THINKING ahead is more crucial to sound business management, than ever before, according to Business Training Consultants' managing director Leigh Rachow.

She said developing and implementing a business plan may be the most important management investment any business could make, and was like the 'new challenge' being faced by business today.

Business Training Consultants held its first of five, federally-funded succession planning workshops last week, to help business owners and managers develop strategies for effective business planning and succession planning.

The workshop focused on two critical aspects of a business and succession plan: managing the operations of the business, and the people factor - the major stakeholders in achieving the goals of the business.

Over the next 10 months, 15 business owners will develop their skills and knowledge through interactive workshops, with one:on-one mentoring available to develop their business and succession plans.

Ms Rachow, a business owner for 23 years on the Sunshine Coast, said she accredited her business survival to effective business and succession planning.

"It's never too early to develop a succession plan," she said.

"In fact, it should be the fifth element to your business plan. Both are of critical importance to the longevity of your business."

Visit www.scba.com.au/business for more details on the mentoring programs, which are funded by the federal government.

MAKING PLANS: Business mentor Rod Richards talks to the participants in a course about succession planning.