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LETS GET DOWN TO BUSINESS.

Question :
Kia Ora, I am new to the whole business side and am wanting to know at what point do I need a business plan and it there anyone that can help.  Thank you 

Question submitted 06/09/20 @ 03:24pm
Industry: Business Growth
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  • Hi there Terina – awesome, personally I don’t believe in writing business plans unless you need one! What is important is a focus on the task list of what you need to do to achieve your success in business. That might mean a list of something like this:
    – what key metrics do you need to hit for the next period e.g. to Xmas
    – what things do you need to do to enable you to hit the metrics?
    – what question to you need to find answers too
    – write everything else down and worry about it later.

    There are loads of good business plan templates out there you can use and also business planning templates like the Lead Canvas that will help you trap your ideas – just google them – I quite like this group of tools from y-Combinator – https://www.ycombinator.com/library/61-order-of-operations-for-starting-a-startup – and I can send you a template 5 minute business plan if you like – email me at @manaaki.io">andy.hamilton@manaaki.io

    Andy

    Kia Ora Terina! In addition to Andy’s advice, HERE is a link to a very simple framework you can use when exploring ideas for your business. There are 4 categories, which you can brainstorm in this order:

    – The Strategic Outcome – what is your “vision” that you’re looking to accomplish?
    – Tactical Needs – what items do you need to buy or obtain to start your business?
    – Soft Results – if acquired, what do those items allow you to do?
    – Quantifiable Results – how will you measure the success of your business?

    The link is a google doc example for opening a coffee shop, but this can be done for any business idea. Have a look, and if you’d like me to walk through it for your idea happy to help: shell.claire.allbon@gmail.com. Good luck with getting your idea off the ground!

    Kia ora Terina,

    It also depends a little bit about the definition around “business plan” – I’m with Andy in that there’s no need to write a detailed, wordy business plan. I do think it’s important to capture some basics though… Michelle’s framework could tease this out – and there’s also tools like “lean canvas” (Google it) that can be useful.

    What is important is having a financial model – ideally a 5-year big picture financial plan (profit/loss and cashflow). It makes you really think about how you’re going to build this business in terms of sales (income) and what it’ll take in terms of resourcing (expenses).

    I’m a visual and analytical type (and a bit dyslexic) – so a combo of the 5-yr financial and a lean canvas captures it all.

    I hope this helps. Kia kaha! kia manawa tītī!

    -Peter

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