Back to Basics: Business planning

Having a strong, realistic business plan is essential to the success of any pub  and it is the basis on which any lender will make the decision whether to invest money in your venture.

A business plan enables you to analyse your business, where it sits within the industry and local area, where you want to get to and how you are going to achieve your goals.

1. Make sure your overall business plan is structured, clear and concise
2. Your plan should include information about you, your business and what youre selling  the who, what, why, when and where.
3.A SWOT  Strengths, Weaknesses, Opportunities and Threats  analysis will help you look objectively at your business
4. Be prepared for success and fast expansion and be clear about how you would cope. Consider your plans for growth and the impact this will have on your costs.
5. Forecasts should be for 3 to 5 years, with the first years forecasts having the most detailed breakdowns

The full article and 5 other top tips can be found at: www.thepublican.com