Blog & Resources

Time for a Business Plan.


A business plan should ultimately be tailored to your particular situation, be concise and easy to understand and follow.  

While completing your business plan, the following questions should be considered.


1.   Does your business idea have merit?


2.   Is there a demand for what you are offering?


3.    Is your idea easy to replicate, i.e., what is your competition?


4.    Will you require finance for the operation of your business?


5.    What hours of work are required to achieve your desired results?


6.    Should the business not work out is it something that is easy to shut down?


7.    How will you attract clients / customers?


8.    Who will be your main suppliers?


9.    Is there adequate competition amongst your suppliers?


10.  Do you require business premises?


11.  Conduct a SWOT analysis - Strength; Weaknesses; Opportunities; Threats.


12.  Have you KPI in place (Key Performance Indicators)?


13.  Are you aware of your cashflows and do you know your break even point.


14.  How much revenue is required to break even?


15.  What is your start up costs and do you have enough money / cash / capital reserves?


16.  Will you require finance for the operation of your business?


17.  Do you have enough contacts - i.e. potential customers; referrers; current customers that refer and promote you.


18.  Do you have a mentor / advisor that has done something similar to you in the past - they can be an invaluable resource (they have usually seen most of it before).


19.  What are your trading terms and what types of payment will you accept, i.e. Bpay; Credit Card; Cheque; Electronic Funds Transfer.

 

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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