Thinking about starting a small business but feeling uncertain about how to develop a business plan? You’re not alone—creating a clear and effective plan can seem overwhelming at first, but it’s a crucial step toward turning your vision into a thriving enterprise.
A well-structured business plan not only helps you map out your goals and strategies but also attracts potential investors and provides a guide for sustainable growth.
In this week’s edition of Let’s Talk, our experts dive into the essential steps you need to create a roadmap that will set your business up for success.
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James Kittos, Director, Self-Employment Assistance, Asuria
“Embarking on the creation of a business plan for any entrepreneur can be a case of you don’t know what you don’t know. It’s common to face unknown challenges, especially when dealing with insurance, legal, and financial matters. We believe that building a support network around you is critical to building a strong plan with actionable steps on your journey to achieving your vision. This is where Self-Employment Assistance providers like Asuria can make a significant difference. Asuria offers a Government-funded service that connects eligible small business owners with experienced Business Mentors in your local area. These mentors can help not only with crafting a comprehensive business plan but also provide ongoing support to overcome challenges, seize new opportunities, and to strengthen the support network around you. With experienced mentors by your side, you’re better equipped to embrace the entrepreneurship journey.”
Jennifer McKennariey, CEO at Dynamic Capabilities Consulting
“Business plans are more than documents; they’re blueprints for a business’s future. The key to creating an effective plan is to find balance between vision and practicality.
“Start with purpose. Why does your business exist? Define your mission clearly, as this will be the guiding star for all decisions. Set SMART goals – specific, measurable, achievable, relevant, and time-bound – that align with your vision. Break these goals into short-term milestones and long-term objectives that will guide your growth trajectory.
“Conduct market analysis. Along with competitors, look at your unique value. What gap are you filling? How will you differentiate? Knowing your market will guide everything from pricing to marketing strategies.
“Financial projections are crucial, but think beyond revenue – what are your long-term goals? How will you reinvest profits to fuel growth and sustainability? What risks exist? Make sustainability part of your foundation. Whether it’s fostering inclusive workplace practices or integrating lean management, planning for sustainability strengthens your business long term.
“Incorporate flexibility. Business plans are living documents that adapt to change. Include space for reviewing progress and adjusting strategies.
“A business plan isn’t just about growth; it’s about sustainable success. Stay dynamic, purpose-driven, goal-oriented, and ready to evolve.”
Andrew ‘Billy’ Baxter, Chair, Non-Executive Director, Senior Advisor & Founder, 24HR Business Plan
“What we’ve learned from creating over 150 business plans in 3 years —whether for big or small businesses—is that success hinges on two key principles:
- Align the team around the 3-5 year strategy, including the culture to support it. Involve your team in shaping the business’s future, ensuring everyone understands the context you’re operating in, as well as the purpose, vision, growth plan, values and culture of the company. And tie it all together visually and as a story. When the team can concisely see and clearly articulate the strategic direction, they are more likely to buy into it and work together.
- Prioritise the top 10 priorities to execute the strategy with excellence in year 1. Once the long-term strategy is set, focus on identifying the top 10 critical priorities for the first year. By simplifying the plan into actionable, practical and achievable goals, the team can track progress effectively and ensure flawless execution. This is especially important for small businesses where resources are limited and team members wear multiple hats.
“A clear plan with aligned priorities sets the foundation for growth, helping your business stay focused and effective.”
Fleur Allen, Business Success Coach, Ask Fleur
“Plan to plan – set aside dedicated, uninterrupted time to develop a comprehensive business plan.
“For small business owners, creating a detailed business plan every 3 to 5 years is essential for setting a clear path for growth. I also recommend annual updates with quarterly reviews to ensure the plan stays aligned with changing business needs and goals.
“A key part of this process is reviewing your financial statements from the previous year. This helps ensure your plan is realistic, backed by accurate data, and able to meet your financial goals. Examining metrics like revenue, gross profit, and net profit allows business owners to assess whether adjustments are necessary for future growth or cost management.
“In addition to reviewing finances, there are many valuable resources available, such as free templates from websites like smallbusiness.wa.gov.au and specialised workshops provided by business coaches. Choose the approach that fits your needs best.
“By regularly reviewing both financials and business goals, small business owners can create a plan that’s both flexible and actionable, helping them stay focused and accountable.”
David Price, CEO at Peninsula Australia and Peninsula New Zealand
“The importance of a strong business plan cannot be overstated. It brings together every aspect of a business and becomes its roadmap for success. A clear company vision and viable financial plan, backed by comprehensive research, are essential elements in crafting an effective business plan.
“A vision statement can help you identify your business’ strengths, understand where it sits in the market, and convey your value proposition to prospective clients or customers. Conduct research on competitors to find out what you can do differently, and better. Do this regularly to help your product or service stay competitive.
“A great idea, however, still needs financing – after all, it can take years for a business to become profitable. There’s a variety of funding options for different types of businesses and personal circumstances, so it’s important to seek professional advice to determine what’s best for you and your business.
“Create a realistic budget, allocating extra funds in case unexpected expenses arise. There are a lot of costs to consider, such as equipment, insurances, salaries, and amenities, so it’s important to ensure you’ve accounted for all spending.”
