Aim for nothing, and you will hit it every time.  Therefore, if you don’t set goals, you have no where to go.  The same rings true in business.

Knowing where you want to go and how to get there is the first part of the battle in getting to your destination quicker. In business, getting to where you want to go is formulated by creating plans that assist your business in attaining its goals. Having a plan has no downside.

  1. Business objectives will be clear.

Use your plan to define specific measurable objectives such as sales, margins, client retention etc.

  1. Keeping your team on track

The plan is a great format for getting things in writing and following up on the difference between expectations and results with course corrections.  Having KPIs for your employees is also an integral part of your business plan as it monitors their performance to ensure they are in line with the business goals.

  1. Securing finance

If your business requires investors or banks for finance, it is imperative that having a well thought out business plan in place helps secure this funding for your business to grow and move forward. Lenders tend to what evidence that your business is on the right track before lending any funds and to know that the funds can be paid back – that’s where business plans are important.

  1. Achieving your goals and staying in control

Having a detailed business plan keeps you in control of your present and future goals however having good advice from your accountant and/or business advisor adds an extra level of input in attaining those goals. These professionals can review your financials and business strategies in detail whilst providing meaningful input to help your business grow further.

Having a plan in place is important however surrounding yourself with people that you are accountable to ensures that you are kept on track to meeting goals and targets. PJT Accountants offers this service to our clients of which many having benefited from in the past.

  1. You can better plan and manage cashflow

No business can afford to mismanage cash. Profits are rarely the same as cash. A cash flow plan is a great way to tie together educated guesses on sales, costs, expenses, assets you need to buy and debts you have to pay.

Having a detailed business plan keeps you in control of your present and future goals however having good advice from your accountant and/or business advisor adds an extra level of input in attaining those goals. We can review your financials and business strategies in detail whilst providing meaningful input to help your business grow further.

It is also important to surround yourself with people that you are accountable to ensures that you are kept on track to meeting goals and targets. PJT Accountants offers this service to our clients of which many having benefited from in the past.

  1. You will be better at delegating

The business plan is an ideal place to clarify who is responsible for what. Every important task should have one person in charge. Your plan keeps track.

  1. Identify when you need to adjust things to keep your business from failing

Having a business plan give you a way to be proactive – not reactive – about business.  Don’t wait for things to happen.  Plan them and implement it.  It is a myth that a business plan is supposed to predict the future.  Instead, it sets expectations and establishes assumptions, so you can manage the future and make corrections to keep you on course.

 

If you would like some guidance in setting up or even reviewing your business plan, contact your PJT Business Advisor today.