How to Write a Simple Business Plan | Australia
Published on April 27, 2023
Every business starts with an idea. But before you hit the ground running, you need a roadmap to guide you. You need a one-pager, a simple business plan that outlines your goals, strategies, and the resources you’ll need to achieve success.
So how do you write a one-page business plan? Focus on the eight critical components that matter most – your unique proposition, market gap, target market, accounting, sales and marketing, financial projections, milestones, and A-team.
Why Businesses Should Start With a One-Page Business Plan
It’s tough finding the time to sit down and write a comprehensive business plan – only to find out that you aren’t going in the direction you were hoping for. That’s where a one-pager comes in.
A one-page business plan allows you to capture the essence of your business without drowning in the details. It keeps your vision and objectives front and centre. It trims the fat and focuses on what truly matters.
Plus, the short and sweet nature of a one-pager makes it the perfect complement of a sales pitch. A one-pager is easier for others to understand, which can be a big help when you’re looking for potential investors, partners, and stakeholders to put money behind your business idea.
Developing a Simple Business Plan
1. Unique Value Proposition
Hundreds of new businesses open every day. What makes you different?
Your answer is called your business’ unique value proposition or UVP. If you’re having difficulty with UVP crafting, start by considering your product or service’s key features and benefits.
What’s your competitive advantage?
Why should customers choose you?
Does your UVP resonate with your target market?
Your UVP should be at the heart of everything that you do – from marketing, sales, to business development. Don’t use buzzwords or generic statements. Be specific and creative. Take inspiration from the following well-known brands:
- Slack: “Where Work Happens”
- Spotify: “Music for Everyone”
- Aesop: “Pursuing a Distinctive Blend of Science and Nature”
- Canva: “Empowering the World to Design”
- Koala: “Better Sleep for a Better Tomorrow”
2. Market Opportunity and Solution
Pinpoint gaps or needs in your market that are not currently being met. In other words, spot market opportunities where your business can make a real, lasting impact. Don’t forget to consider market size and potential growth. Be realistic in your estimates, but don’t be afraid to think big and aim high.
Now outline the solution that your business provides. Again, place emphasis on the unique aspects of your solution. Keep an eye on market trends and shifts, as these can impact your market opportunity and solution.
3. Target Market and Competitive Analysis
Identify the customers you want to serve. When creating buyer personas, you have to be as detailed as possible, writing down factors such as demographics, geographic location, interests, pain points, and budget, among others. This helps you create marketing messages that resonate with them.
For example, for a bookkeeping and tax return services agency in Australia, one of the possible clients personas would be Sarah, a small business owner:
| Category | Description |
|---|---|
Age | 37 |
Location | Bowral, Australia |
Occupation | Boutique clothing store owner |
Goals | Grow business, manage finances, stay tax compliant |
Challenges | Time constraints, financial management complexity |
Values | Professionalism, reliability, accuracy |
Fears | Financial mistakes, legal issues |
Communication | Email, phone calls |
Decision-Making | Expert opinions, testimonials |
Ideal Service | Experienced, personalized, flexible, accurate bookkeeping and tax return services |
Budget | AUD 500-800/month for bookkeeping services |
4. Small Business Banking and Accounting
Bulding a solid financial foundation is crucial for any business. Start by familiarising yourself with some accounting basics such as basic bookkeeping, creating accounting reports, and managing taxes.
Keep tabs on your expenses as soon as you start spending. Trust me – I’ve been handling the books of various businesses for decades. When you stay organized and compliant with Australian regulations, you’re saving yourself from potential fines and penalties down the road.
5. Sales and Marketing Strategy
You need to plan out exactly how you’ll read and engage with your target market. Ask yourself, “Which channels do my audience like the most?” With a well-informed answer in hand, define your traditional and digital marketing channels (e.g., newspaper, content marketing, email campaigns, paid ads).
Strategise your sales process: demand generation, lead nurturing, and conversion tactics. Optimise your sales funnel. Say, for instance, you might want to offer free resources, like e-books and webinars, to attract leads and build trust with prospects.
Don’t forget to set measurable goals and key performance indicators (KPIs) to monitor the success of your campaigns.
6. Financial Projections
First, project your sales by considering factors such as market size, pricing, and customer demand. Once again, be realistic but optimistic in your estimates; it’s better to be conservative than overly ambitious.
Next, estimate your expenses, including fixed costs (e.g., rent, salaries) and variable costs (e.g., marketing, product development). Be thorough in your calculations. Consider that there could be potential fluctuations in costs over time. This calculation also helps you figure out your projected cash flow.
Finally, develop a break-even analysis to identify the point at which your revenues will cover your expenses. This gives you a better understanding and a clearer picture of your business’ financial viability.
7. Milestones
These are your stepping stones towards success.
Start by identifying the key achievements you want to accomplish within specific time frames, like launching a new core product, reaching a certain number of followers on social media, or hitting a revenue target. Create an action plan for each milestone.
Be prepared to adjust your milestones as your business evolves.
8. Your A-Team and Business Partners
A strong team is an invaluable asset for any business. You need people who are not only considered top talent, but they should also care enough about propelling your mission forward.
Consider building strategic partnerships with other businesses or organisations that complement your own. These relationships can provide mutual benefits, such as increased exposure, shared resources, and access to new markets.
You’ve Written Your One-Pager. Now What?
First of all, congratulations! You’ve taken the first step to creating your dream business come true. Now it’s time to put your plan into action – after all, a plan is only as good as its execution. Use your one-pager as a guide and refer to it regularly, making sure to update it as your business evolves. It’s okay if you don’t get everything right the first time around – flexibility and adaptability is key in the ever-changing world of business.
If managing your finances and staying compliant with tax regulations is a challenge you’d rather not face alone, The Bookkeeping Studio is here to help. Let us take the stress out of finances, so you can focus on growing your business (and perhaps turning your one-pager into a one-of-a-kind success story). Contact us today for a no-obligation chat.
Hey, my name’s Bindi Gethen! I’m the founder of The Bookkeeping Studio in Australia. With over 15 years of experience in the industry, I have a deep understanding of the challenges that small and medium-sized business owners face when it comes to managing their finances.
I am passionate about empowering my clients with the financial information they need to succeed. My team and I pride ourselves on our commitment to exceptional value, accuracy, and confidentiality. Our virtual bookkeeping services include payroll, budgets, and management reporting, among others.
Not to toot our own horn, but we can assure you that you won’t find a bookkeeping partner like us anywhere else in the Southern Highlands.
