How to plan your business success

Strategies, tactics, goals, action plans? If you don’t have a business plan or your current plan is growing dusty on a shelf in your office, then maybe it’s time to review and develop a plan that lives and works for you.  Whether planning a new venture, buying an existing business or upgrading your current business plan, there are some basic steps you can take to make sure you have a plan that doesn’t go mouldy in the future!\ 


What is a business plan?

A good business plan maps your current situation, identifies your goals, and describes what actions to take to move your business forward. The level of detail depends on the purpose.


Why bother with a plan?

With more than 2 million businesses trading in Australia, there’s quite a bit of competition for the customer dollar; survival rates may have improved but sufficient money, resources and customers are key to your business.  If you know how much money you are likely to need in the next 2-5 years and where it will come from, have access to good resources (and know what resources you’ll need), a clear idea of who your customers are and how to keep them returning, not only will your chances of survival be increased but you have the core elements of a solid plan.

While some businesses do well without planning, the value of a plan comes from talking about it, thinking it through and following it/amending it to respond to changes in your situation. If you are working with others, a business plan provides a clear view of where you are going, and how you are going to get there. Once it’s documented it can be shared with others.

There’s truth in the saying, ‘If you fail to plan, you plan to fail’. 


What does a plan look like?

Plans can be full of words, or diagrams or figures or all three! They can be displayed on a canvas – like the business canvas template, or developed in a written format supplied by the business government website, or by your bank. The best plans are those which cover the basics in a way that is meaningful to you and your staff or colleagues. We have seen plans which are posted on workplace walls in an A4 sheet and others which run to many, many pages. The purpose of your plan (to some extent) drives the format.


 Why use Business Enterprise Services to assist?

If you’d like to talk through ‘what next’, are time poor, words or figures aren’t your ‘thing’, Business Enterprise Services can provide services, templates or facilitate sessions to:

  • research potential funding sources
  • consider local and export markets
  • improve the look and content of your plan
  • use images to tell your story
  • tailor your plan for the Bank, Venture Capitalists, Tenders and Grant Applications,
  • confirm your costings and budget figures
  • identify possibilities worth pursuing
  • provide support for proof of concept components.

If your timelines are tight let us know and our team will work with you and your team to develop a plan to meet your deadline.


Frankie Forsyth, Hobart

Blog written by Frankie Forsyth Consulting Pty Ltd

frankie@frankieforsyth.com.au | http://frankieforsyth.com.au/

Frankie is the Director of Frankie Forsyth Consulting and one of the founders of Business Enterprise Services.