Habits of highly successful SMEs

A well thought through business plan can make the difference between pipe dreams and business fortunes. Learn best practice in the first part of our short course on habits of highly successful SMEs.

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This is an excerpt from Business Spectator’s new short course on Successful Habits. Click here toread the rest of the article, plus the remaining nine articles in the course.

Writing a business plan

Whether your business is a start-up or an existing enterprise some sort of business plan is essential.

A formal business plan can help start-ups qualify for a loan or attract investment, while drawing up a business plan is a good opportunity for existing enterprises to take stock of strategy, opportunities and priorities.

A business plan does not have to be lengthy but will ideally list your business’ objectives, the steps needed to get there along with financials such as costings and cash flow forecasts. Your business plan should also consider the corporate structure to be used for your business. This will depend on the commercial needs of your business, risk, costs and tax implications.

If you are an individual, a sole trader structure is simple but it comes with liability risks, where your personal assets are exposed to trading risks arising from the business.

Click here to read the rest of the article, plus the remaining nine articles in the course.

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