An increasing number of women are starting small businesses.

The number of small businesses that are starting up with women at the helm is growing and 30% of business owners in the UK are women (Labour Force Survey 2003). The reasons women decide to start their own business vary, with most reporting that they want to be their own boss, choose their working hours and enjoy better work life balance.

However for many of these women the reality of running a small business does not live up to their expectations; it is difficult to fulfill their dreams for their business and they become disillusioned and overwhelmed with the ongoing struggle of running a small business alongside their other roles in life – mother, partner, friend, daughter, chef, chauffeur, socialite – the list goes on!

One area that has been identified as a significant factor limiting the success of women in business is a lack of business planning.

Many women entrepreneurs and small business owners fail to set aside the time to develop (and regularly re-visit) their business vision and strategy. As the old quote goes, ‘if you fail to plan, you plan to fail’. It is generally agreed that if you want your small business to succeed, you have a much greater chance if you have a clear vision and an action plan for bringing that vision about.

So what stops women who are starting a small business from developing an inspired and effective business plan?

After all, we know that we should have a business plan but despite the best of intentions to succeed in our business, many of us don’t! Why is this? What is it that stops us sitting down and writing a clear plan and strategy for our business, especially when we know that we are more likely to succeed if we do it?

We believe it is partly because writing a business plan is boring! Let’s face it, it feels like a chore so we don’t do it. We may get the resources together that we need, we may even get part of the way through writing it, but it is the rare few that actually complete a comprehensive business plan outlining a clear vision, strategy and action plan for their business. Often, we are chomping at the bit to get our product or service out into the world and figure we can simply skip the boring planning bit altogether right? We can certainly relate to this feeling because we struggled with business planning in the early days – we gave it a try but never seemed to get further than a few pages in!

It is our view that traditional models of business planning do not cater for women in business!

We believe that traditional models of business planning and strategizing don’t recognise that women in business have a life outside of work – that they have a partner, friends and family to think about and are not prepared to compromise on health and relationships to have a successful and profitable business. Women today want the best of both worlds; we think it is possible and that they deserve to have it!

Conventional business planning and management approaches are grounded in the belief that work and personal life should be kept separate, a task impossible for most women today. This makes it very difficult for them to create and sustain a business that acknowledges their business ambition AND empowers them to bring about great relationships and a healthy and balanced lifestyle for themselves and their loved ones.

So how can business planning be tailored to meet the needs of women in business?

Whether you are starting out in business or you are well-established, we encourage you to prioritise business planning in order to ensure a strategic approach to business growth and success.

• Set aside the time and space to make this happen in your business now.
• Acknowledge that traditional models of business planning may be a great starting point, but that they may not address your needs as a business woman who also values health, relationships and having a life outside of work.
• Think outside the square and discover ways to plan your business that relieve stress rather than increase it. Look for tools that empower you to bring all aspects of yourself to the planning process – personal and professional – because the reality is that for women in business the two are intertwined and to be successful in one you must pay attention and care for the other!
• Get creative in your approach – both to the process of business planning and also to the way you can incorporate the other aspects of your life into your successful business strategy.
• Take action to implement your strategy so that it comes to life for you.
• Commit to re-visiting with your business plan on an ongoing basis to ensure.

Business planning is vital to the success of your business, and can also encompass all the aspects of your life.

You do not have to sacrifice your health and relationships to be a successful business owner and entrepreneur. Take action now and plan for your success in business and in life.

There are definitely some cases where writing a business plan yourself is preferable and others where an expert third party may add value to the process.

Writing your business plan yourself

For micro businesses raising small amounts of investment (say under £50,000) this is likely to be the best approach. Apart from anything else it doesn’t make sense spending 10% or 15% of the funds you are trying to raise on getting someone to help you write a plan! Most high street banks offer on-line applications or software templates to help you. Just beware that you may have to repeat the application process several times in different format if you don’t have a stand-alone business plan.

For larger businesses too there may be value in writing your own plan. If you write your own plan then you will know every detail of it which will help you when questioned by a bank or potential investor. Everyone wants to avoid those embarrassing moments played over and over on Dragon’s Den where the entrepreneur looks vacant when asked for details of their gross margin or net profits in the first year of trading!

Writing your own plan might also show your all round commercial ability to appreciate all aspects of the business and with that there is a good chance that you will understand how to drive it towards success. Software & templates abound on the internet to support this approach and there are plenty of “Do’s and Don’ts” published free to guide this process.

The draw backs of this approach are that many people do not have all the financial, sales, marketing, operational skills and experience necessary to construct a good business plan. They may also lack the ability (or time) to integrate them into a solid business case. Some people may not have the writing skills to bring the plan together. Finally, some people may find themselves “too close” to the business to clearly and simply convey the business opportunity. Weakness in any of these areas may reduce your chances of securing funds.

Business Plan Writing Services

The alternative is to get some help from an experienced hand. Historically accountants and sometimes solicitors as well as independent copywriting services have offered these services.

However, there are now an increasing number of companies specializing in providing business plan writing services. These companies bring specific independent expertise to the table. As well as writing skills they can have a broad base of commercial experience including financial forecasting and by nature of their independence can provide an objective perspective on your business.

As well as offering writing itself (both financial forecasting and the written plan) they may also offer help with research and feasibility and introductions to potential sources of funds.

When selecting business plan writing services there are a few good guidelines worth following:

1) Commercial Experience – The ability to write well is not enough to make your plan investable – this is not simply a copy writing exercise. If you are going to secure funds you need to construct a business case that integrates all commercial aspects of your business. So, be sure that the people writing your plan have several years of senior commercial experience – the broader the better. This commercial experience should include budgeting or forecasting – your financials are a critical part of your plan.

