How to build a business plan

Whether you’re just getting out of the gates or you’ve been in the game for a while, your business needs a solid plan. Having a clear trajectory for your business will help you to achieve your goals and take your business where you want it to go. You’ve got the idea, the passion, and the willpower to make it all happen. But now you need to map it out.

You’ve probably described your business plan in a nutshell to family, friends and maybe even customers before. It’s a comparison of where you are now and where you want to be in about three to five years time. If you envision greater assets, profitability, resources and capabilities then it’s time to figure out how to turn this vision into a reality.

Your business plan needs to be simple to begin with, and epic in scope can come later. Thinking like Elon Musk and envisioning a future where you need to have a five -year plan works for both large and small.

How do you get started?  

You need to decide where you want your business to go, what level of revenue and profits you’ll have and the number of employees, locations and so on. Consulting an accountant can help you review how your books and accounts are looking and what areas you should focus to improve your business outcomes.

Things to consider

There are a number of questions you need to answer that are core to your business’ growth and development.

#1. What products/services do you offer now and what will you do in the future?

#2. What market trends will impact and affect your future success?

#3. Who are you competitors and how will you gain a competitive edge?

#4. Who are your target customers and how do you fulfil their needs?

#5. What marketing channels and promotional tactics will you use to target your customers? How will you position your brand and products?

#6. Do you need to bring additional people on board including staff, mentors, accountants etc?

#7. What is your short term and long term action plan?

#8. What are your projected revenues and profits? Do you need to invest in equipment and assets?

Once you’ve penned your responses, you can easily formulate specific business goals and check back in with your accountant on how to put a financial strategy into place.  

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