Chris Dahl, Co-CEO, Pin Payments
“Creating a business plan is essential for the success of your SMB or start-up. Without one, you risk operating without direction, making mistakes, and having to rework strategies. A business plan allows you to carefully assess every part of your business, from monetisation and marketing to operations, ensuring you have a clear path to growth. As a new business owner, a well-structured plan helps you avoid common blind spots that could hinder your progress. It enables you to anticipate challenges and make better decisions, reducing risks and improving your chances of success. For start-ups aiming to raise capital, a solid business plan is even more vital. Whether you’re applying to accelerators, incubators, or pitching to investors, a detailed plan is key. Investors need to see a clear strategy that outlines how you will scale, target your market, and generate returns.
“In short, a business plan is not just a formality—it is your blueprint for building a sustainable, scalable business, equipping you to navigate challenges and seize opportunities with confidence.”
Steven Nicholson, Founder of GearChange Business Advisory
“A business plan is an essential document for all small business owners looking to start a new venture. It may be required to assist with obtaining funding or it may just be a great opportunity to clearly set out your plans and goals for the business. Consider including the following:
- Value Proposition – Clearly articulate what problem you are trying to solve? What value do you deliver?
- Customers – Who are they? Segment your market. What channels will you use to reach them? How costly is marketing?
- Key Activities and Resources – What must you be good at? Manufacturing or distribution? Sourcing goods? Marketing?
- Key Partners – Who are they and how will you secure their services?
- Revenue and Cost Modelling – Estimate your sales and all costs for at least 12 months and develop a cash flow forecast to ensure you will have enough cash runway whilst you build your business.
“Don’t labour over a perfect business plan. It will undoubtedly change as you learn more about your customers and markets. You must be flexible and be ready to adapt your plan and financial modelling as required.
“Seek support from an experienced business consultant to ensure you set off on the right track.”
Ryan Zahrai, Founder, ZedLaw
“A business plan that can’t adapt is useless. It’s a guide, not a rulebook, and if you don’t build it with flexibility in mind, it’s going to fail. The market moves fast, and if you’re not ready to pivot, you’ll get left behind. Focus on smart, sustainable growth—scaling when the time is right, not just because a spreadsheet says so. Constantly reassess your direction to make sure you’re not just growing, but growing in the right way.
“Your plan should be a living document. That means reviewing it regularly, tweaking it, and making adjustments when needed. Growth isn’t just about getting bigger; it’s about improving your processes and offerings while staying solid. If your plan can’t flex with the market, it’s not going to work.
“Adapting fast and scaling smart are the keys to staying competitive. And remember—if your strategy doesn’t ruffle a few feathers, you’re probably playing it too safe. Growth means making bold moves, shaking things up, and not worrying about offending people. You’re not here to please everyone; you’re here to build a business. Bold action beats playing it safe every time.”
Kristian Inglis, Head of Human Resources at Employment Compass
“Small businesses grow on the dedication and talent of their employees. But as your SME grows, managing your team effectively can become increasingly complex. A well-crafted HR plan acts as a roadmap, guiding your workforce towards your business goals and fuelling success. Some businesses think it’s just paperwork, but don’t realise it’s a strategic investment in your most valuable asset – your people.
“Think of HR planning as laying the foundation for a strong and motivated team. By anticipating your future staffing needs, you can proactively ensure you have the right people in the right roles at the right time. This involves analyzing your business objectives and identifying the skills and experience required to achieve them.
“Attracting top talent is very important for any growing business. A solid HR plan includes a recruitment strategy that outlines how you’ll find and secure the best candidates. This might involve using several recruitment channels, building a strong employer brand, and offering competitive compensation packages.
“Once you’ve assembled a talented team, it’s then time to nurture their growth and development. HR planning focuses on investing in your employees through training programs, performance management, and opportunities for advancement. This fosters a culture of engagement and helps you retain valuable team members.
“By creating an HR plan that includes policies and procedures that comply with Australian employment laws, SMEs minimize their legal risks but also ensure fair treatment and a positive work environment for their employees.
“By integrating HR planning into your overall business strategy, you create a powerful synergy. You’ll have a motivated, skilled, and engaged workforce equipped to drive your business forward and achieve lasting success.”
Ryan Chilton, SEO & Digital Marketing Consultant, RC Digital
“Creating a detailed business plan requires a number of things including; goals & vision for the business, products & services, financials, market analysis and more. However, one thing often left out that needs to be touched more on is Marketing Strategy.
“I’ve seen it with plenty of entrepreneurs, they’ll have “the best product” and the financials to back it but expect that the product will just sell itself. The issue here is that it doesn’t matter how good your product is, If people don’t know about it, well it’s just not going to work.
“Including a detailed marketing strategy that goes beyond “posting on social media” can make all the difference when it comes to the success of your business in its early stages. Knowing who you’re targeting & how you’re going to reach them is crucial to implementing a successful product or service launch.
“Building a marketing roadmap into your business plan is also a great way to entice potential investors, as any potential partner in your business is going to want to see how this business plan will make them actual money in the bank. While you’re super passionate about your product, the end goal is to make a return. Through marketing modelling & detailed analysis of your competitors, you can provide a pretty solid forecast of what ROI could be expected to show potential partners.”
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