Time poor? Great tips and tools for effective business planning

For business owners, the start of a new financial year is the perfect time to develop budgets, firm up suppliers, and recruit new staff. With all this going on – on top of running your business – time might be in short supply.

When you’re busy it’s easy to say there isn’t enough time to plan, especially if the planning doesn't deliver results right away. But tasks like business planning should be more than a ‘nice to have’. They should be a core part of your business.

The good news is there are many tools and resources available to guide you with effective and efficient business planning when time is scarce; all designed to improve the resilience and profitability of your business, no matter what stage of the journey you’re on.

Optimise your business plan

Every business should have a plan. The more detailed your business plan the more confidently you can navigate changes and negotiate with the partners who help you run your business, such as suppliers.

But no plan can avoid unexpected disruptions. As facts on the ground change, you should be alert to new risks and opportunities and pivot your plan accordingly.

Whether you’re about to start a business, or already up and running, now is the perfect time to review your business plan and ask yourself key questions. These might include:

• What are my goals and have those goals changed?
• Do I need to revise how I have allocated my budget?
• How will rising borrowing costs affect my business?
• Does my plan help me meet my short and long-term business goals?
• Are my suppliers best meeting my business needs?
• Who are my main competitors and how can I maintain my point of difference?
• Has the market for my product or service changed?
• Do I need to find new market opportunities?
• Have there been any changes to government legislation or regulations that impact the viability of my business?
• Are there opportunities to invest in my business and/or staff through courses, workshops, and webinars?

Regularly reviewing your plan will give you the direction you need to make decisions for your business. You don’t need to start from scratch; there are many great sample business plans available for business owners, such as this business plan template which can help guide you.

Create new efficiencies

One of the best ways to save time when running a business is to streamline and automate wherever you can. Here are some tips to save time while still doing the little things right:

• Consider what changes you can make to your business, particularly if you’ve reviewed your business plan. If you believe that business and economic risks have increased, you might consider new insurance options.
• Make sure your banking arrangements are creating efficiencies for you. You may want to set up PayID on your business transaction account, get a business credit card that offers you features like Frequent Flyer points, or upgrade your merchant banking services to make sure it’s integrating with your point of sale system.
• Simplify your HR with all-in-one platforms that help you manage staff payroll and leave balances. Commonly used programs include Xero, Oasis, MYOB and QuickBooks.
• Create template email responses and save yourself the five minutes typing it out. Here are six automatic responses you can create today.
• Set up automations that integrate, link, and speed up your online workflow.
• If your work involves juggling multiple online projects, consider using a project management platform, such as Trello or Monday. They’re a great way of staying in control.

Although it can take some time to implement these changes, they’re all designed to save you time in the long run.

Take advantage of free resources

There are many free resources that can make a huge difference to your business planning.

A great place to start is Bendigo Bank’s website, which has information on topics such as managing cash flow, borrowing, trading with confidence, protecting your assets, and more.

Beyond that, here are some additional free resources:

• The Australian Government’s Business website is full of useful budgeting resources such as advice for online budget planning, basic bookkeeping, creating profit and loss statements, and setting up a balance sheet.
• Business Victoria has developed a Business Planning Tool to help you plan, track and invest in your business and focus on the tasks that matter to stay on track.
• The Small Business Mentoring Service has a comprehensive library of free resources, including business plan guides, competitor analysis lists, SWOT analysis templates, and marketing and sales tools.

Promote your business

Once you’ve reviewed your business plan, automated tasks, and used the free business planning resources, consider how you can apply that knowledge to grow your business.

One of the best ways to grow your business is by improving your marketing effectiveness. Below are some cost-effective ideas to maximise your marketing budget:

• Visit the Australian Government’s Business website for information about marketing plans, including a template you can use to create your own.
• If your business needs a strong online presence, improving your search engine optimisation (SEO) performance and Google Business Profile will help you generate more leads.

If this article has sparked your interest, get in touch with us today. Our Business Banking team is always here and ready to help. We are invested in your success and pride ourselves on helping you grow.