As 2018 begins, now is the perfect time to think about updating your business plan for the year ahead. Just as you would with a New Year’s resolution for yourself, think about what you’d like your business to achieve over the next 12 months and in the future.
Here’s our tips for refreshing your business plan for the year ahead…
- Assess your current situation: Think about where your business is now, both financially and strategically. Did you meet your goals and forecasted profit for 2017? What were your successes and failures from the previous year? Understanding your current position as it stands, helps you to clearly plan for the year ahead.
- Pay attention to your competitors: Look at your competitors and ask yourself, what are they doing well? Perhaps they are offering something you aren’t which is giving them the edge over you. Is there anything they aren’t offering which you could? See the competition from a customer’s perspective, fill in the gaps and give customers a reason to choose your business.
- Update your technology: Consider day-to-day processes in your business, such as: order taking, invoicing, customer tracking and customer communications. There may be technology on the market which can increase the efficiency of this process. For example, enabling you to automate processes, saving man power and therefore, saving you money in the long run. A sound investment!
- Review your suppliers: Are you getting the best value from your suppliers? Especially if you have been loyal to the same supplier for years, you are well within your rights to ask for a reduced price in return for your continued loyalty. Also, consider the quality of the service you receive from them. If you have suffered at the expense of their errors or received late deliveries, it may be worth looking at alternatives on the market.
If you require help making a New Year plan for your business, whether it’s based on a growth or maintenance strategy, get in touch with a the Walker Begley team today on 01925 210 000
