Well-planned businesses are successful businesses.
Starting a business is an exciting time – with many challenges and important decisions that need to be made to lay the foundation for your business’ future. Having a solid business plan with sound financial strategies is the key to unlocking your full potential. A well-grounded plan will not only show you that your idea is profitable, but will also provide the information and evidence that banks or other lenders need to understand and support your business.
Business Plan Advice
Properly thought out and well-presented business plans lend credibility to your business, which is essential when approaching lenders and investors. This also means that it isn’t just new businesses that require them – they are essential at every stage of growth, to provide a clear road map and to guarantee profitability. Working with an experienced accountant will allow you to provide realistic, accurate start-up costs and forecasts, as well as help you to secure funding from the right sources.
There are also non-financial aspects to a well-rounded business plan, such as legal considerations to marketing approaches, which will vary depending on the type of business you will be running. Having an expert on your side that has many years of commercial and managerial experience across a wide array of industries will give your company and your business plan the right foundation.
RP Accountants have helped businesses from Norfolk and beyond, to create the right business plans ensuring the maximum chance of long-term success. For over 25 years and across many sectors, we have assisted in securing necessary funding for all kinds and sizes of businesses.
How to Prepare a Business Plan for a Small Business
While business plans are important for a business of any size or age, small businesses will often come under more scrutiny from banks and other third party lenders. This is another reason why having a solid business plan is important.
Your business plan will need to be clear and should include:
- A summary of the business idea
- The objectives of the business
- The gap in the market your business will fill
- How your business will fit into the market
- Customer and competitor research
- Your unique selling points
- Ownership and management structure
- Sales and costs forecasts to show profitability
- Funding requirements (where applicable)
The goal of the business plan is to provide a compelling view of your business idea and strategy, which also shows an interesting investment prospect for yourself and potential investors.
How RP Accountants Can Help Plan Budgets and Cashflow
With our wealth of experience, our accountants are able to identify opportunities in your business to make the most of your budget and maximise profitability. We will make sure to understand your business goals and your current situation before giving our personalised recommendations on the best route forward.
If your business requires external funding such as bank funding, external investment or grants, we can help you. Similarly, if you want to make sure your business structure or cost control is working effectively, and want to give your business every possible advantage, get in touch with us.Your business plan is crucial in determining your future success. Call RPA today –01692 584222