INTELLIGENT SOLUTIONS FOR PEAK PERFORMANCE
PARTNERSHIPS AND APPROVALS
We pride ourselves on the close relationships we hold with some of the largest certification bodies in the world.

Blog Layout

THE ANATOMY OF A GREAT BUSINESS PLAN

Share this blog via:

If done correctly, it is true that a well written business plan can be a major factor in your entrepreneurial success. It can guide you, keep you on track and can be the vehicle to get you to where you want to be. In some cases, business plans are simply the evidence to support decisions from investors, banks, partners etc, though the additional merit provided by a well thought-out and realistic business plan cannot be underestimated in terms of supporting your businesses’ growth and sustainability. A business plan can be extremely important to your success, especially when you look at the stark statistics stating 42% of small businesses fail during their first five years.

It may seem like an overwhelming task to try and figure out what to write in your business plan and can take a lot of time and planning. You may have already attempted a google search or asked a friend to help you; but are you confident that your business plan will be successful? Remember, you only get one chance to WOW people - you want to be the one they remember. Let’s make sure you get it right the first time. So, what information should you include that will create a presentable, professional, effective and sustainable business plan?

EXECUTIVE SUMMARY

This should include all the key information about your business’s purpose, conveyed succinctly and with passion.

COMPANY DESCRIPTION

This section should include a Vision, Mission and Values statements for your business. You should also include information on your target market, industry outlook and the company’s legal structure. Additionally, identify and outline targets for the company, spanning over a period of time you deem necessary. 

PRODUCTS & SERVICE

In this section, list all products and services offered by your organisation. Give a short summary of highlights e.g. USP’s of each product and/or service provided. You should give a brief overview of what problems your product or service solves and what competitive advantages you have over your competitors and their products and services. Another sub section to consider is product details and pricing.

MARKETING PLAN

This section can be quite a task on its own! It would be beneficial to seek the advice of a skilled, marketing professional who understands the market and can help you to navigate the sector. This section’s main aim is to guide your organisation towards future sales engagement and effectiveness. You want to conduct as much market research as you possibly can. Things to consider would be: Your cost vs Competitor cost, projected industry growth, barriers to entry, SWOT analysis, ‘Ideal’ client profiling, product and service sales language, Positioning/ Niche, application of marketing, annual marketing budget, pricing strategy and proposed/ target market locations.

STARTUP EXPENSES AND CAPITALISATION

This section focuses on the expenses involved in opening your business and how much capital you will need. Estimating start-up expenses as accurately as possible helps you gather sufficient start-up capital.

OPERATIONAL PLAN

This section explains the daily operation of your business, including its location, equipment, personnel, and processes. Other sub-sections to include are: Legal environment, regulatory requirements, quality control, inventory, suppliers, and credit policies.

MANAGEMENT & ORGANISATION

This section should give readers an understanding of the people behind your business, their roles and responsibilities, and their prior experience. If you are using your business plan to access funding, be mindful that investors and lenders may carefully assess whether you have a qualified management team. Additional sub-sections to consider providing information on include personnel biographies, skill gaps, advisors, and the company’s organisational chart.

FINANCIAL PLAN

Your financial plan is perhaps the most important element of your business plan. Lenders and investors will review and scrutinise every detail. Developing your financial plan helps you set financial goals for your start-up and assess its funding requirements. You should include the following: 12-month profit and loss, 3-year profit and loss projection, 12-month cashflow report, 3-year cashflow projection, projected balance sheet, break-even calculations and use of capital.

Once you have completed your business plan, it is advisable to essentially risk assess the coming weeks/ months/ years events or instances that could have a negative impact on your business and create obstacles in meeting your targets. Once you have identified these potential risks and threats, mitigation plans and actions can be instilled, creating a specific strategy to make your business plan work in a methodical and organised manner. 

Furthermore, it is crucial that your business plan not only works functionally and profitably, but also works for you and the life you want to create. We all have goals and dreams for our lives and how we would wish to live them. Have you considered what your business would look like if it gave you exactly what you want from your life? Do you have a financial goal in mind that would support your dreams and the lifestyle you want to lead? Do your ambitions align with the business you are creating? How amazing would it be if you could create a business plan and a business that supports your vision? And how incredible would it be if your business worked for you, instead of the other way round?

No doubt there is a lot time, thought, work and effort that goes into creating a comprehensive plan. This is where we come in! 

