P3.3 The Business Planning Process

A written statement of a business’ goals and the set of actions required to achieve them. 

Business Plans allow a prospective owner to run through the business idea completely and play out all circumstances before risking any money. 

It enables the owner to test the business’ viability.

A Business Plan is the vital link between the business idea and its reality; it is a continually evolving document and owners must have the flexibility to modify it as circumstances change. 

A Business Plan is not a legal requirement, but most banks (loans) or investors (equity) require one to ensure minimal financial risk.

As a part of the course, students are required to create a small business plan. Use these tools to help you!

Business Planning Tool - business.gov.au

Business Plan Template - business.gov.au (Automatic Word Document Download)