The lowdown: business planning (part 2)

A good business plan will set targets in areas such as client satisfaction levels, return on investment, minimum levels of staff turnover, and brand perception.

In setting these targets, be ruthlessly realistic. Many SMEs get a bit too comfortable in their space and this can make them vulnerable to younger, hungrier competitors.

You need to look at what’s required to break away from the pack and set the business on an ...