Business Planning Video

Watch the business planning video for a humorous, fictional take on how having a business plan (and a grandma) help Albert become a lemonade magnate.

Having a detailed business plan is very important. It not only provides a roadmap for business success but is also essential to attract funding.

Albert’s business plan helped him to:

• learn about his industry, market and competitors
• write down exactly where he was in the market and where he was headed
• identify challenges he may come across and work out strategies to avoid or overcome them
• understand business finances, including managing cash-flow and determining your break-even
• set specific goals, timeframes for achieving them and how he’ll measure performance
• make sound business decisions that focus his activities, maximise his resources and give him a competitive edge

Source: business.gov.au, the Australian Government’s dedicated business website.