Starting a Business

Financial & Business Planning

Financial & Business Planning is one of the most important things you can do to make your business successful - whether you are starting, running, expanding or exiting a business.

If you are starting a new business, your business planning will help you get your idea off the ground and move forward. It will give you an opportunity to consider what goals are realistic and help you identify what can be done within your budget. Your plan will be a guide to making your idea a reality in the future.

  1. Take the time to create a business plan. The simple exercise of writing down where you want to go will assist greatly in getting there
  2. Understand your market. Research their needs and address how best you can support them
  3. Look through the eyes of the customer. Walk outside and come back in and see what they see. It’s a great way to ensure you are giving what they want
  4. Value and train your staff. They are the face of your business
  5. Constantly review and seek to exploit new opportunities
  6. Budget clearly, accurately and with a view to setting yourself realistic targets
  7. Include your wages in your budget
  8. Establish a process for collecting payments
  9. Review your prices and don’t be afraid to increase them
  10. Stop occasionally and pat yourself on the back. You are amazing!

See http://www.smallbusiness.nsw.gov.au/smallbiz-connect and make an appointment at your local Business Entreprise Centre.