Time for a business review?
The start of a New Year is often seen as a time of new beginnings or a chance to sweep away the old and start afresh. This applies as much to business as your personal aspirations and if you have your own business the two are entwined.
If you are starting a new business or wanting to review or refresh your current one, you need a plan.
What do you want to achieve in the coming year?
This could be increased turnover and profit, turning an overdraft into positive cashflow, entry into new products or markets, new or more effective management or processes, increasing awareness of your company or brand or improved engagement with staff or customers. To increase turnover or profit you may have to do some or all of these things.
What should the plan look like?
You need to list all that you want to achieve, have a financial plan but also a monthly plan of what you need to do to achieve your goals. This could include a plan for training your staff or a marketing plan with specific actions to complete each month for example.
Do you have what you need in place to turn your plan into reality?
To achieve your plan you also need to ensure you have the required support in place. This could be money, staff, specialised professional advice, administrative back up etc. You also need to review your plan each month, be able to measure your progress and take action if and when you go off course.
When you have a struggling business it’s easier to see you need a plan and the determination to stick to it. But if you have had an owner managed business for a few years and its turning over nicely, it’s easy to not make plans or to make them and not review them. You may be happy with the way things have been going except, you might be at a stage where you could be looking to actively increase your business value in preparation for sale or retirement for example.
Or, what if you were suddenly not around for any reason – a manager would find it easier to carry out your wishes if there was a plan to follow. There might be new technology or a competitor coming to market that may disrupt your previously successful business model. Or you might simply be missing out on opportunities to increase business and thus your financial security. Very successful businesses still have new opportunities to grow.
If New Year optimism has made you want to bring a new broom to your business and the opportunity for fresh thinking, we can help by bringing fresh insight and additional experience to your business. If you would like a free one hour session to understand where your business can go this year, please fill in the contact form below.