News Effective business plan writing with a qualified coach to boost your business November 24, 2021 Posted by Dan 24 Nov The pandemic has introduced a whole new range of opportunities for new businesses to make their mark on today’s market. With this positivity, however, comes much competition for those who are planning to branch out and set up their own company. For this reason, writing a business plan can set you apart from others and put you ahead of the competition. But where do you start? Writing a business plan can seem incredibly daunting which is why we suggest working with a business coach who can support you with all the finer details and get your vision down on paper. This month we take a look at why a qualified coach can be a huge asset to you when writing a business plan. The importance of business plans for your company’s futureA business plan is so important for many reasons, particularly when you are first starting your company and you want to layout your plans and future growth development for all to see. A business plan includes information about the company’s products or services, market position, financial projections, management team, and other key aspects of the business. A well-written business plan will help you get funding from investors and lenders. If your business fails to meet expectations, it can hurt your reputation and make it harder for future businesses to succeed.Business plans can be used as a tool to:– Determine what direction to take your business.– Identify potential problems before they become major issues.– Make sure that all aspects of your business are covered.– Help you determine whether you need more funding.– Show investors how much money you’re likely to raise from outside sources.– Get feedback on your ideas and products.Ultimately, having a business plan is like having a comfortable safety net. You can make important strategic and financial decisions knowing your business plan supports these. The best thing about your business plan is that it isn’t a static document. Use your plan throughout your business journey, to learn from mistakes, amend forecasts and see how far you have come. Your business plan will help you to see what works and what doesn’t. How a coach can help with your business plan writingA business coach can offer a personalised process of creating a professional business plan that works for you and your business. A coach will support you to seperate the different parts of your vision and ensure that every element has been thought of. For example, you may decide you want to start selling beauty products. You have a beautiful vision of sitting in a cosy office surrounded by orders, products and packaging materials (you may even have a trusty pet lounging on the sofa in the corner). A business coach will help you pick out each element of this vision and support to find the answers to questions such as ‘where is the funding going to come from’, ‘where will your products be bought from’, are there any legal requirements you should be adhering to’. An expert coach from Energy Training will be able to guide you through the process of each element whilst helping and encouraging you to look at all options and ideas through brainstorming techniques and research. Writing a business plan independently may seem like a daunting task, however when you work with an experienced coach you may find it to be quite an exhilarating and exciting journey. Working with the right coach can help you create a successful business plan that will support your successful business in the future. The benefits of working with a business plan coachThere are many benefits to working with a coach when writing a business plan as opposed to trying to write it all yourself. We have put together a top list of benefits you could see from working with a coach: A coach will take an unbiased and objective view of your business – your coach does not work for your company and therefore can take an overall view of your plans and objectives to support you in ensuring you have all the necessary details within your business plan. A coach is an expert in writing plans – Unless you are writing a business plan to set up your own coaching company, the chances are you may not be an expert on knowing what has to go into your plan to make it viable and interesting. This is where a business plan writing coach can support you. A coach knows the correct language to use – To write a successful business plan, you need to carefully consider your tone of voice and the selling strategy you are adopting – particularly if you are planning to approach investors and funding opportunities. A coach will be able to advise on the best language to use when writing a business plan. A coach can help to identify problems – Writing a business plan can often leave you with muddled thoughts from trying to get everything on paper. This means you may not be able to see potential problems and challenges. Your coach will be able to support in clearing your mind and identifying any problems. A coach can support you to target the right funding – Part of writing a business plan should include financial projections and forecasting. This in turn will support you to see how profitable your business could be. A coach will support you to ensure your projections are accurate and will help to target the right funders and investors. A coach will help to make your plan professional – Your business plan should stand out from the crowd and beat competitors within your market. Your coach can support you to ensure your plan is professional and includes important elements such as an executive summary and a contents page. You may also be interested inThe benefits of group health and safety trainingWhy you should consider group NPORS trainingOther business courses Energy Training provideSpeak to a business plan coach at Energy TrainingEnergy Training, based in Buckinghamshire, can support with a variety of business training courses so that you don’t just complete your business plan, but you access your full potential and have further opportunities to pursue. During this development training, you will learn how to research and analyse your business future, explain your business purpose and future in realistic terms and accounting speech as well as understand your marketing, sales and planning strategies. If you need support to write your business plan, why not get in contact with Energy Training today and see your business vision come to life with one of our expert coaches?