How to re-write a business plan

If you’re like me, it’s been a while since you wrote your first business plan.

You wrote one when you set up the business, and now you’re ready for the next stage of growth, so it’s time to revisit the plan.

Why do you need another business plan?

You might be rewriting your business plan because you’re about to take on staff, apply for a business loan or investment, or because you want to feel more in control of what is ahead in your business.

Should you rewrite from scratch or amend the existing business plan?

Personally, I’m starting from scratch again, because my business is in a very different place now. Once written, I’ll revisit the first version to see if there are any details that may support the new plan.

Otherwise, I’d get too wrapped up in the old version, tweaking that to become the new business plan means it would hold back our new ‘big vision’ too much.

You could begin with the old if that feels like an easier place to start, or, copy and paste these 12 business plan headings into a Word Doc or Google Sheet and start to rewrite your revised business plan from today.

What are the main headings for the new business plan?

A lot of them will resemble the same headings as you had in your first business plan. I've included some notes to help you convert the old to the new.

Executive Summary: Written at the end to summarise the key points.
Value proposition / Elevator Pitch: Your business name, strapline and elevator pitch may have changed a bit since you started your business.
All about you: This might now become the Team summary, Key partners, plus the section about you will need updating with qualifications and experiences.
Market need: Alongside your original primary and secondary research, you can add in real examples of customers explaining that they need your product or service this time around, use your Google Reviews, Trustpilot or Linked In reviews etc.
Your solution: This will have changed from your first business plan, you may have more products and services, or the opposite; maybe you've streamlined! You can explain here about today’s products and services and how you have come to this point through different versions.
Competition: Who is your current competition? How do you stand out from the crowd now you’re more established? It’s worth carrying out a SWOT analysis now you know more, to include your Strengths, Weaknesses, Opportunities and Threats.
Target market: This is something that we focus on a lot at Six Figure Niche, we support you to focus on your target market in order to scale your business to six figures faster and easier. If you need help with this, why not order the Six Figure Niche book, or join us in the 12 month programme?
Sales and marketing: You will have tried a lot of marketing, some has worked and some hasn't; which creating a new growth plan should be easier this time around. You can explain your pricing strategy in this section, and how you intend to raise your rates through explaining the new/higher value you offer.
Budget and sales goals: It’s healthy to revisit your cashflow forecast, which can be a simple Excel spreadsheet. This will be informed by your current customers and the likely customers for the next 12-24 months. Plus the expected outgoings for all expenses to run the business.
Funding needs: If you’re looking for funding, either a loan, grant or investment, it’s a good idea to add in that information at this point, so that they can understand the business position now, and future vision, then read the cashflow forecast and at this point understand how their money will be spent, and when it’s likely to be returned (If necessary.)
Continuity Planning and Potential Issues: This might be a new section of your business plan, it outlines what happens to your business if you are not in a position to be the driving force for any reason, illness etc, and who would step into that role? It also looks at other issues, and using the PESTEL analysis, this will ensure that most bases are covered as your business grows. That includes Political, Economical, Social, Technological, Environmental and Legal aspects. It also puts the minds of the investors or the bank at rest, knowing you’ve considered these and have thought them through.
Milestones / Business Vision: Imagine you’re looking forward with a crystal ball to three years from now, what does your business look like? And what milestones do you need to hit along the way?

These business plan headings should give you a solid structure for your new business vision, to encourage investment, to build a team and to step into the business of your dreams.

Can we help?

If you're running a service-based business and turning over £20-50k and wonder whether you could build a six figure business, you can reach out to us with any questions, please get in touch.