Business planning is not just for startups.

Business planning takes place when the stakeholders (owners) in the business sit down and set all the goals, strategies and actions that they envision taking to ensure business survival, prosperity and growth.  Here are some strategies for business planning and the ways it can benefit your business.

Key decisions to business planning:

What is the business structure?

• Sole Proprietor
• partnership (not a corporation)
• Corporation (Limited)

Create a business plan.

• know your targeted clients or customers
• what does your company need to operate?
  • office space
  • equipment
  • employees

Do your research

• know your competition
• prices and sales or service value.

Create a projected budget and cashflow.

• You will have a better chance of obtaining financing from institutions, angel investors, or venture capitalists if you have a solid business plan to back up your ideas.

Register your business name.

British Columbia – https://www2.gov.bc.ca/gov/content/employment-business/business/managing-a-business/starting-a-business/starting-a-restaurant-in-bc/register-your-business

Alberta – https://www.alberta.ca/register-business-name.aspx

Incorporated companies BC – https://www2.gov.bc.ca/gov/content/employment-business/business/managing-a-business/permits-licences/businesses-incorporated-companies/incorporated-companies

Incorporated companies AB – https://www.alberta.ca/incorporate-alberta-corporation.aspx

Register your business with CRA – https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/registering-your-business/bro-register.html

• Register for a GST number if your business makes over $30,000 in 4 consecutive quarters.
• Register for Payroll source deductions once you hire your first employee.
• Register for PST if you are selling items to your customers (do not register if you are a service provider and/or if you are reselling items under $10,000 in a year) https://www2.gov.bc.ca/gov/content/taxes/sales-taxes/pst/register#:~:text=Your%20PST%20number%20is%2011%20characters%20long%20and,PST%20number%20also%20applies%20to%20your%20MRDT%20return.

Register for WorkSafe

• WorkSafe BC: https://www.worksafebc.com/en/insurance/need-coverage
• WCB – Alberta: https://www.wcb.ab.ca/insurance-and-premiums/
• https://sam.wcb.ab.ca/AccountRegistration/AcctRegindex.aspx

Post-Startup Business Planning

A business plan is an ever-changing documents that is updated throughout the life cycle of your business.

Once your business has officially started, your planning will shift to setting, and meeting goals and targets. Business planning is most effective when it is done on a regular schedule that revisits existing goals, projects, and opportunities throughout the year, or even more frequently, additionally review short-term goals and setting a clear path for your long-term success.