It never ceases to amaze us how some businesses continue to operate without any formal business plan. Is it possible for a business to operate without one? Of course it is. And that’s the conversation we continue to have with small business owners. Do they really know how much better their business could be or how much more their business can deliver in terms of services, value to customers and their employees as well as to themselves without a business plan?
Most businesses still operate with a limited thinking about what their business is capable of and they are not addressing critical issues within their business planning process.
We use business strategies to develop our business plan. It’s a basic 3-4 page document that highlights what needs to happen to drive the business more then just CPI or 5% or 10%.
Your strategy should make you think about 5 key elements at least:
1. Efficiency
2. Systems
3. Innovation
4. Strategy for Growth and Marketing
5. Risk Management
Efficiency is about doing more with less and SME owners tend to find more ways to operate more efficiently with lower costs. Communicate and discuss with your staff. They are the largest untapped source of knowledge in improving your business.
Depending upon the size of your business, there are different accounting systems that you can use that save you time and hence money! Find out about improvements for small business accounting systems with help from an experienced accountant.
Innovation has to be one of the most important issues of your business planning. It means NOT thinking about what you do now but thinking about how others who maybe moving into your industry, would be establishing themselves differently to you. “Radical” and “New to the world” are the buzzwords however innovation is often about taking something old and tweaking it some more.
Growth Strategies are a key to keeping the top lining improving every year even in a contracting economy. It’s about examining your market; your products and your adaptability to changing markets.
And finally SME’s take on more risk then anyone in the business world. Risk mitigation is the key by having Plan B’s for any major risk issues identified in your business.
I have touched on some key points with business planning. They are all critical to a successful business. Call us at Sothertons to assist you in building a practical Business Plan for the tough times on 4972 1300.
Depending upon the size of your business, there are different accounting systems that you can use that save you time and hence money! Find out about improvements for small business accounting systems with help from an experienced accountant.
Innovation has to be one of the most important issues of your business planning. It means NOT thinking about what you do now but thinking about how others who maybe moving into your industry, would be establishing themselves differently to you. “Radical” and “New to the world” are the buzzwords however innovation is often about taking something old and tweaking it some more.
Growth Strategies are a key to keeping the top lining improving every year even in a contracting economy. It’s about examining your market; your products and your adaptability to changing markets.
And finally SME’s take on more risk then anyone in the business world. Risk mitigation is the key by having Plan B’s for any major risk issues identified in your business.
I have touched on some key points with business planning. They are all critical to a successful business. Call us at Sothertons to assist you in building a practical Business Plan for the tough times on 4972 1300.
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