Success starts with a plan, and in order to plan effectively, it is crucial that you take the time to work on your business, rather than in it.
Every business should have a plan. The key to creating a successful business plan is to review it regularly, setting new goals and direction based on where the business is currently positioned. For example, a new or growing business, should have a business plan that aims to increase the level of growth, profitability or cashflow. A mature business that is further through their cycle, may have a business plan to maintain their level of profitability, without losing market share, or to keep on top of changing technology.
There are no set rules around when a business plan needs to be prepared, but we recommend having your business plan ready at the beginning of a new financial year, before the launch of a new business, or when something significant is changing in the business.
A business plan should be:
Benefits of a business plan
Allows you to easily review your business position
Gives you the ability to set effective goals
Creates effective short-term and long-term strategies
Nexia New Zealand have experienced staff who can assist you, challenge you, and hold you accountable.
Please do not hesitate to contact us if you would like more information.