A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date.
When writing your business plan, read the following useful information from www.business.gov.au :
- Why do I need a business plan – to understand how a business plan can assist in guiding the success of your business?
- Before writing your plan – for things to consider including researching your idea, your competitors and the marketplace.
- How to write a business plan – to help you get started using our free template.
- Tips for preparing or updating your plan – to assist you in the business planning process.
A good business plan can help you secure finance, define the direction of your business and create strategies to achieve your goals. 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. 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.