2) Track Record – Many business plans are confidential so do not expect to see many examples. However, companies should be able to provide written and attributable testimonials from clients.

3) Pricing – Services range from around £2,000 for small start-ups upwards to £15,000 for larger corporate plans. As with most things, you get what you pay for and the price generally reflects the complexity of the business model. Make sure you ask for a specific proposal that outlines exactly what you are going to get for your money, the timescale and price. Consider “virtual services” rather than “face-to-face” consultants to reduce your costs but not the quality of work.

4) Ownership – one potential disadvantages of having a plan written for you are that you will not “own” the business plan and be totally familiar with it. So, ensure that you are fully involved in the process and that there is time scheduled for you to review and discuss the financial forecast and written plan with whoever is writing the plan for you.

5) Funding – Have plans that they have created secured funding? Whilst funding depends on a wide variety of factors and not just the quality of the business plan (state of the market, availability of capital, product, service, proposition, management team etc.) any specialist service should be able to quote a few examples where their plans have helped to secure funds.

For most people who do not possess experience of writing business plans you may improve your chances of securing funding by engaging a specialist writing service to help you create a plan. However, make sure you are fully involved in the process – you need to own the plan at the end of the day and know it inside out and backwards – your future is in your hands not theirs!

Kicking & Screaming

Most business owners and department managers know they “should” have a plan. Yet in all my 25 years of helping business owners and managers grow their businesses, just four of my clients possessed a written plan, and only one was actually using it. Why do so many business owners skip this crucial step? Some common explanations I’ve heard go something like:

• “I don’t need funding, so I don’t need a business plan.”
• “My plan is going to change anyway, so why should I waste my time creating it?”
• “It will take too much time.”
• “I started to and found it overwhelming.”
• “I didn’t start a business to do the types of things I did when I worked for someone else.”
• “I don’t want a big company. I don’t want employees.” (I just created a J.O.B. for myself.)
• “I don’t know which planning program to use; there are so many out there.”
• “It’s expensive to plan and I need to spend my money on other things.”
• “I don’t need to plan; I just want to work in my business.”

Does any of that sound familiar? For the most part, “winging it” from day to day works-until it doesn’t. Many business owners learn this the hard way. Whether at the $60,000 per year income level or at the $30 million level, without a plan, a business or its owner will eventually crash. Owners or managers will often agree to use a plan if someone else creates it for them. That’s a BIG no-no in my book. It’s important for business owners to gain the experience of the planning process. At least once, they must tackle the questions they’ve put off answering. Otherwise they run the risk of never gaining real clarity regarding the direction of their business.

The Care and Feeding of Business Owners & Managers

As the old saying goes, “You can lead a horse to water, but you can’t make it drink.” Clients who come to me for help with their strategic plan are often feeling a “pain”. It is a common experience, often necessary to compel them to take a “drink” from the strategic planning process. Here are a few common “pains” my clients have reported:

• They’re not attracting their ideal clients and are sick and tired of working with jerks.
• They need to be making more money.
• Their spouse informed them that if they don’t spend more time together, they’ll file for a divorce.
• Their spouse wants them to get a “real job”.
• They’re retiring from a job in “x” years and want to have an immediate income at that time.
• They’re retiring in “x” years and want all the work, time, and money they invested in their business to be their nest egg.
• They’ve discovered that a business isn’t just a place to work, but an entity to grow.
• “Someone” told them they had to create a plan.
• “Someone” told them that their marketing is “all over the place”.
• They need help managing their company or department.
• They became an “accidental” business owner or were promoted suddenly, and need help fast.
• They’re turning 50 and want to examine the next 30 years of their business with someone who isn’t as vested in the business as they are.
• They want to work one day per month because they want to start a non-profit.

These and many other possible “pains” or problems will hopefully lead a business owner to re-evaluate the need for planning. But where to begin? The task of planning can seem monumental. Luckily, there is a one-page process which makes planning not only exciting, but simple and straightforward.

When the Light Bulb Flickers

When someone seeks my services, they often need more clients, better clients, or more money. In determining what is hindering their growth, we find they have no vision, mission, objectives, or strategies written down. They usually have no action plan, marketing plan, or financial plan, either. Here are some reasons they’ve given for finally taking the planning plunge:

• “My original business vision was thrown to the wind and all I’ve been doing is looking at ‘today’.”
• “I realized that the business I envisioned is not what I have, and I don’t like the business I have.”
• “I read Michael Gerber’s The E-Myth Revisited and realized I need systems.”
• “I’m getting older. I want to get top dollar for my business in (5, 10, or 20) years, and I know I need to have a turn-key business. My business is anything but turn-key.”
• “I’m getting bored of running my company, and want to get it ready to sell/hire a CEO.”
• “I have tried to grow my business for the last two years and what I’ve done isn’t working.”
• “I want to start my business right; I know I need a plan.”
• “I want to earn more money.”
• “I’m frazzled. I network and market all the time and am not seeing the results I once saw.”
• “I am creating a new position within the company. I need to bring the concept to my boss in an organized way.”
• “Although I work for a company, I’m paid on commission, and I need a plan to expand.”
• “I want to open a branch office, but I can’t see having two unorganized offices. I need the first office organized, and systems created before I start the second.”
• “I don’t like my business model but don’t know what to change or how to do it.”
• “My business does not have an inner brand, niche, or focus.”

Back in 2000, with a year-old business of my own, I had the opportunity to attend a one-day planning program which helped me to create a plan on a single page. This plan would encompass all of the plans mentioned above. As a participant, I realized the importance of planning strategically before attempting execution or implementation. Today, my clients use that same methodology to bring greater success to their businesses. And when someone wants me to create the plan for them, I do it with them. My clients are present during the process, learning a system that can be reused in the future to make their lives easier-and more profitable-in the long run.