25 mins, 2011
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Key Topics
- Business Planning
- Finance
- Marketing
- Marketing Research
Three businesses and three business plans. Why did they need them? What did they put in them? Were they worth it?
AIMS & OBJECTIVES: Every business plan should have a company's aims and objectives. The Croft Tea Room has the ambitious aim of helping to regenerate the run-down area of St Mary Cray. And linked to a firm's aims will be a description of its product or service. In the case of the Spoonfed company this is a website where you find out everything that's going on in London.
MARKETING: At the heart of any business plan has to be a marketing plan. Who's going to want your product? How are you going to tell them about it? How much are you going to sell it for? Vital, too, is to show you've done your market research. For the founders of Spoonfed this meant getting on their bikes and surveying potential venues. Meanwhile Louise, founder of fitness business Penelope Fitstar, has developed a "brand identity" which she says is crucial to her marketing plan.
FINANCE: Many people consider the financial section of the business plan the most important - it shows how the money works. You have to explain where your revenue is going to come from, and, critically, that you will have the money when you need it - your cash flow. The financial section is especially important when using your plan to raise money - the founders of Spoonfed used their plan to raise £1 million. Also: plan v reality - how did things work out in practice?
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