Write a business plan

A written business plan is essential to help you start and grow your business

Benefits of a business plan

Your business plan outlines:

your vision for the business
the actions that will help you achieve it

When you are starting out, your business plan can help you to secure financing and investment. But your business plan does more than tell others what your plans are. A good business plan can help you test the feasibility of your new business idea, set operational and financial objectives, and make sure your business is manageable and effective.

You will need to revisit your business plan regularly as your business evolves and the business environment changes. These changes could include increased competition, advances in technology or the expectations of your customers.

What to include in your business plan

A clearly written business plan should include:

the vision and direction of your business – where are you now and where do you want to be?
a SWOT (strengths, weaknesses, opportunities, threats) analysis – a good business plan won't only identify ways to make your business idea work, it can also help you identify reasons why your idea might not work so you can address them before you invest time and money
a force field analysis – for each issue identified in your SWOT analysis, identify the positives and negatives of each issue and the actions you will take to address the issue

Write your business plan

Whether your business is just starting out, you're looking to sustain or you're looking to grow, our guide to writing a business plan can help you clarify your goals, figure out your barriers and come up with a plan of action.

Create your one-page action plan

A one-page action plan is an overview of the current situation, where you want to be and what you need to do to get there. It's also a practical way to record the outcomes of the planning process.

A one-page action plan has the following elements:

'Now' analysis – Summarise your current situation and issues in 4 or 5 points.
'Where' analysis – What is your vision? What is your competitive advantage? What are your key objectives?
Strategies – What are the 3 or 4 key strategies you need to work on over the next 12 months? You can draw these from the SWOT analysis in your business plan.
Action plans – List about 3 or 4 of the most important actions to complete to help achieve your strategies. You can draw these from the analysis of your key issues and strategies in your business plan.
Timing – State when you aim to achieve the result and who is responsible for each task. These should be in priority order and are critical for accountability.

Get help in person

If you’re a first time business owner then you might need help working out how to action some of the steps you want to take. This might mean talking to an accountant, other business owners, a mentor, business coach or joining an industry group or your local chamber of commerce.

There's plenty of support available in Victoria to help you upskill and put you on the right track:

Try one of our mentoring services or workshops.
Get free advice and speak to subject matter experts with the Small Business Bus.

business.vic.gov.au

Mark Lisle

Mark is our managing partner and has been with the firm for over 36 years. He brings a wealth of experience in all areas of our business, including business advisory, taxation and self managed superannuation.

Mark’s ethos is that good advice stems from working closely with our clients and being prepared to go that extra step to assist them in meeting their goals and optimising their financial position.

Mark is a Fellow of Chartered Accountants Australia and New Zealand, an accredited SMSF Specialist and a registered SMSF auditor.

Outside of work, Mark enjoys trying to keep fit and spending time down at his “second home” in Port Fairy.

Josh Laing

Joshua began working at Rundles in 1999 whilst still completing his Bachelor of Business (Accountancy) degree at RMIT. After graduating in 2001 he was admitted to the Institute of Chartered Accountants Australia and New Zealand in 2004. Joshua spent two years working in London before returning to Rundles in 2006.

Josh has a wealth of knowledge across a broad range of industries as well as in Self Managed Superannuation. Josh enjoys working with family groups and businesses to ensure they’re structured correctly to maximise asset protection, succession planning and management of tax.

Married with 2 children, Josh spends his weekends with his family and following the Tigers.

Brad Roach

Brad has been a part of the Rundles Team since 1996 and became a Partner of the firm in 2014. During his time at Rundles, Brad has developed a strong relationship with his clients across a wide range of industries and is dedicated to assisting them to reach their personal and business goals.

Brad is passionate about seeing his clients succeed and utilises his extensive experience in public practice to provide a holistic service to his clients. He also has a wealth of experience in superannuation, particularly self managed superannuation funds.

In his spare time, Brad likes to play a round of golf with friends and enjoys watching his two sons play various sports.

Peter Davison

Peter graduated from RMIT with a Bachelor of Business (Accountancy) with distinction in 1976. He joined Rundles upon graduating. Peter has been a member of the Institute of Chartered Accountants since 1979 and a Fellow since 1991. As an active yachtie of many years, Peter can often be found on the water. Otherwise, he and his wife spend time with their friends and extended family.

Sandy Gilbert

Sandy was admitted to the Institute of Chartered Accountants in 1973 and has been a Fellow since 1983. He gained extensive experience in auditing and accounting services over seven years at Pannell Kerr Forster before joining Rundles in 1973. Sandy is married with three children. A former amateur footballer of some note, Sandy is still an avid follower of the game and enjoys weekends at his country retreat.