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Do you want to expand your business, be more competitive in your industry or achieve certain goals?
If you answered yes to any of the above, you need a business plan!
Whether you’ve just started out or been running for years, business planning can be the key to your success.
We’ve laid out three key reasons why you should get started on your business plan today:
1. A business plan can help you get finance
If you’re seeking finance for your business, you’ll need to show banks and investors why they should lend you money.
A business plan is vital when trying to convince lenders that you should be taken seriously.
Investors will only risk their time and money if they’re confident that your business will be successful and profitable.
Take a look at our Business finances topic for more information on applying for finance.
2. A business plan can help you prioritise
Your business plan maps out strategies to help you achieve your long-term business goals.
Preparing a business plan will help you work out the goals you want to achieve, and the strategies to achieve them.
This means that you can focus your resources and energy on what you need to do, rather than spreading yourself too thin.
Having a plan also helps you to consider possible bumps in the road so you can better manage them if they do come up!
3. A business plan can give you control over your business
Developing your business plan helps you to step back and look at what’s working in your business and what you can improve on.
If you employ staff, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements. Your employees will value this opportunity to contribute to the business.
Taking the time out of your business to plan will give you a sense of control about the future of your business and pay off in the long run!
Get started today
- Download our free Business plan template and guide to get your business on track.
- Check out our Business planning topic to help you in the business planning process.
- Read Why do I need a business plan? to understand how a business plan can help your business.
- Take a look at How do I write a business plan? for help in writing your own business plan, and for an alternative format to the downloadable word template.
- Visit our Advice and Support section to search for a business advisor or find other services that can assist you with your business planning.
- Watch our videos to find out about business.gov.au tools that can help you start and grow your business.