Business plans contribute to the future success of a business in several ways. They are necessary when seeking loans; they help you measure progress; and they tell you where you are going and how to get there. A business plan usually includes a description of your business and the industry in which it will function including suppliers, customers and competitors, the products and services you will provide, your price schedules, sales, and your marketing and production plans.
You will also need to outline the opportunities and threats facing your business, the resources you will require, your expansion plans, and current and projected financial statements.
Planning for the Future
Planning is critical, not only in the early stages of business, but also as your business starts to grow. Continuous planning is necessary to help you avoid some of the pitfalls which often accompany expansion.
One plan you must consider is human resource planning - the hiring and management of employees. You need to consider how you will find employees with the skills and training needed to make your business a success.
You need to be aware of the many legal, regulatory and tax requirements related to having employees on your payroll. Some of these fall under provincial jurisdiction and include employment standards, minimum wages, workers’ compensation, and occupational health and safety.
Others fall under federal jurisdiction and include Employment Insurance, Canada Pension Plan and Income Tax. For further information, you should contact the appropriate provincial and federal government departments or professionals such as a lawyer or accountant.
Business planning is a continuous process. No business stays the same for long. Therefore, you need to revise your plan periodically to allow for changing circumstances. This will let your business plan continue to work for you. The process of rethinking the plan will force you to develop new ways of looking at your business and its environment. This may provide you with new ways of increasing revenues or cutting costs.