Updating your business plan

Specify the skills and experience of key people and your current and anticipated staff requirements, as well as any recruitment, training and retention plans.Report on your business premises and outline planned expenditure.For help with business planning contact Guy Rigby on 020 7131 8213, or email [email protected] By necessity this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article.No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Smith & Williamson LLPRegulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. 23/02/2012 By Guy Rigby, Head Of Entrepreneurs At Smith & Williamson A well-drafted business plan is crucial when raising finance or trying to attract investment, but it is also, of course, an essential tool for the successful management of a business.Begin your business plan with a brief executive summary to give an overview of everything that follows.If the purpose of the plan is to seek equity investment, then your exit strategy should also be discussed.

Provide details of major clients and business relationships to demonstrate your strengths and allay any concerns over business concentration.

Finally, avoid providing a valuation in your business plan as it is unlikely to benefit you.

If an investor is interested in your business, and you are interested in having them as a partner, a fair valuation will emerge over time.

Articles vary in length and cover 'hot topics', issues of importance, and current affairs.

Some people produce a business plan when they start up, only to leave the document locked away in a drawer or cupboard somewhere, long forgotten and never used.

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