A business plan is the most important step between a business concept and reality, says New Zealand’s premier accounting professionals - Tauranga-based Tutbury & Associates Limited.
A recent study from the Journal of Management Studies found that companies that plan can grow 30 per cent faster than those that don’t have a planning strategy.
“Business plans help business owners’ step back and see the bigger picture, so they can plan ahead, make well-informed decisions that will help the business succeed,” says Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
Before diving headfirst into creating your business plan, have a clear idea about what you want to achieve, as this will help bring into line your team so you’re all working toward the same goal.
A business plan doesn’t need to be a long and dense document, you want to keep it short, simple and easy to understand.
“While it is great to have big aspirations, make sure you keep your goals grounded in reality and relevant to what is going on in the market,” adds Kelly. Conducting a bit of market research before you start can help you gain an understanding of how your product or service works for them and whether it’s something they would pay for. From then you can conduct a SWOT analysis to determine your strengths, weaknesses, opportunities and threats.
Once you have your business plan, it needs to be a living document which should be updated as your business grows. Regularly look at how close you are to key milestones in your business plan. Change your business plan with any updates affecting your business.
The experts at Tutbury & Associates Limited can professionally review your plan and give you feedback and suggested improvements, or help you create your own personalized one. A business plan will allow you to make a clear connection between what you’re investing in and the outcomes you want to accomplish. Tutbury & Associates Limited help you make sure that you’re setting yourself up for success.
About Tutbury & Associates Limited:
Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for trades people, or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga