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Creating An Effective Business Plan
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Financial forecasts are an important tool in the effective running of any small to medium business. Financial forecasting in Birmingham can be achieved by procuring the services of a good management accountancy firm. Financial forecasts are also of value to business start-ups and combining this with a sound business plan is something that KSA Associates of Birmingham offer. A lack of planning and no real control over cashflow is a common reason for start-ups to fail within the first year. With Birmingham’s Big City Plan and high levels of investment in a new science park and a new business park, the city is set to see many more small companies emerging in the coming years. To help them to flourish and avoid the pitfalls that trap many entrepreneurs every year, KSA Associates is offering impartial advice and a free business assessment to small and medium sized businesses and business start-ups in Birmingham and the West Midlands.
A robust business plan can make the difference between securing the all-important financial backing from the bank and a good idea going nowhere. Business plans are relatively straightforward to create as long as a couple of golden rules are followed. Firstly, create a logical and understandable mission statement or executive summary of no more than a page in length. Lay out exactly what your business does, how it makes money and why customers buy from it. An investor is unlikely to read beyond the first page if he or she cannot clearly see what the business does and where the sales are likely to come from.
Secondly, clearly show that the market has potential. If twenty other companies are making widgets why should your widget get a market share? What is unique about your widget and can it be easily copied? Showing sales growth potential for a business start-up can be the key to securing finance and if it is difficult or impossible to show how your business idea can succeed then it may not be such a great idea after all. Ascertaining your target market is crucial no only to secure finance, but to ensure that there really is a market for your product or service. It is vital to conduct some research into the competition and show how you can beat them. If there is no competition ask yourself why – could it be because nobody wants what you are proposing?
Next, introduce everybody who will be involved in the business in a brief summary for each team member, laying out their role and their experience. Include curriculum vitaes of the key players in the appendix of the plan. Finally, an in depth assessment of revenue streams and cost structure is essential. Every assumption made in this part of the summary should be justified. If your premises cost is low because you’re starting out of the garden shed, explain this and show how you can easily expand.
If after all of this a Business Plan still sounds too complicated to contemplate without some expert advice then KSA Associates can help. We can create a business plan for any start-up in Birmingham and the West Midlands and we offer a free business review meeting in the first instance.
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