Businesswomen on Yorke Peninsula were urged to prepare a business plan during dinners held at Stansbury and Kadina in March.
Of those in attendance at the two Women in Business Regional Network functions, only three had actually prepared a business plan in writing, although most had plans in their heads.
Network founder Carolyn Jeffrey led discussion on why a plan was important. Plans help with obtaining funding, in the sale of a business, to help with business growth and to reduce the stress of having to remember and think of your business direction.
The focus at the two dinners was on a simple strategic plan, including a SWOT (strengths, weaknesses, opportunities and threats) analysis. However, it was emphasised that other plans should also form part of the business plan, including looking at marketing, risks, succession options and budgets.
The women were presented with basic templates for their strategic plan plus some tips on what to include.
“I urge every business owner to ensure they have a written plan,” Carolyn said.
“If you can sit down and plan the steps needed to achieve your goals it will be a lot less stressful.
“I also encourage the women to include a little of themselves in their plan as it’s often a great reference point to look at why you’re in business, particularly if things are a bit tough and you’re wondering if it’s worth continuing.”
Carolyn also urged the women to ensure their plans did not just sit on the shelf gathering dust, never to be referred to.
“I have mine in the cloud on a Google document and can often be seen at the hairdressers just reviewing the plan and my progress while the colour is working,” she said.
“There’s no point in having a plan if you’re not going to refer to it and take pride in being able to tick off and celebrate the goals as you achieve them.
The next Yorke Peninsula functions for the Women in Business Regional Network will have a focus on effective networking, including speaking in public, attending events and how to make business connections online.
The dinners will be held at the Royal Exchange Hotel in Kadina on Monday, May 6 and the Ardrossan Hotel on Tuesday, May 7.
A chapter of the network is also set for launch at Port Pirie with a dinner to be held at the Uni Hub in Port Pirie on Wednesday, May 8.