A good business plan is essential when thinking about starting a new venture. It will help you apply for business finance and keep your vision on track once things are up and running. Here are four steps to help you create and implement an effective business plan.
Ask yourself what your company stands for. Think of everything you'd want a potential investor, partner, employee or customer to know about it. This includes:
Now it's time to see how your vision will work. Who will help you bring it to life? What business structure are you considering? Here are some other things to include:
Outline your business' background and introduce key people like employees, managers, partners and investors.
Set out major business goals for the period covered by the plan, plus various milestones you want to reach along the way. Make these goals specific and measurable, so you can see your progress further down the track.
Do a detailed analysis of the competitive landscape, including:
Put your business model to the test by identifying the strengths and weaknesses of your idea and potential opportunities and threats in the market you will be operating in.
What does, or will, your business do well? What makes you better than the competition?
What doesn't your business do well at the moment and how will you improve this?
Where are the areas for growth, both within and outside of the business?
What are the external factors that could change or threaten your business?
Identify what you have already and what you need, including:
Sales & Marketing
Writing your business plan may bring up questions about your business, and once you reach the end you may not be happy with certain parts of your plan or your prospective day-to-day operations. Before finishing, ask yourself:
Also, you might consider sharing your plan with others to sense check it.
Every business is different and has unique banking needs, discover your options.
This page is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and should not be relied on. This information has been prepared without considering your objectives, financial situation or needs. We recommend you seek independent professional advice and contact Inland Revenue before acting on this information.