Starting a business often begins with little more than a good idea, plenty of enthusiasm and a willingness to work hard.
While that’s a great foundation, many business owners across Hobart and Tasmania often discover, fairly quickly, that enthusiasm alone isn’t enough to keep a business on the up and up.
At Hills Accounting, we provide the Business Plan Hobart business owners need to keep things heading in the right direction.
Contrary to popular belief, a business plan isn’t just something you prepare to secure a bank loan. It’s a practical tool that helps you make better decisions, manage your finances and stay focused on what you want your business to achieve. Whether you’ve been operating for six months or six years, it’s never too late to create one.
With over 20 years experience in all facets of Small Business accounting, we’ve seen first-hand how a well-thought-out business plan can give owners greater confidence when making important financial decisions.
Why Every Business Needs A Plan
Running a business without a plan is a little like setting off on a road trip without knowing where you’re heading. You might eventually reach your destination, but you’ll probably waste time, money and opportunities along the way.
A simple business plan helps answer questions such as:
What are my goals for the next 12 months?
Who are my ideal customers?
Which products or services are most profitable?
What marketing activities will generate the best return?
How much cash will I need to operate comfortably?
Putting these ideas onto paper often highlights opportunities and potential problems that aren’t obvious when they’re only in your head.
Keep It Simple And Practical
One of the biggest misconceptions is that a business plan needs to be a lengthy document full of complicated financial projections.
In reality, the most useful business plans are often the simplest.
Include sections covering:
- Your business goals
- Your target market
- Products and services
- Marketing strategies
- Expected income and expenses
- Cash flow forecasts
- Potential risks and how you’ll manage them
Think of your plan as a working document rather than something you complete once and never look at again.
July Is The Perfect Time To Review Your Direction
The beginning of a new financial year is an ideal opportunity to step back and look at where your business is heading.
Ask yourself:
Did I achieve last year’s goals?
Which parts of the business performed well?
Where can I improve?
Are my prices still appropriate?
What do I want my business to look like this time next year?
Even spending a few hours reviewing these questions can provide valuable direction for the months ahead.
Your Accountant Can Help With More Than Tax
Many business owners think of their accountant only when tax time arrives.
In reality, an experienced accountant can also help with budgeting, cash flow forecasting, business planning and setting realistic financial goals.
Working with a trusted adviser throughout the year can help you make informed decisions before small issues become expensive problems.
For practical guidance on planning your business for the year ahead, the team at Hills Accounting is always happy to help.
Looking for more guidance? The Australian Government provides a range of free resources to help small business owners develop, review and improve their business plans. From templates and planning guides to practical advice on setting goals and managing growth, it’s an excellent place to start if you’re reviewing your business strategy for the new financial year.
You can find them here.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs.
For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.
Talk to Kathy and the team today
and stay ahead with Hills Insights.
Call 📞 03 6273 7800,
or email admin@hillsaccounting.com.au.
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