Stuck in lockdown and feeling bored? We understand how frustrating lockdown can be. There’s so much you can’t do and you don’t have control over it. But can lockdown be the perfect time to do some business planning?
For a lot of business owners, business planning constantly gets bumped to the bottom of the to-do list. It never feels urgent, especially when sales are strong and you’re dealing with challenges like finding new staff or product shortages.
However, a business plan can really pay dividends in the long run. It can not only be a fantastic decision-making tool, but it can also help you get your priorities in order.
Having a business plan in place, or even just a couple of goals helps you think about what you really want from your business in the long run, and how you can achieve that. So why not use lockdown period to do some business planning?
Setting Goals and Business Planning
Pared back to its essentials, a business plan identifies:
- Your goals, which include both business and personal goals. Think about what you want and when you want it by.
- How you plan to achieve those goals.
This may look simple, but it can help break some barriers. For many people, the pandemic and lockdown have made us rethink our priorities and what’s important to us, including planning for the future of our business.
It can be pretty soul searching to work out what your goals are as a business owner, because they’re not simply related to growth, more money, or market share.
They’re also about your personal goals. Do you want more money, or more time? Do you want to step up, or step back?
From a business perspective, you need to think about whether to expand your products or services, or become more profitable within your existing specialty area?
If you don’t do any other business planning, simply thinking about your goals and jotting down a few points can crystallise your ideas, giving you valuable insights into which direction to take next.
A Plan for Achievement
Once you have goals in place, figuring out how to achieve these usually requires a multi-faceted approach.
It will include some or all of the following areas:
- Reviewing your current and potential products and services and understand how to use the information to achieve your goals. Check out our blog about How to Use Your Revenue Drivers to Improve Sales.
- Pricing, target market and competitor comparisons.
- Sales and marketing.
- Understand what your Balance Sheet tells you about your business, including what assets or equipment you currently own and need in order to achieve your goals.
- Systems and automation to implement, so that you can free up more of your time.
- Financial forecasts.
- Cash flow forecasts.
- Possible funding for investment. You can find a grant or support program to help your business here.
- Your current team and staffing needs.
Lets Plan Together
We love talking to business owners about how to achieve their goals. Seeing our clients succeed is one of the most rewarding parts of this job.
We can run the numbers on various scenarios, do cost-benefit analysis, cash flow forecasts, and ideas for growth.
Contact us, we can help.