Review Your Business Plan NOW!!
December, the time to party, holiday, indulge in food, music and drinking! While December is a busy time for small businesses trying to end the year on a high note, it should also be a time to evaluate your profits and losses. After all, December is not just the end of a year, it is time for introspection and review as well!
You might think this occasion is reserved for new, aspiring business owners. This month is a great time for reviewing a business plan that is so crucial for success. It’s also a good idea to take time to review your plan on a regular basis.
Here’s how to review your business plan to prepare for success in the coming year.
An Hour of Planning
Take out one hour to analyse your overall business. Yes, you can make progress in just one hour! Set aside quiet time to read through your business plan, cover to cover, even if your business is old and you have done this ten of times before. Your real task here is to read and contemplate your plan. Pay attention to how you feel as you do this, and jot down any ideas or thoughts that come to mind. Don’t be hard on yourself. If your current business reality isn’t the same as your plan projected, there are lessons to learn and things to avoid doing in the coming year. Don’t forget to celebrate your success!
An Hour of No Plan
Once you have thought over your business plan and pointed the things that you need to do differently, keep it aside and forget about it for a while. Take a walk. Let the idea sink in. Don’t rush to any conclusions or judgments when you finish reading your plan.
When you get back to work after a few hours, or the next day, look at the document again. See what thoughts bubble up about your plan. Do any ideas spring to mind to improve your business plan? If you find yourself feeling frustrated during this step, remember that your business plan is a living document that can be changed at any time. No plan is set in stone unless you want it to be.
Goal Setting for 2017
What do you wish to accomplish in the coming year? It’s time to set goals for 2017. Think if these goals fall in line with your original business plan, or is it time to draft a new version? Reviewing your weaknesses is one of the best ways your business plan can guide you in setting new goals. At HyperEffects, we pride ourselves in our ability to chart out a plan for individuals and businesses to get noticed and promote the brand, the individual and the idea that they support. Enrol yourself for our one-hour free consultation session today, to understand the benefits of goal setting and see your business grow in the new year!
Your business plan includes a SWOT analysis, evaluating the strengths, weaknesses, opportunities and threats for your own business compared to your competition. Go back to the “weaknesses” portion of that report. Do you still agree with what you listed for your business? Are those weaknesses still true for your business, yourself as the boss, or both? Whether you’ve added skills and strengths to your business endeavor or you’re still struggling, think about how you can grow in 2017.
It is advisable to consider a range of factors before making a decision. Some important factors include the location and nature of your business, the number of people involved, your potential exposure to liability, taxation considerations, and the company’s financial requirements. Consulting an experienced legal professional and tax accountant is also important. Your professional advisors can help ensure that you are well informed on important matters like the legal and taxation issues that you may encounter. You must understand the personal and business implications of your decisions.
When you’re finished, you’ll probably have a lot of ideas for your business for 2017 and years to come. The beginning of the year is a great time to set up a meeting with important clients and suppliers to talk about how to continue this mutually beneficial business relationship. Don’t wait to get started on this! Volunteer mentors work all year round, including around the holidays, to support small businesses.