Mourne Management Systems are a business management consultancy, based in Northern Ireland, that offers the implementation of ISO management systems and bespoke business planning services across the UK and Ireland. Not only will you receive a clear, comprehensive, and professional business plan, but you will save a lot of time and effort that can be focussed on an alternative aspect of your start-up. Having a well thought out, structured and proficient business plan will provide you with the comfort and security that your first impression will be one of professionalism, attention to detail, and organisation. This alone already provides you and your business with a level of credibility and evokes confidence within investors. There are those who would argue that a professional business plan is not necessary, but this is of course a personal choice. They are relatively inexpensive and can pay for themselves very quickly! Making smart business choices, begins with a smart business plan.

If you would like to know more about building your bespoke, professional business plan, get in touch today for a no-obligation chat with our principal consultant. 

Mourne Management Systems – Intelligent Solutions For Peak Performance

by Aaron Furphy 21 Jan, 2024
Introduction In the ever-evolving landscape of quality management systems, staying abreast of changes is crucial for organisations striving for excellence. For those operating within the aerospace industry, a significant transition is on the horizon as the proposed changes from AS9100 Rev D to IA9100 are set to take effect. This shift brings a wave of adjustments that demand a proactive approach and strategic planning. In this blog post, we'll delve into the upcoming changes, explore their implications, and guide you through a seamless transition. As a global management consultancy based in Northern Ireland, Mourne Management Systems is committed to providing expert insights and support for ISO system implementations and business management consultancy. --- Understanding the Transition Background on AS9100 Rev D The AS9100 series is a set of international standards developed by the International Aerospace Quality Group (IAQG) specifically for the aerospace industry. AS9100 Rev D, the current version, has been the benchmark for quality management in aerospace, emphasizing risk management, customer satisfaction, and continual improvement. Introduction to IA9100 IA9100 is the proposed successor to AS9100 Rev D, expected to bring about several changes aimed at enhancing the effectiveness and relevance of quality management in the aerospace sector. While the details are still in development, it is crucial for organisations to prepare for these changes to maintain compliance and optimise their quality management systems. --- Key Changes in IA9100 Risk-Based Thinking Reinforcement One notable area of focus in IA9100 is the reinforcement of risk-based thinking. The aerospace industry is inherently complex, with various factors influencing product and service quality. IA9100 is anticipated to place a stronger emphasis on clarifying and detailing operational. With this larger emphasis being put on operational risks (compared to AS9100 Rev D), it is proposed that all risks shall be part of the organisations internal audit plan/ schedule. Enhanced Emphasis on Leadership IA9100 is expected to bring about a more pronounced emphasis on leadership involvement and commitment in terms of the organisation’s “Quality Culture” and “Ethical work environment”. Organisations are advised to assess and enhance their leadership strategies to meet the evolving requirements. Information Security The proposed changes in IA9100 also emphasise the importance of information security within your organisation. With the growing prevalence of data security breaches and responsibilities for organisations to comply with government and industry regulation changes, the new IA9100 standard is proposing that the QMS, being that it is a “business management system”, is a vital resource for the organisation to: - Achieve the Quality management system’s intended results; - Protect customer and employee information; - Prevent IP (Intellectual Property) theft; - Prevent cyber espionage; and - Preserve reputation and trust Greater Operational Control The IA9100 standard signals a strategic shift in aerospace quality management, prioritizing early risk identification and continuous improvement. Emphasizing Control Plans, PPAP, and APQP via AS9145 ensures a structured approach to process control, vital for defect prevention and regulatory compliance. The heightened focus on Foreign Object Debris (FOD) prevention underpins the industry's commitment to safety. By integrating robust business management procedures, IA9100 aims to fortify aerospace's dedication to excellence, safety, and continual improvement, ensuring the highest quality and reliability standards. --- Implications for Businesses Proactive Transition Planning Given the significant changes anticipated with the shift to IA9100, organisations are encouraged to adopt a proactive approach to transition planning. This involves conducting a thorough gap analysis to identify areas that require adjustment or enhancement. Mourne Management Systems, with its global expertise in ISO system implementations, is well-equipped to assist organisations in this crucial phase. Employee Training and Awareness As with any change in standards, ensuring