What is a Business Plan

There are no hard and fast rules regarding a business plan. If you look at any textbook, the style and content of a plan with differ from author to author. There are some basic principles that transcend all interpretations and they are highlighted below. The key is your plan must be right for your business.

As each business face different challenges, it is up to the manager to ensure they create a workable document that is referred to and used. There is little point in spending time, money and effort in creating a plan for it to gather dust on a shelf. The information must be an honest appraisal of the circumstances the business faces. The document should be adaptable and flexible to meet the ever-changing face of childcare. You should plan your finances over five years, but you must review them regularly, you must monitor your competitors, canvass your customers and research new developments - remember the way you manage your business today, will determine the performance of your business tomorrow.