Benefit From Local Opportunities With the Help of Your Business Plan

Benefit From Local Opportunities With the Help of Your Business Plan

An industrial estate in Raunds has been earmarked as the location of a new enterprise centre. Warth Park Industrial estate is part of an economic development plan in East Northamptonshire, and the three-storey centre will be home to 90 start-up businesses by early 2020. The complex will feature flexible office spaces, meeting rooms, a workshop and a reception. It could be the ideal location for businesses that have begun at home and since expanded and require more space or resources.

 

This is the kind of local news that could be invaluable to small businesses in the Northamptonshire area, and with a little planning and forward thinking you could find yourself benefitting from these kinds of opportunities. So how can your business plan help you to take advantage of local opportunities such as this?

 

Do Your Research

If you are running a business and haven’t researched the local resources available to you, you could be missing out on a great opportunity. There are many projects, schemes and organisations available to help you grow. For example, the University of Northampton, South East Midlands Local Enterprise Partnership and Northamptonshire County Council are involved in a range of projects designed to support local businesses, such as Northamptonshire Growth Hub, The Enterprise Club, and Knowledge Transfer Partnerships. There are many funding, networking, innovation and property opportunities available if you know to look for them.

 

Add Opportunities To Your Business Plan

Your business plan should include a SWOT analysis, which is where you can identify strengths, weaknesses, opportunities and threats for your business. Here you can discuss the opportunities you have found, how you will take advantage of them, and the impact they could have on your business. If you were to apply for funding from a local body, what would that mean for your cash flow? Would you be able to afford more equipment or resources that would otherwise not be available to you? Are there schemes available to help you develop your business skills, and would they be worth the time you put into them? If you fail to secure the opportunity you have in mind, do you have a backup plan in place? It’s important to consider the benefits and drawbacks of all your options, as not all opportunities will be right for your business. Having your business plan as a place to document your ideas in a cohesive manner will help you to make the right decisions for your situation.

 

If you would like any help with writing a business plan for your Northamptonshire-based business, we’d love to hear from you. Contact our expert team online using the form on the right or call 01604 420 420.

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