Westminster National Finance Broker blog

Business Master Chef: business plan vs recipe

  • Category: Business Articles and Resources

Recipes are  invariably a certain way to achieve a desire cooking outcome as long as you strictly follow the cooking ‘plan’.

Setting a business plan at the start of a year is no guarantee for success but without one you are simply making business life difficult.

A business plan gives you a documented benchmark from which to implement and measure your performance. It can also significantly improve your prospects of borrowing money when a lender can clearly see you are working to a well-considered plan.

Unless you operate in a very stable market with high profit margins and high barriers to competitor entry you need to change your business recipe at least every year. Consider it ‘flavour enhancement’.

A business plan will help you add the right business ingredients at the right time without making unplanned and poorly considered last minute decisions.

“We all eat, and it would be a sad waste of opportunity to eat badly” Anna Thomas.

"We all trade to build wealth, it would a sad waste of opportunity to trade badly" Westminster National.

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