Your Ten Minute Business Plan That Really Works

Financial Year End is a time for reports. P&L, Balance Sheet, Tax Return. Compare results to last year, compare to budget, compare to planned targets. But do you even have a documented business plan? Some studies show that as many as 90% of businesses don't have an up to date business plan. The reason for this, we believe, is most business owners can't be bothered with the detail and don't really want to deal with it. But here is how you can, the ten minute business plan!

Make It a Practical Document

Your business plan should be a living breathing document that you are happy to refer to all the time. So make it a practical document, not one full of waffle. Any plan is better than no plan, so if you don't have one spend the next ten minutes to write the answers to these questions. the one key thing we ask, whilst you are answering these questions simply make a "to do" list of the things that come into your head that need done.

Overview of your Business Currently

• What is your business producing or selling?
• Background of your business - Why did you start or buy the business?
• Structure of your business - How does the business operate?

Marketing Plan

• Objectives of your marketing - What do you want to achieve? Sell more to whom?
• Strategy for delivery of your marketing - What does your target customer look at/ read/ listen to/ watch to get information about products and services like yours?
• How are you going to use these marketing tools to capture your clients?

Business Environment

• Analysis of your market - How big is your target market? Who are your competitors?
• SWOT Analysis - What are your businesses Strengths and Weaknesses? What are the outside opportunities and threats?

Operating Plan

• Products & Services - How do you produce what you sell now? How can you do it better?
• Facilities - What do you need to produce and sell your products and services?
• Resources - Who do you need to help?
• Risk Management - What do you need to do to ensure you can keep doing it?

Financial Analysis

• P&L Budget - what is your sales target? what is your GP target? What is your NP Target? That's it.
• Cashflow Forecast - get your bookkeeper or accountant to do this based on your previous answers!

Future Business Goals

• What are your Business & Personal Goals and make them measurable like say NP of $500,000

The good news is you should now you should have your "To Do" list written down from the above questions. 

Other studies have shown that goals written down are much more likely to be achieved.We do recommend you take more time and complete a detailed business plan at some stage, but in the absence of this our ten minute business plan will get you started.  Avegna assists business owners with these issues on a daily basis. We work with businesses helping them to implement real world, practical changes in their business to ensure their continued growth and success. For further information on how we can assist you in your business please call us on 1300 797 535 or email us on info@avegna.com.au

Scott Lyall

CEO of Avegna

www.avegna.com.au