Business planning

Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities.

It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.

What should a business plan include?

There are no rules about what your plan should cover or the level of detail. In general, plans need to include information regarding:

• business profile
• vision, mission and goals
• market research
• operational strategy
• products and/or services
• marketing plan
• financial strategy.

Before starting your business plan

You may want to consider the following key questions to help determine if you are ready to start writing your business plan.

• Have you thoroughly refined your business idea so you have a good understanding of how your business will operate?
• Have you researched your business concept to determine if there is a need for it in the marketplace?
• Have you completed a feasibility study to determine expected level of success?
• Do you have the money required to start and grow the business?
• Are you prepared to invest significant time into the business to get it up and running?

How often should I review my business plan?

Business planning is an ongoing activity. Review plans regularly and update whenever your circumstances change.