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Don't fail before you start - writing a business plan

If you've got a great idea for a new business it's going to take hard work and organisation to bring it to fruition especially if you need to ask for funding.

The best way to get your head around your own business, help you sell it to others and keep thing moving foward is to start with a solid business plan. Although writing a business plan can be a daunting prospect but it need not be a difficult process.

While the detail of any one business plan will be unique, the key aspects that need to be covered are more or less common. Below we set out some key pointers to bear in mind when developing your own business plan;

  • Make business planning an ongoing priority
  • Develop and refine your business strategy
  • Set out your marketing plan
  • Develop an operational plan
  • Generate your finance forecasts
  • Use your information to evaluate options
  • Draw up budgets to implement your plan

Find out more about these in this handy HSBC article - bit.ly/1XdOnjR