How to write an NZ business plan: Guide, tips & templates

Got a ripper of a business idea? Don’t jump the gun and start trading straight away. Writing a business plan clarifies your objectives, tactics, and budget to pave a roadmap for success.

That’s not conjecture. According to Harvard Business Review, “Entrepreneurs who write formal plans are 16% more likely to achieve viability.”¹

But don’t worry. You don’t have to be a Harvard scholar to pull this off. We’ll teach you how to write a business plan and provide a simple, ready-made template.

We’ll also introduce Wise Business, a low-cost banking alternative that saves Kiwi companies money when transferring funds overseas.

Table of contents
What is a business plan? Benefits Who needs a business plan? What to include in a business plan Nifty tips for writing a business plan Managing global finances with Wise Business FAQs

What is a business plan?

A business plan is a fundamental document defining core company objectives, potential challenges, and a blueprint for growth. It also documents company operations, from marketing strategies to milestones and management.

The business plan doesn’t have to be an intricate, Lord of the Rings-length saga. Often, small businesses can benefit from snappy 1-pagers.

👆Wondering what it looks like? Wise has prepared a business plan template you can download and use for free.

The benefits of a business plan

A well-executed business plan can:

• Provide direction and clarity
• Define objectives and milestones
• Clarify your target market and competitors
• Improve decision-making processes
• Optimise budgeting and resource management
• Identify challenges and mitigate risks
• Build a roadmap for growth
• Attract potential investors

Who needs a business plan?

Facebook Marketplace flippers and sole-trading plumbers probably don’t need one. But companies with staff and plans for scalable growth with potential for investment funding, definitely do.

From online entrepreneurs to behemoth multinationals, all businesses should nail down a business plan. The document is crucial when demonstrating viability to investors.

What to include in a business plan

Every business is different. There’s no definitive, one-size-fits-all formula for how to write a business plan in NZ. We’re providing examples of what companies can include in a business plan. You choose what best applies to your brand, depending on your industry, size, structure, and ambitions.

Executive summary

The executive summary sits atop the document to provide a snappy overview. Think of it like an elevator pitch, where you’ve got 30 seconds to sell your idea. Write this section last after you’ve clarified the fine details.

Company overview

This section provides a concise company summary, covering the products/services, history, mission, legal structure, management, and target market(s). An overview lets readers rapidly understand your company’s value and purpose.

Product definition

Outline materials, labour, production processes, supply chain logistics, lifecycles, refunds, and potential intellectual property conflicts. Think about functionality and compare expenses to pricing to evaluate profit potential.

Value proposition

How will you beat the competition? Determine whether you’ll compete on price, quality, customer support, expertise, or an innovative feature.

Highlight your Unique Selling Proposition (USP), a specific benefit that differentiates your business and provides value to the customer. Consider the customer’s problem or need, then outline your solution. The USP will guide your marketing.

Business objectives

Define your direction and core objectives, following the SMART formula:

• Specific: Well-defined goals rather than vague ambitions
• Measurable: Quantifiable objectives you can track
• Achievable: Break down big objectives into manageable milestones
• Relevant: Ensure all objectives contribute to your ultimate goal
• Time: Set deadlines to promote urgency and focus

Objective milestones

Once you’ve set SMART objectives, it’s time to make some milestones. For example:

• Achieve a turnover of $10,000 per month by June 2026
• Obtain 7 new clients by the final quarter of this year
• Grow your business by 50% within the first 12 months
• Increase your sales by 20% before the end of the financial year

Be realistic and leave wiggle room. Missing a milestone doesn’t mean your business has failed. But it’s great to have something to aim for.

SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)

A SWOT analysis evaluates what you do well and how you can improve. Strengths and weaknesses tend to be internal (within your company), while opportunities and threats relate to external factors.

Draw a large square and split it into quadrants, one for each element.

• Strengths: Positive attributes your business can harness to achieve its goals, such as skills and expertise, and how your company can outperform competitors.
• Weaknesses: Roadblocks that could stop you from achieving objectives, including low expertise, limited resources, poor brand awareness, or inefficient processes.
• Opportunities: External factors that could aid your success, like reaching new markets, upselling related products, or emerging, productivity-boosting tech.
• Threats: External conditions that could hinder success, such as a stagnant economy, industry downturns, changing consumer trends, and competitor advantages.

