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Looking to start a business in July? How to write a good business plan

A well-crafted business plan is the cornerstone of any successful small business. It not only provides a roadmap for growth and development but also helps secure funding and attract investors. At Cutts and Co Accountancy, we understand the importance of a strong business plan and are here to guide you through the process. Here’s how to write a good business plan:

1. Executive Summary

  • Overview: Begin with a concise overview of your business, including the name, location, and mission statement.
  • Products/Services: Briefly describe the products or services you offer.
  • Goals: Outline your short-term and long-term business goals.

2. Company Description

  • Business Structure: Explain your business structure (e.g., sole proprietorship, partnership, corporation).
  • History: Provide a brief history of your business, including key milestones.
  • Unique Selling Proposition: Highlight what sets your business apart from competitors.

3. Market Analysis

  • Industry Overview: Discuss the current state of your industry and its future outlook.
  • Target Market: Identify your target market, including demographics and buying behavior.
  • Competitive Analysis: Analyze your competitors, their strengths, and weaknesses.

4. Organisation and Management

  • Organisational Structure: Outline your business’s organisational structure, including key roles and responsibilities.
  • Management Team: Introduce your management team and their qualifications.
  • Advisors: Mention any external advisors, such as accountants or lawyers.

5. Products or Services

  • Description: Provide a detailed description of your products or services.
  • Lifecycle: Discuss the lifecycle of your products or services and any plans for future development.
  • Intellectual Property: Highlight any patents, trademarks, or other intellectual property.

6. Marketing and Sales Strategy

  • Marketing Plan: Outline your marketing strategy, including advertising, promotions, and public relations.
  • Sales Strategy: Describe your sales strategy and sales process.
  • Pricing: Explain your pricing strategy and how it compares to competitors.

7. Funding Request

  • Requirements: Clearly state your funding requirements, including the amount needed and how it will be used.
  • Future Funding: Discuss any future funding requirements and potential sources.

8. Financial Projections

  • Income Statements: Provide projected income statements for at least three years.
  • Cash Flow Statements: Include projected cash flow statements to demonstrate how funds will be managed.
  • Balance Sheets: Offer projected balance sheets to show the financial health of your business.
  • Break-Even Analysis: Conduct a break-even analysis to show when your business will become profitable.

9. Appendix

  • Supporting Documents: Attach any supporting documents, such as resumes, product images, or legal agreements.
  • Additional Information: Include any additional information that might be relevant to your business plan.

Writing a good business plan is essential for the success of your small business. At Cutts and Co Accountancy in Cheadle, Manchester, we offer expert guidance and support to help you create a comprehensive and effective business plan. Contact us today to find out how we can assist you in achieving your business goals.

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