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BUSINESS PLANNING<br />Planning To Succeed<br />

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Identifying and understanding the differentiation of your business is very important<br />www.lewistaxation.com.au<br />1. Managing The Business Of The Business Is Vital!<br />

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Analyse your present business operations<br />Answer questions on your present activities and proposed activities<br />Analyse the organisation’s strengths, weaknesses, opportunities and threats<br />www.lewistaxation.com.au<br />2. Business Plans Require You To ……<br />

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Realistically set targets<br />Set realistic financial goals<br />Monitor actual performance against the planned targets<br />Prepare Action Plans<br />www.lewistaxation.com.au<br />2. Business Plans Require You To ……<br />

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Most Public Companies engage in very detailed planning exercises<br />If most Public Companies find the necessity to prepare Business Plans essential for their operation<br />Then it only adds to the degree of urgency that small business operators should apply to developing their own Business Plans<br />www.lewistaxation.com.au<br />3. Detailed Planning Required<br />

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Small/medium sized business operators need their Business Plans to help their survival more than Public Companies<br />Unfortunately very few businesses, other than Public Companies, prepare adequate Business Plans<br />Somewhere between 50 and 75% of small businesses fail within three to five years of their commencement<br />www.lewistaxation.com.au<br />4. Small/Medium Sized Businesses Need A Business Plan To Survive<br />

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Highlights the futility of business people claiming that Business Plans do not help them<br />Most small business operators are put off by the notion of preparing a Business Plan because they believe most of their friends in small business get away without preparing Business Plans<br />www.lewistaxation.com.au<br />4. Small/Medium Sized Businesses Need A Business Plan To Survive cont&apos;d...<br />

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Unfortunately, many of their colleagues may fall victim to the small business failure rates<br />This tendency of many small business proprietors not wishing to plan ahead, leads to their business’ failing<br />www.lewistaxation.com.au<br />4. Small/Medium Sized Businesses Need A Business Plan To Survive cont&apos;d....<br />

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It is a practical thing to sit down and plan your future business operations<br />You will benefit because you have thought about the problems of the future and tried to think about solutions to the potential problems<br />In the long term you will have less worry and stress<br />Higher productivity<br />www.lewistaxation.com.au<br />5. Business Plans Assist In Running A Business<br />

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A business that keeps growing to become more profitable<br />More time left for other activities away from the business<br />You will have concentrated on managing the business of the business<br />This is the business tactics of winners!<br />www.lewistaxation.com.au<br />5. Business Plans Assist In Running A Business cont&apos;d....<br />

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Lack of marketing experience<br />Lack of bookkeeping knowledge<br />Lack of accounting interpretation skills<br />Lack of management experience<br />Inability to manage:<br />Stock<br />Work in Progress<br />Debtors<br />www.lewistaxation.com.au<br />6. Causes Of Business Failure<br />

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Insufficient capital<br />Lack of financial planning<br />No staff training<br />No staff development<br />Not knowing the customers<br />Lack of empathy with customers<br />Lack of leadership<br />Insufficient customers<br />www.lewistaxation.com.au<br />6. Causes Of Business Failure cont&apos;d...<br />

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Poor location<br />No Business Plan<br />In other words, not managing the business of the business<br />Many of these problems could be overcome if the business proprietor had sat down and attempted to systematically plan the business operation<br />www.lewistaxation.com.au<br />6. Causes Of Business Failure cont&apos;d...<br />

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The Queensland Small Business Corporation claimed that by the preparation of a Business Plan, a new venture can simply increase the odds of succeeding in small business from one chance out of three, to four out of five<br />www.lewistaxation.com.au<br />6. Causes Of Business Failure cont&apos;d...<br />

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It will help you to think of all aspects of the business operation’s:<br />Setting realistic goals<br />Planning for the business performance<br />Creating operating efficiencies<br />Customer satisfaction<br />Achieving adequate productivity of assets<br />Product/service planning and development<br />Effective marketing and promotion of the business<br />www.lewistaxation.com.au<br />7. You Have To Think Of All Aspects Of The Business<br />

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It will help you to think of all aspects of the business operation’s (cont’d):<br />Controlling the business’ cash<br />Receiving prompt and accurate information<br />Improving staff involvement and training<br />Making sure you have anticipated potential problems<br />Business Plans will assist in dealing with your banker and other financiers<br />www.lewistaxation.com.au<br />7. You Have To Think Of All Aspects Of The Business cont&apos;d....<br />

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If you are going to be a winner in business, you will need to plan for that success<br />www.lewistaxation.com.au<br />8. Plan For Success<br />

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You will require expert input from:<br />Accountants<br />Solicitors<br />Marketing consultants<br />Advertising consultants<br />Bankers<br />Staff<br />Customers<br />www.lewistaxation.com.au<br />9. Expert Input Required<br />

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The business planning process is enhanced by the appointment of a facilitator<br />www.lewistaxation.com.au<br />9. Expert Input Required cont&apos;d....<br />

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An operating tool to help you compare current performance against<br />Require you to think through your current business operation<br />Essential aid in securing financial support from bankers and financiers<br />www.lewistaxation.com.au<br />10. Reasons For The Preparation Of A Business Plan<br />

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Most people who have written Business Plans succeed in business<br />www.lewistaxation.com.au<br />11. Most Businesses With Business Plans Succeed<br />

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Analyse what your strengths and weaknesses are:<br />Pinpoint the areas in which you need to improve your performance<br />Highlights other opportunities<br />Helps you to consider and analyse threats to your business<br />www.lewistaxation.com.au<br />12. Planning Helps<br />

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Analyse what your strengths and weaknesses are (cont’d):<br />Helps you to analyse your current products and services<br />Enables you to set weekly and monthly targets to which you can then compare your actual performance<br />www.lewistaxation.com.au<br />12. Planning Helps cont&apos;d.…<br />

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Do not attempt to prepare a Business Plan in the hurly burly of day-to-day business activities<br />www.lewistaxation.com.au<br />13. Remote Planning Meeting<br />

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The Business Plan will be of no use to you unless you use it<br />www.lewistaxation.com.au<br />14. Understand What Is In The Plan<br />

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There is no doubt that you can significantly improve your chances of business success by the preparation of a Business Plan<br />Then follow through with the monitoring of your actual performance against your pre-set targets<br />Use it as a reference point to compare where your business is, against what you planned it to be<br />www.lewistaxation.com.au<br />15. Use The Plan To Monitor Performance<br />

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On at least an annual basis<br />www.lewistaxation.com.au<br />16. Update Of Plan<br />

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The majority of people who adopt “seat of the pants” type decision-making, ultimately fail<br />www.lewistaxation.com.au<br />17. Plan! Don’t Make “Seat Of The Pants” Decision<br />

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The Business Plan is an essential component of the package that you should be submitting to financiers and bankers for financial assistance <br />www.lewistaxation.com.au<br />18. Bankers Want Business Plans<br />