Developing a small business plan template for success

There are a number of stages of planning involved in setting up a small business plan template. It is important to cover every aspect of the process as thoroughly as possible - and it’s best to do so before you invest the big bucks.

A planning template can help you ensure you’ve ticked all the boxes when it comes to legal requirements, finances, marketing and networking and operational and development planning.

Why is this small business concept going to work?

Your business idea might sound terrific, but will it work in practice? Part of the challenge is to be brutally honest with yourself about your concept’s potential in a tough market.

“To work this out, consider where the gaps lie in the market,” says Stephane Majman of David Jaffe and Associates. “Are you filling a niche? Is the concept truly unique? Is the industry growing or declining? Who are your customers, competitors and suppliers?”

Make sure the legals are in order with your business

All businesses need to conform to standards and regulations relating to such things as:

• occupational health and safety
• employment legislation
• insurance
• environmental responsibility.

In addition, you need to consider industry-specific issues like copyright, planning regulations, import and export laws and tariffs. Whatever your industry, do your research and do it thoroughly.

“It’s critical to take all the legal factors into account before you even think about devising a business plan,” Stephane says. 

Be on top of your business finances

Before you start a business, it’s important to have a good idea of where the financial resources are coming from and what the estimated costs are.

From this point, you can start to build a budget outlining how you intend to keep your cash flow ticking over and achieve planned profit targets.

The medium is the message

Your planning template should include your marketing strategy. Do your research before you start investing lots of money in advertising, considering which methods of delivery will best reach your target market for the lowest spend.

“Initially, the simplest way is to get out there and meet people,” Stephane says. “Even the biggest companies employ targeted word of mouth to get the message across.”

“As the business grows, so should your marketing budget, allowing you to target potential clients effectively.”

Plan for each day of your business, but also for the future

Operational planning relates to the day-to-day activities of your business and includes staffing requirements, supplies and transactions. Developmental planning includes skills training, future expansion and how you will take your business to the next level.

Both sorts of activities should be part of your planning template from the outset, though of course you can adapt your plans to the changing needs of your business.

“Your outline needs to be thoroughly researched but flexible,” says Stephane. “As long as you have considered all aspects carefully and have a strong business plan as a starting point, you can change direction as you need to.”

A financial planner can help you establish a comprehensive planning template to see your business through all stages of its development.