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Sydney small business accountant and the importance of a business plan

A business plan is great idea to get you off to a good start as a business owner. It can provide you with a guide to keep you on the path, a reminder of why you started the business in the very beginning.

Once a business gets started, it’s easy to lose focus on goals, why you started the business and the passion that drives you to continue. That’s why a business plan is so critical.

A business plan can be set with short-term, medium-term and long-term goals, and should be constantly addressed. Any short-term goals or objectives should also be checked to ensure that they are in synergy with the long-term goals of the business.

Your business should reference all elements of your business from marketing, to budgets, forecasts as well as opportunities for expansion as the business grows.

A business plan will always evolve, develop and grow, but without a plan, it becomes harder to achieve. A business plan should be a fluid document that is regularly referred to and updated. It can also be a great tool to show to your employees, by doing so, you show them that the business has a future and allow them to focus on the areas of the business plan that pertain to their role within the business.

As your small business accountant in Sydney, we will often ask new clients if they have a business plan and will often advise them to create one if they haven’t. So get started with writing yours today!