How does your business plan rate?

Even if you don’t think you need external finance, you still need a business plan to maximise how much your business could be worth in the future.

As a business owner, you are not only investing your own money, but also your own time, so you have even more reason to plan.

You only have about 45 years of working time to invest, but most business owners have already worked for someone else for 10 or 20 years. So, if you divide the remaining time into 5-year business plans, you may only have 4 or 5, which is why each one has to deliver a good return on your time. The best way to do this is to generate a viable business plan, implement it and monitor progress.

Rate your business plan against the following 5-point scale:

1. A business plan exists, but is out-of-date or incomplete. 
2. A current business plan exists, but projections are only based on existing capabilities with modest growth.
3. A growth business plan exists, but does not include any detailed strategy, marketing plan or financial requirements to deliver the growth projections.
4. A comprehensive business plan exists, but it does not include any detailed strategies to grow the business valuation, longer term potential or options for exit.
5. A strategic business plan exists, which details the strategy for growing the business valuation, its future capabilities and likely options for the longer term.

Once you’ve made your judgement on where your business plan is now, you can see where it needs to be to maximise your success.

This is what we do every day at Sightpath, so we’re equipped with the expertise and tools to do it. Why not ask us to help develop your business plan and you’ll move faster along the path to increased valuation of your business.

Call 0845 468 2020 to speak to one of our Business Catalysts about how to generate a business plan to increase the value of your business.