Small Business Advice 

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Starting and managing a business takes motivation, desire and talent.  It also takes research and planning.  Like a chess game, success in small business starts with decisive and correct opening moves and although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage.  To increase your chance for success, take the time up front to explore and evaluate your business and personal goals.  Then use this information to build a comprehensive and well thought out business plan that will help you achieve these goals. The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business and it should also provide milestones to gauge your success.
BUSINESS PLAN
The following outline of a typical business plan will serve as a guide which will need to be adapted to your specific business.  Breaking down the plan into several components helps drafting it a more manageable task. 
Introduction
•    Give a detailed description of the business and its goals
•    Discuss the ownership of the business and the legal structure
•    List the skills and experience you bring into the business
•    Outline the advantages you and your business have over your competititors

Marketing

•    Detail the products or services offered
•    Identify the customer demand for your product or service
•    Identify your market, its size and locations
•    Explain how your product will be advertised and marketed
•    Detail the pricing strategy
•    SWOT analysis (strengths, weaknesses, opportunities and threats) – see below.

Financial Management

•    Explain your source and the amount of initial equity capital
•    Develop a monthly operating budget for the first year
•    Develop an expected return on investment and monthly cash flow for the first year
•    Provide projected income statements and balance sheets for a two year period
•    Discuss your breakeven point
•    Explain your personal balance sheet and method of compensation
•    Outline who will maintain your accounting records and how they will be kept
•    Provide “what if” statements which address alternative approaches to any problems that may develop


Operations

•    Explain how the business will be managed on a daily basis
•    Discuss hiring staff and personnel procedures
•    Insurance, lease or rent agreements and issues pertinent to your business
•    Account for the equipment necessary to produce your products or services
•    Account for production and delivery of products and services

Concluding statement

Summarise your business goals and objectives and express your commitment to the success of your business.


When you have completed your business plan, review it with a friend or colleague.  When you feel comfortable with the content and structure, make an appointment to discuss it with your lender.  The business plan is a flexible document that should change as your business grows.  Research shows that having a business plan is absolutely vital to the success of your business.   This is the document which will ‘sell’ your product to everyone you show it to.  It is your biggest marketing tool 
Which will explain where you are, who you are and where you want to go  - and, most importantly, how you are going to get there.
 

Please contact us for additional information:
 
           Phone:    0845 116 2138
           Email:     enquiries@theretaildoctor.co.uk