Half way through the calendar year is a great time to review your business plan. If you plan on a financial year basis – it’s time to develop and implement those plans for the year. If you plan by calendar year, July is a great time to review how you’re going and ensure you’re on track to meet your goals.
By now you’ll probably have your EOFY performance figures, and you’re hopefully comparing this to the year prior. What are your figures telling you? Are you performing well, or have you slipped in some areas? Did you perform to what you forecast? Is your business plan still in line with where you want to take the business?
Now is a good time to review and redraft sections of your plan that may have changed, or perhaps tweak your goals for the remainder of the year.
An effective business plan is essential to the success of your business as it allows you the opportunity to formalise a strategy for the year ahead, what goals will be needed to be able to achieve the plan and make it a reality.
Financiers will require a solid and up to date business plan should your business require funding for that next growth phase you are planning.
Some examples of what you should include in your business plan are as follows:
- Executive summary
- Company description
- The history of your business
- Market Analysis
- Have you compared your business to the local competition to see what may be working for them and what you could adapt or improve?
- Do you have a unique draw card to be able to attract customers to your business? For example, hotels in the United Kingdom have board games available for the kids to play whilst the parents are enjoying lunch and a drink. By making the board games available to the kids, this encourages the parents to enjoy a number of hours at the hotel with friends therefore ordering more drinks and perhaps staying for dinner as well.
- Another idea might be taking your customers to a destination that they had fond memories of. For example, can the business setup an authentic Thai experience by having the right decorations and chef to be able to provide this?
- Organisation & Management
- Who makes up your business and who are the key decision makers in the business.
- A detailed description of what service or product your business produces
- Marketing and Sales
- What is your strategy for marketing your businesses product or services. Does it include a variety of marketing platforms or is it a very specific marketing strategy based on your target market.
- Funding Requirements
- How much funding do you require to grow your business? Has a cashflow been prepared to show how the business is expected to perform and how it will be repaying this loan back to the bank.
If you need help in formulating your business plan, or not sure your next growth phase is on track, why not catch up with your PJT advisor or accountant for a review on your business. We can review your figures and your plan and help you redraft the plan in line with revised goals.
Book a consultation today and talk about the year ahead and your plans.