Defining each element helps to build on strengths and opportunities and mitigate weaknesses and threats. Repeat the process for your main competitors.

Market overview

Research your industry to evaluate the viability of your business idea. Collect data on the market’s size, growth, future, and consumer trends that could present challenges. Compare competitor pricing to determine where to position your business: budget, mid-range, or premium?

Target customers

Define the demographics–age, income, gender, and location–of your ideal consumer and evaluate their buying habits. Do they have enough disposable income or motivation to purchase your product? An intimate understanding of your customer guides your marketing.

Competitor research

Study competitors to understand their strategies, financials, and market share. Look at strengths, such as brand recognition, and weaknesses, like inefficient processes. A SWOT analysis will help.

Visit stores and purchase products or services to evaluate quality and value. Compare pricing and advertising, then consider how your business can compete.

Marketing strategy

Contemplate how you’ll promote your business and highlight its USP. Common online channels include a Search Engine Optimised (SEO) website to drive organic traffic, Social Media Marketing (SMM) to foster engagement, and Pay-Per-Click (PPC) advertising to attract warm leads. Traditional methods, like TV and print ads, can yield solid results but may be expensive for small businesses.

Set targets that cover not only sales, but also metrics like new customers and repeat business. Create a marketing budget and determine what you’ll outsource to an agency or undertake in-house. Devise ways to measure marketing success.

Management and team members

Consider the strengths and weaknesses of your employees and assign them appropriate positions. Define who is responsible for which business operations and carefully select management based on merit.

Identify skill gaps and address them. Evaluate how your business will attract and retain future talent, whether in-house or through a recruitment agency. Companies seeking investors should showcase each employee’s expertise and draft charts to outline hierarchical structures.

Budgeting and financial forecasts

Estimate your expenses and quarterly operating budget, factoring in debts, franchising fees, and interest repayments.

Financial forecasts evaluate how much income you need to cover expenses and the leftover profit. Consider hiring an accountant when approaching investors, as the finance section is critical for obtaining external funding. A cash flow and balance sheet forecast can help build confidence in your idea.

Nifty tips for writing a business plan

The following tips will help optimise your business plan:

• Keep it short and sweet: Unless you’re seeking investors, don’t write a long, complex document spanning every section in this post. A concise 1-pager will do.
• Follow a template: Use the free Wise business plan template to save time so you can focus on growing your business.
• Don’t underestimate your budget: Things always end up costing more than you think, so add some wiggle room to your start-up budget.
• Do a SWOT analysis: Many businesses find this the most useful phase of the plan.
• Network with entrepreneurs: Speak to other business owners to see how they’ve written and implemented their business plans.
• Include contingencies: Identify risks and create a contingency plan should things go pear-shaped.
• Be realistic: It will take time to get your business off the ground, so create a realistic financial forecast with low revenues in the early stages..
• Diversify: Don’t rely too much on one customer, client, or supplier, or you’ll run into trouble should they vanish.
• Conduct market research: Speak to potential customers to gauge their interest in your product and learn about pricing preferences, pain points, and desires.

Managing your startup’s global finances with Wise Business

For Kiwi companies sending money across borders, a Wise Business account can lower expenses through cost-effective international transfers. Wise Business uses the mid-market exchange rate for currency conversions and has a fair pricing policy with no hidden markups or sneaky extra fees.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 40 NZD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

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FAQs on business plans

How long should a business plan be?
The greater the investment, the longer the business plan. Small businesses often prefer a simple 1-page document. Go into more detail if you’re seeking investors.

Can I use AI to create a business plan?
AI can help, but you must fine-tune prompts and make manual adjustments. You have a unique business, and LLM output is generally rather generic.

Where can I source information for a business plan?
Statistics New Zealand, trade organisations, and big NZ banks publish free reports on market trends. Publicly traded companies must also publish financial reports; check their website for an investor relations section.

How to write an executive summary for a business plan?
Write the body of the business plan first to clarify the major points, then create an elevator pitch-style executive summary covering the most essential info.

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Source:

1. Harvard Business Review: Writing a business plan makes your startup more likely to succeed.