How to Write a Business Plan That Gets Results

While it’s common to assume a business plan is just something you need for a finance application, it can be much more valuable than you realise — and ultimately increases your chance of business success.

When CFI Finance’s founder purchased his first franchise, his bank manager said he didn’t fit the application criteria. That is, until he read the business plan. Despite the odds, the finance was approved — all because of a well-considered plan. It’s a story we’ve seen play out many times since.

What makes a good business plan?

A good business plan does several things at once:

• Explains the critical functions of the business and how they’ll drive success
• Communicates your objectives to financiers, business partners, investors, and employees
• Becomes a reference point once you’re trading — for monitoring progress against the goals and targets you’ve set

It doesn’t need to be a novel. It needs to be clear, honest, and useful.

Key takeaway: A business plan isn’t just for the bank. It’s your roadmap — a document you’ll return to, update, and use to hold yourself accountable as your business grows.

What should your business plan contain?

Don’t think of it as an overwhelming task. Some plans are extensive, but they’ve been built by large companies over many years. As a starting point for a new or small business, your plan should include:

1. The business Entity name, trading name, legal structure, ABN, trading location, shareholders, and a summary of what the business does.

2. The market Your target market, the industry you’ll operate in, and your competitors. Include a SWOT analysis (strengths, weaknesses, opportunities, threats) and outline your marketing strategies.

3. The management team Your experience as the owner and your key personnel. Include prior business experience, education, training, and any relevant awards or recognition.

4. Financial information Financial projections for the business, plus current financial statements if it’s an existing business. For a new business, include the total cost to set up and clearly show how the purchase will be funded.

5. Goals Specific targets relevant to your business — monthly membership targets for a gym, revenue milestones, plans for multi-site expansion, or even your eventual exit strategy. Goals are also a great way to engage your staff in the plan.

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Where to get help

There are plenty of places to turn for support:

• Your franchisor — many provide a business plan template, though you still need to make it your own. As a lender, we sometimes see identical templates with the same projections and marketing plans — this doesn’t inspire confidence that the applicant has genuinely thought through their business
• Your lender or broker — many offer their own templates. We have a free business plan template you can download and adapt
• State government agencies — several provide free small business support. Consider making an appointment to see how they can help
• Your accountant or business advisor — if you have more complex requirements or want professional guidance

Tip: We’ve built a free business plan template specifically for franchise and small business owners. Download it here and use it as your starting point.

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Tips for getting it right

• Be concise — quality over quantity. Lenders, investors, and other stakeholders don’t want to read long plans. Outline the valuable information quickly.
• Be realistic with projections — don’t assume that overstating your financials will make it easier to get approved. Lenders have access to extensive data and will have a very good idea of key financial metrics for your industry.
• Get the numbers right — if you’re unsure where to start with financial projections, seek guidance from your franchisor, talk to other franchisees or nearby business owners, search for industry benchmarks, or get professional advice.
• Review and update regularly — for some businesses that’s monthly, for others it’s annually. Regular reviews reveal gaps that need addressing with updated strategies.

A tip from the trenches

Consider preparing more than one version of your plan. Your master plan should contain every detail — a highly detailed map of how you’ll achieve everything in your business. But the version you share with a lender might be more concise, focused on financial performance and how you’ll meet your loan commitments. Tailor the contents to the audience.

The bottom line: Your business plan is your personal blueprint. It’s documented evidence that you understand how the business will work, how you’ll make money, and what will define your success. Most importantly — don’t write it and file it away. Implement it, review it, and keep it alive.