How to write a business plan

February 20, 2024
minutes to read
Michael Nuciforo
Table of Contents

Writing a business plan encourages you to focus on effective ways to grow your business. Find out how to write a business plan – and how to use it to manage and grow your small business.

Your business plan acts as a road map for your new venture’s future growth. It helps you to clarify your objectives, identify strategic directions, and set targets. It can also assist you with growing your business and securing funding.

Planning your business strategy.

Before you start working on your business plan, agree your long-term business objectives and define your goals. Everything you do should be linked to that.

Involve your team or employees. 

Let them in on the process to get both their insights and their buy-in to the plan. Get their feedback and make sure they review the final version for accuracy.

Try to be realistic. 

Keep your business plan realistic. Unrealistic sales forecasts could result in a cash flow crisis. Speak to existing business owners or experts to get a handle on costs and timings.

Be professional. 

Write and present your business plan as if it’s aimed at an outsider. Use a cover sheet and include a contents page, with page and section numbering.

Review your business plan regularly.

Your business plan should not be a ‘set and forget’ activity. You should review the plan on a quarterly, or bi-annual basis. As you learn new things, or see actual performance, your strategy will change.

At Thriday, we think it’s super important to have a clear plan when launching a business. This gives you the best chance of success.  As they say, if you fail to plan, you plan to fail. 

The Australian economy has been built on the back of small business and at Thriday we strive every day to connect with businesses and skilled professionals and get them where they want to be, as soon as can be.

To help you with your business planning, using the Thriday business account, you can get set budgets, track cash flow, monitor your spending and understand your tax position. Our website, apps and debit card are all geared to helping you thrive every day.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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