Menu

Latest News

Array
(
    [2961] => Array
        (
            [aid] => 51815
            [parent_aid] => 51696
            [title] => Message Window
            [description] => 
            [sb_site] => 
            [sb_nodepassword] => 
            [sb_sowsummarytitle] => 
            [sb_template] => 
            [sb_orderby] => 100
            [sb_showinmenu] => 0
            [sb_published] => 0
            [sb_menutitle] => 
            [sb_menulinktarget] => 
            [sb_cidlink] => 2961
            [sb_aliaseaid] => 0
            [sb_aliasename] => 
            [sb_accesslevel] => 
            [sb_sowsummarylength] => 9
        )

    [2906] => Array
        (
            [aid] => 51819
            [parent_aid] => 0
            [title] => Latest News
            [description] => 
            [sb_site] => 
            [sb_nodepassword] => 
            [sb_sowsummarytitle] => 
            [sb_template] => news
            [sb_orderby] => 5000
            [sb_showinmenu] => 1
            [sb_published] => 1
            [sb_menutitle] => 
            [sb_menulinktarget] => 
            [sb_cidlink] => 2906
            [sb_aliaseaid] => 0
            [sb_aliasename] => 
            [sb_accesslevel] => 
            [sb_sowsummarylength] => 9
        )

)

6 ways to improve your business plan

Share this article:

All businesses need a business plan, not just new businesses.

A business plan sets out your objectives and strategies, with ways to achieve them. Your business plan documents how you will manage all the important aspects of your business, from products and services to operational plans and finances.

.

Effective business planning is essential for growth, adaptability, and long-term success. Things change with new technologies, employees, ways of working, and market impacts.

It’s important to review and update your business plan as your business evolves. It won’t be the same business 2, 5 or even 10 years from now.

Don’t let business planning drop down your priority list. Here are 6 tips to write a business plan from scratch or to update your old one.

1. Review your plan regularly

A business plan is not a set-and-forget document. It needs to change as your business changes over time. If you’re writing a business plan, set yourself a reminder to revisit it in 6 months.

If it’s been a while since you’ve looked at your business plan, get it out and read it. Does it still reflect where your business is now and where you want it to be?

Are there external impacts on your business you need to consider? How can you adapt to respond to challenges and opportunities?

There’s no right answer as to ‘how often should I review my business plan’. It all depends on your business, industry and how busy you are. It’s good practice to review and update it at least once a year or when there are any major impacts to your business.

Consider the flow-on effects of updating your business plan. If it changes, you’ll probably need to update your marketing and social media plans to reflect your new goals to reach any targets you’ve set.

2. Make planning fun and collaborative

Business plans are more likely to succeed if you keep staff engaged and involved with your vision of success. It also means you don’t have to write or update the entire business plan yourself.

Collaborative planning is a great way to check how the business is performing. You can uncover roadblocks, knowledge gaps, areas for improvement and what’s working well in the business.

Don’t be afraid to encourage creative thinking and involve all staff members across your business. It will make them feel appreciated and they may see opportunities that you don’t.

You never know where the next great idea might come from. Whether that’s a small improvement to processes, or a new product or service to expand your business offering.

3. Set achievable goals

Your vision of success is unique to you and your business. Goals can take time to achieve, and the end goal can feel like a mountain to climb.

Create smaller, actionable goals to build a sense of momentum and progress in your business. Ticking off these goals as you achieve them will set you up for success in achieving your immediate, medium and long-term vision.

You can set goals for any area of the business from sales to marketing and more. Similar to your overall business plan, there are many related plans that can help you structure your business.

Some examples include:

  • Marketing plan template
  • Professional development plan template
  • Risk register and treatment plan template

Download and use these templates to help document processes, set achievable goals and grow your business.

4. Create an action plan

It doesn’t matter how great your business plan is if you don’t use it. Creating a 12-month action plan will help you focus on the things that matter most.

Break your large goals into smaller, achievable activities with timeframes. A great way to get started is to think about 3 things you’d like to work on or achieve over the next 12 months. For each one, list the most important actions to take.

Setting diary reminders is a great way to make sure your action plan remains on track. To get started, try our one-page action plan template.

5. Build in resilience and plan for uncertainty

A great business plan can’t protect you from everything, but it will help you to respond with confidence. You need to consider your risks, take action to minimise them and prepare to adapt when challenges arise.

A resilient business can adapt more easily to disruptions. To build resilience in your business you can:

  • consider how different market forces will impact your business
  • define how you will respond in difficult times and document actions to take
  • identify potential new markets and diversify suppliers
  • update critical information, processes and policies such as insurance.

