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To plan is to succeed

I am starting a new business and a number of people have told me to draw up a business plan but I am not sure what goes into a plan. It sounds complicated. Is it necessary and should I use an accountant?

Yes, it’s necessary and it doesn’t have to be complicated. I know John McGrath the famous real estate agent said he used to have a business plan on an A4 piece of paper. On the other hand, I have seen business plans as thick as the Bible, which could be over-the-top for a small business but appropriate for a billion dollar project.

The plan puts numbers to your business vision and can show you that the business will or won’t work. It will open up your eyes to threats and opportunities that could make or break your dream.

Sure, you can get an accountant to help, say, with the financials but you should do a lot of the thinking so you can imagine what the business will look like, how it will grow and what you have to do to make it happen. Now let me say that millions of businesses have started without a business plan but the successful ones have eventually done them either because the owners became more business savvy or else the bank made them do one to get an approval for their loan!

Get on the internet (and even search my website, switzer.com.au). You’ll find a lot of stuff on business plans. Best of luck Sarah and always remember that most businesses don’t plan to fail, they fail to plan! It’s an oldie but a real goody.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Tuesday, May 18, 2010

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