Business Planning

One of the most important things before starting a business is to develop and prepare your Business Plan.

Planning is the key to the survival of your business.

What is a Business Plan?

A business plan is probably best described as a written summary and evaluation of your business idea. It enables you to think through all the facets of a new business, to examine strategies relative to management, marketing, finance and people, and their consequences.

The business plan will identify areas of strength and weakness and show you the probability of success and your ability to make it work.

Why do a Business Plan?

A business plan can demonstrate whether the new enterprise being considered is viable. It provides a basis for monitoring the progress of a business once it starts operating.

A business plan will enable you to take an objective look at your business, identify areas of strength and weakness, pinpoint needs that might otherwise be overlooked and eliminate problems before they arise. If your venture is at best, marginal, the business plan will show you why.

Your business plan provides the information needed by others to evaluate your venture, especially if you need to seek external financing. A thorough business plan automatically becomes a complete financial proposal, which will meet the requirements of most lenders and investors.

Statistics show that the top 25% of successful businesses are twice as likely to have a business plan in place*. A business plan helps keep you focussed, as well as giving you a way of measuring your business performance.

* Source: Australian Society of Certified Practising Accountants, 1999

How do I write a Business Plan?

Preparation of a business plan is the first and most important task to be undertaken by the business starter. The process of preparing a business plan provides an opportunity to test your commitment and motivation.

The component elements of your business plan will include details concerning the industry in which you operate, your product or service together with marketing, production, personnel, financial and management strategies. It should also address the reason the business exists, its location, structure, strengths, weaknesses, opportunities, threats and a resume of the proprietor/s.

Planning doesn't stop once you have established your business. A business plan is a living document which should be revisited, on a regular basis, or when major events occur, such as relocating a business, hiring employees or expanding the business.

Need Help?

The Northern Territory Department of Business and Employment offers an extensive, relevant and responsive service, which can help you in your business planning. The Department can provide you with more detailed information on business planning, including a comprehensive Business Plan guide.

The Territory Business Centre also has a range of information and details on workshops that can assist you..

Territory Business Centre
Department of Business and Employment
Phone: 1800 193 111
Web: www.nt.gov.au/business
Email: territory.businesscentre@nt.gov.au

Department of Business and Employment
Development House	Tel: +61 8 89821700
76 The Esplanade, Darwin	Fax: +61 8 89821725
NT 0800 AUSTRALIA	Toll Free: 1800 193 111 (within Australia)
GPO Box 3200, DARWIN NT 0801	Email: info.dberd@nt.gov.au

The material contained in this publication is intended for use as a guide and for general information only. It is not intended to be a substitute for independent professional advice. The Department of Business and Employment of the Northern Territory Government accepts no responsibility or liability for the correctness, accuracy and completeness of any of the material contained in this publication and recommends that users of this publication exercise their own skill, care and judgement in the application of the information contained in the publication.