A Guide To Using The Business Plan Template

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A guide to usingthe business plan template133 140smallbusiness.wa.gov.au

Writing your business planThis is guide is to assist you in writing yourbusiness plan using our standard template. Seek advice and assistance. If you needhelp to complete your business plan contactthe Small Business Development Corporationon 133 140 or contact a Business Localservice provider in your area (details are onour webiste). You might also consider seekinghelp from an accountant or trusted businessadviser. Don’t rush to complete your businessplan. Taking the time to complete and checkthe plan for any errors is critical. Your planwill form the roadmap for your business andit needs to make a good impression on thereader. The business plan does not need tobe completed in a single session. Start withthe sections that are most important andthen revisit any incomplete sections.Before starting your business plan, consider thefollowing. Determine the purpose of the businessplan. Is it going to be used internally or willthird parties read it? Is it going to be usedto secure finance? Knowing your intendedaudience will help you focus your plan. Undertake research. Key decisions need tobe made before you can complete your plan,such as determining your business structureand demand for your products and/orservices. Use the italicised text. The italicised textis there to provide guidance on how youmight respond to the question. Sections orquestions that do not apply to your businesscan be removed or ignored.

SummaryEven though the summary will be read first, it iseasiest to write it last – providing an overview ofthe complete business plan. The aim is to drawthe reader in, so what you include will dependon your audience. If you are seeking fundingyou need to really sell your business idea in thesummary.Make it clear and concise; include only the mostimportant elements, keeping it at a maximum ofhalf a page. To create the summary go back overyour plan, pick three or four key messages andwrite a brief overview, then conclude with detailsof the action you want the reader to take.Your summary may contain a brief overview of: the business and its owner(s)the products and/or servicesyour competitive advantageoperational performancefinancial positionThis section should only be a few paragraphs;you could also add your complete CV as anappendix.Business performance at a glanceThis is a brief overview of your current businessperformance; a more detailed explanation will begiven in the financial section of your plan.If your business is just starting, you do not needto include this section.Licences, registrations and insuranceList any licences and registrations your businesswill require to operate and also what insurancecover you will need to have in place.Common licences, registrations and insuranceinclude: registering a business nameobtaining an Australian Business Number(ABN)various trade and occupational licencesregistering for GSTpublic liability insuranceworkers’ compensation insurance (mandatoryif you employ staff)Business profile The purpose of this section is to provide thereader with detailed information about you andyour business in a concise and simple way.For more information visit the business licencefinder at smallbusiness.wa.gov.auBusiness detailsClearly outline basic information about yourbusiness.Owner profileProvide a brief overview of your careerachievements and suitability to operate abusiness. It is your chance to promote yourself topotential investors in a succinct way.

Business support teamRisk assessmentA good business is only as good as the peoplewho work in it and for it. It is a good idea toinclude a table of your support team, includingtheir contact details (phone, contact person,email, website, address) so potential investors cansee the range and calibre of the businesses andpeople you have chosen to align with. This tablewill also help to organise your list of contacts.Identify potential risks and determine what canbe done to minimise them. A risk assessmentcan also help you identify what type of insurancecover or other forms of protection you will need.Your support team should include: accountant lawyer banker or finance broker insurance agent or broker business advisers industry associationsSWOT analysisA SWOT analysis considers the realistic strengths,weaknesses, opportunities and threats affectingyour business, in comparison with yourcompetitors. It is a great tool to use internally towork out where your business needs help andprovides a good snapshot of your businessespotential for investors.Vision, mission and goalsVision statementA vision statement is future-based and shouldbriefly outline where you want your business togo. It is meant to inspire and give direction toemployees rather than customers.Mission statementA mission statement is based on the presentand describes the fundamental purpose of thebusiness. It must capture the essence of yourbusiness in one or two sentences and shouldinclude the purpose of your business and targetmarket. It should convey, to employees and theexternal community, a sense of why the businessexists.Business goalsBusiness goals are what the business is aimingto achieve, and is a more detailed description ofyour vision statement. Make your goals SMART.If you don’t have all the necessary informationto develop the SWOT, revisit it after completingyour industry analysis.SMART DescriptionGoals need to be well-defined and focussed, not broad.Goals need to be measurable.Don’t aim too high too fast.Consider the current economic conditions and realities of your businessclimate.Set a time frame to achieve the goal so that it doesn’t get pushed aside.

