{"id":1164,"date":"2020-12-13T11:56:20","date_gmt":"2020-12-13T11:56:20","guid":{"rendered":"http:\/\/nz.legalvision.com.au\/?p=1164"},"modified":"2023-09-08T14:17:41","modified_gmt":"2023-09-08T01:17:41","slug":"five-tips-for-your-new-zealand-business-plan","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/corporations\/five-tips-for-your-new-zealand-business-plan\/","title":{"rendered":"5 Tips for Your New Zealand Business Plan"},"content":{"rendered":"\n<p>A good business plan guides you through each step of&nbsp;<a href=\"https:\/\/legalvision.co.nz\/business-structures\/starting-a-small-business-in-new-zealand\/\">setting up and managing your business<\/a>. It can help you find a new direction for your business or test the financial viability of your idea. Every business is different, and therefore you should tailor your plan to your needs and audience. No matter how small your venture is, your plan should include, at a minimum key strategy points, crucial milestones and essential projections, sales, spending and cash flow analysis. You should prioritise substance and leave out any empty gimmicks or unrealistic financial projections or milestones. This article shares tips and best practices to help you write a thorough and accurate plan for a New Zealand business and win investors and other stakeholders.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Is a Business Plan?<\/h2>\n\n\n\n<p>A business plan is a crucial document for your business. You should not start running your operations without a business plan as this will help you avoid common causes of failure, such as not having enough capital or an adequate market. Your business plan should explain:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the nature of your business;<\/li>\n\n\n\n<li>details of your offering, target market and competition;<\/li>\n\n\n\n<li>sales and profits forecasts;<\/li>\n\n\n\n<li>how much capital you require for startup or expansion and how you are planning to use it;&nbsp;<\/li>\n\n\n\n<li>your legal business structure, ownership details and key personnel; and<\/li>\n\n\n\n<li>whether you have obtained any patents, prototypes, or&nbsp;essential contracts regarding product development&nbsp;or conducted any marketing tests.<\/li>\n<\/ul>\n\n\n\n<p>If you are putting together a plan for the first time, it is essential to understand how to write and present your content effectively. You want to engage your readers early in the process and be able to communicate succinctly what you need and why. For example, you may need a loan to buy new equipment, so how will you repay this loan and over what term?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Keep It Relevant&nbsp;<\/h2>\n\n\n\n<p>As with most content that you will produce throughout the life of your business, you need to write for your audience and therefore understand their needs. Your business plan\u2019s target audience may include your potential investors, lenders, potential partners, employees, customers and suppliers.&nbsp;<\/p>\n\n\n\n<p>For example, if you are writing a version of your business plan for a\u00a0<a href=\"https:\/\/legalvision.co.nz\/startups\/what-is-venture-capital-funding-in-nz\/\">venture capital (VC) firm<\/a>, you want to be concise, clear and convincing. VC investors are often busy, so your plan will likely only get a few minutes of their attention. You may want to use some visual representations of your data for impact, such as charts and graphs. If you are writing for an angel investor, prepare a brief, less formal plan to avoid sounding imposing. They are generally more informal and tend to trust their instincts over your pitch. Think like an investor, and write what they would want to see.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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Most business consultants agree on a minimum of 15 pages, and it should not take longer than 15 minutes to skim through.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Your plan should start with a one-page pitch that summarises your business, the problem that you are solving, your target market, and financial highlights. A concise and punchy summary can help you get your reader\u2019s attention early on in the document and pique their interest in your business.<\/p>\n<\/div>\n\n\n\n<p>The New Zealand business.govt.nz website provides a&nbsp;<a href=\"https:\/\/www.business.govt.nz\/getting-started\/business-planning-tools-and-tips\/how-to-write-a-business-plan\/\">free business plan template<\/a>. Make sure you tailor it to the needs of your business and audience, and ask a consultant or mentor to review it before you present it to your investors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do Not Make Empty Claims&nbsp;<\/h2>\n\n\n\n<p>Your prospective investors have likely read thousands of business plans and can easily recognise empty claims and gimmicks. If you state that your product has the potential to get 10% of the market in a specific timeframe, you have to support your assertion with carefully analysed data. Otherwise, prospective investors are likely to dismiss your business. For example, you should provide evidence of your customers\u2019 acceptance of&nbsp;your product or service&nbsp;and the rate at which you can likely sell it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Be Conservative&nbsp;<\/h2>\n\n\n\n<p>Be conservative and realistic when making financial projections and forecasts in your business plan. You should include five-year profitability forecasts to help your investors decide how much they want to commit and at what price. You should avoid relying on over-optimistic figures, as investors can quickly see through these. Talk to your accountant if you need help preparing your financial forecasts and presenting them in a standard format.&nbsp;<\/p>\n\n\n\n<p>You should also be conservative when defining milestones. Being realistic will make your presentation more credible. Before you start, research and add a 15% buffer to your key milestones to avoid missing important deadlines.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Include Payout Options for Investors<\/h2>\n\n\n\n<p>Your investors need to feel comfortable that they can make an adequate return&nbsp;or when and how they could cash out. As a general rule of thumb, many investors want to get their money back within three to seven years. Therefore, you should briefly describe&nbsp;your plans to pay them out.