Launching a Brand: How to Make a Powerful First Impression

There are 11 critical elements of a successful business plan. No two business plans will look exactly the same. The information you choose to include — and the way you communicate it — depends on your audience and business goals. Yet there are a number of critical elements that every business plan should contain. Before you start writing your business plan, make sure you understand the preparatory work involved. Follow our six preparatory steps and you should have all the information you need to put together a blueprint for success — whether your goal is to start a new business, secure funding, or grow an already established business. Then, follow the below template to ensure your document includes the 11 essential sections of a successful business plan. 1. Executive summary Write this part last. It’s the first section your audience will read, which means it needs to provide a clear and compelling summary of your entire business plan. After completing the following 10 sections of your business plan, summarise the main points here. Include: your customers’ need how your business will address that need an estimation of growth potential projected sales figures any key dates and milestones financial information, including current capital 2. Business overview This is where you provide key information about: the industry your business model Start by providing an overview of your business and its background. Introduce the industry, as well as the categories and any relevant sub-categories your business falls into. For example, a hospitality business may be a fine dining restaurant, hole-in-the-wall takeaway joint, family diner, food truck, or something in between. You should also explain the business model you’re using to turn a profit. Perhaps you’re leasing goods, or selling products over the counter. You could be running a subscription-based service, or providing a service for a fixed rate or hourly fee. Will you deviate from the typical model used by similar businesses? Highlight any plans you have to improve it, perhaps by cutting certain costs or streamlining standard processes. 3. Goals Draw upon your mission statement to extrapolate your business goals at a high level, and then get specific. Break your goals down into both short-term (6 to 12 months) and long-term (5 years). What do you want to achieve, and when will you achieve it? This may include: opening another location breaking even at a certain point in time expanding into another industry Carefully consider your target dates and be realistic with what you can achieve. A vision or mission statement might be inspirational, outlining the changes you hope to effect in five years or so, but this is the section where you seriously consider what’s achievable and make a commitment to achieving these goals. Remember that the budget and financial projection outlined in this document are closely tied to the goals you outline here. 4. Products or services Provide a high-level explanation of the product or service you’re selling, before drilling down into the specific need(s) that offering meets. Start with a straightforward description, avoiding any jargon that might confuse the reader. What will a customer receive from your business? Then, explain your customer’s needs. What’s available to them today? Where is the gap? What is needed? What could be improved? Consider things like price, quality, convenience, choice, speed, and service. Write down how your business will improve the current state of play and meet those needs. However, don’t go into too much detail here — you’ll cover that in the next section when you analyse the market. 5. Market analysis This is where you get specific about the current state of the market and deep dive into your customers’ needs, as well as your competitors’ businesses. There are a few things you should consider here. 1. The market The current market structure, and where your business fits within it The market opportunity, in terms of potential revenue value Future markets, whether local, national or beyond How your business will respond to potential changes in market conditions 2. Your competitors Their strengths and weaknesses The share of market each holds What sets your business apart 3. Your customer Your target market’s purchasing habits Factors that might influence those habits in future Consider how best to communicate this information, as there’s quite a lot to think about. Visuals such as graphs and charts can help you communicate paragraphs of text succinctly, and allow for key insights to be gleaned at a glance. 6. Risk assessment Who would’ve guessed that in 2020, businesses across the nation would be shuttered for months on end? These days, any sound business plan must include a pandemic-proof contingency strategy. However, that’s not the only risk your business may face. Think of all the things that could potentially go wrong. Then, consider what each might mean for your business. For example, consider how these risks might affect: your supply chain your customers’ experience staff cash flow Then, detail how you would mitigate the risk itself. You should also talk to a professional about which insurance product is best suited to your particular risks. 7. Marketing and sales strategy Your budget and projections must align to a goal. It could be a specific number of sales, but it will likely be total revenue. This is the section where you explain how your business will achieve that goal. Marketing Outline your launch activities. Keep in mind that most, if not all, marketing tactics will cost money and need to be accounted for in your forecast cash flow. Depending on the size and type of your new business, as well as your growth goals, you might like to consider local PR, giveaways, a launch party, local community event sponsorship, or something out-of-the-box. Then, consider what ongoing marketing efforts will look like. How will your business engage with potential customers on Instagram? Do you need a purpose-built website? Will you run seasonal offers, and if so how will you let customers know? Sales If your staff will need to actively “sell” the product or service, consider how many steps each sale will take and what that means for your projections. Tradespeople, for example, will need to learn how to answer the phone, provide a quote, and follow up to get the quote accepted. High-end shop assistants may need to learn how to upsell a customer, and suggest alternate items or accessories. This will not be relevant for every business, however it’s integral for those businesses dependent on a sales process. By mapping it out here, you’re more easily able to identify potential bottlenecks to driving revenue. 