Why is business planning important?

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The first key to success in business is planning and defining the short- and long-term goals for your business. With a plan in place, it’s your reference point to see how you’re tracking, what stage you’re at and how far you’ve got to go. It allows you to assess why you may have run into pitfalls along the way. A good plan will help you to think analytically about your business and see what works well and what doesn’t.

Getting started

Sit down and work out what you want to achieve, what you need to achieve and how you are going to achieve it. Think about the strengths, weaknesses, opportunities and threats to your business.

Think about the past year and what you might have done differently in terms of budgeting and cashflow. Review your previous plans – what did you achieve and what didn’t you achieve? How can you ensure you make it happen this time around?

Ask for help

If you don’t know where to start or if your views differ from those working in the business with you, ask someone who isn’t emotionally involved in the business to act as the facilitator.

Advantages of having a business plan

The beauty of a plan is that it is not set in stone. By regularly monitoring your plan, you can make adjustments to ensure you stay on track to meet your end goal. Or maybe you need to move the goalposts.

Whether the business plan is a lengthy, formal document, or a short, informal one, it is a tool for you as a business owner to clarify your goals and monitor your progress.

If you are struggling to answer these questions, or they have been sitting on your ‘to-do’ list for a while, you may want to consider our Business Planning process. Whether you need a hand getting started, or you want to clarify all of your thoughts and ideas for the future, contact us today