What is a Business Plan?
A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals. It’s also a management tool that allows you to analyze results, make strategic decisions, and showcase how your business will operate, and grow. In short, if you’re thinking of starting a business or plan to pitch your business to investors, writing a business plan can improve your chances of success.
Why write a business plan?
Are you still unsure whether a business plan is worth the time and investment? Can’t you just jump right into starting and running your business? You could, but you’ll be missing out on some key benefits that a business plan provides. A good business plan can help you secure finance, define the direction of your business and create strategies to achieve your goals.
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Factor to Consider to Write a Comprehensive Business Plan
- Do your research. You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete the template. By having the right information to hand you also can be more accurate in your forecasts and analysis.
- Determine who the plan is for. Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don’t assume they are just interested in the finance part of your business. They will be looking for the whole package.
- Get some help. If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e. Single Business Service, Business Enterprise Centre, business adviser, or accountant) to look through your plan and provide you with advice.
- Actual vs. expected figures. Existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or estimates.
- Write your summary last. Use as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself. But don’t overdo it. You want prospective banks, investors, partners or wholesalers to be able to quickly read your plan, find it realistic and be motivated by what they read.
- Review. Review. Your business plan is there to make a good impression. Errors will only detract from your professional image. So ask a number of impartial people to proofread your final plan.
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Component of a Business Plan
1. Executive summary
Your business summary should be one to two longer and should focus on why your business is going to be successful. Your answers below should briefly summarize your more detailed answers provided throughout the body of this plan. It consist of:
- The Business: Name, structure, location, owner, etc.
- The Market: Target market and marketing strategy.
- The Future: Vision statement, Goals/Objectives
- The Finance: Briefly outline how much profit you intend on making in a particular time-frame
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2. The Business Description
The business section answers these questions: It comprises”
- Business details: Products/services: [What products/services are you selling? What is the anticipated demand for your products/services?]
- Registration details: Business name: [Enter your business name as registered in your state/territory]
- Business premises:Business location: [Describe the location and space occupied/required. What is the size of the space you occupy/require? Which city or town? ]Buy/lease: [If you have purchased a business premises or are currently leasing, briefly outline the arrangements.]
- Organization chart. [Outline your business structure in an organization chart.]
3. Management & ownership
Names of owners: [List all of the business owners.]
Details of management & ownership: [As the owner(s), will you be running the business or will a Chief Executive Officer (CEO) be running the business on your behalf? What will be your involvement? If it is a partnership briefly outline % share, role in the business, the strengths of each partner and whether you have a partnership agreement/contract in place?]
Experience: [What experience do the business owner(s) have? How many years have you owned or run a business? List any previous businesses owned/managed. List any major achievements/awards. What other relevant experience do you have? Don’t forget to attach your resume(s) to the back of your plan.]
4. The Market Research and Strategies
Market research. [What statistical research have you completed to help you analyze your market? Did you use a survey/questionnaire? ]
Market targets. [Outline your planned sales targets. What quantity of your products/services do you plan to sell in a planned timeframe? Are they monthly or yearly targets?]
Environmental/industry analysis. [Detail the results of the market research you have performed. Is the area experiencing population growth? Are there long-term employers in the area? Is the region’s economy stable? Are there seasonal variations?
What is the size of the market? What recent trends have emerged in the market? What growth potential is available and where do you fit in? How will the market/customers change when you enter the market?]
Your customers. Customer demographics, Key customers, Customer management
SW.O.T. analysis
[List each of your businesses strengths, weaknesses, opportunities or threats in the table below and then outline how you plan to address each of the weaknesses/threats.]
Strengths |
Weaknesses |
[e.g High traffic location] |
[e.g High rental costs] |
Opportunities |
Threats |
[e.g build on customer and brand loyalty] |
[e.g Cash flow problems] |
Your competitors. [How do you rate against your competitors? How can your business improve on what they offer?]
Advertising & sales. [What strategies do you have for promoting and advertising your products/services in the next 12 months?]
5. The Future
Vision statement
[What is your business’ vision statement? It should briefly outline your future plan for the business and include your overall goals.]
Mission statement
[What is your business’ mission statement? I.e. how will you achieve your vision?]
Goals/objectives
[What are your short & long term goals? What activities will you undertake to meet them?]
Action plan
Milestone | Date of expected completion | Person responsible |
[What are the business milestones that you need to complete starting from today?] | [When do you expect to complete them?] | [Who is responsible for delivering this milestone?] |
[What are the business milestones that you need to complete starting from today?] | [When do you expect to complete them?] | [Who is responsible for delivering this milestone?] |
[What are the business milestones that you need to complete starting from today?] | [When do you expect to complete them?] | [Who is responsible for delivering this milestone?] |
[What are the business milestones that you need to complete starting from today?] | [When do you expect to complete them?] | [Who is responsible for delivering this milestone?] |
6. The Finances
Key objectives & financial review
Financial objectives
[List your key financial objectives. These can be in the form of sales or profit targets. You could also list your main financial management goals such as cost reduction targets.]
Finance required
[How much money up-front do you need? Where will you obtain the funds? What portion will you be seeking from loans, investors, business partners, friends or relatives, venture capital or government funding? How much of your own money are you contributing towards the business?]
Assumptions
- [List your financial assumptions. These can include seasonal adjustments, drought or interest rates etc.]
Start-up costs for [YEAR]
[Double-click the table below to enter your details or attach your own start up costing sheet at the back of this business plan.]
Balance sheet forecast
[Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan]
Profit and loss forecast
[Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan]
Expected cash flow
[Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan]
Break-even analysis
[Double-click the table below to enter your details or attach your own table. Refer to the Business Plan guide from www.business.gov.au/businessplan for the calculations.]
Supporting documentation or Appendix Section
Attach any supporting documentation in relation to the business plan. The attached documents include:
· List all of your attachments here. These may include;
- Cash flow statement.
- Income statement.
- Balance sheet.
- Detailed financial projections.
- Capital equipment list.
- Resumes of key officers.
- Letters of support, reference, or credibility.
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