Planning for Your Business
When was the last time you worked on your business? Or do you find you are more working "in" your business?
While it might be easier to work in the business and on the tools and doing what you know and are more comfortable with, this may not be best approach for you to grow and reach your business goals. For example, there is no one is calling in new work to keep your staff busy for the months to come which can prove to create a cashflow shortage and no one is calling in the overdue debtors. How is the business expected to grow?
By working on your business, the first step is to create a business plan to ensure that the goals have been set. A business plan is important for your business as it will be your guide for the coming years and it will include items such as the following:
- Research into you competitors and what you can learn from them
- Goals for the business to achieve, short-term and long-term
- Detail how you plan to achieve these goals by setting the tasks to be able to achieve these goals. Does this require more staff to be hired or further training for the staff?
- Provide direction for the business
- Assist with communicating your goals and ideas to others
- Assist with planning your marketing strategy for the next year.
Regular review of the business plan can assist to prioritise your tasks to ensure that you are able to meet these goals.
We have worked with clients to ensure their goals are identified, how they plan to achieve these goals and assist them to put in strategies on how they will be implemented.
The next step is to communicate these goals and strategies to your staff, so all are aware of what the focus will be for the next 12 months.
If you’re spending too much time working in your business, and not planning for growth – talk to your trusted PJT advisor about getting a plan in place, and having regular accountability meetings to keep you on track.