Plan your vision

Take your business to the next level

Plan your vision

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Contents Business model overview 3

Business strategy 5

Marketing 6

Team and management structure 8

Financial budgets and forecasts 9

Which accounting software is for me? 11

Looking for an Approved Partner bookkeeper, consultant or trainer? 12

Find us 15

The information provided within this document is of a general nature and is intended to be a guide only, in accordance with our Legal Disclaimer. For specific advice regarding your particular circumstances, please consult your tax agent or the Inland Revenue Department as appropriate.

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In your introduction include:

+ A brief history of your business, or if it’s a new business a short history of your background relevant to your business idea.

+ The purpose and nature of your business and why you started it.

+ Identify your location and explain if this is important or is a competitive advantage.

+ Describe your products and services.

+ Outline your channel to market; how do you intend to distribute your product/service to the market?

Business model overview

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Current position

+ Outline the current position of your business: where is your business in the business lifecycle (introductory phase, growth phase, mature, declining)?

+ Explain what industry you operate in and where it sits in the business lifecycle (emerging industry, growth industry, mature industry, declining industry).

+ If you haven’t started your business yet, outline what you’re doing at present and how it’s relevant.

Competitive advantage

+ Complete a competitor analysis and outline how you will offset their strengths, and capitalise on their weaknesses.

+ Explain your competitive advantage and the market niche you’ve identified.

+ What intellectual property do you own, or what do you intend to protect and how?

Growth plan

+ What plans do you have to increase your capability?

+ What plans do you have to increase your capacity?

+ What makes you confident your business will continue to grow and be sustainable?

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Business strategy

Tactics

Outline the gap between where you are now and where you want to be.

Cover the main practical steps you have to take to get your business from where it is now to where you want it to go. Details what extra resources you’ll need.

Strategic impact

Outline the external threats or opportunities that could impact on your business during:

+ The next year

+ The next 1 to 3 years

Core values

+ Describe the core values that underpin your business. Explain why these core values are crucial to your long-term business success, how they will affect customers (the benefits) and how they will help to motivate both you and your staff.

1Outline your business strategy for the next year as well as the next 1 to 3 years.

2Describe your business objectives and goals (ensure they are specific, measurable, achievable, realistic and when they might happen).

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SWOT and critical success factors

+ Outline briefly your marketing strengths, weaknesses, opportunities and threats.

+ What are the critical success factors for your business?

Marketing budget

+ Detail your marketing budget for the year. Explain how you will monitor it to manage and improve results.

Market research

+ Explain what market research you’ve done and the methods you used.

+ Outline how on-going market research is built into your daily business operations.

+ Explain any target market(s) your market research (and trading experience) has established.

+ Explain how intimately you understand these markets (how close you keep to your customers) and how this feeds back into your business (improvements, product/service changes, etc).

Distribution channels

+ Describe the current marketing reach of your business (local, national, international)?

+ In terms of your strategy, what new markets do you plan to access:

- In the next year?

- In the next 1 to 3 years?

+ Describe how you plan to accomplish this.

Marketing

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Strategic alliances

Explain what strategic alliances you have in place or are planning to increase your access to markets, leverage resources, etc.

Tactical promotion plan

Outline your promotion plan (the advertising, PR, internet, web site, direct selling, media tactics etc) to create awareness and generate traffic and customers.

E-commerce and technology

Explain how you’re using e-commerce and technology in your business to lower costs, speed up business, access new markets, build online sales, etc.

Credibility and risk reduction

Explain your tactics for increasing the credibility of your business and reducing the customer’s risk in doing business with you.

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Skills, experience, training and retention

+ Identify your team and explain their positions and responsibilities.

+ Briefly describe the incentives you’ve put in place (or are planning) to retain your team and keep them motivated.

+ Describe your team training programme and budget.

+ If there are gaps in your team, or you need extra staff to fulfil your short and longer term strategies, outline the gaps here, and who you need to fill these gaps.

Advisors

+ Describe your core team of professional advisors such as lawyer, accountant, consultant, business mentor or ‘guru’ you can access for advice, etc.

Management systems

+ Describe the systems and processes you have in place to manage the business efficiently.

+ Do you have written operations manuals in place or guidelines for your team?

+ What accounting software or systems do you use? How regularly can you produce financial reports and analyse key business ratios?

+ Cover compliance issues too: how will you prepare for and deal with employment issues, tax and GST obligations.