that employees are well-informed and adequately trained is paramount. IA9100's increased emphasis on risk-based thinking and leadership involvement necessitates a comprehensive training programme to empower employees at all levels. Mourne Management Systems offers tailored training solutions to equip your team with the knowledge and skills required for a successful transition. Continual Improvement Mindset IA9100, like its predecessor, places a strong emphasis on continual improvement. Organisations should view the transition not just as a compliance requirement but as an opportunity to enhance overall efficiency and competitiveness. Mourne Management Systems specialises in fostering a culture of continual improvement, guiding organisations to extract maximum value from their quality management systems. --- Mourne Management Systems: Your Partner in Transition Global Expertise, Local Commitment Based in Northern Ireland, Mourne Management Systems boasts global expertise with a localised commitment to providing top-notch management consultancy services. Our team of experienced consultants understands the intricacies of ISO system implementations and is ready to guide your organisation through a smooth transition from AS9100 Rev D to IA9100. Tailored Solutions for Your Organisation At Mourne Management Systems, we recognise that every organisation is unique. Our consultancy services are tailored to meet the specific needs and challenges of your business. Whether you operate within the aerospace industry in Northern Ireland or have a global footprint, our consultants are dedicated to delivering customised solutions that drive excellence. Comprehensive Support Throughout the Transition Navigating the transition from AS9100 Rev D to IA9100 requires a holistic approach. Mourne Management Systems is committed to providing comprehensive support at every stage of the journey. From initial gap analysis to employee training and ongoing optimisation, our consultancy services cover the spectrum of requirements for a successful transition. --- Conclusion The transition from AS9100 Rev D to IA9100 marks a significant milestone in the evolution of quality management systems within the aerospace industry. As organisations gear up for this change, partnering with a reputable management consultancy becomes crucial. Mourne Management Systems, with its global perspective and local commitment, stands ready to guide organisations through a seamless transition, ensuring compliance and fostering a culture of continual improvement. Embrace the change, elevate your quality management systems, and position your organisation for sustained success in the dynamic aerospace sector.
by Aaron Furphy 17 Nov, 2020
Furthermore, it is crucial that your business plan not only works functionally and profitably, but also works for you and the life you want to create. We all have goals and dreams for our lives and how we would wish to live them. Have you considered what your business would look like if it gave you exactly what you want from your life? Do you have a financial goal in mind that would support your dreams and the lifestyle you want to lead? Do your ambitions align with the business you are creating? How amazing would it be if you could create a business plan and a business that supports your vision? And how incredible would it be if your business worked for you, instead of the other way round?
by Aaron Furphy 23 Jul, 2020
Today we will be focusing on the advice which worked well for our industrial sector clients over the COVID-19 lockdown to help them prepare for re-opening. [SEE BELOW FOR DOWNLOADABLE PDF TIP SHEET]
by Aaron Furphy 22 Jul, 2020
Today we will be focusing on the advice which worked well for our service sector clients over the COVID-19 lockdown to help them prepare for re-opening. [SEE BELOW FOR DOWNLOADABLE PDF TIP SHEET]
by Aaron Furphy 21 Jul, 2020
Today we will be focusing on the advice which worked well for our business to business clients over the COVID-19 lockdown to help them prepare for reopening. [SEE BELOW FOR DOWNLOADABLE PDF TIP SHEET]
by Aaron Furphy 20 Jul, 2020
Today we will be focusing on the advice which worked well for our business to consumer clients over the COVID-19 lockdown to help them prepare for reopening. [SEE BELOW FOR DOWNLOADABLE PDF TIP SHEET]
by Aaron Furphy 18 Feb, 2020
There are a wide variety of circumstances and causes as to why business growth plateaus at a certain point. Some of these growth hurdles could be attributed to monetary complications with some running out of money before their business plan can be executed, others may not respond properly or meet the demands of their clients. Indicators of variable business growth can include data and metrics. They can show trends of “levelling out” or “a decrease in momentum”. If a business uses metrics and evidence-based decision making this will allow them to isolate the problem early and act on it. Other indicators could be stock prices continuing to decline, thus making shareholders more cautious. Businesses have different ways of reacting to these indicators. In some cases, boards bring in a newly appointed CEO or a former appointed CEO, like P&G and Starbucks; who believe these personnel can revitalise the company to its previous status. However, in most cases, the board of that organisation/ company may expect things to change and stick it out with the current appointed personnel, these companies