8. Your team Remember who may be looking at your business plan: potential new partners and investors. Even if your business plan is just for you, it’s important to introduce who’s who, and who’s responsible for what. Start with: business ownership structure management structure key roles each individual’s expertise and qualifications Remember to include any mentors or business support resources that you’ll be relying on. For businesses anticipating a quick scale-up, it might be a good idea to also include any recruitment and retention policies for staff that will be key to growth. 9. Budget There are a few things every business needs to be successful: a budget and cash flow are two of them. Your budget should include a projection of profits and losses, and a balance sheet — as well as an explanation of how cash flow will work. Profits and losses Itemise your costs on one side, and predict your income on the other. When putting this together, consider: costs necessary to keep the lights on, such as rent and electricity the base cost of your product or service staff costs the appropriate level of insurance your business needs tools required to operate, such as EFTPOS machines Don’t forget to factor in a contingency cost. Balance sheet Outline what your business owns versus what it owes. For example, the business may own equipment, real estate, or patents and rights. It may owe a specific amount of money, as a loan. Cash flow Show how and when money will flow in and out of the business, and how this aligns with the businesses’ outgoings. Stick to the main figures, and use graphs or other visual cues where possible. Present a few scenarios to show you understand these costs may fluctuate, and remember to add further detail as an appendix to your business plan. 10. Finance After taking a deep dive into your business’s budget, the costs required to get up and running should become clear. You’ll also know roughly when income will start flowing back into the business. If you will need some additional funding to bridge the gap between those dates, explain here where it will come from — perhaps you’ll rely upon savings, family and friends, an investor, or a business loan. Consider also where you will store business funds. Zeller Terminal comes with a fee-free business bank account , giving you fast access to your funds. 11. Compliance Outline what both the business and yourself, as a business owner, are legally required to do. This will depend on whether the business is operating as a sole proprietorship, partnership, company, trust, association, or something else. For example, you might need to: apply for an Australian Business Number or Australian Company Number register for GST register your business name register your website’s domain name trademark your business name register for PAYG apply for any permits or licenses necessary Make sure you seek professional advice regarding what’s required of you as a business owner. Every business is different, so your business plan might look nothing like the examples available online. However, if you follow the above, your business plan will include all the most important elements.

Point customers in the right direction with a strong Google My Business listing. Whether you run a brick and mortar business or an ecommerce brand, your potential customers are searching for you online. The easiest way to make sure they choose your business over a local competitor? By becoming the easiest to find. By claiming and optimising your business’s listing, you’re increasing your chances of being found by new customers. Plus, Google My Business is free — which makes it a useful marketing tool for small and big businesses alike. Keep reading to learn more about how Google My Business works, and what it can do for your business. What is Google My Business? In the last 20 years, search traffic has grown by 2,000%, to the point where there are now more than 2 trillion Google searches each year. This rise in online activity has meant that conversations around where to find products and services have largely moved online. In 2014, Google recognised that more and more people were turning to its platform for business recommendations by launching Google My Business — an online directory that allows you to create a dedicated profile for your brand. Google My Business is essentially a free online tool that businesses can utilise to share important information and attract customers. Here's how it's going to help you grow your business. It helps customers find your business By simply verifying your Google My Business listing, your business’s location will show up in relevant Google Maps searches. This is important because the second most important factor for consumers when searching for and selecting a local business is proximity. (The first is online reviews.) People are 70% more likely to visit businesses with a Google My Business listing. Whether searching for a local key cutter or place to grab a sandwich, Google Maps will quickly populate an area with dozens of red markers — each of which represent a local business that meets the search criteria. By simply creating a Google My Business listing, people can instantly see how close they are to your location. For brick and mortar businesses, that means having a strong Google My Business listing typically leads to a substantial increase in foot traffic. It improves your overall SEO performance Your listing will also serve to benefit your business online by playing a big part in your overall SEO performance. As a local business, your goal is to get in Google’s Local 3-Pack. This puts your online presence at the top of relevant search results, where the person searching Google is within close proximity, driving more foot traffic to your business.  