A business plan is like a road map. Where am I now? Where do I want to be in 18 months’ time? How am I going to get there? If you are intending to start a business you should plan from the beginning.
RECIPE FOR SUCCESS INGREDIENT CARD
Ingredient
Write a Business Plan
Question:
Why is a business plan important?
Answer:
The business plan represents a unique opportunity for you to think through all aspects of starting and operating a restaurant, cafe, coffee shop, small-scale catering or other eatery business. It will help you to:
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- think carefully about why you want to start your food business
- set your goals for the business
- work out how much money you will need, from initially setting up and equipping the business to run it smoothly and profitably
- look at the risks involved when starting a business
- address the strengths and weaknesses of your proposed business
- plan where you want to go in business and the best way to get there.
Very few small business operators perform this key management task well and many do not do it at all.
Most small business owners are not inclined to plan their businesses any further than a few days or weeks ahead and tend to survive by being good at reacting quickly to change and threats as they occur.
It is a potentially powerful document, both in terms of maximising the chances of success of a small food business by ensuring that all aspects of business operations have been thoroughly planned.
Your bank manager or finance manager will want to see that you have completed your Business Plan before lending you any money.
Method
All successful small food businesses have one thing in common:
A clear business plan. Fail to plan-plan to fail!
