Business Planning - A recipe for building bigger profits

Business Planning baing
Strategy is like baking a cake

A cup of courage, a dash of commitment, a sprinkling of perseverance, put it together and you’ve got a recipe for building bigger profits. Who would have thought that developing a recipe for a cake is like undertaking your own business planning session! Through these series of articles we will show you how.

We all love a bit of home made baking, and just like a baking recipe there is an end goal. It sits as a picture on the page of the recipe book, that mouth watering double chocolate cake with all it’s chocolatey goodness.

Ask yourself these questions.

  • Do you have a delectable mouth watering picture of how you want your business to be?
  • Have you set out the recipe for how you will build the business to where you want it to be?

Chances are that to an extent you have, chances are that it’s in your head or perhaps a few roughly linked ideas.

Putting these ideas into a cohesive recipe is called a business plan and in our opinion is a founding document to building the business you want. Referring to this recipe is so important when making larger decisions about the business or when things just aren’t going that well. The business plan serves as a means to keeping you on track to achieving what it is you planned when formulating the original recipe.  Just like in baking, there may need to be some tweaking to the recipe along the way, but essentially you keeping to your overall plan.

Business Plans come in all shapes and sizes, we’ve seen and assisted with formulating many business plans throughout our years.  There are many tools and materials on how to go about putting a business plan together, and credit has to go to the Ministry of Business Innovation and Employment (MBIE) – who have a great business plan template on their business.govt.nz website which is a wealth of information for those in business or looking to start a business.

We use this template as our basis for creating business plans for businesses we work with. What’s great about getting the team from Evolve Accounting involved in your business planning process is that we have a creative process and framework for extracting from you what you want for your business and getting it written down on to paper. Also as Chartered Accountants we can also check that the financial plan is also sound and stacks up.

Explore the following links for our recipe for building bigger profits (Business Planning).

  1. Visualise (picture that mouth watering goodness)
  2. Strategise (list your ingredients)
  3. Execute (Measure & Mix)
  4. Monitor (Bake and Eat)