Prepare a business plan for growth
Benefits of ongoing business planning
Good planning is the pillar of any successful business. You need a business plan when you first launch your company, often to convince lenders or investors to consider funding it.
However, a good business plan fills more than just the financial purpose and should not be a one-time effort. It should be an ongoing process that remains critical to your business' success over its entire lifespan.
Business plan for 'established' businesses
If you are a mature business, your business plan should:
- guide your growth
- support your business strategy
- ensure that you meet key targets and goals
- help you manage business priorities
- drive efficiencies
- identify opportunities
- allow you to benchmark your business results
A business plan can play a key role in allocating resources throughout a business. It can help you attract new funds, or win over new investors and partners. See how to tailor your business plan to secure funding.
Ongoing business planning
Ongoing planning is different from writing a business plan. Ongoing planning can help you identify where your business is now and in which direction you wish your business to grow. It also enables you to monitor whether you are achieving your business objectives.
Ongoing business planning ensures that your business remains focused, therefore helping you to meet certain key targets and manage business priorities. See more on strategic planning for business growth.
Importance of reviewing your business plan
Business planning takes time. You can maximise your chances of success by adopting a continuous and regular business planning cycle that keeps the plan up to date. This should include regular business planning meetings which involve key people from the business.
Find out how to review your business plan.
If you regularly assess your performance against your business plan and targets, you are more likely to meet your objectives. You're also more likely to notice when things aren't going to plan and take corrective action. Many businesses choose to assess progress every three or six months.
See how to measure performance and set targets.