Team and management structure

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Carefully monitor your financial budgets and forecasts such as:

+ Profit and loss forecast

+ Cashflow forecast

+ Balance sheet forecast

+ Capital expenditure budget

+ Break-even analysis

Provide brief notes on each of these forecasts. It’s a good idea to produce optimistic, pessimistic and realistic versions of the first three. If the cashflow forecasts pinpoint future cashflow difficulties, explain how you plan to deal with these challenges.

Financial budgets and forecasts

Summary

End with a brief summary of the main points of your plan: where you are now and where you want the plan to take your business. As the market and the world are always changing, outline when this plan will next be reviewed.

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Preparing your books using MYOB accounting software can save you a lot of time. It has all the smarts you need to complete your pay run like GST codes that you can allocate to each of your business transactions. Generate reports detailing GST related income, expenses and capital purchases to complete your GST return with ease and efficiency.

Preparing your books with MYOB online accounting software

Using MYOB to do my books has been a huge help. It makes it easy to file my GST returns, something I dreaded having to do.

Denyse Forsyth Kruizey Kidz

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All the features you need to take care of business.

Quick and easy to set up, MYOB Essentials has all the features you need to take care of your day-to-day bookwork, including:

MYOB BankFeeds™

Link your bank account and save around 10 hours.

Always tax compliant

Fast and easy updates ensure your business is in line with the latest tax legislation.

Work together with your advisor

Share information with your accountant or bookkeeper without having to be in the same place.

Better manage cashflow

MYOB Essentials lets you manage your cashflow, invoices and tax liabilities in real time.

Safe and secure

You can securely store and manage supplier bills in your accounts to make your monthly obligations easier.

100% online

There’s no software to install on your computer, MYOB Essentials is fully accessible via your web browser.

Try for free

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Ideal for desktop users wanting to move online or needing a more customised solution.

Stay competitive

MYOB AccountRight is powerful accounting with business management capabilities so your business can stay competitive to get ahead.

Stay in control

Fully customisable, it enables you to stay in control of the most demanding jobs, inventory and multiple company accounts.

Stay informed

Includes 150 reports and a fully customisable dashboard for your specific business requirements.

Stay compliant

Improve productivity and efficiency, make compliance easy, and choose the plan that best suits your business needs.

Learn more

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Take care of your people

Essentials Payroll has everything you need to take the hassle out of paying employees and meeting your employer obligations.

Meet your employer obligations

Essentials Payroll is the fast and easy way to manage your PAYE compliance requirements.

Cut time spent managing payroll by 40%*

Get real-time access to more accurate employee timesheets, when employees enter their hours via their smartphone or online using MYOB YourPay. Hours and notes are automatically imported to the payrun.

Choose to take the hassle out of PAYE compliance with MYOB PayAgent

Nominate MYOB as your payroll provider to outsource the processing of wage payments to employees, PAYE payments to IRD and reporting to IRD.

Next generation Payroll

New ways to help businesses manage payroll - cut time spent managing payroll by 40%*

* Source: Customer survey via MYOB Client Insights Panel, June 2014

Try for free

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+ Send and track invoices using your mobile

+ Better manage your cashflow with real-time invoice tracking

+ Easily see when customers view your invoices to minimise late payers

+ OnTheGo updates your accounts automatically

+ There’s no need to rekey information back in the office.

Payments made simple

Take credit card and debit payments on your phone with BNZ PayClip. BNZ PayClip accepts EFTPOS, Visa and MasterCard credit and debit cards, using contactless, swipe, chip and PIN.

With low fees and no strings, PayClip is the easiest and best way to take payments on the move.

To learn more, visit myob.co.nz/onthego

Always out and about for work?

Access the best parts of MYOB Essentials and AccountRight with MYOB’s OnTheGo mobile app.

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MYOB Approved Partners are accredited by MYOB to provide onsite support for MYOB products including sales, setup, implementation, training, advanced reporting, trouble shooting and bookkeeping.

Find an MYOB partner nearest to you.

Looking for an Approved Partner, bookkeeper or trainer?

myob.com 0800 60 69 62

We’re here to help

MYOB NZ Ltd. All rights reserved. No portion of this book may be reproduced mechanically, electronically, or by any other means including photocopying, without written permission from the publisher. MYOB NZ Ltd. L2 5 Sir William Pickering Drive, Christchurch. NSME189240-0916