Coffs Coast Business Women's Network

When you're running a business, planning is vital. A good business plan is a constant reference to look at each step of the way. It's the tool that helps your business grow and key to determining how it succeeds. That's why we suggest you develop a plan that is both the compass and map of your business, showing both the direction and how to get there. After all, how can you plan for success if you don't have a plan?
Your business plan should:

• Be regularly reviewed - every 6 to 12 months for a start-up or every 2 years for a more mature business.
• Summarise the primary goals of the business: short (one to three years), medium (three to six years) and long term (seven to ten years).
• Introduce key people (list key personnel, experience and responsibilities for all involved in your business).
• Include descriptions of your business, industry, products and services.
• Detail your key competitors.
• Contain detailed financial statements, both historical and projected.
• Include a risk assessment covering all aspects of the business.
• Include an implementation timetable detailing proposed key milestones for the business and timing of various activities.
• Include a detailed marketing plan addressing all your products or services.

For more tips on how to manage cashflow and control business risk, visit http://www.stgeorge.com.au/promos/open-for-business/business-basics-essentials.htm