You wouldn’t dream of climbing Everest without plotting the route first and hiring a knowledgeable guide who will take you safely from base camp to summit. In the same way, a business plan is the Sherpa Tenzing Norgay to your company’s Edmund Hillary, helping you on your ascent to success.

Entrepreneur and investor James Caan says a business plan is as important at the start of your business as it is at every point. While in the long-term you may use it to secure investment or support from third parties, its value is most importantly for you.

“You can use it to iron out every facet of your company,” explains James in his regular blog. “You then use your business plan to keep you in check – ensuring you are achieving what you set out to do.”

He added: “If you spend time on it at the start, it can be worth its weight in gold in the medium to long term and it will help provide you and your team with a strong base from where the business can develop and grow.”

Its importance for startups is well known, but how can a carefully crafted business plan help a company in the mid to long-term? How flexible should it be and how much room for manoeuvre should you allow if circumstances change?

We will be discussing these issues, as well as the nuts and bolts of writing the perfect business plan, during our live Q&A on Wednesday 19 June. From 1pm to 3pm, our panel of business planning experts and SME owners will be on hand to give advice and answer your questions.

You can now post your thoughts and queries in the comments section below.

Here is this week’s panel:

Daniel Callaghan is the co-founder and chief executive of UK-based SME MBA & Company, which matches highly skilled freelance talent with businesses needing project work completing, including drafting business plans.

Lucinda Bruce-Gardyne is the founder of Genius Foods, a company specialising in gluten free produce. Lucinda sits on the board of the Entrepreneurial Exchange in Scotland and has won a number of awards, including the acclaimed Ernst & Young UK Emerging Entrpreneur of the Year Award in 2012. She was also named Private Businesswoman of the Year for 2012 by PwC.

Howard Sears is a serial entrepreneur and the founder of Astuta, a company that offers capital, expertise and connections to technology-based startups.

Stewart Baird is chief executive at Stone Ventures, which invests in SMEs that fall into the ‘equity gap’ between bank support (under £100k) and traditional venture capital (over £1m).

Andrew Subramaniam is a partner at HW Fisher & Company chartered accountants. One of his primary areas of expertise and focus is advising and developing startups and SMEs.

Chris Waters is a business growth advisor at Nigel Botterill’s Entrepreneur’s Circle, providing help and advice for SME owners on how to succeed.

Matt Connolly is a serial entrepreneur who set up his first company in his early 20s – a digital innovation agency which quickly grew to become one of the UK’s top digital agencies. His latest venture myLovelyParent is a site where adults encourage their single mums and dads to meet new people online.

Mark Moore is the managing director of small business campaign and advice hub Ingenious Britain. He has a particular specialisation in eBusiness issues. He has written on financial and business-related issues for a wide range of publications in Europe and the US.

Fiona Wood is the founder of the Naturally Cool Kids skincare range, which launched two years ago and now has products stocked in stores in both the UK and abroad.

Michael Thornhill is CEO of sports retailer Millet Sports. Michael has extensive expertise in writing a business plan to account for competing in an industry that is dominated by big name brands.

Stephen Wylde is director at eSafes, one of the UK’s largest stockists of safes, lockers and cabinets. Stephen has experience in creating a business plan that will be targeting a predominantly niche market.

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