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Not strictly a regulation, more of a necessity - your chances of arriving at a destination are vastly improved if you know the route that you intend to take.

What will be your policy for marketing?  Lots of small customers or a small number of large customers?
What will be your policy on product pricing?  High volume or high margin?
What will be your policy on product sourcing?  Make your own, local source, foreign source, single main supplier, multiple suppliers?
What will be your policy on staff?  Recruit cheap labour and provide or buy in training or recruit highly trained staff?
What will be your policy on management?  Concentrate key skills in one or two people or a bigger team? 

A Business Plan must be "owned" by the people running the business.  It is not a document created from an accountants imagination, but we can help you prepare it.

It will include details about -

THE BUSINESS OWNER(S) -

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• background
• plans and long term aims (distant date of retirement)
• enthusiasm

THE BUSINESS -

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• reasons for the success of the business so far (if any)
• copy of latest accounts and management figures

THE KEY PERSONNEL -

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• who is the project dependent on ?
• what is their commitment (potential reward) ?
• what if they are not around ?

THE PROJECT -

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• what do you intend to do ?
• what are the alternatives ?
• do you need and have you obtained planning consent ?
• have you got any contingency plans ?
• timetable

THE MARKET PLACE -

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• what are your assumptions ?
• what (limited) evidence do you have to support them ?
• who are the competition and what are they expected to do ?

THE PROFITABILITY -

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• the basis of your assumptions (interest rates etc.)
• how much of your expenditure is fixed
• your Budget(s)
• projected Profit & Loss Accounts and Balance Sheets

THE CASH FLOW FORECAST -

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• whether the required borrowing is included
• your Cash Flow Forecast(s)

THE REQUIREMENT AND SECURITY -

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• how much do you need ? (ask for too much, never too little)
• what type of borrowing, and over what period
• schedule the security you will offer (never more than you think necessary)
• schedule the life insurance cover you propose, its cost, and whether it is already in place

Reminder - disclaimer applies. Please feedback your comments.  This page was last modified 5 December 2003.