Writing Your Business Plan by James Huy Vuong

Written by James Huy Vuong, Founder of Your Accounting Partners: Writing Your Business Plan

It may be an overwhelming task to write your business plan, yet it has been proven that how well you’ve written it contributes to your business success.

The Reason

Starting your own business from ground up can be difficult and demanding thus writing a business plan urges you to think thoroughly on what plan and steps you should take.

A business plan helps you in formulating your business strategies and also encourages you to accomplish your goals.It serves as a guide for you to foresee challenges and work on its resolutions, to ease your stress and anxiety.

In addition, creating your own business plan will reveal the dedication and commitment that you will need to devote to your business.

Components of a Business Plan

The business plan should beconcise, professional, and understandable. Here are the necessary components of a business plan:

  • Executive summary
  • Business Description
  • Products and Services Design and Development
  • Industry analysis
  • Market analysis
  • Marketing plan
  • Business structure & management team
  • Operations plan
  • Legal and risk management plan
  • Financial projections

Creating a plan that covers every area of these components takes a lot of time and effort, however, when the plan is completed, you will have a lot of learning in the process.Ask yourself then: How deep is your understanding of your business? What is your confidence level when you launch the business?

After answering these questions, we can say that it is important that you, yourself will write your business plan than having a staff create it for you. Additionally, it is a thrilling feeling to have your business ideas into writing. There are available resources to guide you such as books, websites, and consultants.

Other advantages

When applying for a business loan, banks and other lenders usually require you to provide a business plan to consider your application. Without a well-writtenbusiness plan, you would most likely leave a poor impression on them.

A business plan also serves as a tool in evaluating the progress of your business against your laid out goals and performance standards.

Formulating your business plan may reveal that your idea is not viable. Although it is unfortunate, failing only in paper is better than actually launching your business then realise its impracticability later.

Next Step

Gather information and start writing your business plan. Search the internet, and consult with advisors or other business owners if you have any questions.

 

Email us at hello@youraccountingpartners.com.au or call 07 3668 0646 for all your accounting needs.

About the Author

James Huy Vuong the Founder of Your Accounting Partners, a Brisbane based Business support agency. Specialising in providing bookkeeping, accounting, tax and compliance, business valuation and business sales services to local small business owners.

His passion for business was evident very early on at the start of his career in accounting. He embarked on an unconventional path away from the traditional position with one of the big 4 accounting firms like most aspiring young graduate in his field. He decided instead through the lure a more diverse role, more pay and a much cooler title to work with Australia largest telco as a Business Specialist. He entered the world of business management and ownership in the hospitality industry for the invaluable hands-on experience one could not get just by reading textbooks, understanding debits and credits and passing exams. Huy has also spent a good part of a decade in the financial services industry owning and managing his family business which has lead him to start Your Accounting Partners. Your Accounting Partners sets out to help time-poor, frustrated business owners do better business by partnering with business owners on their ownership journey and making it together. Your Accounting Partners specialises in hospitality, service-base & professional services businesses. His mission is to help business owners use their business to give back to the family what it takes out. When it comes to business we say “You focus on what you do best, partnering with us and we’ll take care of the rest”.

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