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I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.

So it is crucial that every time you mention financials in your business plan, to really give them the correct context. When I have worked with clients in developing business plans, there has been a budget or amount set aside for example to be spent on marketing, which has been decided a bit arbitrarily. I mean with no real research, no understanding of what that amount needs to be spent on, and what that budget will truly achieve.

A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.

However, business planning is an ongoing process and it should be updated regularly to assist in forward planning, the challenge for the entrepreneur while preparing a business plan is to communicate his ideas and identify gaps in management information about their business, competitors and the market.

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