Business planning

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Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities.


It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.


What should a business plan include?

There are no rules about what your plan should cover or the level of detail. In general, plans need to include information regarding:

  • business profile
  • vision, mission and goals
  • market research
  • operational strategy
  • products and/or services
  • marketing plan
  • financial strategy.


Before starting your business plan


You may want to consider the following key questions to help determine if you are ready to start writing your business plan.


Have you thoroughly refined your business idea so you have a good understanding of how your business will operate?

Have you researched your business concept to determine if there is a need for it in the marketplace?

Have you completed a feasibility study to determine expected level of success?

Do you have the money required to start and grow the business?

Are you prepared to invest significant time into the business to get it up and running?

How often should I review my business plan?

Business planning is an ongoing activity. Review plans regularly and update whenever your circumstances change.


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