Build a business plan

Developing a business plan may seem daunting – but it’s an essential element for enterprises that want to be successful in the long term.

A solid business plan requires research, analysis, and planning, which all take time. While it may drag you away from the instant results of a sale, being on the tools or billing client hours, it’s still worth making the time to think ahead.

How we can help

Our counsellors can help you create a detailed business plan and put steps in place to ensure it’s used in future business planning. We’ll guide you to develop your business plan and connect you with broader professional help, such as an accountant or lawyer, to create a detailed view of your business’s position.

Having a business plan will prepare your business for future shocks, competitor activity, and natural disasters – and allow you to track your progress as your business grows.

Identify areas of risk

When risks are left unchecked, dealing with the fallout of an incident can cause a lot of stress, additional work, and expenses. But risk is something you can manage and formalising your business’s risk management processes can be a great idea.

How we can help

We can help you complete an honest assessment of your business processes and challenge your default or traditional thinking, neutralise risk, and arm you with useful information.

Our small business financial counsellors can help you develop your risk management plan and create realistic strategies to combat the key risks faced by your business.

Bank reviews and loan applications

Our small business financial counsellors talk to many small business owners who have lost too much time and stress to bank reviews. But, if you’re prepared, they don’t have to be an overwhelming process.

How we can help

The Regional Small Business Support program gives you access to a qualified team of small business financial counsellors with knowledge across banking, business, and a broad range of other industries. We’ll guide you through annual reviews by properly preparing for them and working through any concerns about your financial situation.

When working with you we will:

• Spend time with you before your review to get to know the details and how your business has been performing
• Prepare explanations for any issues or variances in actuals versus budgets or predications
• Support you to consider and document your business goals, plans and contingencies for dealing with unforeseen changes in circumstance.

An annual review is a great opportunity to look forward with your bank or lender and ensure you’ve got the right financial supports in place to achieve success. With a bit of preparation, you’ll have everything under control.

Cashflow forecasting and budgeting

Cash flow budgeting can help you understand the financial impact of your business decisions. Being uncertain about your financial future and how you are going to meet your financial obligations can be stressful and seriously impact your business success as well as your emotional, mental and physical health if not dealt with.

How we can help

Our small business financial counsellors are skilled in cash flow budgeting and can assist with regular budget updates. We can support you to create an accurate budget and understand your business’s cash position.

By implementing effective cash flow budgeting, you’ll improve day-to-day decision making and increase the likelihood of each decision being profitable. With the right tools and assistance, cashflow forecasting and budgeting can be a quick and easy process – and give you real insight into your financial future.

Negotiating with Creditors

Dealing with your debts can feel like a mountain that’s impossible to climb. But being proactive in your communication with creditors and advisors can provide the best chance of recovery.

How we can help

If you’re experiencing challenges with debt and need assistance negotiating with creditors, we can help.

Our small business financial counsellors are qualified to provide evidence of your current financial position. They will determine your current financial position, assess any debt, and the terms and conditions of that debt.

This can greatly assist with negotiating repayment agreements with your creditors – and take a big weight off your shoulders.

Accessing Government support

Accessing government assistance and working out what information you need to provide can sometimes be overwhelming – but it doesn’t have to be.

How we can help

Our small business financial counsellor support small businesses to access government programs and grants. We’ll work out what you may be eligible for and what details you need to provide to secure the right assistance.

Our team can help out, whether you’re seeking support to access short-term government assistance or if you’re ready to engage in a more holistic assessment of your business and future possibilities.

Business exit planning

Whether you’re retiring, moving, or handing over the reins to a family member, sometimes exiting your small business is the right decision. But it can still be hard to know the best way to get through this period successfully.

How we can help

As independent support, our small business financial counsellors can have those all-important initial discussions to educate you about sale planning so that you understand what’s involved, how to navigate the process, and which professionals to engage to help you with your sale plan process. They can also be involved in reviewing the past performance of the enterprise and road-testing options through cash flows and enterprise budgets.

By starting the process early, you have time to ensure you are completely prepared, well before your exit, and are in the best position to grow your assets and not just through capital appreciation but through opportunities, investments and possible acquisitions that give you more choices in the future.

Benchmarking

As a small business owner, you may feel unsure of how well you should be doing when compared to others in the industry, or if there are areas you could improve upon.

How we can help

By working with one of our small business financial counsellors, your business can undergo a health check to analyse how your business compares to competitors in the same industry. We’ll look look at areas including gross profit, number of sales and customers, and operating costs such as staff or rent. Counsellors can discuss where you are currently, where you want to be and/or what you want to do using these data points.

Benchmarking will give you the tools you need to highlight improvements you could make to increase profit, reduce costs and better manage operations. This can be the starting point for developing better cash flow budgets and understanding your profitability and future opportunities.

Referrals

Your small business financial counsellor has a vast network to call on. If they can’t help you directly, they can refer you to the professional who can.

Having a referral from a counsellor will help you get the support you need in a timely manner. Broader professional advice and support can include specialist marketing, taxation, accounting or legal advice.