The Benefits Of Having A Business Plan

I asked a question on my Facebook bookkeeping support group recently about the best advice people were given when they started their bookkeeping business. Sharon Gibb from Red Robin Bookkeeping shared her best advice, which has inspired this guest blog post. Over to you Sharon ...

You’re probably thinking, “Do I really need a business plan?” It sounds like a lot of hard work and effort, they’re outdated and I like figuring things out as I go. But yes, I really do recommend writing a business plan.

"I found it to be the most invaluable tool!"

I look at it as a road map to my destination, planning out precisely how I was going to turn all my thoughts, ideas, visions and passion into a successful business.

To be completely honest, I found starting a business very daunting, and at times, I felt extremely overwhelmed. The realisation of being on my own hit home. I wouldn’t have that team around me to bounce ideas off or the support I once had when I was employed.

Writing my business plan helped me focus and it gave me that self-belief that I could do this. I started to break down my ideas and visions into sections providing me with structure and a clearer direction. It helped me work on my business in bite-size pieces which were manageable and less daunting.

I would keep the business plan simple yet concise. You could start with one page and a few sentences in each section, focusing on what the reader needs to know. It doesn’t need to be longwinded so leave the detail for later.

I update my business plan yearly. I love sitting down with a coffee reading back over what I had planned for the year, taking time to reflect and review my successes, my failures and to plan and set new goals!

I see my business plan as a vital tool for myself and my development as an entrepreneur. It will grow and evolve along with me and my business. It is not just about the beginning it’s part of the whole journey.

If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.