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If you regularly assess your performance against the plans and targets you have set, you are more likely to meet your objectives.It can also signpost where and why you're going astray.Planning is key to any business throughout its existence.
This is not just an issue for large enterprises - many small firms consist of separate business units pursuing different strategies.
To draw up a business plan that marries all the separate units of an organisation requires a degree of co-ordination.
This should include regular business planning meetings which involve key people from the business.
To find out more, see our guides on how to review your business performance and how to assess your options for growth.
It is a tool that can help you attract new funds or that you can use as a strategy document.
A good business plan reveals how you would use the bank loan or investment you are asking for.Typically, each department head will draft the unit's business plan and then agree on its final form in conjunction with other departments.Each unit's budgets and priorities must be set so that they fit in with those of the entire organisation.Your business plan should include a summary of what your business does, how it has developed and where you want it to go.In particular, it should cover your strategy for improving your existing sales and processes to achieve the growth you desire.The individual business plans of the departments and separate business units will need to be integrated into a single strategy document for the entire organisation.This can be a complex exercise but it's vital if each business unit is to tread a consistent path and not conflict with the overall strategy.However complex it turns out to be, the individual business unit plan needs to be easily understood by the people whose job it is to make it work.They also need to be clear on how their plan fits in with that of the wider organisation.This guide will show how you can turn your business plan from a static document into a dynamic template that will help your business both survive and thrive.Most potential investors will want to see a business plan before they consider funding your business.