Claiming your Google My Business listing is the first step to being in this coveted position. It puts you in control Don’t leave your customers guessing whether you’re open for business on a public holiday, or whether your location has moved. Misinformation can create negative customer experiences and cause missed opportunities. Luckily, a Google My Business listing allows you to keep the public informed about your business. Your Google My Business listing includes business hours, contact details, and other important information such as a menu or services list. You can update your listing as and when you need — for example, to advise you’re offering click and collect through lockdown. Suffice to say, regardless of your industry, your brand stands to gain a lot from a strong Google My Business profile. Is Google My Business compulsory for business owners? In short, no — Google My Business isn’t something you have to do. However, your business can still appear as an ‘unclaimed business’ on Google. The risk of not claiming your business is that this orphaned listing could have incorrect or outdated information that, as a result, sees you miss out on potential sales, enquiries and visits to your business. Therefore, the best thing you can do is learn how to use Google My Business to your advantage. How to set up a Google My Business page The good news is setting up your listing is simple. Step 1 Visit the Google My Business homepage . Click ‘Manage Now’ and you’ll be prompted to log in or sign up. Step 2 Enter your business name. This is where you’ll have the chance to ‘claim a business’ or create a new one. Step 3 Set up your business profile. This includes selecting a business category, location, service area, phone number, and website. Step 4 Verify your business address. This will involve Google sending a postcard with a unique verification code to the business address provided. Until this verification code has been received and entered, a number of Google My Business functions (such as replying to reviews) will be restricted. Step 5 Outline your business details. This includes your services, hours of operation, business summary, and images. These can be product, team or premises photos — whatever serves to convey your business most effectively. Step 6 Make any final tweaks in your dedicated Google My Business hub. This is where you can review your business information, track insights and reviews. You can also upload a logo, cover image, and additional business photos, as well as add team members, publish posts and respond to direct messages. Once you’ve received your Google postcard and verified your profile, your listing will be there for all the world to see — but the work doesn’t stop there. Mastering your profile moving forward While it’s important to set up your Google My Business page, it’s equally important to ensure you invest time in maintaining it. According to Google, something as simple as uploading photos will see you receive 35% more clicks to your website and 42% higher requests for driving directions in Google Maps than businesses that don’t. To ensure you’re making the most of your listing, set aside regular time to do the following: check your business’s contact details and location are up to date ensure your opening hours are accurate (this is particularly important when changing restrictions can affect business operating hours) monitor and respond to business reviews — even the negative ones — as this shows that you value your customers and their feedback add any relevant third party links, such as delivery or booking service pages advertise any current offers that might drive website or foot traffic upload product photos or menu items to ensure potential customers are aware of exciting new offerings create and monitor your Google ads to help drive business Think of the last time you used Google to search for a local business, and how easy Google made the process. Now you’ve mastered the art of establishing a strong Google My Business listing, set aside an hour or two a month to keep it updated. 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Discover tools to save time, simplify admin and grow profits. Running a small business can be time-consuming. Between managing employees, bringing in new customers, and keeping the books balanced, there's not always a lot of time for innovation and growth. Thankfully, technology has advanced to the point where there are plenty of great software tools to help small businesses do just that. But with so many options available, which ones should you choose? In this article, we'll break down six of the most helpful tools for growing your business, and offer advice on how to pick the right one for you. 1. A simple, powerful accounting platform If you're not an accountant, bookkeeping can seem like a complex task. Luckily, there are many accounting platforms available to make the process easier and more streamlined. Accounting software is a convenient way for small business owners to simplify the bookkeeping process. Gone are the days of maintaining a paper ledger — accounting platforms provide tools to manage income, expenses, tax information and more, allowing business owners to keep track of their financial data in real time throughout the year. With over three million subscribers worldwide, Xero is a popular choice for entrepreneurs. Developed with small business needs in mind, Xero allows you to keep track of your finances via its intuitive, easy-to-read dashboard. At a glance, Xero users can get a holistic view of their financial position, including outstanding invoices and bank balances. However, don’t confuse simplicity with reduced functionality. This is a powerful solution that can deliver advanced reporting when you need it. And, with multiple subscription price points, there is an affordable option for all businesses. Not convinced just yet? For more help choosing the best accounting platform for your needs, read How to choose the right accounting software for your business. 