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Have Your Key Legal Documents in Place&nbsp;<\/h2>\n\n\n\n<p>In conjunction with putting your plan in place, key legal documents such as documents recording your business structure, employment agreements with key staff members, contracts with third parties, terms and conditions of trade, and intellectual property must&nbsp;be properly recorded and registered in the background. Having these legal arrangements properly documented will minimise the risk for businesses. In the event of a dispute with other parties or customers, if there is no contract in place,&nbsp;this will create a lot of uncertainty for the business trying to navigate what process is to take place.<\/p>\n\n\n\n<p>Additionally, if you are looking at approaching, for example, a VC firm, the VC will want to ensure that the key legal arrangements of the business have been properly recorded before making their investment. If the structure of the business and ownership of the business\u2019s intellectual property is not legally sound, this can be a continual risk for the business and may dissuade a VC from investing. Although these legal documents do not need to be part of the plan itself, these arrangements must be\u00a0properly documented\u00a0so that your business plan is not subject to any unforeseen legal risks.\u00a0\u00a0\u00a0<\/p>\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/12\/22115855\/cytonn-photography-GJao3ZTX9gU-unsplash-e1640129621597.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Commercial Contracts Checklist<\/div>\n            <div class=\"body-text\">\n                <p>To protect your business, ensure supplier contracts meet your business\u2019 needs. Our free Commercial Contracts Checklist will help.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/Commercial_Contracts_Guide_NZ.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways&nbsp;<\/h2>\n\n\n\n<p>Your marketing, operational and financial issues are unique to your business. Therefore, your plan should be tailored to your business needs and focus on areas of concern to your audience. Your investors rely on your plan to understand your business objectives and the capabilities of your management team and determine whether they can earn an adequate return for their investment. Your investors will also want to see that the business has its key legal documents in place, which minimises the risk of the business and, in turn, their investment. Therefore, you should keep your business plan relevant, concise, realistic and conservative to win your investors and other stakeholders.&nbsp;<\/p>\n\n\n\n<p>If you need help defining your business\u2019s regulatory environment or reviewing your business plan before presenting it to investors, our experienced\u00a0<a href=\"https:\/\/legalvision.co.nz\/business-lawyers-lp-new-zealand\">business lawyers<\/a>\u00a0can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our\u00a0<a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1694135757553\"><strong class=\"schema-faq-question\"><strong>What is the basic structure of a business plan?<\/strong><\/strong> <p class=\"schema-faq-answer\">Your plan should start with an executive summary that summarises your business, the problem that you are solving, your target market, and financial highlights. Think of it as a one-page pitch that will help your audience decide whether they want to continue reading or not. You should then go into more detail about your business, strategy, current and planned team, market and competitor analysis, strategy and budget, assets, financial plan, business continuity plan and legal and regulatory requirements. As a rule of thumb, your plan should not take longer than fifteen minutes to skim through.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1694135769856\"><strong class=\"schema-faq-question\"><strong>What is the purpose of a business plan?<\/strong><\/strong> <p class=\"schema-faq-answer\">You will use your business plan to test the commercial viability of your idea or to plan the next stage for your business. It will help you decide how much capital you need to fund your venture and whether you want to get funding from investors or a loan from a bank. Your plan can also help you attract talent for your management team or secure a deal with a new supplier.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1694135787723\"><strong class=\"schema-faq-question\"><strong>Who is a business plan written for?<\/strong><\/strong> <p class=\"schema-faq-answer\">From financing your operations to attracting talent, you will write your business plan to help you define and meet your goals. Therefore, your target audience will include investors, lenders, potential partners, employees, customers and suppliers.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"ed19fd34f0\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/1164\" \/>            <input value=\"https:\/\/legalvision.co.nz\/corporations\/five-tips-for-your-new-zealand-business-plan\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"5 Tips for Your New Zealand Business Plan\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A good business plan guides you through each step of&nbsp;setting up and managing your business. It can help you find a new direction for your business or test the financial viability of your idea. Every business is different, and therefore you should tailor your plan to your needs and audience. No matter how small your<a href=\"https:\/\/legalvision.co.nz\/corporations\/five-tips-for-your-new-zealand-business-plan\/\">Continue reading <span class=\"sr-only\">&#8220;5 Tips for Your New Zealand Business Plan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13343,"featured_media":930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"1205,153,219739,1559,1176,202223","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[14],"tags":[24,25,150],"class_list":["post-1164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporations","tag-startup","tag-small-business","tag-business-plan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Tips for Your New Zealand Business Plan | LegalVision New Zealand<\/title>\n<meta name=\"description\" content=\"Are you looking to start a new business in New Zealand? 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