Business Planning. What is it? (See the picture – that’s us – business planning 😀 – it can be fun).
We are half way through the 2018 calendar year; it’s a good time to reflect on your recent business successes – and consider what you’d like to achieve in the next 6 to 9 months.
These tips can help you with the process of making plans to help guide your business to further success.
1⃣. Set priorities 🔠
Business owners are typically very busy, highly creative and optimistic; as a result, they often have difficulty narrowing down their ideas from among all the exciting possibilities, whether it’s an opportunity to expand to a new market or choosing a better time management strategy.
As you update your business plan, focus on what’s most important for your business to achieve this year. Then break your goals down into smaller tasks, to maximize productivity and enjoy the small successes that lead to big changes.
Start by defining your top three business goals for the upcoming quarters. With those in mind, do some research and thinking into the best way to achieve those three goals – and a reasonable timeline for meeting specific targets.
2⃣. Think outside the box 📦
Your priorities in the coming quarters may be to hit a certain revenue target, launch a new product line or tap a completely new market.
How will you stay competitive? For instance, it’s important to review your margins and pricing strategy on an annual basis, to ensure you continue to attract new prospects and retain customers at an optimal margin.
As part of your overall business planning process, spend some time on competitive intelligence, too. Include in your plans how you’ll increase value for your offerings and continue your point of difference (why people love you).
Tip – Soft skills are the new technical skills 😉
3⃣. Find money 💰
If scaling your business is on your agenda for the year ahead, and you don’t have savings earmarked to fund your ideas, you’ll want to make sure your business plan includes adequate financial planning.
Applying to a lender for a business loan is one option. In this case, you’ll want to include up to date cash flow reports, income statements, budgets and projections in your plan for a potential lender.
Your accountant can also help (of course we can) provide additional financial advice and support as you update your business plan, based on your most current financial records.
Tip – When was the last time you reviewed your debtors and your debtor terms?
With these business planning tips in mind, you’ll be well-prepared for a few quarters of growth and continued success.
🔋Extra for Experts
Review your business plan every quarter to ensure you stay on track with your goals and priorities throughout the year.
Be realistic about opportunities and challenges as you plan ahead. Remember – what doesn’t get measured, doesn’t get done.
Get help to set meaningful short and long term goals.
Sometimes an independent set of eyes can see opportunities that have been sitting in front of you for months.
All the best for the second half of 2018, go out there and kick some goals.
Luke & Phil