In our previous blog, we discussed the five steps you need to take when starting your new business. The final, yet most important on the list was #5 – the development of your business plan. If you implemented our 5 key points correctly, you would have downloaded your free business plan template and are ready to get started!
We understand that business owners, especially new ones, are time poor. You may be fitting in the establishment of your new business whilst holding down another job to pay the bills. As hectic as it may seem, taking the time to write your business plan is a job worth the time and effort. Why you ask?
It’s gets your ideas down on paper
A business plan is a great tool to get all your ideas out of your brain, put into perspective and in a good working order to turn ideas into reality. A business plan will help you realise thoughts you didn’t know you had, pinpoint the good ones and eliminate the bad ones.
It highlights your point of difference
As a new business you need to stand out. Your business strategy will help you highlight your point of difference from your competitors. What makes your business stand out from the others? How will you convince your clients of this? How are you different? A key point of difference can be the way in which you decide to navigate and use social media.
It helps identify your target market
Knowing who your customers are, the state of your industry and how you fit in is the key to success. Knowing who your customers are allows you to formulate an effective marketing strategy to communicate with them, find out more about them and retain them as loyal customers.
It outlines your finances
A good business strategy puts the money down on paper. You can see at a glance your capital investment requirements, projected expenses, income and financial forecasts. Be sure to access the help we provide here at HA Accounting if you are unsure read why we are the right accountant for your business. Zac & Laura can help you you outline your finances and assist in making your finances & budgeting fun. The team can help you transition to accounting software like xero and privide you with your Xero health check.
Having a business plan isn’t just something you develop at the commencement of your business and forget about. It should be an active working document that you continue to refine as your business grows. Remember – If you fail to plan, you plan to fail.
For help with you business plan call HA Accounting today 03 9088 0776