SMALL BUSINESS GROWTH PLAN
You’ve decided on a small business growth strategy and need to raise finance. You know what kind of finance you want so the next step is to document your Business Plan. Without this it will be impossible to convince anyone to invest in you and your small business. It sounds daunting but it doesn’t have to be. In its basic form it is simply a statement of:
– what you do
– what you want to do
– how you intend to do it
– for how long
– requiring what additional resources
– and, in order to achieve what outcome
The key to this process and what most investors are interested in, (as it directly influences their return), is that you have clearly identified what you want to get out of it. What is it you want for all the additional risk, stress and hard work? Don’t be coy about it. It’s MONEY! How much money though? Be ambitious but realistic. Think about it in terms of you generating an income return once the proceeds are put to work in a low to medium risk investment portfolio. How much will you need to invest based on an annual return of say 5% less tax? £1m will generate an after tax income of about £40,000.
Having come to a decision on the total return you are looking for it is this number we use to create the business plan. Everything flows from this number – I’ll cover this in detail later.
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