Business Plans are not about profit, they are about creating a path for success. Although a commercial business and a charity or social enterprise do not necessarily have the same end goal, they should all adopt a strategic approach to planning for their survival and success.
Here are our top 7 reasons to ensure your charity or social enterprise have a robust Business Plan in play:
- A Business Plan is where your organisation can set out it’s aims, objectives and strategy.
- You can use your Business Plan (or a version of it) to share your vision with all your stakeholders; from board members to employees, beneficiaries to funding sources.
- Having a great Business Plan helps you sets out how you plan to achieve your goals, and in essence, is the ‘how to’ for operations over the timeframe selected.
- The research involved in great Business Planning brings to the fore the internal strengths and weaknesses of your charity or social enterprise, as well as the external opportunities and threats. Knowledge is power!
- A clear Business Plan ensures your whole organisation is working efficiently and effectively towards a common goal, rather that working in silos.
- Budgets are a huge part of robust Business Planning, therefore taking the time to plan will give you a financial overview for the timescale selected.
- Accountability is of course the greatest reason for preparing a robust Business Plan – for departments, teams and managers but also external stakeholders. A Business Plan will map out how money is to be raised and utilised, ensuring it is put to the most effective use.
Our team at Miles Phillips Consulting have worked with many charities and social enterprises over the years to develop Business Plans that create momentum and deliver overall goals.
It’s important to consider your organisation in the short, medium and long term and take the time to research the external influences that could have a sudden (and particularly detrimental affect) on your strategy e.g. government legislation.
The most crucial point is to review the Business Plan monthly and be ready to amend regularly as your environment changes. Don’t leave the Business Plan in a drawer to review only once a year – this is a sure-fire way to go off plan!
If you would like help researching or creating your next Business Plan, contact us to talk about how we can help.