You have heard about them…..you know that people say they are important….but where do you start? And why are they so important anyway?
Look, the facts surrounding the success rates of small businesses in Australia are, quite frankly, terrifying! Statistics show that whilst small businesses are the backbone of our economy, providing jobs, goods, and services to local communities, 60% of those small businesses fail within the first three years of operation!
One of the critical factors that contribute to this high failure rate is the lack of a written business plan.
So what is a business plan? A business plan is quite simply, a written document that tells your business story – who your business is, what you want it to achieve and is a written roadmap detailing how your business is planning for the future.
A small business plan does not have to be a long and complicated document. A simple business plan will contain a description of your company – who you are and what you do, an analysis of your competitors, a marketing plan, key financial information and a section on your human resources.
Here are just 3 of the reasons why this business plan is so crucial for your success:
A Business Plan Clarifies Your Business Goals and Objectives
Sitting down and writing a business plan forces you as the small business owner, to think critically about what you want to achieve and how you will achieve it. By outlining your goals and objectives, you can get a clearer understanding of what your business needs to succeed and what you need do to reach your goals.
Provides a Roadmap for Growth
Your small businesses must have a plan for growth if you want to succeed. A written business plan can help you identify growth opportunities and develop strategies for taking advantage of those opportunities. Your business plan can also help you make informed decisions about when the right time to expand your business is and how to go about it, what resources you will need, and how much money you will need to invest.
Provides an Opportunity to Analyse your Competitors.
Business can be a fiercely competitive game, and so an important part of your business plan, especially if you are just starting out or are looking at introducing a new product or service, should be to perform a competitor analysis. By looking at your business competitors and working out their strengths and weaknesses, you can gain a better understanding of their business and in turn your own. This understanding will help you build on your strengths and help you carve your unique position in the marketplace.
Small business owners should take the time to develop a well-thought-out business plan and use it as a guide for making informed decisions and achieving their goals.
**SPECIAL OFFER! *
If you would like help creating a Business Plan, click here to book a 2 hour Business Plan Session with me, where we will work together through the Fresh Business Solutions Business Plan Guide.
At the end of this session you will have created a personalised Small Business Plan that includes Your Business Mission, Vision and Values, Your Business profile – Past, Present and Future, SWOT Analysis, Short and Long Term Goals, Operational Plans, a Marketing Plan, Organisational Structure, a Human Resources Plan and a basic Financial Plan
So Book a date and time now – I look forward to working and planning with you!
Remember always, Keep smiling!