Professional and quality accounting for individuals and businesses
www.ndaccounting.com.au
WRITING A BUSINESS PLANWHAT SHOULD BE IN YOUR BUSINESS PLAN?
Many people dream of being their own bosses
and starting their own business for a better
lifestyle.
The unfortunate reality is 90% of start-up businesses fail.
Business plans are not just created if you’re
seeking finance for your business, it’s a tool for
understanding how your business is put
together.
A business plan should question the validity of your ideas,
the product/service target markets and so on and then be
regularly reviewed and updated.
With this experience
and the experience of assisting
hundreds of start-up businesses
in Warrawong,
Wollongong in fact all of
the Illawarra and afar,
Natasha has put together some
considerations when writing your
business plan.
Natasha at ND Accounting and Taxation
Services started her own accounting
and taxation practice in Warrawong in
2009.
Executive Summary
Your executive summary is placed at
the beginning of your business plan
but it is usually completed at the end
of writing your business plan. It is
your pitch, highlighting points within
the plan and why it is going to be
successful.
Business name, location,
equipment, insurance and
business structure
ND Accounting and taxation services in
Warrawong can assist with ABN’s and
choosing the right business structure.
This section also gives an overview of
capital requirements.
Products and Services
It is important to work out what you
are selling, who you are selling to and
why would they need it.
Marketing is a must
New business owners may spend as
much as 50 to 75 percent of their time
marketing their start-ups. It is vital to
understand your competitors and
target market so you can plan short
and long term marketing strategies
and cost.
Goals
Make realistic business goals for the
period of time that the plan covers.
Set milestones for each step.
Management structure and
staff
Include key staff members and roles.
Pricing and Financials
This is a detailed financial plan with
summary. This will include sales
forecasts, assumptions, annual income
and expenditure, profit and loss
statement, cash flow statement and
balance sheet. Once again you
contact a professional that
offers accounting and taxation
services to assist.
Your business plan is your road map to success and
as mentioned above it should be reviewed and
revised at regular intervals throughout the year.
You can start with a blank piece of paper, a whiteboard or
a ready made template