2. Robust point-of-sale software A point-of-sale (POS) system is a must-have if your business needs to manage ordering or inventory. For retailers and hospitality merchants in particular, POS software can be a lifesaver — serving as a central hub to help business run more smoothly. Retailers can use a POS system to ensure appropriate stock levels are maintained, and that in-demand items are always available for purchase. This serves to ensure customers come back, time and again, to your business. Vend takes the pain out running your retail business by providing an integrated point-of-sale experience. With their portable software, you can accept payments, stay on top of inventory, and keep detailed records of your customers’ buying habits. You can also integrate the software with your accounting platform, to make it even easier to keep your business growing. In hospitality, POS software can help your business run more smoothly by streamlining the process for bookings and delivery orders, as well as tracking stock levels, and ensuring that your customer enjoys the ultimate dining experience. There are dozens of options on the market. The right option for your business depends on a number of considerations, including whether you offer delivery, accept bookings, and allow for meal customisations. Read more about how to find the best POS System for your restaurant on the blog. 3. Affordable email marketing software One of the most powerful ways to build customer loyalty is via email marketing. While social media and other channels might boost your brand visibility, a direct email will help ensure your past customers know about new product offerings, sales, and other changes in your business. Email marketing software can be used in a multitude of ways. You can use it to send regular newsletters, and track performance metrics such as open and clickthrough rates. Or, you could simply use it to let your customers know about a change to opening hours. Once your confidence with your chosen system builds, you might even consider using an automated email sequence to direct your customers through a pre-planned journey to drive sales for your business. For an email marketing platform with a good track-record, you can’t go past Mailchimp . Founded in 2001, Mailchimp has established itself as an affordable and easy to use email marketing platform for businesses of all sizes. Boasting an intuitive interface and expertly designed templates, sending out customer emails is easy for professionals and amateur marketers alike. If budget is a consideration, Mailchimp offers an entry-level plan — allowing businesses with fewer than 2,000 subscribers to use the platform free of charge. 4. A mobile EFTPOS terminal With cash use in steady decline , it’s never been more important for businesses to be able to accept cashless transactions. For that, you need a portable EFTPOS machine . All EFTPOS machines accept cards — it’s what they were originally built to do. However, the shift to more modern digital forms of payment will continue, and new payment methods will continue to emerge. In determining which EFTPOS machine is best for your business, consider not only whether it enables you to accept today’s most popular payment methods — but also whether it will continue to enable you to accept your customers’ payments into the future, as new methods such as ZipPay grow in popularity. Zeller Terminal is a powerful portable EFTPOS machine designed to make it easy to keep your payments in order and improve your cash flow. Featuring an elegant design, Zeller Terminal allows you to accept all payments, including smartphones and other mobile devices, contactless debit and credit cards, as well as traditional chip-enabled cards. Other benefits include being able to accept payments on the go, customising receipts, and a low fixed rate for all transactions. Coupled with a free Zeller Transaction Account , Zeller Terminal can fast-track payments, while ensuring that your funds (and those of your customer) are safe and secure. Learn more about how the Zeller Terminal can help you do business better by reading Zeller Terminal: your EFTPOS payments solution . 5. Task management software For every big task you need to tackle, there’s probably a hundred smaller tasks to manage. It’s these small, administrative tasks that keep the day-to-day operations running smoothly. Yet keeping on top of every detail can sometimes be overwhelming. If that’s the case, a project management tool might just be the lifesaver you’re looking for. What makes a good project management tool? Different people use different systems to stay organised, so choosing the right one might be a case of trial and error. That said, knowing your priorities is a good way to narrow the field. If you’re not sure where to start, Asana is a robust software solution that is easy to use. Even the free version comes with templates for everything from team meetings to event planning and content development, making Asana an ideal solution to break down tasks into smaller, achievable chunks. Plus, Asana’s collaboration features allow you to set up teams for separate projects, and communicate progress without the need for endless, repetitive emails to your staff. 6. A collaboration platform Maintaining open and transparent communication with your team is the secret to a high-functioning, positive workplace culture. While face-to-face communications is ideal, COVID-19 has taught us that workplace communications can take many forms. Tools that make group communications simple to deploy, and easy to read, are vital for your workplace. Consider how hard it has been to communicate constantly changing public health advice, or managing staffing, during the pandemic. Having the right collaboration tools can make all the difference. Slack is a team communication platform that acts as a modern alternative to email and other business tools. It makes it easy to keep track of conversations, files, and information shared across all devices, and integrates with existing tools such as MailChimp and Google Drive to allow information to be share efficiently across all platforms. If you find it challenging to keep track of email threads, you might find that Slack has the advantage over email, making it easier to keep track of discussions without worrying about where you filed an importance correspondence. In short, technology can make your life easier — whether you are running a small or large-scale enterprise. When you decide you need help with accounting, processing payments, or staying in touch with your customers, there are numerous options on the market. The important thing is to know your business needs and choose tools that are compatible with your goals, as these will streamline tasks and free up your time so that you can enjoy the fruits of your labour.