Staying operational and retaining your staff, assets and brand equity are all important to long-term success. If you’re prepared for the worst, you’ll be in a strong position to recover, re-launch or grow when the time is right.

A resilient business is a prepared business. You don’t have to be in a bushfire or flood prone area to need disaster resilience strategies.

Damage to your business can be devastating and often happens without warning. Take the steps now to prepare your business, so you are ready to face challenging times if they arise.

Identify what your business can’t afford to lose and plan for how to prevent loss if a disaster occurs with our Disaster resilience pages.

6. Get help from experts

You don’t have to do it all and you can’t know everything. Getting advice from specialists is an essential part of any business, no matter what stage you’re at.

Having trusted advisers and experts on board can help test and confirm your ideas and set realistic goals. Getting advice from an expert who can look at your business objectively is an important way to understand how your business is performing and how it can develop.

You can get expert advice from an accountant, lawyer, financial adviser, banker, or business coach, depending on your business and goals. Your planning will improve with access to their focus and in-depth knowledge.

Engaging with a business coach or mentor is another great way to test plans, receive support, and brainstorm improvements. Learning from their experience and applying their insights will help you succeed.

Not sure where to start? We offer a number of learning and advice services to help you start or grow your business.

Looking for in-person advice?

  • Book a spot on our Small Business Bus that travels throughout metro and regional locations in Victoria – Small Business Bus.
  • Attend one of our in-person workshops across a wide range of business topics – in-person workshops.

Busy and need online advice at your convenience?

  • Book a spot with our online webinars held at various times throughout the week covering a wide range of business topics – live online webinars.
  • Book a free business advice session with a business expert – virtual advice sessions.

Ready to turn your ideas into a solid business plan? Check out this must-watch video.

 

 

business.vic.gov.au

Share this article:

Article archive

MRTA Logo

Liability limited by a scheme approved under Professional Standards Legislation.

Accounting & Taxation

We offer a broad range of accounting and taxation services to sole traders, businesses, organisations and inviduals.

Accounting & Taxation Services:

  • Personal taxation returns (Ask for our customised tax organiser envelope)
  • Business taxation returns
  • Late and problem taxation returns
  • Taxation planning
  • Business accounting and bookkeeping
  • Business consultancy including establishment of company and trust structures
  • ASIC requirements
  • Payroll management
  • WorkCover management
Contact Us

Late & Problem Returns

This is when people or businesses are late with their BAS statements, Tax Returns and have been accruing debts such as fines and interest to the ATO as they have ignored the ATO.

I have been extremely successful in reducing tax debts in these instances. Two examples:

One client came to us owing $220,000 and 3 years behind. I brought all their BAS and tax return up-to-date and obtained a reduction of $160,000 in penalties and interest. We then entered them into a repayment program for the $60,000 which they have just finished paying off.

Another client had 18 months BAS outstanding and two years of tax returns. He had a tax debt of $62,000 with penalties. I was able to get a reduction of $37,000 in fines and penalties leaving him with a debt of $25,000 of which he still owes $5,000.

Both clients are very happy with these outcomes. Also, after I obtained the reductions and kept them up-to-date with their BAS and Tax Returns they have not only kept up repayments but have managed to ensure that all current BAS and payments have been kept up to date as well.

If you find yourself in a similar position then we are most likely able to help.

Contact Us

Personal Tax Returns

Contact Us

Business Advice

I like a lot of Accountants use management information to track how a business is going. I also have actually managed a number of different types of businesses and taken them from losses to profit so I am able to advise clients on how to run their businesses including staff, computer programs, marketing of their product etc.

Contact Us

Tax Diary

General Calculators

 

Accounting Videos

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer, or contact us if you require a username and password.

Online Booking

Privacy Policy

In order to comply with the requirements of the Privacy Act, we are required to advise you that this firm holds personal information about you. The information has been and will continue to be collected by us for the purpose of providing you with financial services including:

We are required, pursuant to the Corporations Act, certain regulations issued by the Australian Securities and Investments Commission and the Rules of Professional Conduct of the Financial Planning Association, of which this organisation is a principal member, to collect information about you for the purpose of providing you with the services referred to above.

If you do not provide us with the information requested by us we may not be able to provide you with the services required.

We will from time to time disclose information about you to authorised representatives of this firm and to other professionals, insurance providers, superannuation trustees and product issuers in connection with the purposes detailed above. In the event we consider it necessary to use or disclose information about you for purposes other than those detailed above, or related purposes, we will seek your consent.

You are entitled to obtain access to the information which we hold about you by contacting the firm's Professional Standards Manager.