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Business planning tips to help you write a business plan plus links to extensive free and trial business plan resources and software at
Twelve things to do when writing your business plan:
1. Create a framework for the plan e.g. table of contents.
2. Identify possible appendices, attachments etc.
3. Estimate page lengths for each key section.
4. List main issues and topics to be covered within key sections.
5. Assign work programs based on the framework and lists.
6. Draft all key sections in a logical sequence.
7. Check the preliminary draft for completeness and plug gaps.
8. Stand back and take a detached overview of the draft.
9. Let an outsider or adviser critique the latest draft.
10. Redraft, fine tune and spell check.
11. Write the executive summary and plan's conclusion.
12. Get an independent assessment of the final draft.
For more detailed guidance on preparing a plan, check the white paper on
Do a SWOT analysis and identify key business strategies before starting to write your business plan.
A SWOT analysis is an assessment of the Strengths, Weaknesses, Opportunities and Threats facing a new or established business. It should always be conducted prior to the compilation of a detailed business plan. A realistic and unbiased SWOT analysis could form the basis for the strategies to be followed throughout the plan. A failure to determine SWOTs could result in a plan which is unclear, misguided and lacking focus and direction.
Strengths and weaknesses are essentially internal to the organization and relate to matters concerning resources, programs and organization in key areas.The objective is to build up a picture of the outstanding good and bad points, achievements and failures and other critical features within the company. If a startup is being planned, the strengths and weaknesses are related mainly to the promoter(s) - their experience, expertise and management abilities - rather than to the project.
The threats and opportunities are external to the company and relate to the industry and marketplace in which the business operates; changes or trends in competition, technologies and so on.
Once the SWOT review is complete, the future strategy may be readily apparent or, as is more likely the case, a series of strategies or combinations of tactics will suggest themselves. Use the SWOTs to help identify possible strategies.
If the business is seeking significant growth, it is important to fast-forward and assess SWOTs as they might exist a year or two hence. This will help ensure that strategies are ambitious and robust and that emerging issues are anticipated. Have a look at the discussion on SWOTs and related matters in
Guidance on the ideal page length of a business plan based on experience and the findings of surveys about business planning.
What is the ideal page length of a business plan? Well, what is the length of a piece of string? The answer really depends on the purpose and scope of the plan - are we talking about a basic or comprehensive plan. Analysis of findings from an ongoing survey about business plans by PlanWare indicates that the main parts (i.e. the body of plan excluding appendices etc.) of many basic plans are under ten pages long whereas comprehensive plans are often 10-25 pages long.
When budgeting your plan's length, go for the shortest possible plan consistent with your business's scale, objective of the plan etc. - aim for quality rather than quantity! Bear in mind that the overall length of the plan is likely to increase as writing progresses. If your plan gets too long, do some ruthless editing and redrafting. If it is any consolation, it should be much easier to shorten a long plan than to lengthen a short one!
Based on the suggested section lengths in our
Here are some quotations to motivate and inspire the planning and development of your business:
- Rise early, work hard, strike oil. (J Paul Getty)
- The person who doesn't scatter the morning dew will not comb grey hairs (Irish proverb)
- A chicken doesn't stop scratching just because worms are scarce (Grandma's Axiom)
- A wise man turns chance into good fortune. (Thomas Fuller. Gnomologia, 1732)
- A great fortune depends on luck, a small one on diligence. (Chinese proverb)
- Luck is a dividend of sweat. The more you sweat, the luckier you get (Ray Kroc)
- I'm a great believer in luck and I find the harder I work, the more I have of it. (Stephen Leacock)
- Success is more attitude than aptitude. (Anonymous)
- If, at first, you don't succeed, try again. (Proverb)
- If, at first, you do succeed, try to hide your astonishment.(Los Angeles Times Syndicate)
- There is nothing more difficult...than to take the lead in the introduction of a new order of things. (Niccolo Machiavelli)
- If you want truly to understand something, try to change it. (Kurt Lewin)
- Do not f