Proper planning prevents poor performance, and a business plan is an essential tool for every business, no matter the size.
Think of it as a roadmap for your business, outlining your business goals and the strategies and tactics you are going to take to achieve them. It could include sales targets, property acquisition, marketing and advertising, improving cash flow, managing and developing your staff or introducing new technology.
It also helps hold you to account. Businesses that plan ahead and honestly track their progress and measure their success, are more likely to succeed be more resilient.
Once you have a business plan you can use it when applying for finance or to support an expansion or special projects. It lets your employees, investors, your accountant, suppliers, finance lenders and other stakeholders know what you want to achieve and how you plan to get there.