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How to create a business plan
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Statistics New Zealand

How to create a business plan

There isn’t a one-size-fits-all formula to create a business plan. But there are some key things you should consider.

On this page:

 

Tips for preparing a business plan

  • Be clear and focused about what you want to achieve – this will help align your team so you’re all working toward the same thing.
  • Choose the type of business plan that works for you – you may like to have a document, or a business canvas might work better.
  • Keep it short, simple and easy to understand.
  • Keep your goals realistic and relevant to what is going on in the economy and in your industry.
  • Use Statistics New Zealand’s Data for Business website to find useful business tools and statistics.
  • Contact Statistics New Zealand to get useful business data.
  • Get out and speak with your customers to gain understanding of how your product works for them and whether it’s something they would pay for.
  • Ask your advisor or mentor to review your plan and give you feedback and suggested improvements.

Find the right business planning tool for you

 

Implementing your business plan

  • Keep your business plan as a living document – don’t leave it to gather dust on a shelf.
  • Make sure it’s easily accessible and top-of-mind for you and your team.
  • Reflect your goals in the day-to-day operations of your business.
  • Outline the most practical and cost-effective way to achieve each goal – make a note of any extra resources you’ll need.
  • Make it clear these goals are the top priority for the business.

 

CASE STUDY: 

REFINE AND REVIEW

Craig Jackson has dabbled in business planning before. But when he set up his ice pop business Dr Feelgood, he decided to work with a mentor.

“She was instrumental to pushing us to a very healthy product. Our first business plan was 47 pages long. It came down to four pages, which distilled down what we were doing and how we look at it,” says Jackson.

“It’s really important to ask ‘do people want your product’ and then ‘are there enough of them to buy it’? Our market validation was me going around gas stations, cafes, dairies and looking in freezers and talking to freezer managers and talking to our friends.”

Jackson regularly reviews progress against his business plan. “We’ve hit all our targets, but have learnt a lot in the first six months of operating. Places I thought we’d really sell, we don’t, and places I thought we’d never go is where we’re going.”

 

Review your business plan

  • Check how you’re tracking to reach key milestones in your business plan every month, and celebrate when these have been reached.
  • Stay on top of industry trends and stay connected with your customers – this will help you stay ahead of any changes needed in your business.
  • Update your business plan with any changes affecting your business or industry.

Tips and advice on when business planning is right for your business

 

[image] cross Common pitfalls

  • Not being able to clearly articulate your business and the value it offers to customers.
  • Making assumptions about your customers rather than speaking with them.
  • Not reviewing and monitoring your business plan.
  • Setting unrealistic or uninformed targets.

 

More information:

Planning for success – New Zealand Trade and Enterprise (NZTE)

 

Last updated 23 December 2015