Business Plans

The steps taken in starting a business will vary depending on the size and complexity of your plans.

From the individual who wishes to commence a window cleaning round to the group of people who wish to develop, manufacture and distribute a major product. If the business is to succeed, various questions must be asked and steps taken, no matter what the size.

Firstly a business plan must be drawn up. For the smallest type of business this can be done with a little outside help, but for ventures of any size, the services of a financial adviser should be obtained.

The business plan will include some or all of the following elements:

• Introduction - Brief resume of the business
• Legal Status - Incorporated v unincorporated
• Personnel - Their names, position and expertise
• Business Idea - The product or service and how it is manufactured or provided.
• Objectives - Plans for year one, years one to five and over five.
• Marketing - Customers and competitors and your strengths and their weaknesses.
• Resources Required - Premises, other fixed assets and financial requirements.
• Financial Projections - Cashflow, profit and loss and balance sheet for the first year on a monthly basis and further forecasts on an annual basis for up to five years with years two and three on a quarterly basis. Linking these to a balance sheet to ensure the financial requirements have been correctly assessed.
   

Whilst preparing all of the above, the accountant should be able to assist with registering the business with the Revenue Commissioners in the various areas of tax.

At the same time the financial adviser should assist with establishing a book-keeping system, whether this is manual or computerised.
Regular use of the financial adviser should be made, especially in the first year, to assist in the smooth running of the business. Through this close contact we would actively seek to add value to your business.