Our templates step you through the process of developing a business plan with links to extra information if you need it. Show
If you're developing a detailed business plan, you may want to check our tips below before you start. 1. Determine what your plan is forDoes your business plan have more than one purpose? Will you use it internally, or will you share it externally, for example with potential investors or banks? Deciding what the purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in. 2. Prepare your financesIf you're looking for finance, lenders and investors will want to know if your finances are in order and your business is in a strong financial position. They'll want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need. If you're starting out and don't have financial information yet, our business plan template provides resources to help you get your finances ready. 3. Write your summary lastSummarise the main points of your business plan using as few words as possible. You want to get to the point but not overlook important facts. This is your opportunity to sell yourself, but don't overdo it. The summary should include details about your business, market, goals and what makes you different from other businesses. 4. Get helpDon't leave your business plan to the last minute. It takes time, research and careful preparation to develop an effective business plan. If you aren't confident in completing the plan yourself, consider getting a professional to look over it and provide advice. There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach. A business plan documents your objectives and the strategies and structures you have in place for achieving them. Your business plan should explain how you will manage all the important aspects of your business, from products and services to operational plans and finances. Watch our video on why you should write a business plan for your new or current business. Topics include: Use a business plan to:
A business plan is a 'living' document, so it should evolve and change—think of it as an operating guide for your business throughout the start-up, operations and succession phases. Download and write a full business planDownload our free full business plan template and use the guidelines below to write a plan for your business. There are also other templates available that may better meet your needs—visit business.gov.au. You should customise your chosen template to suit your business and industry. We explain below how you can start with a 1-page business plan to ease you into the process of completing the full business plan. Business plan elementsThe elements of your business plan will vary depending on:
Every business plan will be different, but they will generally include similar elements. The sections of our business plan template are listed below—use these as a guide when completing it or as a reference when creating your own. Expand all At the start of your business plan, include the following business details:
Read about choosing a business structure and getting the right licences and registrations. This section provides an overview of the business concept. It should be attention-grabbing and succinct—the content will be covered in more detail in future sections. While this is the first section of the plan, it can often help to write it last after the other sections have been finalised. This helps to ensure that the executive summary covers all the key information within the plan. It should define:
2. Product, service and market analysis Refer to the corresponding sections in our free business plan template:
In this section, you should highlight your business products and services and describe what makes them unique, such as their:
You can also include details of any plans your business has to introduce new products and services. Your market analysis should describe your target market (e.g. local, international) and target customers. Add in the research you have done about your industry and the market trends. In this section, you will also complete a SWOT analysis (strengths, weaknesses, opportunities, threats). Find out more about researching your market: 3. Marketing strategy and plan Refer to the corresponding sections in our free business plan template:
A business plan should include a high-level summary of your market research and analysis. Starting with your current situation, complete your marketing objectives and analysis around your target market and your competitiveness. Complete your customer and competitor profiles and develop a 1-page brand strategy. These will help you prepare your marketing plan in section 3 of the template. Your plan will include marketing tactics and an action plan. You will identify how you will set KPIs and report on your marketing effectiveness. Learn about: Refer to the corresponding sections in our free business plan template:
Explain your sales forecasts and targets in this section, and how you will manage customer records and payments. You should understand what sales strategies will work for you and the best channels to market your products or services. You will also need to know what your current sales, volume and market share are and what you expect them to be for the next 2 years. Learn about cash flow, invoices and payments and how to collect and store customer information for help with managing customers. Regardless of your business or industry, you will need to prepare for operating some of your business online. Note your digital and customer and data-protection strategies in your business plan. You could also include:
Complete a digital health check and learn how to create a digital strategy for your business. 6. Legal matters and risk management Refer to the corresponding sections in our free business plan template:
In this section, record the legal and risk management considerations for your business. Describe your business structure and the contracts you have now or could have in the future. If you have a lease or are considering leasing premises, add the terms and conditions of the lease and any actions you need to take to your plan. To complete the other legal section, learn about: Search the Australian Business Licence and Information Service (ABLIS) if you need information about licences that relate to your business. To identify the risks to your business, your business plan should also:
A risk matrix tool or risk management plan can be developed to help you analyse your business risks—read more about identifying and managing business risk. You will also need to consider business continuity planning to prepare for unexpected situations. Refer to the corresponding sections in our free business plan template:
This section will cover all you know about how you do things in your business—for example, your standard operating procedures and how to ensure the quality of your products and services. To better understand your business operations, read about: Refer to the corresponding sections in our free business plan template:
This section helps you note your current workforce structure and plan for the workforce you will have in the future as you grow, and for potentially passing the business to a successor. Your business plan will detail your business's organisational structure (proposed or actual)—this is often shown as a diagram representing the business hierarchy, different roles within the business and how they relate to one another. You should also consider succession planning, even if you haven't thought about how you would sell or pass on the business. Learn about: Refer to the corresponding sections in our free business plan template:
Your business plan should include your business finance details—there is a separate business finance template you can also complete. Summarise your key financial details, including:
You can assess the financial performance of your business using financial ratios.
