Prepare a business plan
Your business plan also needs to outline your operational capabilities and any planned improvements. There are certain areas you should focus on.
- Do you have any business property?
- What are your long-term commitments to the property?
- Do you own or rent it?
- What are the advantages and disadvantages of your current location?
Producing your goods and services
- Do you need your own production facilities or would it be cheaper to outsource any manufacturing processes?
- If you do have your own facilities, how modern are they?
- What is the capacity compared with existing and forecasted demand?
- Will any investment be needed?
- Who will be your suppliers?
- Have you got established procedures for stock control, management accounts and quality control?
- Can they cope with any proposed expansion?
For more information, see our guides on stock control and inventory and financial and management accounts: the basics.
- IT is a key factor in most businesses, so include your strengths and weaknesses in this area.
- Outline the reliability and the planned development of your systems.
For more information, see our guide providing an overview of IT and e-commerce.
See our videos and e-learning resources to create your business plan.
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