Small Business: Business planning - Vanessa Davey, Venus Network

Vanessa Davey, founder and managing director of Venus Network.

Vanessa Davey is the founder and managing director of Venus Network, a business networking organisation for women. The business was founded in 2008 and is based in Tauranga.

What is your approach to business planning in your operation?

I think it's a vital part of growing a business. When I began this business I found the thought of creating a multiple-page business plan daunting so for the first few years I just had a one-page document mapping out what I was going to get up to that year. It's been in the last two years that I realised I could create a business plan that better suited my team and my business.

Every November and December we look at reviewing the year that was, and together with my team we look at what we want to create for the year ahead. I then use our quieter time over summer to create a strategic plan.

As part of that I look at setting three key strategic goals, as well as highlighting key project areas and running the rule over accountability, time scale and rewards.

Why do you do this?

It means my team and I are on the same page when it comes to what, how and when we're growing in the business and it helps me work out what resources we'll need to roll out the plans.

It's also an opportunity for everyone to see my vision for the company and how that's going to take shape in the year ahead.

And it means I'm better able to map out my cashflow, which gives me greater peace of mind.

How do you keep your plan relevant over time?

I look at it each week and each month to make sure we're on track, and I only do business plans 12 months ahead of time. Things change, so that's the system I've created to allow for that. I find going back to the drawing board every 12 months keep our plans relevant and motivating.

What have been some of the challenges?

I love creating new projects and business ideas but it's a challenge for me to stick to the one plan that I have made. So having a team and a business mentor helps keep me accountable.

What are three key success factors you've learnt from your own experiences of business planning that you'd like to share with other small business owners?

1. Be really clear about your own picture of success. I'd strongly recommend not listening to anyone else's opinion about what they think your business should or could look like. It's your business, so you get to choose what being successful looks like.

2. Set your plans out only for the next 12 to 24 months as you never know what will happen around the corner.

3. Get your plans down on paper, but don't set them in concrete. Writing down plans makes it real, can help with keeping you accountable but a plan should also be malleable. Give yourself some freedom to change and alter your course.

Coming up in Small Business: New Zealand Fashion Week is in full swing. So what's it like to be a small Kiwi fashion brand with big global ambitions? How are you getting where you want to go? If you've got a good story to tell, drop me a note: nzhsmallbusiness@gmail.com