Business Planning

Meat & Livestock Australia

Type: Webpage
Knowledge level: Introductory

Farm Table says:

Short article that introduces the context and contents of a business plan.

What is a Business Plan?

‘Business planning brings together the physical, financial and human resources needed to operate the business and examines the costs, risks and potential rewards from the enterprise.

The formal outcome of business planning is a written business plan.’

The benefits are:

  • presents clear goals and objectives with the direction on how they will be achieved
  • concentrates effort and investment on important business decisions
  • reveals whether it is possible to meet future needs and goals
  • assists in negotiating finance at competitive rates
  • provides goals and direction for the manager to help achieve improvement of profitability
  • provides a clear physical and financial position of the business to enable efficient decision making by understanding options across variable seasons and market opportunities
  • builds the confidence to consider new options and predict and plan for more difficult periods
  • helps to clearly communicate the nature and direction of the business when more than one person is involved in its ownership and/or management

The steps are involved:

  1. analyse current situation
  2. set enterprise objectives
  3. monitor progress
Meat & Livestock Australia
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