As business owners, we often find ourselves getting bogged down in the day to day operations of running our business and not strategic planning like we should. It is important we take the time to step back and look at the bigger picture. Time spent on your business instead of in your business can ultimately help you identify opportunities and inefficiencies that can improve your business and even your lifestyle.
Where to start . . .
Take the time to assess your business and its environment
What is your business really successful at and where are its weaknesses:
- Are you concerned about cashflow
- Do you have appropriate finance and structures in place
- Are your staff productive and happy
- Do you have a strong loyal customer base and healthy sources of new customers
- Are you wasting resources on unprofitable products, services or inefficient processes
Are there any opportunities or threats in your business market:
- How does your business compare to its competitors and are there any threats of new entrants to the market
- Any new trends or product innovations that provide an opportunity for sustainable growth
- Who is your target market and are you reaching them effectively
- Is your business well-placed to withstand external pressures such as political or economical changes. Consider your customers and how these changes might affect their buying habits.
Ask your staff, customers and advisors for their feedback and ideas.
Determine Your Business Vision
Now that you know where your business stands, it’s time to decide where you ultimately want to be.
Do you dream of tripling the size of your business or just budgeting for that extra staff member so you can take those long overdue holidays. This is your top-level objectives for the business. Think five years plus. What values and culture do you want to underpin your business? What is the focus of the business? Are there any new product innovations or new customers you wish to attract?
How will you achieve your objectives?
Set SMART goals (Specific, Measurable, Achievable, Realistic and Timely). Consider the gaps between where your business is now and where you want it to be and implement actions to achieve your goals:
- Make sure you have the appropriate structure, location and finance in place
- Hire and train the right staff
- Update inefficient procedures
- Set a budget
- Set a marketing strategy
- Seek appropriate advice from your accountants, lawyers, financial advisors and other professional advisors
- Communicate your vision and goals with your key personnel and get them on board
Once you have finalised your plan, it is important to ensure you keep yourself and the team accountable. Not only can PJT Accountants & Business Advisors help you with your strategic plan, we can also meet with you regularly to ensure you stay on track. If you think about any successful business – they have their strategic plan in place. Talk to us about how you can make next year your most successful year yet.