Market researchIndustry analysisIt is extremely important to have a solidunderstanding and practical experience of theindustry your business will operate in.Plant and equipmentIf you are starting a business you will need toidentify the plant and equipment you requireor already have. List items individually or groupby type.You can find industry information from thefollowing sources.If your business has been operating for at leastone financial year include a list of plant andequipment with the original purchase price. Government statisticsInventory IBISWorld – this resource providesinformation on the present performance ofindustries and projections of up to five years.We can provide you with a full report foryour industry free of charge.List the current inventory required to produceyour product or service. industry associations publications internet searchMajor suppliersFinding reliable suppliers and building goodworking relationships can be challenging andtime consuming. Identifying your major supplierswill provide a sense of security for potentialinvestors.Competitor analysisEnvironmental strategyIt is important to understand your competitorsand how your business compares with them.Document what you do or plan to do tominimise the impact of your business on theenvironment, whether required by legislationor regulations, or through necessity or choice.Environmentally friendly strategies can save youmoney, win customer approval and be a point ofdifference between you and your competitors.Operating strategyThis section of your plan describes the internaloperations and processes that enable thebusiness to achieve its short and long term goals.It describes how the business works and thepremises, plant, equipment and people requiredto produce your products and/or services.Location and premisesProvide details of your business premises.Visit our website for more information aboutpremises and location.Human resourcesIn this section outline your key staff including anyfamily members who may not be paid a salaryfor their contribution. Also include details ofrequired staff and your strategies to recruit, trainand retain them in your business.Visit our website for more information onemploying staff.

Products and/or servicesIn this section provide: An overview of the products or services yourbusiness will be offering. An outline of how these products or serviceswill be priced. Details of how you are going to distributeyour product or service, including anystrategic alliances. Future products or services you are planningto introduce.If appropriate, add pictures of your products orservices in the appendix of your plan. If you havea website, include a link to it.Distribution systemThere are many ways to distribute your products/services. In this section you need to convey howyour product or service will actually get to yourcustomers.You should include: How you intend to sell to customers; this mayinclude having an online store, retail outlet,using wholesaler or agents etc. How long will it take to get your product orservice to customers. If you are supplying goods what packagingyou will be using. If you are posting items, which freightmethods will you be using and how you willprice it. The system you will be using for processingorders, returns, shipping and billing. How you will handle large shipmentsor orders.Overview of products and/or servicesProvide a brief description of your product orservice including the price range, market positionand customer benefits. Consider bundling yourproducts or services into groups to avoid pagesof individual listings.Pricing strategyFactor in the following when calculating yourpricing structure. What is your cost of goods sold? (How muchit actually costs to produce your productor service.)Future plansOutline any future plans you have forthe business.Marketing planMarket research and industry analysisYour previous market research and industryanalysis will assist you to complete this section.You may also want to consider: What are your operating expenses? What profit do you want to make from yourbusiness? What are your competitors charging? If your business is more complex, considerattending our workshop 'UnderstandingBusiness Financials' or contact your BusinessLocal service provider.Surveying a range of people about yourbusiness idea – include potential customers,suppliers, industry members etc. Clearly outlining the need for your product inthe market place, use quotes from customersto support your claims.Visit our website for more information on marketresearch.

Unique selling proposition For your business to stand out and succeed youwill need to determine your unique point ofdifference.personal selling – trade shows, expos,salespeople direct marketing – email, bulk mail,telemarketing, point of sale displaysOverview of target markets digital promotion – website, social media,e-commerce, blogWhen you look closely at your market you’ll findthat your customers fall into different groupsor segments, each valuing different aspects ofyour products or services, such as price, design,or ease of access. These groups or segments areknown as your target marketsMarketing goalsGenerally your marketing goals will relate to: increasing the level of sales building the demand for specific productsand/or services increasing awareness among specific targetmarkets maintaining customer loyaltyMarketing budgetA general rule of thumb is to spend betweenthree to five per cent of your actual or expectedannual turnover on marketing. If your businessis new you will need to inject more funds tobuild your business profile. Your budget mayinclude advertising, design of branding, printingpromotional material, website development etc.For more information on marketing yourbusiness attend our 'Spreading the Word –Marketing your Business' workshop.Customer service strategyMaintaining good customer relationshipsand ensuring repeat business is important forsuccess. In this section outline how you intendto develop relationships with your customers.Include information about systems or proceduresyou have, or intend to put in place. Also includeinformation on how you will measure levels ofcustomer satisfactionFinancial strategyFinancial goalsTypical small business financial goals focus on: income growth larger profit margins improved cash flow a more diversified income stream reduction in the cost of goods soldPromotional strategiesFinancial forecastsCustomers will only find out about your productor service if it is promoted appropriately.Strategies may include:Predicting the financial future of your business isnot easy, especially when starting a business. advertising – magazines, newspapers,business directories, radio sales – discounts, customer loyalty programs,competitions public relations – media releases, events

