Banks like to see
your business plan if you’re asking for loan or overdraft facilities – although
they’re heavily focused on the numbers.
Potential business partners also like to see your plan, whether it’s for
the project you’ll be sharing or your full business plan, so they can see where
your focus is and whether this project is a critical business cornerstone, part
of a bigger plan or an afterthought.
But a business plan
doesn’t have to be a 30+ page document.
You can do a business plan on one page (although you’ll probably need to
work up parts of it to turn it into an action plan).
With a new calendar
year just a couple of days away, this is often the time when businesses start
to look at their plans for the year ahead.
Goal setting takes place – and then, in 3,6 or 12 months you check your
progress.
Are you thinking
about the year ahead and getting focused on what you’d like the year to be like
for your business?
Do you want to grow
financially, more staff, bigger premises?
Do you want to earn
more, but work less – so you’re looking at ways to generate residual income?
Are you scaling
back to give yourself less stress, or more time with family?
A business plan
isn’t just about making more money, it’s also about having the lifestyle you
want. It’s no good working 14 hour days
to make the business successful if you don’t have time to do the things you
love with the people you want to spend time with.
Get a big piece of
paper or a pad of sticky-notes and jot down all the things that you want from
your business in 2026. They don’t have
to be in any kind of order at first, just getting them out of your head – regardless
of how crazy they may sound – is your aim for now.
When you’ve asked
yourself that ‘what do I want my business to achieve in 2026?’ question three
times and can’t think of anything else, it’s time to review your ideas and get
them into some kind of order.
Maybe prioritise –
high, medium, low – and turn them into goal statements. You may be able to amalgamate two or more
into a single goal.
Be specific – so
not ‘more profitable’, but ‘increase profit by 20%’ (of course, that means you
need to know what your current profit is!)
Getting results
The problem is that
– you can’t ‘do’ a goal. You need
something to aim for, but getting there requires a ‘to do’ list of actions that
take you, step-by-step, towards that outcome.
For example, you
might say “I want to increase profits by £100K by this time next year.”
Now you’ll need to
work out:
- Which product/services and how much of each you need to sell to generate
that level of profit
- What the cost of each sale is – including overheads – so you are focused
on profit, not turnover
- Whether you want to increase prices, frequency of sale or customer base,
or all of these to generate that profit
- What activities you need to do to make more sales – not just ‘maybe’,
but guaranteed sales
- How much time these activities will take
- Who will do what – it may not all need to be you, but you will need to
create very specific, clear briefs to ensure that the right things are done
right!
These details
probably won’t be part of the main business plan, but are a critical part of
achieving success!


