One of the most important tasks in establishing and operating a successful business is planning. A successful business is one with a clear strategy. Whether you are starting a new business or purchasing an existing business, planning for the future is essential. A well thought out business plan will help you to:

• assess whether or not your venture is practical and achievable
• market your idea to financial backers or investors
• define clear aims and objectives, and continuously monitor their progress, making adjustments where necessary.

Some of the issues that need to be considered in planning a business venture include:

• establishment costs
• equipment and staffing needs
• market size and characteristics
• location and extent of competition
• environmental factors (legal issues, technology, etc).

An important part of business planning is preparing a detailed cash flow and budget. This will assist you to predict sales, revenue, expenses and profitability for your selected business, and help you to make the important decision about whether to proceed with your business venture.

Business planning can be a time-consuming process but it is an extremely important task to help ensure the success of your business. An added benefit of business planning is that you will be better prepared to anticipate issues before they become too serious.

Available assistance

The Department provides business assistance such as:

• Easy Plan CD - a guide to business planning. This guide is an interactive business planning template that is ideal for people starting a business and takes you step-by-step through all the key issues and practical elements of running a business.
  

• Think. Plan. Grow. CD - a comprehensive business planning tool. This interactive CD includes an in-depth guide to business planning, business planning template, sample plans and a complete set of formatted financial spreadsheets. This planning tool is designed to help the business owner keep track of and improve the sales and profitability of your business. 
  

• PlanSMART Kit - business planning and information package tailored to your business type and location. It provides up-to-date business planning, industry and market information to help you with your market research to make better business planning decisions. 
  

• Contact your local regional centre on 13 26 50 to find out about workshops and seminars to assist you with business planning. There are also free CDs available to help with applying planning processes to key business areas - Getting ready for business and Essentials for business success. CDs are available via the Business Hotline on 1300 363 711 (interstate and international callers +61 7 3001 6359) or by email.
  

• Go to Smart Skills for subjects and fact sheets on Business planning.
  

• Complete our quick business quizzes to help assess your current level of knowledge such as whether you are ready to go into business, how well you manage staff and whether your workplace is safe and healthy.
  

• SmartLicence - to obtain information about licences and regulations applicable to your business type. If you need additional information about patents, copyright or trademarks, contact IP Australia.
  
  
• The business fact sheets which contain useful information to help you establish and plan your business venture.
  
  
• Ensure your business recovers quickly from a crisis with help from the Business Continuity Plan.