Business has become much harder since the Pandemic and many companies have found the last couple of years pretty tough, and many ceased trading or had to cut back. But we are now experiencing a bounce back and most businesses are in a good position to benefit from renewed market confidence. All you need is a strong business plan to drive it.
Strength Through Growth
The Chancellors Autumn statement had plenty in it to encourage business growth, and it’s a good time to look at expansion. But while the climate is good, growing your business still requires a lot of hard work, and that starts with a robust plan.
Some social commentators have likened the turmoil of COVID and the aftermath to a reset, where strong businesses have won through and are now in a sturdier position than before. Those businesses that came through have adapted to deal with the worst that life can throw at them. They have become more resilient and perhaps even more pragmatic about fragility of the business world. But it has also led to many wanting to strengthen their position; seize the day and become more resilient to possible future turmoil.
Growing Your Business with Confidence
Surviving in a turbulent world means that you need strong foundations, and that is done by ensuring that your business is in the best shape. For some that means consolidating what you have, but for many it means expanding to reach new markets. The latter route usually means the need for investment.
While getting business finance used to mean going cap-in-hand to your bank, the world is a changed place, and even small businesses can hope to get Angel Investors interested in their finances. Angel Investors and other venture capitalists are looking to place their own money in a viable business, in return for either stock or the promise of a good return. Of course, this means that a private investor will want to understand how practicable your business is, and the potential for a healthy ongoing profit. To prove that, you will need a well-crafted and insightful business plan that helps describe your business and sets out your plans for expansion.
If you are looking to expand, or have a strong idea for a new product or service, you are likely to need a solid investment package and a good deal of guidance. There is little that you can do to expand and future-proof you company that isn’t going to need some kind of investment, and potentially lots of it.
- If you are intending to introduce a new product (NPI), you could be looking at months – if not years – of development and not being able to capitalise on it during that time. That needs money up front.
- Software development can consist of many different phases, each with a cost attached. Like any other NPI, timescales depend upon complexity and the amount of testing that is required.
- Developing a new training package can be long-winded and subject to testing before it is rolled out. Training development is particularly long-winded as it may have to be tailored to meet certain educational standards and structures.
- A new service introduction is difficult because there is little or nothing to compare it to and it has to be developed from first principles.
Bouncing back is fraught with unknowns. Don’t make your source of finance one of them by having a flimsy business plan.
