Have you got a business plan?
A business plan is important for a number of reasons.
First, it can help you secure funding for your business. Second, it can help you attract and retain customers. Third, it can help you manage and grow your business.
There are a number of different types of business plans, but all share typical elements.
The first section of a plan commonly includes an executive summary, which provides an overview of the business and its objectives. The second section contains a description of the products or services.
The third section contains information on the company‘s marketing strategy including the business name, brand and target markets. This of course should include your trademark strategy! The fourth section contains financial information, including sales projections and expense budgets.
A plan can be a helpful tool for any new business, but is especially important for businesses that are seeking outside funding. Banks and other financial institutions will often require a business plan before they will provide a loan or investment. Venture capitalists and other investors will also want to see a business plan before they provide funding. A well–written business plan can also help to attract and retain customers.
Most importantly, a business plan can help you manage and grow your business by providing a roadmap for success. It can also help to keep you accountable to your goals and objectives. Many businesses fail because they do not have a clear plan to follow. Having a plan can help to make sure that you are focused on achieving your goals and that you have a strategy for dealing with challenges that arise along the way.
There are many templates and tools you can use for planning your business. If you find it hard to get started, even a 1-2 page Business Model Canvas gives a lot of clarity and direction to what you are doing.
Our favorite planning software is Liveplan*, an easy-to-use tool we looked at thoroughly and have recommended to our clients for years. If you are thinking about starting a business in Australia, or if you already have a business but need some help getting it off the ground, planning can be an important tool to help you achieve success.
*We have no affiliation with Liveplan.
