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Business Essentials Pillar

This is a Core Pillar on the Nine-Pillar Roadmap

The Business Essentials pillar outlines the key benchmarks that, when achieved, should underpin the foundations of your business.

Whether you’re just starting out with a new business venture, or you have been running your business for some time, careful business planning can be the key to your success.

Understand your legal obligations

All businesses must comply with a range of regulatory standards as required by local, state and federal governments as well as controlling industry bodies. Your business must adhere to the laws, regulations and guidelines that apply to your business and industry you operate in.

Value your business plan

A well-developed business plan is an essential reference tool, regardless if you’re a new, established or leading business. It articulates your business goals and explains how your business will service customers, manage resources, be profitable and remain a sustainable, viable business.

As your business evolves over time, the goals and strategies in your business plan may need to change. This ensures your business is still heading in the direction you want. An up-to-date business plan is also vital if you need to obtain finance.

Identify and manage your business risk

All businesses face risk. It is important to understand the risks that apply to your business and find ways to minimise them. Risks can be identified through a risk assessment.

The common risks to consider include people, processes, premises, providers, profile and performance. A risk management plan provides guidance when unexpected disruptions occur and is crucial for your business to remain resilient.

Be environmentally sustainable

Environmental sustainability is becoming an essential part of business across all industries. It is particularly relevant to tourism in the NT as the destination and majority of product relies heavily on the natural environment. Being environmentally sustainable will not only impact your business and the environment in a positive way, it is also an effective aspect to leverage and appeal to the growing market of environmentally conscious travellers.

You can implement sustainable business practices with an environmental sustainability plan. It should articulate the responsible interaction between your business and the environment to avoid depletion or degradation of natural resources and allow for long-term environmental quality.

Through careful business planning you can maintain a competitive edge, satisfy increasing stakeholder expectations and secure your business operations now and into the future.

Are you starting a new tourism business?

Contact the Business Enterprise Centre NT (BECNT).

Business Enterprise Centre, Northern Territory
www.becnt.com.au
[email protected]

Darwin
Lower Level, 20 Catterthun Street
Winnellie NT 0820
1800 229 500

Alice Springs
Central Australian Development Office
55 Todd Mall, Alice Springs NT 0870
08 8951 5788

Page last updated on 22 September 2020