Does your business plan need a revamp? Plus the latest business news…..
It may seem basic, but when was the last time your business plan had a refresh? Taking the time to check in, map your progress and plan for short-, medium- and long-term growth is vital to keep your business healthy and efficient. Follow our guide to keep your business growing, plus we give you the low down on the latest business news.
Why every growing business needs a business plan
You have the idea, the energy, and maybe even your first customers. So why slow down to write a business plan? It can seem like something banks ask for, but not something that really helps you run your business.
However, for small and growing businesses, a well-crafted plan is not red tape. It is one of the most practical tools you can have to grow your business.
A plan forces clarity
Day-to-day, running a business makes for a busy work life, and this can stop you from properly considering some vital questions. For instance, where exactly is your revenue coming from in 12 months? What happens if your biggest customer leaves? How much working capital do you need?
Writing a business plan forces you to answer these questions. The process of articulating your market, your competitors, your pricing and your costs often reveals assumptions you had not realised you were making. That clarity is very valuable and can make a significant difference to your day-to-day decision-making.
It aligns your team
As businesses grow, it becomes more difficult for everyone in the business to work towards the same goals.
A business plan gives everyone a shared reference point: the direction the business is going, what the goals are and the reasoning on key decisions.
A concise, well-structured plan covering your value proposition, target market, financial projections and key milestones can help your team to keep working towards common goals as the business expands.
It’s essential for funding
Whether you’re approaching a bank for a business loan, pitching to investors, or applying for a grant, a business plan is almost always required.
A strong plan lets lenders and investors know that you understand your business deeply. It allows you to show not just the opportunity, but also how you will manage the risks.
A clear, realistic, well-evidenced plan helps you to stand out. It also protects you. The discipline of putting forecasts and projections together often reveals whether funding is the right choice for your business.
It becomes your measuring stick
A business plan can be a living document that you return to regularly.
You can compare where you said you would be against where you are. For instance:
- Are sales higher than you forecast? If so, you can find out why and do more of it.
- Is it taking longer than expected to find customers? You have an early warning sign that you can act on.
Comparing your plan to reality allows it to become a management tool to help you make better decisions.
Start simple
When urgent tasks demand your attention each day, taking time to write a business plan may seem too much. However, for businesses that are serious about growing, the thinking needed to put together a business plan is never wasted. Start with a single page covering your business model, your target customers, your competitive advantage and your key financial assumptions. Build from there.
If you would like help to craft a business plan to enable your business to grow, why not ask us about our business plan workshop and practical tools? We would be happy to help you!
CMA finds petrol stations are not taking advantage of Middle East conflict
The Competition and Markets Authority (CMA) has released its latest monitoring report that looks at how the Middle East conflict is affecting fuel prices and assesses fuel margins.
The CMA’s analysis of April concludes that wholesale costs are the main reason for increases in prices and that retailers are not actively changing their pricing strategies to take advantage of the crisis. However, since supply conditions have improved, they note that they would be concerned if the current high prices persist.
A minority of retailers had increased their margins in March. The CMA has investigated this and determined that this was due to price increases by competitors and setting prices to mitigate supply constraints and inventory pressures.
However, the CMA has noted that average fuel margins remain at historically high levels and April saw a slight increase in them. The average is now 11.3 pence per litre, even though inventory and wholesale costs had somewhat stabilised by the end of April.
They conclude that competition in the retail fuel market is weak, with retailers adopting passive pricing policies rather than actively competing to win customers.
The CMA’s Chief Executive, Sarah Cardell, has pointed out that Fuel Finder can help drivers save up to £9 a tank. Fuel Finder allows navigation apps and websites to compare fuel prices so that drivers can locate cheaper petrol.
The CMA has said it will be paying close attention to whether improved supply conditions seen in April are reflected in retail prices. Its next update will be published in August and will consider how the market has developed through to the end of June.
Consultation launched on suspending tariffs on everyday essentials
The government has launched a consultation on suspending tariffs for 125 everyday essential items.
Garlic, avocados, mangoes, nectarines, vegetable oil, baked beans, baked goods, chocolate, sauces, and soft drinks all stand to benefit from targeted cuts to tariffs.
This move would follow the tariff suspension on a selection of agricultural and food products in April 2025.
A suspension of tariffs on certain fertilisers is also being considered to help farmers with rising fertiliser prices caused by the conflict.
The government is seeking views from businesses and other stakeholders on the potential impact of the proposals.
To see full details of the consultation and respond, see: https://www.gov.uk/government/consultations/call-for-input-on-goods-for-cost-of-living-tariff-suspensions/call-for-input-on-goods-for-cost-of-living-tariff-suspensions
Pressure selling tactics ruled to be illegal
A High Court order has confirmed that Emma Sleep, a mattress seller, behaved illegally and broke consumer law by using misleading countdown timers, false ‘high demand’ messages and ‘discount claims’.
Concerns were raised about Emma Sleep in 2022 over behaviour that misled shoppers and pressured them into making rushed purchases. This included the use of discounts, countdown clocks and other claims that urgency was required.
Following the Competition and Markets Authority’s (CMA) investigation, Emma Sleep was taken to court in 2024 for failing to take action to address the CMA’s concerns.
The company has now given binding undertakings to stop its illegal practices and ensure that future claims on its website are clear, accurate and do not create a false impression that people need to act quickly. Emma Sleep will also not be able to use ‘limited time’ sales or discounts where, after the deadline passes, a similar deal continues.
Hayley Fletcher, Senior Director of Consumer Protection at the CMA, said, “Businesses should be clear on what the law says: using fake countdown clocks on misleading ‘discounts’ to push people into spending is illegal.”
The case against Emma Sleep commenced prior to the CMA receiving new powers in April 2025 that allow it to decide independently whether the law has been broken, without having to go through courts. It can now fine companies up to 10% of their global turnover and secure refunds for affected customers.
The CMA is determined to use its powers and has launched investigations into 14 businesses to date. Its investigation of the AA resulted in £4.2 million in fines and £760,000 in customer refunds.
Emma Sleep faces a further trial starting in early June in relation to reference pricing. The CMA has indicated that it is keen to stamp out illegal practices that take advantage of consumers. Hayley Fletcher said, “Our message to businesses is simple – get your house in order or deal with the consequences.”