There’s no universal formula for creating a business plan. However, there are some important factors to think about. Take a look at these free templates, including one for start-ups and a quick-focus template for expanding businesses.
- Be clear about your goals to align your team towards a common objective.
- Choose the right format for your plan, whether it’s a document or a business canvas.
- Keep it concise and easy to understand.
- Ensure your goals are realistic and relevant to your industry and the economy.
- Use Stats NZ’s Data for Business website for useful tools and statistics.
- Contact Stats NZ to get useful business data.
- Speak to your customers to understand their needs and willingness to pay.
- Conduct a SWOT analysis to assess your strengths, weaknesses, opportunities, and threats.
- Seek feedback from a trusted advisor or mentor to improve your plan.
Call Stats NZ toll-free on 0508 525 525
Data for Business — Stats NZ
- Don’t let your business plan sit idle – keep it updated and relevant.
- Ensure that it’s accessible and top-of-mind for both you and your team.
- Incorporate your goals into your daily business operations.
- Identify the most practical and cost-effective ways to achieve each goal and note any additional resources required.
- Emphasise that these goals are the top priority for your business.
A SWOT analysis is a great way to evaluate what your business excels in and where you need to improve. It can also assist you in discovering ways to take advantage of opportunities and recognise and prepare for potential threats to your business’s success.
Strengths and weaknesses are usually internal to your business, indicating what you are good at and where you need to improve. On the other hand, opportunities and threats are external factors.
Creating a SWOT analysis can be as straightforward as drawing a large square and dividing it into four quadrants – one for each component of the SWOT analysis.
Consider what you, your team, and your business excel at – all the characteristics that will aid you in accomplishing your objectives. For instance, reflect on your (and your team’s) strengths, any exceptional abilities or specialised expertise, what you or your business do more efficiently than your competitors, sound procedures and systems, and the areas where your business generates the most profit.
Consider the factors that may hinder you from attaining your objectives. This could encompass what expenses consume your time and/or money, the areas where you or your company require improvement, the resources you lack, the unprofitable aspects of your business, inadequate brand recognition, chaotic processes, or a substandard online presence. Ponder over what measures you can take to mitigate your weaknesses.
Contemplate the external circumstances that will assist you in accomplishing your goals. How can you enhance your services for existing clients or expand into new markets? Are there affiliated products and services that could present opportunities for your business, and how can you leverage technology to augment your operations?
Think about external factors that may harm your business’s performance, such as industry trends, the state of the economy, challenges you may encounter, the strengths of your main competitors, and strategies they employ that you may not. Consider ways to mitigate or manage these potential threats.
Similarly, assess your competition in the same way. This will help you identify areas where you can outperform them, refine your niche market, and ensure you’re prepared to tackle the challenges they present.
Refine and review
Craig Jackson has had some experience with business planning in the past. However, when he established his ice pop company Dr Feelgood, he chose to collaborate with a mentor.
“She was instrumental to pushing us to a very healthy product. Our first business plan was 47 pages long. It came down to four pages, which distilled down what we were doing and how we look at it,” says Jackson.
“It’s really important to ask ‘Do people want your product’ and then ‘Are there enough of them to buy it’? Our market validation was me going around gas stations, cafes, and dairies and looking in freezers and talking to freezer managers and talking to our friends.”
Jackson routinely assesses his progress against his business plan. “We’ve hit all our targets, but have learnt a lot in the first six months of operating. Places I thought we’d really sell, we don’t, and places I thought we’d never go is where we’re going.”
- Review your progress towards achieving significant milestones in your business plan each month and celebrate when they are accomplished.
- Stay up-to-date with industry trends and maintain communication with your customers – this will enable you to stay ahead of any necessary changes to your business.
- Revise your business plan with any adjustments affecting your business or industry.
Tips on when business planning is right for your business
Tips on types of advice you’ll need
- Failing to communicate your business and its value proposition effectively to customers.
- Relying on assumptions about your customers instead of engaging with them.
- Neglecting to evaluate and track your business plan.
- Establishing impractical or uninformed objectives.
Are you struggling with accounting and business management for your business? We are here to help! Get in touch with us to discuss how our expert services can support your business’s success. Contact us today to schedule a free consultation and see how we can add value to your operations.
