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The assessment will also help you in discussions with banks, investors and even potential buyers of your business.Regular review is a good vehicle for showing direction and commitment to employees, customers and suppliers.These are often translated into targets which help to motivate staff in reaching short-term goals.
This can be a complex exercise but it's vital if each business unit is to tread a consistent path and not conflict with the overall strategy.
This is not just an issue for large enterprises - many small firms consist of separate business units pursuing different strategies.
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.
A business plan plays a key role in allocating resources throughout a business.
It is a tool that can help you attract new funds or that you can use as a strategy document.In particular, it should cover your strategy for improving your existing sales and processes to achieve the growth you desire.You also need to make it clear what timeframe the business plan covers - this will typically be for the next 12 to 24 months.Once you've reviewed your progress and identified the key growth areas that you want to target, it's time to revisit your business plan and make it a road map to the next stages for your business.This guide will show how you can turn your business plan from a static document into a dynamic template that will help your business both survive and thrive.By measuring how well an objective has or has not been achieved, managers can make necessary changes to their activities to ensure progress and achievement of the stated objectives are made within the timescale allocated.Planning is key to any business throughout its existence.A primary aim for all business organisations is to add value and in the private sector this involves making a profit. Time bound - associated with a specific time period.More strategic aims include expansion, market leadership and brand building. Public sector organisations like the Inland Revenue set objectives for service, such as processing customers' tax returns within a given time period.Most potential investors will want to see a business plan before they consider funding your business.Although many businesses are tempted to use their business plans solely for this purpose, a good plan should set the course of a business over its lifespan.