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You know what they say, new year, new beginnings!
The key might be to re-jig your strategic plan! Here's why;
A plan for accountability It can be hard to make sure you’re accountable to the goals you’ve set for yourself and your business, but with a defined business plan in place, you’ll have a daily reminder of the goals you’ve set out to accomplish.
A roadmap for growth Achieving growth takes constant dedication to your goals. Focus on manageable portions of your goal every quarter, without fail, to keep your growth on track.
A measuring stick With goals set out by the quarter, you’ll have a specific mark to measure against. Using regular check-ins, you can examine your progress and adjust as needed to keep yourself on track. Now that you know the why, here are some great tips from business.gov.au on how to update your strategic plan:
Set aside enough time Don’t leave your business plan to the last minute. It takes time, research and careful preparation to develop an impressive plan that can sway investors and lenders.
Do your research It’s difficult to understand your business without also having knowledge of your market, customers and competitors. Research can help you develop goals and targets, as well as a better understanding of where your business should be heading.
Set clear goals Work out what you want to achieve in business before you get into the details. Even if you’ve already done this in the past, it’s useful to see if these goals still reflect your current business.
Update your finances Lenders and investors need to know your finances are in order and your business is in a strong financial position. They will want to know how much money you currently have, how much money you need and how much you expect to make in the near future.
Include a brief summary Summarise the main points of your business plan in no longer than a page. The summary should include details about your business, market, goals, current financial position, how much finance you’re seeking and what it will achieve.
Get some help If you aren’t confident in completing the plan yourself, there are professionals who can look through your plan and provide you with advice.
Present it well Your business plan needs to make a good impression, so keep the language and presentation professional. It’s sensible to ask a number of impartial people to proofread your plan to check that it makes business sense and ensure there are no errors.
Keep your old copy It’s a good idea to keep a record of prior versions of your business plan as they may contain some important historical information as well as your intellectual property.
If you would like help with your strategic business planning this new year, give me a call on 08 8120 4877 or email me at martin@vervegroup.com.au to chat about your business.