Writing your business plan is a crucial step in establishing a new business. It will improve your chance of securing finances or investments. Established businesses should review their business plan and update it regularly in order to provide direction for growth.
Use our free Business Plan Template (DOC 150 KB) to get started.
Business plan structure
Your business plan should include:
|Business overview||What is the 'elevator pitch' for your business? A vision of where you want to be in a few years' time could help secure finances.|
|Products or services||What are you offering? How will it be produced?|
|Market analysis||Who is your target market?|
|Competitive advantage||What makes you different from your competitors?|
|Marketing strategy||How will you appeal to the customers in your target market? It is a good idea to have a marketing plan to help develop your strategies.|
|Business structure and management||What is the best business structure for growth and tax purposes? How do you plan on managing your business?|
|Finances||Do you have a clear idea of your costs and how you'll meet them?|
How are you going to achieve your business objectives? Actionable goals will help you manage your development.
- operations - business structure, name and registration, trademarks, patents and intellectual property
- market analysis - market research, distribution, price
- marketing strategy - advertising and public relations, creating a website
- finances - cash flow and break-even point, profit and loss
Business planning mentors and workshops
Attend a low-cost business planning workshop to learn more about writing and implementing a successful business plan.
Expert advice will make sure your business plan is heading in the right direction. Use our Find an Adviser tool to locate a mentor, accountant or lawyer in your local area. Mentors are subsidised through the Small Business Mentoring Service and may offer a free 30 minute consultation.
It is important to follow a plan even if it needs to change. Following a plan helped us to understand how our company is performing and to measure our performance again milestones. Tristan Sternson, Infoready, Smart50 top ten winner 2012.
Read more about Infoready and how it has become one of the top ten growing businesses in Australia.