Writing business plans can often seem overwhelming, and with a deluge of information to include, it can sometimes be hard to know where to start.
SWIG Finance’s Business Manager, Clare Lenihan-Thomas explores why it’s important to include personal elements within your business plan, and shares her top tips on how to create an engaging and informative document.
Why is a Business Plan important?
A carefully considered business plan can provide the foundations for a successful business by creating a roadmap to help you achieve your goals.
When it comes to securing external finance, business plans are critical. As well as demonstrating that your business idea is viable, your business plan enables you to communicate your enthusiasm and passion around your business.
Bringing Personal Elements into your Plan
When we are considering new applicants for investment, we will often look at you as a person, alongside your business.
Particularly when it comes to startup finance, where this is little or no business history, the personal elements, such as why you started the business and where it’s going next are critical elements in the process.
Your values and how they are reflected in the business’ ethos are another key consideration that should be demonstrated.
Top Tips on Creating an Engaging Business Plans
- Keep it concise and straight forward, do not be afraid to use bullet points! The easier it is for someone to get a snapshot of your business and where you want to drive it next, the better. Investors/funders will ask for further detail and clarification, the most important thing is having a document to start the conversation.
- Don’t forget to put ‘you’ in the plan, we want to know about the individual(s) that have started and progressed the business, your background and your reasons for doing what you do.
- Business is exciting, bring us into your vision by highlighting the values that underpin your business, why your product or service needed, is it solving a problem, how does it enhance the lives of your customers.
- Tell the world about your business’ mission and values. Just a sentence for each is impactful in a business plan. It is useful for investors to see how your personal values mirror that of the business.
About SWIG Finance
SWIG Finance provides small business loans and startup loans to businesses across the South West region.
Our friendly and professional advisers are here to provide support and guidance throughout the application process to give you the best chance for success.
To find out more, or to apply, visit https://www.swigfinance.co.uk/funds-available/