‘A truly successful business should provide the income to support the lifestyle you want and the discretionary time to enjoy it.’
Looked at your business plan lately?
If you’re like most small business owners, chances are you don’t have one or at least not written down.
Success is about planning and having a goal. A goal without a plan is just a WISH.
Business planning for SME’s - why it matters, how to write one and what you need to cover?
No matter what stage you are at, a flexible business plan is a must.
Business plans help us make sure we’re focused on the right things. They give us clear goals to work towards, make sure what we’re doing is relevant, and that we understand what we need to have in place to succeed.
Many small business owners only write a business plan when the bank requires one and is often made up to please the bank. It usually has unrealistic financial projections and not many thoughts have been given to it that it is destined to be in the drawers after you get your funding, never to be referred to again.
An effective business planning process gets to the heart and soul of your business and brings a greater understanding of your vision and core values. Only with this can a clear and concise business plan be developed. It ensures you’re clear about your goals, you’ve considered the market for your product or service and the wider environment, have considered what your competitors are doing, explored the opportunities and your strength and weaknesses.
Your business plan is a roadmap for your business, but it's not set in stone. You will need to review it at least once a year and make changes if necessary. Business plan is a living document and the more you refer to it and make changes accordingly and wisely, you will reap the maximum benefit of it. Modern business planning is focused on staying agile and using data to support any decisions. The great thing about modern management and accounting systems such as Xero is that the data is as up to date as you keep it. New opportunities and threats can emerge quickly in the environment we’re operating in and we need to be ready to take advantage or negate these swiftly.
As with the quote in our intro, a truly successful business is one that gives you the time to enjoy the fruits of your success. Not one that you always fear will never survive for long enough without the need for your input. As they say, work on the business NOT in the business. Too many people get into business and find they are still in a “job” but working longer, stressing more and many earning less!
One recent business planning session we had with one of our clients, Your Web Limited had helped David and his team planned for their future and their goals. Your Web Ltd is one of the top Wix provider in Australasia and they provide digital solutions and create/maintain digital presence for clients. OneTeam had our website beautifully done by Your Web and also created our whole corporate brand guidelines.
Before the session, David’s goals were unclear and he found himself wondering where his business will be in the next 5, 10 years. Going through the business planning session, we were able to dig deep and chart a course to his Vision, both for the business and for him personally.
David and his team have now a clear vision to focus on and clear goals to work towards. These goals are not just baseless, “pie in the sky” goals but specific goals broken down into 90 days, one-year goals and 5 years goals, all parts in the business machine going in one unified direction.
Read David Camacho Baron's Comments Below
“We had the pleasure of working with the Accountants of One Team, and we are nothing but satisfied!
Such a cool team to work with and they always look forward to helping your Company beyond numbers and invoices.
Their amazing team gave us all the necessary tools and took the time needed to explain all the options and decisions we had to make for our business in order to have more sales and improve our inner core that was kind of lost, but we didn’t saw it until they had a closer look.
They helped us to establish clearer goals that we had and told us how we could achieve them in the most real way possible.
Since our first meeting, the team have always been checking up on us to know if we are applying the alignments, they gave us and following our growing process, we would highly recommend One Team!”
So how do you prepare a business plan, and what should it contain?
There are so many variations on business plan structure that it can be hard to start. They’ll all get you to the same place in the end, but with varying levels of complexity, focus and detail. Whatever template you choose to follow, our advice is to simplicity is key. A simple, brief and relevant business plan will ensure you keep your focus on the end goal.
Contact me for a great template that you can use to develop your own business plan. It is a simple 1 page, 2-sided business plan which has all the key elements of a great plan.
This business plan is the same one we use with great success with our clients. Even though it is only one page, the whole process requires you to take time out from day to day activities in the business to focus on the business.
Our session with our clients usually takes 4-5 hours as we dive right into your business and you personally so make sure to allocate enough time if doing it by yourself.
At the end of it, your easy to understand one page Business Plan will act as a guide for you (and your team) to successfully implement your desired changes. It will ensure your business is on course for success.
The best place to start is with a Business Planning Session
Contact us and see if we can get 50% of the funding to assist you through this process!!!
Key benefits of having a Business Planning session:
Review and set business direction
Align goals amongst the directors
Identify Gross Revenue Targets and Key Performance Indicators
Establish a robust accountability system
Identify critical challenges and opportunities in your business and the actions required to resolve or maximise them
Set timeframes for achieving goals
Identify what support and resources you will need to achieve your goals
Enables you to communicate your business goals and vision with your team
Provides a platform to develop Financial Forecasts
Use as a basis to set team members’ individual goals and targets