Business planning
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Summary
What is a Business Plan?
A business plan is a document describing your business objectives and how you plan to achieve these objectives. A business plan for a small business would typically cover a 12-month period (for example, from July 2018 to June 2019) and get updated at least once a year. Whether you have just started your business or have been running your business for many years, a well-prepared business plan can be critical to the continued success of your business.
Why is Business Planning important?
Business planning is important to sole traders and small business owners working with NDIS. A good business plan can:
- Help formalise your thoughts about your business.
- Set clear goals and directions and help you prioritise.
- Measure your progress towards your business goals.
- Prompt you to reassess the situation and adjust your goals and strategies.
Key Elements of a Business Plan
- Business Description - This section should describe the range of services and products you are offering.
- Market Analysis - This section summarises your research and analysis of the market environment in which you offer your services or products.
- Financial Projection - This section outlines the financial plan for your business within a specific period (usually 12 months).
- Marketing Strategy - This section outlines your plan of action to promote and sell the services or products you offer.
- Contingency Strategy - This section should include your options when things don’t happen as planned.
