Talking Cents

Tips On Creating A Business Plan From Small Business Accountants

With every successful business, comes an effective long-term business plan. A business plan helps you establish clear business milestones that can give you an idea of what you are doing well and where you are lacking; it creates clarity within your business, acting as a roadmap to these milestones; it gives you a better understanding of your competition; and it gives your business clear structure. We at M.A.S Partners, the leading small business accounting firm in Sydney Zetland, work with hundreds of different businesses to develop their business plan and have picked up a few tricks that can help you get started.

Create An Executive Summary

Before going into the nitty gritty of your business plan, you must create a summary of exactly what your business does, and the product or service it sells. Try to keep this part brief and to the point, to ensure that everybody understands exactly what your business is known for. Additionally, explain the main goal of your business- making sure it is memorable. Have this part almost as if it were an elevator pitch.

Decide On Your Target Market

It is important for any business plan to state the target audience. You can not properly market your business to an unknown audience. Having a clear understand of the type of people that buy from your business is key, as it will allow you to cater both your customer service, and your marketing towards them. Define whether or not your consumers will be individuals or businesses; determine if you will have regular clients or one-offs; and make sure you research your potential customers.

Go Into Detail About Your Target Segment

When creating your business plan, it is important that you are specific with who your customers are. Identify the people or businesses that will buy from your business- describing the demographic, firmographics, location, profession, their interests, and lifestyle choices. If you are a meat company, you obviously would not be targeting vegans- so ensure that you take all this into account. It can be helpful to come up with a customer profile, which can give you an idea of the type of consumer that buys your products or service.

Understand The Competition

Understanding the competition is important for every business to having a competitive advantage. When creating a business plan, you should analyse exactly what your competitors are doing- noting what they are doing well, and where they are lacking. In doing so, you are able to capitalise on what they are lacking, to differentiate yourself to the customers.

Consider Hiring A Small Business Accountant

Small business accountants are experts in the field of creating business plans. Our small business accountants at M.A.S Partners have worked with many businesses in different industries and have a good understand of the competition and your target market. A small business accountant provides expert advice to help get your business on the right track. For more information on our small business accounting services, click here.