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Business Guidance

9. Business planning for SMEs

Contents

Contents

9. Business planning for SMEs

Sound business planning will lay the groundwork for a viable and sustainable tourism business. In this section we take you through the key elements of a business plan. By laying down these foundations, this is something you will revisit again and again as you grow and develop.

Where to go for Business Support and Funding Opportunities

Across Northern Ireland there is a plethora of business support, funding and advice available to support business planning and growth, not just from Tourism NI but as tourism becomes more widely recognised as a key economic driver, from partner organisations such as Invest NI, local Councils, your local college and University, DAERA Rural development programme if you live in a rural area, the Department for Communities (DfC) if your business is in a town or village.
 
Your local Council will also be a valuable source of support, the local tourism and economic development departments should be your first point of contact. Each Council area in Northern Ireland has different structures and approach to tourism development. The key details and contact information for each of the 11 Councils is available here.
 

Other Useful Guides and Links

  • NIBusinessInfo provide advice and guidance on a range of subjects that can help you market your business successfully online.

Preparing a Business Plan

It is essential to have a realistic, working business plan when you're starting up a business. It has many functions, from securing external funding to measuring success within your business. A business plan is a written document that describes your business and:
  • its objectives
  • its strategies
  • the market it is in
  • its financial forecasts
 
NI Business Info has a ste-by-step online toolkit to help you create a business plan, with videos, tutorials and and useful links This toolkit will show you how to prepare a high-quality plan using a number of easy-to-follow steps, including what a business plan should include, why you need to do a business plan your business markets and competitors and marketing and sales. There is also a downloadable business plan template.
 

What to include in your business plan

 
There's a lot to think about when you're setting up a business or going into self-employment. If you plan carefully you'll give yourself the best chance of success. A good way to start your planning is to write a business plan.
 
Your plan should include:
 
  • An executive summary - this is an overview of the business you want to start.
  • Your vision and business idea - a short description of who you are, what you plan to sell or offer, why and to whom, your business goals and key selling points.
  • Your marketing and sales strategy - provides details on customers, competitors, market trends and tactics.
  • Your management team and personnel - your credentials and the people you plan to recruit to work with you.
  • Your operations - your premises, production facilities, your management information systems and IT.
  • Financial forecasts - this section provides details of cash flow forecasts, profit and loss accounts and balance sheets.

Free business start-up support

Access free start-up business support from your local council. They will organise one-to-one mentoring sessions with your local business adviser and provide tailored guidance to develop your business plan. Complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.