Business planning is crucial to the success of any business and should always be the first step when developing a new business. A comprehensive business plan not only supports appeals for bank loans, permits and other applications, but it also acts as a roadmap, directing a company’s operations and steering it towards growth. Having a detailed, calculated and well-executed business plan, enforced by a structured internal management system, will determine the success of a new business.
Ascent Accountants Can Help
If this all sounds a little overwhelming, don’t stress because at Ascent Accountants, we’re experts at business plans and operational planning and are readily available to assist in getting your new Perth initiative from the drawing board to opening day.
We specialize in helping the small to medium sized companies of Perth with their business planning needs. No company is too small for our services, including start-ups and family owned businesses, as we take pride in helping all Perth businesses plan their operations and achieve their goals; regardless of size and budget.
Who Can We Help?
There are two different routes a person can take when entering the business world;
- Start a new business
- Buy an existing business
Luckily, our business planning services are available for both types of Perth business owners. We’re able to help with the formalities of building a company from the ground up as well as the procedures and due diligence that must be taken when purchasing an established business. Whether this is your first business venture or you’re growing your empire, Ascent Accountants can help!
What Our Business Planning Services Cover
Starting a new business
For new business start-ups, our planning services focus on organisational structure and creating a solid foundation, both from a financial and functional perspective, to ensure that future operations run smoothly.
Here are a few examples of how we commonly assist start-up companies with their business planning:
- Creating a business plan
- Setup of tax structure
- Tax & ASIC registrations
- Determining insurance requirements
- Advice on marketing strategies
- Implementing recordkeeping solutions
Purchasing an existing business
Business planning for clients that are buying an established company comes under two parts; the first deals with the initial research and audits that must be conducted prior to purchase, ensuring that a good investment is being made. The second part is taking care of the legal matters and internal restructuring once ownership has been transferred.
Examples of the checklists we will run through with clients who are interested in purchasing an established business:
- Review of overall business performance
- Return on investment
- Due diligence
- Tax structure
- Tax legitimacy
- Financial position
- Reputation assessment
- Industry and market research & assessment of future trends
- Analysis and implementation of actual vs budget recording
- Division of action plans and goal setting
- Preparation of budgets and cash flow management
- Preparation and/or modification of business plans
- Ensuring lodgement dates with ASIC, ATO and the Office of State Revenue are current and have been met
Whether you’re starting new or taking over an established company, having a detailed and up-to-date business plan is essential. Business plans allow Perth owners to take an objective look at their operations, identifying areas of strength and weakness. They help to operate a business from a position of power, ensuring educated decisions are being made and that they’re consistent with the brand, long and short term goals and the overall company mission.
What is a business plan?
A business plan is a document in which you identify your company’s key customers, market segmentation, pricing strategies, financial and operations goals. A business plan is used to direct a company’s operations and provides the means to think through all facets. It allows business owners to examine the consequences of management, marketing, finance and staffing strategies and determine if they align with the company’s purpose and mission. It essentially helps business owners to stay on track and consider ‘the bigger picture’ when making daily decisions.
A business plan will cover the following in detail:
- Business Profile
- Vision, Mission and Goals
- Market Research
- Operational Strategy
- Products and/or Services
- Marketing Plan
- Financial Strategy
How Ascent Accountants can help
Writing a business plan is no easy task and takes knowledge, time and expertise. Considering it is such an integral part of any company, it is important to treat it as an investment and plan it properly. The research required to produce a business plan can be tedious and timely. Quite often new business owners are creatives or visionaries and don’t possess the technical expertise to refine such a complex document. That’s where we come in. At Accent Accountants, we understand how overwhelming developing a business plan can be and that often business entrepreneurs would rather focus their energy on where their passion lies (usually the transfer of services/product). Let our business planners exercise their expertise and assist you in creating and monitoring a well prepared business plan, ensuring your operations run smoothly and allowing you to concentrate on your passion.
Ready To Get Started?
If you’re ready to take the next step and turn your business ideas into a reality but are unsure about how to begin, where to start or how to approach the formalities of ownership, contact Ascent Accountants. Whether you need help with your entire business planning or are seeking some simple advice regarding your business plan, we can help!