Assignment Task
Business Plan Template
Title page
Plan component Explanation
Business Logo Adding a logo helps give your business a more professional image. If you are just starting out and do not have a logo, you can remove this section.
Your name Enter the business owner’s name. Enter multiple names if there are multiple owners.
Your title The titles of the business owner(s) listed above. e.g. Owner/Manager
Business name Enter your business name as registered in your state/territory. If you have not registered your business name, add your proposed business name
Main business address Enter your main business address. This can be your home address if you are a home-based business or your head office if you have more than one location.
ABN Enter your Australian Business Number. If you are a business and have registered for an ABN enter it here.
ACN Enter your Australian Company Number. Only fill this in if you are a company.
Prepared The date you finished preparing your business plan.
Table of Contents Remember to update the table of contents to reflect any changes made to your Business Plan.
Business Plan Summary
Your business summary should be no longer than a page, it should list your vision and focus on why your business is going to be successful. Your answers should briefly summarise your more detailed answers provided throughout the body of your plan.
Business Plan Content
Plan component Explanation
Background
Business name Enter your business name as registered in your state/territory. If you
have not registered your business name, add your proposed business name.
Business structure Is your business a sole trader, partnership, trust or company?
Date established The date you started trading. Whether it was the date you opened your doors or the date your purchased business opened its doors.
Business purpose What is the main business purpose? What does it sell?
Business size Number of employees? Estimated/actual annual turnover?
Operating history What is the business background? How long has the business been operating? What is your progress to date?
Business Premises
Business location Enter your main business location. Describe the location and space occupied/required. What is the size of the space you occupy/require? Which city or town? Where in relation to landmarks/main areas? If you have a retail business, where are you located in relation to other shops? What is the retail traffic like?
Buy/lease If you have purchased a business premises or are currently leasing, briefly outline the arrangements. These can include purchase price, length of the lease agreement, rental cost or lease terms.
If you are still looking for a lease or property, outline your commercial lease or purchase requirements and any utilities/facilities required.
Registration Details
Business name Enter your business name as registered in your state/territory. If you
have not registered your business name, add your proposed business name.
Trading name(s) Enter your registered trading name or names. Your trading name is the name you will use to trade under. It is the name that appears on your marketing and advertising material. If you have multiple trading names, list them and explain the purpose of each name.
Date registered The date that appears on your business name registration.
Location(s) registered Enter the state(s) you have registered your business name. If your business is located in more than one state, you will need to register your business name in each state.
ABN Enter your Australian Business Number (ABN).
ACN Enter your Australian Company Number (ACN). Only fill this in if you are a company.
GST If you are registered for Goods and Services Tax (GST), enter the date you registered with the Tax office.
Domain names If you are planning on setting up a website for your business, you may also like to register a domain name to match your registered business name. List any domain names you have registered and plan to use in the business.
Licences & permits List all the licences or permits you have registered. These will vary depending on your type of business and location. Some examples include a tradesperson certificate, travel agents licence, or kerbside café permit.
The Market
Target market Who are you selling to? Why would they buy your products/services over others?
This answer should briefly summarise your answers under the main Market section.
Marketing strategy How do you plan to enter the market? How do you intend to attract customers? How and why will this work?
This answer should briefly summarise your answers under the main Market section.
The Future
Vision statement The vision statement briefly outlines your future plan for the business. It should state clearly what your overall goals for the business are.
Goals/objectives What are your short and long term goals? What activities will you undertake to meet them?
Finances
Current position Briefly outline how much profit you intend on making in a particular timeframe. How much money will you need up-front?
Where will you obtain these funds?
What portion will you be seeking from other sources?
How much of your own money are you contributing towards the business?
Your answers should give the reader a quick idea of your current financial position.
Detailed Financial Statements Provide relevant short and long term forecasts for revenue, cash flow, investment, profitability, projected equity etc.
Management and Ownership
Names of owners List the names of all business owners.
Details of management & ownership As the owner(s), will you be running the business or will a Chief Executive Officer (CEO) be running the business on your behalf? What will be your involvement? If it is a partnership, briefly outline for each partner their percentage share, role in the business, the strengths of each partner and whether you have a partnership agreement/contract in place?
Experience What experience do the business owner(s) have? Why should people invest in you? How many years have you owned or run a business? List any previous businesses owned/managed. List any major achievements/awards. What other relevant experience do you have? Don’t forget to attach your resume(s) to the back of your plan.
Figure 1: Organisation chart The organisation chart is a quick way of representing your business structure. If you are still recruiting staff, you may wish to include a proposed structure and label it appropriately. i.e. you could add ‘Vacant’ to the positions that are currently vacant or you could label the whole chart as a ‘Proposed Organisation Chart’.
Key Personnel
Current staff table List your current staff in the table provided. Outline each job title, name of the employee in the position, the expected staff turnover for the position and each employee’s relevant skills or strengths. You may also like to attach a copy of their resume to the back of your plan.
Required staff table List your required staff in the table provided. These are current vacant positions. Outline each job title, quantity of each type of position, the expected staff turnover for the position, the required skills or strengths needed and the date you require this position to be filled.
Recruitment options How do you intend on obtaining your required staff? Advertising in the local paper, online advertising, and/or training current staff members?
Training programs Are there any training programs you will be organising in the event you cannot find the required skills? Are these in-house or external providers? What training will you as the business owner/manager undertake to keep your skills current?
