Australia's 3rd Largest Economy

Why Business Plans aren’t just for the new business

17-Sep-2019 16:38 | Tracy Dawson (Administrator)

As an enthusiastic new business starter, the idea of writing a business plan was probably exciting. The possibilities, the growth potential, the new contacts; a business plan showed the world (and the bank) that you had big dreams and exciting goals. So, where is your business plan now? Is it in the bottom of a drawer?

Business Plans should be updated regularly because circumstances change. Some industries move very quickly (i.e. finance sector) so your business plan needs to reflect these changes. Setting reminders in your calendar can be a fantastic trigger to remind you to look at your plan.

If you have employees it can be a great idea to get them involved in the planning process. They might have valuable ideas on where they would like to see the business go and some suggestions on how to get there. Your team will have strengths in the business which you may not so don’t be shy in taking advice and suggestions.

Set goals, timeframes and measurable outcomes so you can compare your targets regularly. Graphs and tables are a great visual way to review your results. Make them bright and colourful so you can enjoy the experience of reviewing your plan.

Reviewing your business plan regularly is a fantastic opportunity to take a step away from the ‘everyday’ and review the big picture. Acknowledge your wins and accept the losses as a learning experience.

The Australian Government have a fantastic template they provide for free on their Business site. You can download it here. The website is also a fantastic sources of ideas, tools and contacts for all Australian businesses. You can visit it here.

If you need help with your business plans ISM have a great team of consultants who can discuss your business goals and objectives.

Check out the ISM team and feel free to contact them to discuss.

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