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.
Natasha at ND Accounting and Taxation Service started her own accounting and taxation practice in Warrawong in 2009. 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.
What should be in your business plan?
- 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, the ATO have a great template that is free to download – https://www.business.gov.au/Info/Plan-and-Start/Templates-and-tools/Business-Plan-Template-and-Guide
Natasha is an experienced tax accountant in Wollongong with over 17 year’s experience and not only offers tax advice and tips but as the principle of ND accounting and taxation services based in Warrawong, Wollongong, Natasha works alongside businesses to develop business plans, manage the bookkeeping, identify risks, structure for taxation, business risks and implement financial management systems.
If you need accounting, bookkeeping or tax advice and you are based in Shellharbour, Warrawong, Wollongong or the Illawarra call ND accounting and taxation services on 4272 3048.