The final section of the business plan should include a set of actions to take before you review your business plan next, and check your progress. This should be over a 6–12 month period, based on the business goals outlined in your plan. Set a regular review date for the actions and the business plan. Assess which actions have been completed, which remain outstanding and which require updating to help your business plan remain relevant. Read about skills for running a business to consider ways to improve your time management and leadership. Optional business plan elementsWhile not essential, the following can supplement your business plan. Business vision statement and business valuesA comprehensive business vision statement defines what your business does and why it is important. This could be added in more detail in your business plan and referred to in your executive summary. Find out how to create a business vision. Business values are the principles, beliefs, and standards of behaviour that guide your business. Including this in your plan will better reflect your goals for the business. Customer journey strategyThis section could include details of your business's key customer service strategies. Consider mapping out the intended customer journey—the intended path customers will follow when interacting with your business. Start with a short business planA 1-page business plan can be a good place to start your business planning. It can cover only high-level information about your business value proposition (i.e. why a customer would want to buy your products and services) and business model. A one-page plan can include details about:
You can search online for tools that can help you create this plan—for example, a value proposition canvas or business model canvas. Once you are satisfied with this short business plan, you can use it as the basis for your full business plan. Communicating your business planCommunicating your business plan to your staff and stakeholders is essential for implementing it and achieving your business goals, even when starting out with a small team. Some practical tips for communicating the plan include:
Read about skills for running a business for tips on developing your communication skills. Learn about managing people through change. Review and update your business planYou will need to regularly review your business plan to ensure that it is relevant, achievable and up to date with any changes in your business. Consider reviewing your business plan: To help you review your own plan, ask yourself the following questions:
Business planning resources and toolsThe following planning resources and tools below can help you compile and update your business plan to ensure your business is on track to meet its goals. Resources for finding licences, permits and codes of conductUse the Business Launchpad to discover all your licensing needs, compiled in your own customised guide. You can also search for licences, permits and codes of practice using the Australian Business Licence and Information Service (ABLIS). How do you make a 3 year plan?Next steps to build your 3 year plan:. Assign an Owner on your team—one person to be accountable for moving the idea forward.. Set Red-Yellow-Green success criteria for each to create alignment on what success and failure would be on each goal.. Set Revenue Projections on each Winning Move for the next 3 years.. How do you write a 3 year goal?Write a very clear and concise statement for everything you've marked about exactly where you're going to be in 3 years. This should be really specific and measurable. For example, if you want to make ultimately be making $10 million in annual revenue, then maybe you want to be at $3 million in 3 years.
What are your business goals in 3 years?Examples Of Business Goals. Define your value proposition.. Improve your company and brand reputation.. Develop a business plan.. Improve product or service quality.. Achieve higher on-time delivery.. Increase customer satisfaction.. Improve customer retention.. Increase sales volumes.. How do you write a 3 5 year business plan?Here is a list of steps on how to write a five-year business plan:. Write an executive summary. ... . Detail a mission statement. ... . Include a SWOT analysis. ... . Write your goals. ... . Include business metrics. ... . Describe your target audience. ... . Write an industry analysis. ... . Include a detailed marketing plan.. |