Great businesses don’t just happen. There is a lot of blood, sweat, and tears behind the scenes to bring a business to life. And really great businesses, well, they’re built on solid planning and innovative strategies.

So, whether you’re just starting out or refining your approach, a clear plan can make all the difference between success and struggle street. Think of this page as your one-stop shop for everything you need to know to plan a successful business.

Why business planning matters

Imagine building a house without a blueprint. You wouldn’t take the risk, right? The same goes for your business. A well-thought-out plan sets your direction, can prevent you from making costly mistakes, and gives you the confidence to handle challenges. Plus, writing out your goals, understanding your market, and developing a business strategy will help you get where you want to go.

Here’s what you’ll find in this section:

• Practical advice for crafting your business plan.
• Tools to map out your goals and strategy.
• Checklists to keep you on track.

Writing your business plan

Your business plan is like a sat nav for your business. It shows where you are, where you’re heading, and how to get there. It’s also a powerful tool if you’re looking to secure funding, attract partners, or stay on track as your business grows.

What to include in your business plan:

• Executive summary: This is your elevator pitch. It provides a short overview of your business idea, what you’re offering, and why it will succeed. Keep it concise but compelling.
• Market research: Who are your customers, and what do they want? Dive into demographics, behaviours, and needs. Show you’ve done your homework.
• Products/services: What are you selling? Highlight what makes your offering unique and why people will buy from you instead of the competition.
• Marketing strategy: How will you spread the word about your business? It covers your plans for social media, advertising, and other promotional efforts.
• Operations plan: This is where you explain the nuts and bolts of running your business – from suppliers and logistics to staff and processes.
• Financial projections: Show you’ve crunched the numbers. Include revenue forecasts, expense estimates, and a break-even analysis.

Resource:

• Business Plan Template
  Download our simple, customisable business plan template to get started. It’s packed with prompts and examples to guide you through each section.

Goal setting

Big dreams are great, but turning them into actionable goals is the key to making progress. Goals give you focus, motivation, and a clear measure of success. SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) are a tried-and-true method for goal setting that works.

Tips for setting goals:

• Start with your vision. Where do you want your business to be in one, three, or five years? Then, break that big picture into smaller, manageable steps.
• Prioritise: Focus on the goals that will deliver the biggest impact to your business.
• Measure progress: Use metrics to track your achievements. Set measurable goals. e.g. “I want to increase sales by 30 per cent” is much better than saying “I want to grow my sales”.
• Be flexible: The business world is always changing, so be ready to adjust your goals as needed.
• Celebrate wins: Recognise and reward progress, even if it’s just small steps forward.

Resource:

• SMART Goal Worksheet 

Know your market

Do you understand your market? Who are your customers? Smart business owners realise that understanding their customers’ desires is vital for making the right business decisions.

Ask yourself frequently: Who are my customers? What do they want? How does my offering stack up against the competition? What are my competitors doing and how can I do it better?

Market research doesn’t have to be complicated, but it does need to be thorough.

How to conduct market research

• Talk to your customers: Surveys, focus groups, and one-on-one conversations can give you valuable insights.
• Spy on your competitors: Analyse their products, pricing, and marketing strategies. What are they doing well? Where are the gaps you could fill?
• Use online tools: Platforms like Google Trends, Diib, Semrush, and IBISWorld can provide data on market trends, customer interests, and more.
• Stay current: Markets change over time. Regularly revisit your research to stay ahead.

Resource:

• Market Research Checklist 

Financial planning

A business plan isn’t complete without solid financial planning. Knowing your numbers, from startup costs to monthly budgets, can help you stay on track and avoid nasty surprises.

Key areas to cover in your financial plan:

• Start-up costs: Write down everything you need to get started, from licences to equipment.
• Revenue projections: Based on your market research, estimate how much you’ll earn in the first year.
• Expense forecasts: Don’t forget to include fixed costs like rent and variable costs like inventory.
• Break-even analysis: When will your business start to make a profit? What is the magic number?
• Cash flow management: Plan how you’ll manage income and expenses month-to-month.

Resource:

• Financial Health Checklist 
  This user-friendly template helps you organise your finances, track your numbers, and plan for profitability.

Managing risks

Every business faces risks, from economic downturns to supply chain hiccups. Risk management doesn’t eliminate challenges, but it can help you respond quickly and keep your business running smoothly.

Tips for managing risk:

• Identify risks: Murphy’s Law says anything that can go wrong, will go wrong. Business owners should adopt a similarly cautious approach when it comes to areas like finance, operations, or market demand.
• Plan for the worst: Develop contingency plans for key risks.
• Stay insured: Make sure your business has the right coverage for your industry.
• Monitor and adapt: Keep an eye on potential risks and make adjustments to your plan as you go.

Resource:

• Risk Assessment Worksheet

Plan, plan, plan

Planning isn’t just something you do at the start. It’s an ongoing process. Regularly reviewing and updating your plans ensures you stay on track and adapt to changes.

Tips for staying consistent:

• Schedule regular reviews: Block out time monthly or quarterly to assess progress.
• Involve your team: Get their input to ensure everyone’s aligned and engaged.
• Use tools: Project management apps like Asana or Trello can help you stay organised.
• Stay informed: Keep an eye on market trends, industry news, and customer feedback.

Resource:

• Monthly Business Review Checklist
  This checklist makes evaluating your progress, updating your plans, and setting new priorities easy.

Your planning toolkit

We’ve packed this hub with resources to make business planning easy and effective. Here’s a quick roundup:

• Business Plan Template
• SMART Goal Worksheet 
• Market Research Checklist 
• Financial Health Checklist 
• Risk Assessment Worksheet
• Monthly Business Review Checklist

Don’t forget, planning is about helping to eliminate risks so you have a better chance at success. So, take advantage of our tools to put your best foot forward.