If you fail to plan, you really do risk planning to fail! So make a start by identifying the main issues, trends, data, limiting factors, key variables and future objectives – in essence, everything that may have any bearing on your business plan (BP). These ingredients must be marshalled, taking advice as to ‘format, financials & funding’ (FFF) as distinct from the core content regarding products & markets, which you must own.

We can help you prepare a plan in outline, using your headline inputs informed by suggestions as to FFF. While in production, we suggest that you run your business using the draft plan as a working blueprint, while refining it in line with actual results and planned developments, as these become better defined. 

If you allow the BP to evolve into a filter for major decisions, you are less likely to go off plan. Also, it is crucial to set objectives using smart criteria (specific, measurable, ambitious, realistic, timescaled). Don’t fudge missed targets, and do update the BP to reflect their impact.

Value the process as much as the results it depicts. This is as much about planning as plan per se. Ensure that the core assumptions and objectives are regularly reviewed. Major performance variations must be reflected back into the process to avoid that becoming ineffective.

Preparation, planning and review processes are vital. Plans which are subject to external scrutiny and regular updating will gain credibility and be more likely to convince sceptical funders and investors. With many of the factors that drive results becoming less predictable, effective business planning is essential for survival in today’s challenging economic climate.