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Planning to Succeed from our Business Planning series. Accompanies paper 9-20.

Planning to Succeed from our Business Planning series. Accompanies paper 9-20.

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  • 1. BUSINESS PLANNING
    Planning To Succeed
  • 2. Identifying and understanding the differentiation of your business is very important
    www.lewistaxation.com.au
    1. Managing The Business Of The Business Is Vital!
  • 3. Analyse your present business operations
    Answer questions on your present activities and proposed activities
    Analyse the organisation’s strengths, weaknesses, opportunities and threats
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    2. Business Plans Require You To ……
  • 4. Realistically set targets
    Set realistic financial goals
    Monitor actual performance against the planned targets
    Prepare Action Plans
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    2. Business Plans Require You To ……
  • 5. Most Public Companies engage in very detailed planning exercises
    If most Public Companies find the necessity to prepare Business Plans essential for their operation
    Then it only adds to the degree of urgency that small business operators should apply to developing their own Business Plans
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    3. Detailed Planning Required
  • 6. Small/medium sized business operators need their Business Plans to help their survival more than Public Companies
    Unfortunately very few businesses, other than Public Companies, prepare adequate Business Plans
    Somewhere between 50 and 75% of small businesses fail within three to five years of their commencement
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    4. Small/Medium Sized Businesses Need A Business Plan To Survive
  • 7. Highlights the futility of business people claiming that Business Plans do not help them
    Most small business operators are put off by the notion of preparing a Business Plan because they believe most of their friends in small business get away without preparing Business Plans
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    4. Small/Medium Sized Businesses Need A Business Plan To Survive cont'd...
  • 8. Unfortunately, many of their colleagues may fall victim to the small business failure rates
    This tendency of many small business proprietors not wishing to plan ahead, leads to their business’ failing
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    4. Small/Medium Sized Businesses Need A Business Plan To Survive cont'd....
  • 9. It is a practical thing to sit down and plan your future business operations
    You will benefit because you have thought about the problems of the future and tried to think about solutions to the potential problems
    In the long term you will have less worry and stress
    Higher productivity
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    5. Business Plans Assist In Running A Business
  • 10. A business that keeps growing to become more profitable
    More time left for other activities away from the business
    You will have concentrated on managing the business of the business
    This is the business tactics of winners!
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    5. Business Plans Assist In Running A Business cont'd....
  • 11. Lack of marketing experience
    Lack of bookkeeping knowledge
    Lack of accounting interpretation skills
    Lack of management experience
    Inability to manage:
    Stock
    Work in Progress
    Debtors
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    6. Causes Of Business Failure
  • 12. Insufficient capital
    Lack of financial planning
    No staff training
    No staff development
    Not knowing the customers
    Lack of empathy with customers
    Lack of leadership
    Insufficient customers
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    6. Causes Of Business Failure cont'd...
  • 13. Poor location
    No Business Plan
    In other words, not managing the business of the business
    Many of these problems could be overcome if the business proprietor had sat down and attempted to systematically plan the business operation
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    6. Causes Of Business Failure cont'd...
  • 14. The Queensland Small Business Corporation claimed that by the preparation of a Business Plan, a new venture can simply increase the odds of succeeding in small business from one chance out of three, to four out of five
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    6. Causes Of Business Failure cont'd...
  • 15. It will help you to think of all aspects of the business operation’s:
    Setting realistic goals
    Planning for the business performance
    Creating operating efficiencies
    Customer satisfaction
    Achieving adequate productivity of assets
    Product/service planning and development
    Effective marketing and promotion of the business
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    7. You Have To Think Of All Aspects Of The Business
  • 16. It will help you to think of all aspects of the business operation’s (cont’d):
    Controlling the business’ cash
    Receiving prompt and accurate information
    Improving staff involvement and training
    Making sure you have anticipated potential problems
    Business Plans will assist in dealing with your banker and other financiers
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    7. You Have To Think Of All Aspects Of The Business cont'd....
  • 17. If you are going to be a winner in business, you will need to plan for that success
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    8. Plan For Success
  • 18. You will require expert input from:
    Accountants
    Solicitors
    Marketing consultants
    Advertising consultants
    Bankers
    Staff
    Customers
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    9. Expert Input Required
  • 19. The business planning process is enhanced by the appointment of a facilitator
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    9. Expert Input Required cont'd....
  • 20. An operating tool to help you compare current performance against
    Require you to think through your current business operation
    Essential aid in securing financial support from bankers and financiers
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    10. Reasons For The Preparation Of A Business Plan
  • 21. Most people who have written Business Plans succeed in business
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    11. Most Businesses With Business Plans Succeed
  • 22. Analyse what your strengths and weaknesses are:
    Pinpoint the areas in which you need to improve your performance
    Highlights other opportunities
    Helps you to consider and analyse threats to your business
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    12. Planning Helps
  • 23. Analyse what your strengths and weaknesses are (cont’d):
    Helps you to analyse your current products and services
    Enables you to set weekly and monthly targets to which you can then compare your actual performance
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    12. Planning Helps cont'd.…
  • 24. Do not attempt to prepare a Business Plan in the hurly burly of day-to-day business activities
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    13. Remote Planning Meeting
  • 25. The Business Plan will be of no use to you unless you use it
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    14. Understand What Is In The Plan
  • 26. There is no doubt that you can significantly improve your chances of business success by the preparation of a Business Plan
    Then follow through with the monitoring of your actual performance against your pre-set targets
    Use it as a reference point to compare where your business is, against what you planned it to be
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    15. Use The Plan To Monitor Performance
  • 27. On at least an annual basis
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    16. Update Of Plan
  • 28. The majority of people who adopt “seat of the pants” type decision-making, ultimately fail
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    17. Plan! Don’t Make “Seat Of The Pants” Decision
  • 29. The Business Plan is an essential component of the package that you should be submitting to financiers and bankers for financial assistance
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    18. Bankers Want Business Plans