Business Planning

Planning Your Business Idea

Business planning requires that you focus on objectives and financial forecasts. This brings clarity and credibility to your business idea. How will you deal with potential problems? Your budget needs to be at the core of your project and throughout your business journey. Look around at successful businesses and see how they deal with surfacing problems.

The Budget

The first step you should take is to have an overview of your finances (including income and any expenses). Your present financial situation will play a key role in making wise decisions for your business. You also need to identify areas where you can spend less or even cut out certain expenses. Also, identify areas of potential revenue. If you can arrange for business funding, even better but think very carefully before you take out a loan to help you grow your business.

Staff And Extra Help

In 2020 we’ve had the pandemic which pushed new trends into the business world. Employees either on furlough or working from home to help contain the virus. This has highlighted the practicality of outsourcing – it is cost effective and simplifies things, especially if you’re a new business. Outsourcing can really help you budget and try out your business idea. If you outsource to self-employed contractors, they are responsible for paying their own national insurance and income tax.

Taking It To The Bank

If your business idea includes employed staff and a business loan, ensure that your plan looks professional. Keep the plan short – don’t allow it to be too wordy, too detailed or too difficult to read. Definitely include financial forecasts and expectations. Research on how your bank assesses a business plan. With that in mind, draft a plan that shows your lender you are clear about your business plan, and you understand exactly how to run it.

SWOT

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. These will be in your plan but not necessarily in your business plan, which is presented to the bank. The strengths of your business will include your brand, the patent, your unique selling point and the quality of your product. The plan’s weaknesses will be around finance and viability of the product, usually who your customers are but also who your competitors are. Threats would likely be possible downturn in the economy or new competitors.

There’s obviously a lot more to a business plan than the few points we’ve covered in this article. We’re business lawyers who would like to help you get started. If you’d like to have an initial free consultation, please give us a call and we can discuss a way forward for your business planning or even just revisit your business plan. SG

Make An Enquiry

Call us now on 020 7113 4003 or complete our Online Enquiry and we will be delighted to talk with you about your legal matter.

Free Enquiry

Back to all news

Share Article With:

Make An Enquiry

    Global Excellance Awards

    Client Reviews

    DG Law were fantastic throughout our purchase process. We had a short, fixed, timeline to

    Venetia Lawson-Cruttenden [solicitor] is fantastic!  She is always so thorough and efficient and gives you the

    DG Law supported us through a very difficult contractual negotiation to achieve exactly the outcome

    We were very pleased with the way that DG Law helped us on our transaction

    Thanks for all the help from DG Law in pulling together our somewhat complicated loan. 

    DG Law resolved a difficult lease renewal for us and their services were excellent –

    I needed understanding and experienced legal advice. DG Law provided an excellent service at a

    My experience was second to none – the service was professional and personal. DG Law

    DG Law always step up to the plate on our transactions and handle the various

    DG Law was recommended to me and my partner and I received excellent advice –

    Having worked with DG Law a number/couple of times now, I have been really impressed

    DG Law were constantly at hand, and kept pro-active throughout the thorny process of getting

    DG Law organised and ran a very useful session to help to make our team’s

    DG Law came recommended to me and whilst setting up a new business it was

    We were recommended three lawyers to handle the sale of our seven year old successful

    Why Choose Us?

    We live by our core values of transparency, flexibility and being honourable – every day

    We put ourselves in your shoes so we understand your problems from the inside out

    We deliver our advice in a way that is easy to understand