Getting business planning advice

Advisors can be of great assistance in various aspects of your business, including:

• Creating, evaluating, and tracking your business plan
• Recognising business obstacles and opportunities
• Determining the most effective ways to use your resources
• Overcoming challenges that arise
• Obtaining funding to help your business grow
• Introducing you to their network of contacts

Getting business planning advice can be helpful at any stage, but it’s especially important to consider seeking guidance for your business planning when you’re:

• Starting a business
• Seeking funding or investment
• Not achieving your current business plan
• Facing unexpected changes in your industry that may impact your business, such as new technology
• Planning to expand your business
• Considering exporting your product
• Planning to commercialise an idea that requires research and development (R&D)

Getting out of a pickle

Susan produces high-end relishes which she sells at local markets, supermarkets, and through her online store. However, after reviewing her monthly sales, Susan realises that she’s not meeting the profit targets outlined in her business plan.

One option would be to increase her marketing budget, but being new to the business, Susan seeks the help of a business advisor to get her back on track.

Together, they discover that slow sales aren’t the issue – the problem is that the profit margins on her products are too low. Simply increasing the marketing spend would only lead to more losses.

With the help of the advisor, they work out a pricing strategy that won’t discourage customers but still allows Susan to make the necessary profit.

Depending on the advice you require, you can seek assistance from:

• your accountant
• business mentors
• investment advisors
• business incubators.
• Regional Business Partner Network
• Callaghan Innovation

If you’re uncertain whether the above options can provide you with the advice you require, it is recommended to give them a call beforehand and discuss your expectations.

Tips on when business planning is right for your business.

To ensure a productive meeting with your advisor, consider the following:

• What are your business goals? Do you aim for financial gain, expansion, or achieving work-life balance?
• What are the priorities and core values of your business?
• What are the decisions you are trying to make?
• What areas do you need assistance with?
• What specific questions do you have?
• What type of advice do you need?

Make sure you can explain clearly:

• What your business does, or what you’re planning to do
• Who your customers are and why they would choose your product
• Who your competitors are and what alternatives your customers have
• The challenges or opportunities your business is facing
• Your short and long-term goals
• Your financial situation – bring along relevant documents
• Your existing business plan – if you have one, bring it along
• What kind of help you need, such as a specific project or ongoing support and advice

If you don’t have all the necessary information, you can use the gaps as conversation starters with your advisor.

To ensure success, be aware of these common pitfalls:

• Not seeking advice when you need it
• Only seeking help when looking for funding
• Becoming too emotionally attached to your business to accept feedback and constructive criticism from an advisor
• Neglecting to regularly review and revise your business plan