This months article is written but our team member Susanne (Susy) Tscherry.
Susy is highly qualified, having completed a Bachelor of Business with a Major in Accounting and Sub-major in Small Business Accounting. For 5 years she worked for a mid-tier Accounting firm where she was Auditing and taking care of Private Service clients doing tax returns and financial accounts.
What’s The Importance Of a Business Plan?
I love dealing with small businesses. Do you know why? It’s because you can make decisions about the direction the business is taking and most important of all, you can implement these changes. What you plan and do now, will impact the future.
Having completed a sub-major in small business accounting at UTS, I was surprised to learn that within the first year of a business starting up, one third of businesses fail and after three years of opening, over 60% do not make it. The major reason for failure is due to financial mismanagement. So why is a business plan important?
It allows you to take an overall look at your business
You don’t loose the vision of where the business is heading amidst the busy daily activities
Awareness of the market’s and industry’s performance
Communicates business’ strategies to management and current staff for their support
Focuses on how you can differentiate yourself from your competitors. Knowing and developing your strengths is key to succeed!
Enables you to be in control because when opportunities arise, the business can take on relevant opportunities rather than being overwhelmed; and
Highlights the threats and how you can work around them.
It is never too late for you to develop a business plan and if you’ve already got one, it’s time to review and update it! There is no ‘one size fits all’ – the right one is the one that suits YOUR business.
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