Financial forecasts: direct labour costs used to manufacturethe productany other components specific to yourproducts or business. are critical to your business plan, especially ifyou aim to secure funding can help to check if your business willgenerate a profit and when this is likely tooccurSales forecast demonstrate the financial viability of a newbusiness venture allow you to guide your business in the rightdirection and take control of your cash flowConsider attending our 'Understanding BusinessFinancials' workshop or contact your BusinessLocal service provider for more information.Start-up costsIn determining your start-up costs factor in allthe expenses to start or buy the business, plusan extra 20 per cent contingency in case youhave missed any. It is also important to includeworking capital; the amount it is going to cost tooperate your business for the first two monthsassuming no income is generated.Operating expenses forecastThe expenses forecast answers the questionof how much it will cost to run your businessannually. It is an estimate of your ongoing annualoperating expenses (overheads, outgoings,fixed costs). The selling price of your productsor services must include an amount to recoverthese expenses.Cost of goods sold (COGS)If you are selling a physical product, the cost ofgoods sold (COGS) forecast covers how muchit will cost to produce or stock your product. Tocalculate the COGS forecast, include all the directcosts of getting your products ready for sale: the wholesale cost of buying goods or parts freight and freight insuranceIn this section determine how many units ofeach product or service you realistically expect tosell. In the sales forecast, input your retail sellingprice for each unit to automatically calculate yoursales forecast.Cash flow forecastThis is the inflows and outflows of moneythrough the business and how much cash isneeded to operate the business. It is the mainforecast a financier will look at to judge whetheryour business is viable.Profit and loss statementA profit and loss statement (P&L) provides asnapshot of your business income, expensesand profit for a specific period in time, such asa financial quarter, six months or a year. The P&Ldemonstrates the profitability of your businessby showing the income minus expenses, whichequals your profit or loss.Profit/loss income – expensesBreakeven analysisThe breakeven point is one of the most usefulfigures you need. It is the point at which incomeand expenses are exactly equal. The businesshas not made a profit or a loss but you haverecovered all your expenses. Knowing this figurewill help monitor business performance on aregular basis.

Credit managementOutline how you plan to manage this elementof your business. Use the following ideas to helpyou draft your own credit management strategy. Conduct a credit check on all new clients. Provide quotes or letters of engagementto customers clearly stating what will besupplied. Ensure quotes are signed by both parties. Have clear terms and conditions of trade. Consider if you require a deposit or partpayment from customers. Set up systems to ensure you invoicepromptly on supply. Consider how you will manage your debtors(people who owe you money). Consider providing rewards for earlypayment or fees for late payment. Develop a strategy for clients or customerswho don’t pay.If you need help to complete yourbusiness plan contact the SmallBusiness Development Corporationon 133 140 or contact a BusinessLocal service provider in your area(details are on our webiste). You mightalso consider seeking help from anaccountant or trusted business adviser.Supporting documentationAt the end of your business plan includesupporting documentation that may be useful toyour reader such as detailed financial statements,copies of contracts, owner profiles or staffresumes, insurance certificates, survey results, etc.To the extent permitted by law neither the Small Business Development Corporation, nor the State of Western Australia, nor any of their respective officers or employees shall be liablein negligence or howsoever, for any loss, damage or liability incurred by anyone who relies upon this publication or any part of it on account, wholly or in part, of this publication or anyaspects of it becoming inaccurate, incomplete obsolete, out of date, or in any way deficient. Small Business Development Corporation 2020FEB20/002Small Business Development CorporationLevel 2, 140 William Street, Perth WA 6000T: 133 140info@smallbusiness.wa.gov.au // smallbusiness.wa.gov.au // facebook.com/smallbusinesswa

questions that do not apply to your business can be removed or ignored. Seek advice and assistance. If you need help to complete your business plan contact the Small Business Development Corporation on 133 140 or contact a Business Local service provider in your area (details are on our w

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