Management
Issue No. 45 - Feb/March 2009
Business plan more vital than ever
by Jacqui Colwell
NAB’s Business Planning survey shows 97% of SA SMEs have not completed a business plan this year – the highest of any state and compared with an average of 77% across Australia.
It has never been more important for South Australian businesses to plan ahead. They are taking a big risk if they enter 2009 without an up-to-date business plan.
In recent years, a strong economy has meant many businesses may have been able to succeed without a great deal of planning.
However, as economic conditions tighten, the need to plan has never been greater.
A good business plan doesn’t need to be long and complicated. It should act as the basic blueprint for you and your business to provide you with a clear direction, taking into account the variables and external factors that may impact your business.
What’s in a good business plan The best thing to do before you start planning ahead to do your homework and seek advice. A professional can help you develop your plan, make sure nothing is overlooked and implement achievable and measurable strategies to achieve your goals.
When you are setting your business goals, make them clear, measurable and time-specific. Ask yourself: What am I selling? Who will benefit from my service? What will make my business different? What returns do I want? Where do I want to be in six months/ one year/ 10 years? It’s important to gain insights into the economic, geographic and business environment you are entering.<...
