Something we are all asked as self employed business people is “what made you go self employed?”. Often this question is hard to answer, in our experience their are three type of self employed business people:
1) Want to be their own boss
2) Change of circumstances (redundancy, illness, home relocation)
3) To change the marketplace of their industry or create a new niche market.
Whatever the reason for you starting in business it is likely that you have moved the goalposts from when you started, experience shapes our business and our plans to take it forward.
In our opinion the best way to shape, control and run your business is to have a clear strategy to stick to. This is normally called a Business Plan, the problem is Business Plans have become confused with Forecasts, mainly because that’s what most banks ask you for when you apply for funding, or it is what you did to decide whether you could make money from your chosen industry.
Whilst financial forecasts are of course an integral part of any business plan, they are by no means the only part of it, there should also be a clear written plan that explains how you will achieve your financial targets but also what the business will deliver, why is it important that it exists for you, your customers and your staff. It should identify non financial milestones that you hope the business will achieve.
It also acts as a reference point when opportunities arise within the business, you can go back to the plan and decide whether the new opportunity fits into the planned ethos of the business.
So where do you start writing a business plan? Come and talk to us, we have access to a brilliant app that prompts your to write a solid business plan which can be used for many purposes.
The app also links into popular accounting platforms like Quickbooks Online, this allows you to bring in historic data and use it as a basis for a forecast going forward to compliment your plan, it can also track your current data to allow a constant review against your projections. If you do the written part of the plan we can help get the numbers in to the plan and also help you set realistic targets based on past performance.
The flexibility of Quickbooks comes into its own at this point with the ability to track specific income streams, for example we have been a traditional visiting bookkeeping and accounting service for many years, we are moving towards the cloud and see it as a large growth area, we have therefore set up our business plan to track new cloud based clients.
This is a bolt on to our normal packages the costs will be part of our fixed pricing menu which you will find on our website very soon.