include Apple Inc., GE and Cisco. Some of the causes for a business to initially stop growing is the law of operating on large numbers. As a company grows the percentages accumulate, as a result; they have increased income and increased outgoings. Therefore, as the foundations grow for the business, this can pose a high risk and require more control placed upon it. In the cases of increased start-ups, competitiveness in the market increases. Start-ups, with the benefits of lower overheads, enable them to win new contracts and make a significant profit increase. We know how difficult it is to win a contract; however, sustaining the business throughout the duration of the contract and managing cash flow can become the next and biggest element of risk in terms of business growth. This in return puts pressure on the start-up or the smaller company to gain more sales, explore new markets or even look at new geographical regions to operate in. It could also be suggested that the growth of any company could be affected by the maturity of the market. Over time, consumers become more and more acquainted with or faithful to certain products in a much more predictable pattern. This then leaves some businesses vulnerable and leaving their business growth plan to chance, hoping that severe changes happen to the market leaders so they can compete for the new market shares that become available from their competitors. It could be added that with the market growing, prices are likely to normalize, thereby limiting the ability to grow and expand by increasing the prices. Eventually, some markets come to the stage of exhaustion owing either to a small population increase or to product commercialisation. All combined, these product and market life cycles put pressure on the typical marketing and sales growth plans. You could also say that self -preservation of businesses is another reason why growth slows. As a company grows, their existing market could be preserved by a small quantity of market leaders (greater than 99%) and are less likely to outcompete when offering new goods. Therefore, at a point when a small company in this market needs to innovate in order to grow, the pattern is to make it safe; rather than innovate on expanding current goods and services; as their market leaders have the adequate resources in order to do this which they may benefit from. Finally, businesses who say they have a plan but are not seeing the results. This could come from several different factors, however; from my experience it mostly comes down to the organisational culture. Normally the only people who know of these top-level goals and targets are the board. This then leads to an almost Chinese whisper effect when this information tries to be shared but in a diluted state to ensure the “secret sauce” doesn’t get leaked to competitors. This can lead to confusion and a false buy-in from employees as they may not fully understand the reasons for why they are doing things differently or why there has been a change in the business.
03 Feb, 2020
The inaugural conference from the Young Entrepreneurs Network Northern Ireland (YENNI) will take place on Friday, January 31 at Riddel Hall, Belfast, bringing together inspiring speakers and aiming to help drive development of young people’s businesses. Entitled ‘Level Up!’ the YENNI conference will see the voluntary organisation take the next stage in its support for 18-30-year-olds interested in business, entrepreneurship, leadership and professional development. YENNI founder, Katie Matthews, was FSB NI Young Entrepreneur 2018 and was included in the NI 40 Under 40 List last year. “I set up YENNI to support other young entrepreneurs and professionals who have a wealth of potential, but perhaps not the means to pursue their dreams and explore their capabilities,” she said. “Our inaugural conference will support the vision to provide a safe space, platform and hub for sharing ideas, connecting, supporting, developing and mentoring the amazingly talented young people of Northern Ireland. I’m delighted that so many inspiring speakers have agreed to take part.” Keynote speakers will include FSB Chair, Tina McKenzie, CEO of Grafton Recruitment, Claire Stewart, Chartered Accountant and NI Young Leader of the Year 2019, and Dave Linton, founder of Madlug CIC and the UK’s Entrepreneur for Good 2019. “What all of the speakers have shown is determination to succeed, and the desire to take businesses to the next level,” said Katie. “Together with the other speakers, leaders and ‘Masterclass’ workshops this is an excellent opportunity to not only learn, but to take the next step in your own development and your business’ growth. “Level UP! Aims to educate, evolve, empower and elevate everyone involved. It will bring together like-minded, driven young people who are current or future entrepreneurs, leaders, professionals, leaders, innovators and disruptors for what I am sure will be a day that will change many people’s lives and outlooks.” Sponsors for the event include GetPrint, along with Grafton Recruitment, O’Reilly Stewart Solicitors, The Mind Tribe UK, Mourne Management Systems, Ruthless Media, Oranga and Excalibur Press. The conference will last from 9.30am to 4.30pm, with tickets priced at £15 via Eventbrite – just search Level Up! Credit - Newsletter - Claire Cartmill https://www.newsletter.co.uk/business/level-up-for-young-entrepreneur-success-at-belfast-1-9215466
Share by: