If you are looking to grow your business and perhaps earn some extra cash along the way, then you might want to enter a new competition aimed at SMEs. The ANZ Flying Start Business Plan Competition opened on May 14 and there is more than $80,000 worth of prizes up for grabs. The first-place winner will take home close to $58,000 worth of the overall prize pool, which includes $30,000 worth of funding from ANZ, as well as further education, training and development advice from leading organisations such as the Marketing Bureau. Launched by small business minister John Banks, this competition is designed to encourage SME owners to think about developing effective business plans and goals. It is open to both start-ups and existing enterprises. In order to enter, all you need to do is fill out a business plan template online and send it to the judges. From there, the top three applicants from each region will be shortlisted, and eventually the five leading entrants from around the country will battle it out for first prize. John Banks is encouraging businesses to make the most of this opportunity to win money and support, as well as the chance to fine-tune their own business plan - something he believes helps to set organisations apart. "Having a detailed, well-researched business plan is a real advantage. It helps sell your enterprise to others, but more importantly it helps you identify the risks and opportunities ahead so you can make the best decisions for your business," Mr Banks said in a statement. He added that since the majority of businesses in New Zealand are small to medium in size, competitions such as ANZ's Flying High are "incredibly valuable". One essential component of creating a business plan is writing a budget to go alongside it. Before you enter this competition you might want to gain a better understanding of your finances by investing in small business accounting software.