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The importance of Business Planning

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What is the reason that people go into business? Many business owners say they went into business because they wanted to make the world a better place, realistically it is probably more likely that they have gone into business to make their own world a better place. More money, more free time, perhaps even more control over their own work are often reasons people go into business.

In a perfect world, you would have control over your own work, be working fewer hours and have more money. It sounds perfect, but it is rarely the outcome that people get from their business. Owning a business may grant you more control, it is true. If you feel stuck in what seems like an impossible situation, you have the choice to abandon the business – but not everyone will.

Most times people find that their hours increase, their income drops and though they now possess control, they may also find that their business now also has control over them. The amount of work that may need to be done as a business owner can be overwhelming, but it must be completed. Instead of having one boss to answer to, all your customers are now your boss.

There are many tasks that now require your focus to keep your business in operation – but to everyone else, it probably seems like you are living the high life as a business owner, answering to no one (if only they knew).

Your business probably started with a dream. What was that dream? What was your motivation?

Take stock of the situation you have found yourself in with the business. Relax, reflect, and consider what direction you want it to move in. Where do you want to go? Once you have a general idea, you need to put a little bit of time into planning how you are going to get there. Determine where you want your business to be in five years, or even ten years’ time.

Benjamin Franklin is believed to have once said, “if you fail to plan, you are planning to fail.” It does not matter what stage of the business you are at, revisiting the business planning stage, even midway through the business, can be a useful strategic tool. Every business needs regular planning. This cannot be stressed enough. The chances of achieving your business goals are improved dramatically if there is a formally noted business plan.

In the approach to the end of the financial year, the best time to prepare a plan to use for your business over the next twelve months is now. Developing your five- and ten-year plans is also highly recommended. For assistance in preparing or developing your business plans, speak to us.

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Specialist accounting and business advice, knowledge and experience for businesses and professionals.

Newcastle

Level 5, 12 Stewart Avenue, Newcastle West NSW 2302

Sydney

Level 10, 20 Martin Place, Sydney NSW 2000

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