As an owner-managed business operating in a competitive and challenging market, if there was ever a time to sit back and evaluate your game plan for the next 12 months, it’s now.
Whether 2019 was a great year or a tough year for you and your staff, an up-to-date plan is the one crucial aspect that many operators tend to overlook as the new year rolls over. Many forget to review theirs (if they even have one) on a semi-regular basis and so consequently launch head-on into the new year making the same mistakes and missing the same opportunities as they had done in the past.
The simple fact is that writing a business plan is time-consuming and hard word but if done properly it comes with great rewards. These include:
- Providing a clearer understanding of your financial goals
- Helping to secure a business loan or attract investors
- Minimising the risk of getting caught out with cash flow issues
- Helping to eliminate non-profitable areas of the business
- Becoming a valuable asset should you decide to sell the operation
When revisiting or reformulating your business plan, it’s important to consider the following:
- Reflect. Take a look back over the past 12 months. What went really well for you this year? What didn’t? And what do you want to have happen over the next year and into the next decade?
- Envision. Get clear on what you want for yourself. Write down your goals and the dreams you want to accomplish over the next 12 months, five years and ten years. Envision the person you are going to become as you make it all happen.
- Plan. Think about your big goals and consider the smaller steps you will need to take to achieve them. Taking one small action every day will bring you closer to the life of your dreams.
Above all, don’t jump blindly into the new year. Spend some quality time working on your business plan now and I can guarantee you will save yourself a mountain of headaches in the coming months.
