Many people may view creating a business plan as an unnecessary waste of time, but it is actually one of the most important time management strategies that you can implement. Start-ups can sometimes assume that their passion and dedication to their idea will be enough to make a successful business. Don’t be fooled, having a clear and well thought out business plan will save you time and money in the long term.
There are so many issues that business owners come across when they don’t have a clear plan laid out. Some of the most significant problems are running out of funding, not understanding the needs of your customers and straying away from your essential business values. All of these can be easily avoided when you plan ahead!
Help kick start your business by implementing a plan that can help you to:
- Clearly identify progress and issues
- Set out the core values and direction for your business
- Have a thorough understanding of your customers and how to attract their business
- Breakdown expenses and forecast profits
- Plan ahead for potential hurdles and how to overcome them
There are several tools to help you create a successful business plan, including the MyBizPlan app. This is a free app that provides a template to guide you when making your business plan. You can download the app on your Android or iPad.
You can also check out the free business template from NAB. It offers a user friendly guide for new business owners.
Just remember that there is help out there and you don’t have to figure this all out on your own. If you do not know where to start building a business plan then come speak to one of the Small Business Smart Business mentors.