Skill retention strategies What procedural documentation will you provide to ensure the skills of staff are maintained? Do you have an appropriate allocation of responsibilities? How are responsibilities documented and communicated to staff? What internal processes will you implement to regularly check that the current skills of staff members are still appropriate for the business?
Product/services
Product/services table List each product/service your business currently offers. Provide a description and unit price (including GST) amount for each.
Market position Where do your products/services fit in the market? Are they high-end, competitive or a low cost alternative to the products/services offered by your competitors? How does this compare to your competitors?
Unique selling position How will your products/services succeed in the market where others may have failed? What gives your products/services the edge?
Anticipated demand What is the anticipated quantity of products/services your customers are likely to purchase? For example, how much will an individual customer buy in 6 months or 12 months?
Pricing strategy Do you have a particular pricing strategy? Why have you chosen this strategy? To help you develop your pricing strategy, you could refer to your customer research, market position, anticipated demand and costs/expenses to get an idea.
Whatever strategy you use when setting your price, you will also need to adhere to any relevant fair trading legislation or codes of conduct.
Value to customer How do your customers value your products/services? Are they a necessity, luxury or something in between?
Growth potential What is the anticipated percentage growth of the product in the future? What will drive this growth?
To help you determine this growth potential, you could refer to your region/industry research to get an idea of any industry/regional growth that could affect your business in a positive way.
Innovation
Research & development (R&D)/ innovation
activities What R&D activities will you implement to encourage innovation in your business? What financial and/or staff resources will you allocate?
Intellectual property strategy How do you plan to protect your innovations? List any current trademarks, patents, designs you have registered. Do you have confidentiality agreements in place?
Protecting your innovations can include registering for intellectual property protection, ensuring your staff sign a confidentiality agreement, and generally ensuring your competition does not find out what you are developing.
Insurance
Workers compensation Provide details if you have workers compensation insurance? This is mandatory if you have employees.
Public liability insurance Provide details if you have public liability insurance? This covers any third party death or injury.
Professional indemnity Provide details if you have professional indemnity insurance? This covers any legal action taken out as a result of your professional advice.
Product liability Provide details if you have product liability insurance? This covers any legal action taken out as a result of injury, damage or death from your product.
Business assets Provide details if you have insured your business assets in the event of a fire, burglary, or damage? This insurance covers things like buildings, contents and motor vehicles.
Business revenue Provide details if you have insured your business in the event of business interruption where you cannot trade because of a particular event and are unable to make money?
Risk Management
Risk management table List the potential risks (in order of likelihood) that could impact your business. For each risk, detail the following:
A description of the risk and the potential impact to your business.
The likelihood of this risk happening – either highly unlikely, unlikely, likely, or highly likely.
The level of impact it may have on your business – high, medium or low.
Your strategies for minimising/mitigating each potential risk.
Legal Considerations
Legal considerations List the legislation which will have some impact on the running of your business. For example: consumer law, business law, or specific legislation to your industry. List the legislation in order of the most impact on your business. You should also detail what you will do or have already done to ensure you comply.
For example if you are in the financial services industry and you provide financial advice to your customers, you should include the Corporations Act 2001 and your AFS licence details (if registered already). You may also like to include details about your disclosure and general obligations.
Operations
Production process What is the process involved in producing your products/services. This process will vary depending on your product/service. Here are some examples of questions you may consider. Is there a manufacturing process? Who is involved in the process? Are there any third parties involved? What is involved in delivering the service to your customers?
Suppliers Who are your main suppliers? What do they supply to your business? How will you maintain a good relationship with them?
Plant and equipment table List your current plant and equipment purchases. These can include vehicles, computer equipment, phones and fax machines. For each item include the equipment name, purchase date, purchase price and running cost.
If you have not purchased all of your equipment yet, you can include a separate table and include an expected purchase date.
Inventory table List your current inventory items in the table supplied. You can include inventory item name, unit price, quantity in stock and the total cost (i.e. unit price multiplied by quantity in stock).
If you have a substantial inventory, you may prefer to attach a full inventory list to the back of your business plan.
Technology (software) What technology do you require? For example: website, point of sale software or accounting package? What will be the main purpose for each? Will they be off-the-shelf or purpose built? What is the estimated cost of each technology solution?
Even though this section focuses on software (as your hardware will be listed above in your plant and equipment table), for more clarity you may also wish to give a brief description of hardware including servers, specialised technology and computer equipment required.
Trading hours What are your trading hours? What are your expected peak trading times? Which times do you expect to be more profitable? How will this change over different seasons? How do your trading hours accommodate these changes?
Communication channels How can your customers get in contact with you? These channels can include: telephone (landline/mobile), post box, shopfront, email, fax, internet blog or social media channel. If you have chosen only a few channels you may wish to include your strategy behind this.
Payment types accepted What payment types will you accept? Cash, credit, cheque, gift cards, Paypal etc
Credit policy What is your credit policy for customers/suppliers? How long is the credit period? What are your collection strategies/procedures? What credit does your business receive? What are the terms?
Warranties & refunds If you manufacture certain goods, what are the warranty terms? What is your business refund/exchange policy?
Quality control Describe your quality control process. What checks or balances do you have in place to ensure the product or service you offer is produced to the same standard of quality? What steps do you take to meet product safety standards?
Memberships and affiliations Is your business a member of any particular industry association or club? Do you have any affiliations with any other organisation?
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