Starting and running an RTO, as in any other business is hard work. The good news is RTO’s have lower rates of business failure, then any other small business. It is because of the business planning and alignment to quality standards that they keep going. So as with every business, the more preparation you do before start up, the better your chance of avoiding financial and personal heartache. This preparation you do, complete with a business plan and financial plans/projections is all reported to your registering body prior to your initial audit.
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, evidence to show they can achieve them and the plan for reaching those goals. It is valuable information that the Registering body will read and understand more about you and your specific circumstance.
Does your initial application include a business plan that sets out your:
- Background
- Business objectives
- Analysis of the market
- Basic SWOT analysis, describing how you will address the strengths, weaknesses, opportunities and threats.
- Financial projections for the next 12 and 24 months?
The business plan is a long-term planning document and it will cover a lot of ground. Make sure you have a good plan of action so you know what you want to achieve and how to achieve it.
F4 Solutions has a business plan template, videos and a wealth of information to get you writing that Business Plan that will really show your passion and dedication for your new business. Go to the initial registration products and look for the “Foundations – planning your plan”
Planning equals better results, better targeting and will help minimise any problems you may encounter. Paint a picture with words that brings to life how you will get your business started and how you will continuously grow and improve it for the next three to five years.
