 Whether you're planning to start a business or have been running it for years, business planning is the key to your success. A business plan helps you get finance, gives you control and direction, and helps you set priorities. Step 1. Define your vision. When you start a business, you have a clear goal to achieve this vision. After some time, the clarity of your vision may become blurry. Setting down your vision will help you define it for your staff to identify with your mission. Where are you now? Where do you want your business to be in the future? Step 2. Set your goals. Make your goals and objectives realistic. Plan your short-term, mid-term and long-term goals, including choosing your location, the number of customers you plan to reach, and your customer demographics, your sales targets, revenue and profit margins, what you will outsource, your required staff numbers, and your growth strategy. Planning this strategy will help realize your dream and make your business thrive. Step 3. Define your unique selling proposition. What makes you different from your competitors? Highlight the characteristics that make your business stand out from your competitors. Is there demand for your range of products or services? What can your business offer to increase demand? Step 4. Research your market. Who are your competitors? What product range or services do they offer? Where are the gaps? Where is demand greater than supply and for which products or services? What are the current and future industry trends? How do you leverage these opportunities? Conduct a SWOT analysis to explore the strengths, weaknesses, opportunities and threats faced by your business. Think of all possible scenarios. List the issues and conduct a force field analysis for each. This will help you determine clear actions to implement in order to address them. Step 5. Know your customer. Do your research and define your target audience. Customers are spoiled by choice, so find out their buying habits. What does your ideal customer want? Get their feedback. Who are you targeting by age, gender, behavioural patterns or location? Find your niche. Step 6. Set your marketing goals. Consider the product range and stock quantities to output or warehouse. Create a product development strategy. What is the price you should set to achieve your desired revenue? How will you handle distribution and delivery? What tools will you use for promotion? Step 7. Define your marketing strategy. Include your chosen social media channels and engagement. How and where will you advertise? Search engine marketing, print, radio or other media? Will you attend industry, trade or networking events? Step 8. Talk to your accountant. Do your sums. Are your financial goals and propositions realistic? How can you improve cash flow? How can you achieve your goals? Good business planning is a three-stage process. You plan for the future, you track your progress and you learn from your experience. One of the most important things to remember is that a business plan is a living document. Just as your business evolves over time, so too should your plans. Set reminders in your calendar to revisit your plan every three, six or 12 months. It's important to revise your goals according to your current status as changes occur over time. Make planning part of your business. It doesn't have to be onerous and it doesn't have to be done in solitude. Make it fun, get creative and include others in your process. For more information on business planning, visit business.vic.gov.au where you can access tools, workshops and resources to help you plan for your success.