Produced by Alison Kennedy
“A goal without a plan is just a wish” (Antoine de Saint-Exupéry)
It’s not uncommon for entrepreneurs to think that a business plan is not really of that much relevance or importance to them when starting up. They want to just get on and do it rather than spend hours thinking about it but this is a mistake made by many and not one to be taken lightly.
If you are setting up a business it’s very important to take the time in the initial stages to think about what your objectives and goals are for your business and to put a plan into place as to how these things will be achieved.
Individuals who might be looking at your business plan do include the bank and / or investors but the person who should be looking at your plan the most is you. Your business plan needs to be a working document which you can constantly refer to for direction. It is also an evolving document which you may have to re-write, amend or change many times as time goes on.
Key Topics you need to cover within your business plan include (but are not limited to):
Executive Summary
Knowledge and Skills
Vision and Objectives
Mission
Products and Services
Competitor Analysis
Market Analysis
SWOT & PEST
Sales & Marketing Strategy
Branding
Management Summary
Finance & Budget
Cost Considerations
Profit & Loss Projections
Even though you may feel as though you know the plan for your business in your head it’s important to get things down on paper. You also need to appreciate that others who may read your business plan may have no understanding or appreciation for the recruitment industry or of your chosen sector, so you need to be specific and spell it out to people in a manner in which they can understand.
Consider things such as how you will word your plan, what your company branding will look like, your impact on the market and relevance to your business. You need to be able to sell your idea to others and utilise your business plan document as your platform to showcase your ideas.
There are some great business planning templates you can download for free to help you on your way and lots of advice available to those who need it.
Other useful Resources:
Natwest Free Business Planning Tool
Barclays Business Planning Pages
Alison Kennedy is MD of Recruitment Business Solutions. She offers a free 1 hour phone consultation for start up recruitment businesses and also has free business planning tools available. Too find out more or to book an appointment contact her at; info@recruitmentbusinesssolutions.co.uk
