Business Planning Brief

A completed business plan is a summary and evaluation of your business idea. It is the written result of the planning process.

A business plan shows the probability of success of the business and your ability to make it work. It provides the means to think through all facets of a business and to examine the consequences of a range of strategies relative to management, marketing, finance and people.

It is a management tool to provide guidance to you as the business owner. If you are starting a business, the process of preparing a business plan provides an opportunity to test your commitment and motivation.

Why do a business plan?

A business plan enables you to:

  • take an objective look at your business;
  • identify areas of strength and weakness; and
  • pinpoints needs and problems that might be otherwise overlooked

A well prepared business plan also provides a basis for monitoring the progress of the business.

Your business plan provides you with the information needed by others to evaluate your venture, especially if you will need to seek external financing.

  • A thoroughly prepared business plan automatically becomes a complete financial proposal that will meet the requirements of most lenders and investors.

Understand what business you are in

In practice most business operators devote a lot of time to thinking about the future of their business, but not all get down to formal business planning. The added discipline and focus of putting their plans down on paper and critically analysing alternative strategies is missing.

 

 

Related Information

Business Guide to download:
Business Plan Template

Business briefs to view:
Business Starters Checklist

Workshops

Our free Business Basics workshop will guide you through all the steps involved with establishing and running your own business.
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