FAQs

What is the best way to go about creating a business plan?

A business plan is often prepared when someone is looking at starting a new business or purchasing an existing business. Unfortunately, once small business owners get their hands dirty in the running of the business they can lose focus and forget about the business plan. A business plan should be set up for the long term, sure, have short term goals as part of the plan, but your ultimate aim is to achieve the long term goals. Any short term goals or objectives should also be checked to ensure that they are in synergy with the long term goals of the business.

The business plan can, and should, cover all aspects of the business, from accounting and tax, to marketing and promotion, opportunities for expansion or diversification, ethical standard for the business and in more recent times, many business owners are even adding environmental impact statements as part of their business plan. A business plan should be a fluid document that is regularly referred to and updated. It can also be a great tool to show to your employees, by doing so, you show them that the business has a future and allow them to focus on the areas of the business plan that pertain to their role within the business. It's always good to run your business plan by your small business accountant so that you can work together to achieve your business and personal goals.