Business plans important for new companies

Monday 28 January 2013

Business meeting

Entrepreneurs cannot be afraid of forward planning when it comes to running their businesses, it has been claimed.

Simon Duffy, co-founder of beauty products manufacturer Bulldog, commented that a business plan is always "a good starting point".

"For us, the business plan was important because it allowed us to consider all the various parts of our business and where we wanted to focus," he told the Guardian.

"It also meant potential investors had a clear view of what we were trying to achieve."

Mr Duffy explained that the directors of the company have not stuck rigidly to the plan over the last five years, due to circumstances and knowledge levels changing.

However, he described writing a business plan at the outset as being "a really useful process".

According to Mr Duffy, businesspeople should not be afraid of business planning, however intimidating this may seem at first,

He noted that the language used in business can often be opaque and confusing.

"For most small businesses, the planning does not need to be very complicated. There are some brilliant resources online," Mr Duffy told the news provider.

Posted by Jenny Arthur