How long it takes to write a business plan depends on the business’s size and complexity and the information available to the writer. A simple business plan can be completed in less than a few hours, while a more complex business plan could take days or weeks to complete.
A business plan is an essential document for your business and will define your business’s overall strategy and finances. It is also a tool to attract investors to your business, so it is vital to make sure that it is thoroughly researched.
Why Do I Need a Business Plan?
A business plan is a road map for your business that outlines your goals and how you plan to achieve them. It can also help you secure financing from investors or lenders.
Creating a business plan will not only help you get the business off the ground, but it will also help you understand what is required to keep it running smoothly and what risks may arise.
What Goes into a Business Plan?
A good business plan will cover 8 key areas, which are:
- Executive summary
An overview of your business including the mission statement
- Description of your product or service
A detailed description of what you intend to sell and why
- Market Research
The research you have undertaken to prove that this business idea will work
- Sales & Marketing Strategy
Your strategy for selling your product or service and what platforms you will use
- Operational Planning
How your business will run and the people you will need to make it work
- Risk Management
****The potential risks to your business and where there may be failures, how can these be overcome?
- SWOT Analysis
The strengths, weaknesses, opportunities and threats to your business
- Finances
The most important part, how much money is needed? Detailed, well-researched numbers will help you here.
For more detailed information on what is required for a successful business plan, why not read our 8 Key Elements of a Successful Business Plan.
How Long Should Your Business Plan Be?
There is no set length for business plans, but 15-25 pages is a good range to aim for. The key is to include all of the important information without making the plan too long or cumbersome.
A good tip here is to make sure you write your business plan for the intended audience. For example, is your business plan aimed at attracting investors? You should make sure that the finances are front and centre. No one will invest in your business if they can’t see how they will make that money back ten-fold, so make that plain and obvious for them.
If your business plan is going to be read by potential customers or partners, then focus on what value your business can bring them. For example, how will working with you solve their existing problems? And how does that fit in with your overall mission and goals?
Who Should Write My Business Plan?
Ideally, it is best if you write your own business plan. When you are the one in charge of your business, no one knows more about what you do and how to run things than you do. However, this doesn’t mean that putting together a professional document is easy – especially if you don’t know where to start.
If this sounds like something which would apply to you or someone on your team, then consider hiring an external consultant to help with the task. Here at Square Plan we have significant experience assisting businesses to develop their plans and strategies.
Our process at Square Plan involved getting the facts of your business and putting those into a document that make sense and create the sort of financial forecasts that investors and banks will be looking for.