[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f4f4f4″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.27.4″ header_2_font_size=”32px” hover_enabled=”0″ header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
A business plan is an indispensable document every small business owner should invest time into developing. If you want tips on how to write a business plan, we\u2019ve created this quick guide to give you everything you need to craft your own.<\/span><\/p>\n If you want to skip straight to writing your own business plan, we\u2019ve included a free and downloadable business plan at the end of this article.<\/span><\/p>\n The rest of this article on writing a business plan will acquaint you with the <\/span>how<\/span><\/i> and <\/span>why<\/span><\/i> of this important small business task.<\/span><\/p>\n A business plan is a formal and structured document. It outlines your business intentions, financial targets, marketing plans, and more.<\/span><\/p>\n A small business plan will generally consist of the following sections:<\/span><\/p>\n This will include your business details, business structure, NZBN, contact details, website etc.<\/span><\/p>\n An executive summary is a one-page outline of your small business intentions \u2013 essentially a \u2018cover letter\u2019 for your busines plan.<\/span><\/p>\n A snapshot of your team structure, employees, positions, and key responsibilities. This is usually laid out in a visual \u2018tree\u2019 format.<\/span><\/p>\n An overview of your intended deliverables. Include a description of your intended products and services that will form the backbone of your sales and cashflow. This section will also include pricing, demand, distribution, and unique selling position.<\/span><\/p>\n Details of your operational intentions. This section will include equipment, premises, technology, suppliers, stock, insurance, and legal considerations.<\/span><\/p>\n A research-based analysis of your target market, demographics, market size. Plus, a breakdown of the competitive landscape and a SWOT analysis (strengths, weaknesses, opportunities, and threats).<\/span><\/p>\n How you intend to promote your deliverables and lead consumers down a path to sales. This section will include what your website looks like and your digital marketing and social media strategies.<\/span><\/p>\n A debrief on your sales targets, pricing, profitability, cashflow, budget, funding, and balance sheets.<\/span><\/p>\n A declaration of your intentions for growth and future profitability. This section will include a mission statement, opportunities for growth and a multi-year roadmap.<\/span><\/p>\n Writing a busines plan is important for both internal and external use.<\/span><\/p>\n Internally, it\u2019s a guiding document that formalises and articulates how your business will function and the goals and specifics of your intended business journey.<\/span><\/p>\n Externally, a small business plan is indispensable for gaining financing or investment. It\u2019s also a central tool when consulting with accountants or business advisors who you enlist to support your pathway to financial success.<\/span><\/p>\n By scripting a business plan, you can outline your business processes, keep track of financial goals, formalise your sales and marketing plans and provide a skeleton for you to refer to when building and growing your business in earnest.<\/span><\/p>\n To <\/span>not<\/span><\/i> write a busines plan means you run the risk of early failure through a lack of preparation and structure. You may be missing key elements for success or overlooking weak points in your business proposal.<\/span><\/p>\n Starting a business from scratch is no easy feat. The most recognised and intelligent way to go about this is to first create your business plan so you can assess the reality of bringing your offerings to market and understanding where your blind spots are.<\/span><\/p>\n Creating a business plan should be one of (if not <\/span>the<\/span><\/i>) first step you take before investing yourself in your venture. Let\u2019s undertake a quick run through these first steps in starting your business and the key elements of a business plan.<\/span><\/p>\n First up, you need to spend time researching the market.<\/span><\/p>\n You\u2019ll have to pinpoint and describe your target customer, how many there are, and analyse your competitors.<\/span><\/p>\n By doing so you\u2019ll not only be able to direct your sales and marketing efforts effectively, but you\u2019ll also understand what you need to offer to beat your competition.<\/span><\/p>\n If you discover that there\u2019s not a lot of money flowing through your intended market coupled with high levels of competition, you may wish to change course to avoid a steep uphill battle or target a different corner of the market.<\/span><\/p>\n You will build your marketing plan from the results of your market and target customer research. If you performed this diligently, a streamlined marketing plan will be much more easily formulated.<\/span><\/p>\n Without a go-to-market plan, your marketing activity will be reflexive and unstructured, leading to missed opportunity and wasted resources.<\/span><\/p>\n You need to have a thorough understanding of digital marketing, branding, websites, advertising, promotional activity, unique selling proposition, reporting, software, and associated budget.<\/span><\/p>\n There\u2019s not much chance of busines success without incorporating your financing intentions into your business plan.<\/span><\/p>\n How you intend to fund your business and the amounts of capital required are intrinsic considerations which you\u2019ll need to flesh out professionally before courting financing options.<\/span><\/p>\n If you\u2019re approaching a bank, financial institution, or investors, you\u2019ll need a business plan that includes:<\/span><\/p>\n You must present these aspects alongside the other elements of your business plan, such as market analysis, sales and marketing plans, and risk assessment to gain financing for your fledgling small business.<\/span><\/p>\n Before we get to the business plan template, you should understand your intended audience.<\/span><\/p>\n Do you intend to present this version for financing options? Is it for a business advisor? Is it for internal use such as employees or managers?<\/span><\/p>\n Different stakeholders will value certain aspects of your business plan over others, so be sure to have multiple versions tailored for different purposes.<\/span><\/p>\n [\/et_pb_text][ba_social_share icon_bg=”#03002e” icon_padding=”10px|12px|10px|12px|true|true” layout=”classic” show_text=”off” btn_padding=”0px|0px|0px|0px|false|false” btn_bg_color=”RGBA(255,255,255,0)” _builder_version=”4.23″ _module_preset=”default” custom_margin=”50px||||false|false” custom_padding=”25px||||false|false” custom_css_before=” content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;” border_width_top_main=”1px” border_color_top_main=”#e4e4e4″ border_radii_icon=”on|5px|5px|5px|5px” global_colors_info=”{}” custom_css_before_last_edited=”off|desktop”][ba_social_share_child _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”facebook” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”linkedin” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][ba_social_share_child network_type=”email” _builder_version=”4.23″ _module_preset=”default” global_colors_info=”{}”][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" The main goal of a business plan is to give your business the best chance of success. Read on to find out more about creating a business plan.<\/p>\n","protected":false},"author":6,"featured_media":272928,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[112],"class_list":["post-270614","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-starting-a-small-business"],"yoast_head":"\nWhat is a business plan?<\/strong><\/h2>\n
A general outline of your business<\/b><\/h3>\n
An executive summary<\/b><\/h3>\n
Team and management<\/b><\/h3>\n
Products and services<\/b><\/h3>\n
Operations<\/b><\/h3>\n
Market analysis<\/b><\/h3>\n
Marketing plan<\/b><\/h3>\n
Sales plan and business finances<\/b><\/h3>\n
Future forecast<\/b><\/h3>\n
Why write a business plan?<\/b><\/h2>\n
Starting a business<\/b><\/h2>\n
Market research<\/b><\/h3>\n
Marketing plan<\/b><\/h3>\n
Business finances<\/b><\/h2>\n
\n
Tailor your business plan to your audience<\/b><\/h2>\n