Importance of Business Plans; It's Time to Recap on the Year That Was and Set the Foundations for the Year Ahead

Coffs Coast Advocate (Coffs Harbour, Australia), December 14, 2016 | Go to article overview

Importance of Business Plans; It's Time to Recap on the Year That Was and Set the Foundations for the Year Ahead


Byline: DENE ZAHNER, COMMITTEE MEMBER

AS WE approach the end of another year on the Coffs Coast, I find myself reviewing our business plan for 2017.

Over the past two months some businesses have been re-evaluating 2016 results and preparing for what might happen in 2017.

Planning is a big part of ensuring that a business runs effectively, and is sustainable into the future. Preparing a business plan allows a business to:

Set out business objectives and strategies.

Plot progress against the business plan.

Monitor and deploy resources.

Inform employees of the direction the business is going.

Make it an important document for discussions with investors.

Link it with setting budgets and financial forecasts.

There are many different templates and models used in the marketplace, but in general they essentially have similar guidelines to follow.

Starting with an executive summary is important as this allows you to identify the overall strategy and direction for business in the coming year.

It also gives you the opportunity to identify key assumptions as well as giving an overview of the financial projections. Secondly, detailed links to the proposed budget and financial forecast follow on.

This could also include any capital expenditure that will be required during the next 12 months. …

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