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Starting a new business – planning to succeed

Fail to plan and you plan to fail. As cliché as this old adage may be, the fact remains that without robust business planning, even the best and brightest of ideas will dim and die. Here we run through the fundamentals of planning for commercial success, with a list of various tools that may prove critical along the way.

Idea exploration

Before diving head first into the production of a product or ploughing funds into developing your idea, you need to ensure that your idea has legs. Fortunately market research is no longer the bank-breaking task it once used to be – with many online platforms that can automate this process for you (rather than commissioning an expensive agency to handle it on your behalf). Some of the most popular of which are…

Voxco – A popular online survey platform created by professional market researchers.

Qualtrics Insight Platform – An advanced online survey platform that includes impressive analytics capabilities.

Dub InterViewer – A platform that allows you to gather diverse forms of data, including data gathered from interviews.

CheckMarket – An enterprise scale platform that features an innovative survey tool along with features that allow for action plan management.

The business plan – Not just for securing investment

Business plans are often thought of as an evil necessity, and only important where you may be seeking investment. In fact, nothing could be further from the truth. Whether new business or decades old, and no matter as to whether you’re hoping for funding or are entirely self-funded, a business plan should always play a role in your business. Why? Because it will serve as a concrete document that guides your path to growth, no matter the stage you’re at. This guide to business plans from Entrepreneur provides a comprehensive rundown from the laying out of your business plan foundations, to getting started with a marketing plan (even if you have little to no marketing experience).

Business planning – Tools for success

 Tools for business planning

LivePlan – LivePlan guides you seamlessly through the process of creating a business plan, with a feature that even evaluates your odds of success when applying for finance.

BizPlan – This tool is similar to LivePlan, however it’s specifically designed for start-ups.

 

Tools for setting up and tracking goals

Goals on Track – This tool is focused on efficiency. It features a light, bright and straightforward interface, and works with SMART focused goals and objectives.

Week Plan – Unsurprisingly, Week Plan breaks down your goals by week. A nice touch of this tool is that it introduces the importance of work-life balance, with the ability to block out time periods and focus only on one thing at a time.

Asana – This platform is a must if multiple team members will be working towards your goals with you, and is built for the management of what can be complex workflows.

 

Hammonds Accountants provide a specialised service of support, planning and guidance for start-up businesses and entrepreneurs taking their first steps in the commercial world. For unwavering support on your business journey, talk with our team – call us on 020 8249 6328, or send us a message by email and we’ll be right back in touch: .