Creating a business plan is the heart and soul of converting a business idea into a practical reality. The plan allows you to present your ideas in a cogent and tangible way, with supporting information about the background, the research, the market opportunities, the financial model, competition, pricing, and most importantly the expertise of the management team leading the enterprise. 

[Read our latest article on the importance of creating business plans here]  

There is no certainty in life and we should do our best to prepare for the unexpected.  A continuity plan looks at the potential threats to your business, what it would take to mitigate those threats and how to enable recovery if there are unexpected threats or interruptions.  

A good continuity plan will recognise that there are multiple potential sources of disruption to business life and will be constantly updated to reflect the changing needs of the business and its key stakeholders. 

[Read our latest article on the importance of Continuity planning Here] 

It’s an old adage that it is lonely at the top, but it is true that running a company is a demanding and often lonely position.  You have a vision and strategy for your business, but it may not be clear how you are going to achieve these goals.   

Why a business might need coaching and mentoring- 

• Gain experience you cannot find in books or online 

• Stay in the business longer 

• Opportunities to network 

• Higher chances of success 

• A confidante to share your thoughts, concerns and challenges with 

[Read our latest article on the importance of Coaching and Mentoring here] 

Working out how to finance your start-up begins with knowing how much money you are going to need, how to present the need in a compelling way and where to find it and this comes from the business plan. For entrepreneurs with a new business idea, just getting started can be difficult. 

Ultimately, it is down to each individual entrepreneur to choose the right method for their needs/goals. Make sure that you know your business’s facts and figures and its growth potential to maximise your chances of getting the right funding. 

[Read our latest article on the importance of Raising Equity here] 

Management information and data analytics are increasingly important in today’s business world for understanding how your business is performing and whether you are on track to deliver your strategy. Selecting the right systems and understanding the relevant key performance indicators are critical to measuring business success.  EFM’s experts can help you with the selection of systems and establishment of the parameters to measure for KPIs. 

Building a successful business from start-up to sustained profitability is no easy feat, especially in the current economic climate. There are no short-cuts or absolute guarantees when building a thriving business. But there are successes, which come from a combination of careful planning, hard work and working with the right team.  

After investing significant amounts of money and time into the business, it is unwise to jettison the rewards of your hard work by failing to plan a successful exit. 

• Focus on value creation 

• Watch out for value reduction 

• Ensure, as founder, the business can operate without you 

• Choose the right strategy for you 

• Have a post exit personal plan 

[Read our latest article on the importance of Exit planning Here]