‘The Objectives’ and ‘Executive Summary’ sections provide an overview of the entire business plan.
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In Part 3 of our 8-Part Guide to Writing a Business Plan we look at Market Analysis and Demand Analysis.
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In Part 4 of our 8-Part Guide to Writing a Business Plan, we look at the environmental, company and competition analysis parts of the business plan.
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Guide to Writing a Business Plan – Part 5 – Marketing Strategy

October 11, 2011

In Part 5 of our 8-Part Guide to Writing a Business Plan we review the Marketing Strategy. Once you have established the market, the competition and the factors that affect it you need to detail the strategy of how you will enter the market place.

Guide to Writing a Business Plan – Part 6 – Success Factors

October 11, 2011

In Part 6 of our 8-Part Guide to Writing a Business Plan we look at ‘Success Factors’. This section is very important as it provides a summary explaining why the plan will succeed.

Guide to Writing a Business Plan – Part 7 – Financial Analysis & Finance

October 11, 2011

In Part 7 of our 8-Part Guide to Writing a Business Plan, we look at the Financial Analysis and Finance sections of the Business Plan.

Guide to Writing a Business Plan – Part 8 – Conclusion and Appendices

October 11, 2011

In Part 8 of our Guide to Writing a Business Plan we look at the ‘Conclusion’.

ByteStart’s Start-Up Guide – Part 5 – Why you need a business plan

October 11, 2011

If ever there was a key skill you’ll need in your business – it’s planning. You can still be your own boss if you’re not the most organised of people, but you’ll find it a very tough slog.

What is a Business Plan?

September 25, 2011

A business plan is a document which captures how you expect your business will grow, according to a large number of factors such as funding, how the market behaves, the people involved in the business, and – of course – how successful you are at selling your product or service.

What financial forecasts should I include in my business plan?

February 7, 2007

Expert opinions may vary, but in general there are some standard analyses that a business plan ought to have, regardless of specifics.