When you’re first starting out running your business you’ll no doubt be eager to dive-in, get your name out there and start building your client base. Whilst these things can sometimes seem to be the most exciting part, there are some fundamental ‘housekeeping’ tasks that you should do before you get going – one of which is your business plan. 

In this blog we explore why it’s important to have one, what yours should include and how your Vantage Accounting Client Director can help. 

Why do you need a business plan? 

It might not sound glamorous, but a clear, detailed business plan—outlining your goals, the steps to reach them, and realistic timelines—keeps your long-term vision front and centre, helping you stay focused every single day. 

A business plan can turn your idea into structured vision, and allow it to develop into something tangible with real measurable results. It’ll allow you to answer important questions such as: 

• What exact product / service am I selling? 

• Who are my customers? 

• How will I market to them? 

• Who are my direct competitors? 

• What are my goals, and how can I achieve them? 

By putting all that into words, you’ll help to clarify what your overall business goals are, but also why and how you’ll achieve them. 

It will help you understand your numbers 

If you’re not naturally drawn to figures and spreadsheets, you may find the financial planning side of your business a little daunting. Whilst your Vantage Client Director is on hand to help guide you through the running of your business from a tax and accounting point of view, it’s also essential for you to understand where you currently are, and where you want your business to be financially. 

By considering your pricing, projected income, fixed and variable costs, and break-even points, you’ll be able to run your business with clarity rather than guesswork. And when unexpected costs do occur, they won’t catch you completely off-guard. 

It will keep you focused 

Starting and running a business can be chaotic. With a multitude of daily decisions and distractions, your business plan can act like a compass that’ll guide you through the day-to-day. It can provide clarity whenever you’re feeling overwhelmed, and can act as a reminder of your goals, strategy, and core values. 

It can also help make it easier to say ‘no’ to anything that doesn’t serve your business, which can be tough to do if you’re just starting out and are nervous about turning opportunities down. 

It will help you communicate your business to others 

 Regardless of whether you’re speaking to a potential partner, a bank, or even just a curious friend or family member, by having a clear business plan it’ll make it much easier to explain what your goals are, and why you’re doing them. It’ll also give you confidence and credibility by showing that you’re not just ‘winging it’ and that you have a clear plan. 

It’s not just for start-ups 

If you’re reading this and thinking it doesn’t apply to you as you’ve been running your business for a while, think again! You can create your business plan at any stage of your business journey and refer to it whenever needed. It’s also a good idea to check-in once in a while to update your goals, adjust your strategy and plan for future growth – treat it as a living document. 

How to write a business plan 

Take your time to write out your goals, what you want out of your business and probably most importantly why. You don’t need to write 100 pages or make it complicated, just enough to be honest, clear and practical.  

Consider your plan to be the foundation of your business, and everything else will be built from it. Remember, your Vantage Client Director can guide you through creating a plan. 

Vantage’s final thoughts 

Your Vantage Client Director is here to help you reach both your personal and professional goals and will gladly talk through your business plan with you. It’s their job to identify ways in which your business could be more profitable from a tax and accounting stance and will be able to pin-point how your business goals could help you achieve this. 

Our team is also here to get to know you as a business owner, and what better way than by understanding your business plan! Get in touch with them today.