Prepare a business plan for growth
Benefits of ongoing business planning
Good planning is the pillar of building a successful business. You need a business plan when you first launch your company, often to convince lenders or investors to consider funding it. However, a good business plan fills more than just the financial purpose and should not be a one-time effort. Planning should be an ongoing process that remains critical to your business' success over its entire lifespan.
Business plan for established businesses
If you are a mature business, your business plan should:
- guide your growth
- support your business strategy
- ensure that you meet key targets and goals
- help you manage business priorities
- drive efficiencies
- identify opportunities
- allow you to benchmark your business results
A business plan can play a key role in allocating resources throughout a business. It can help you attract new funds, or win over new investors and partners. See how to tailor your business plan to secure funding.
Ongoing business planning
Ongoing planning is different from writing a business plan. It can help you:
- identify where your business is now
- determine in which direction you wish your business to grow
- monitor whether you are achieving your business objectives
Ongoing business planning ensures that your business remains focused, helping you to meet certain key targets and manage business priorities.
Importance of reviewing your business plan
Business planning takes time. You can maximise your chances of success by adopting a continuous business planning cycle that helps you to regularly review your business plan and keep it up to date. This cycle should include regular business planning meetings which involve key people from the business.
If you regularly assess your performance against your business plan and targets, you are more likely to meet your objectives. You're also more likely to notice when things aren't going to plan and take corrective action. Many businesses choose to assess progress every three or six months. See how to measure performance and set targets.