Preparing Your 2017 Annual Business Plan
Now is the time to finalize your business plan for the new year. While some businesses are busy during the holidays with their business, there are a some businesses that might experience a lull during the December month. Whatever state your business is in, make sure you make planning a priority. It can be the difference of how much your business increases. Below are some tips on planning that can help your business grow next year.
- Previous Year Assessment: Small business owners need to understand what worked the previous year and what didn’t. Additionally, they should be looking at years prior for year-to-date growth to understand where the challenges and opportunities are. Doing a simple assessment like this will help your next year planning be far more effective.
- Get Focused on Key Obejectives: Some of the best advice you’ll hear from small business owners is to be more focused on your objectives. Small businesses often get challenged with managing all their deliverables that they can easily lose focus. American businessman, author, and philanthropist, Tony Robbins discusses business entreprenuarship and is known internationally for his positive coaching says, “You’re life is controlled by what your focus on.” Streamlining yourstrategies/objectives and focusing on making them a reality is one of the best ways you can improve your planning.
- Finance/Budgeting: One of the biggest blunders small business owners make is creating an annual budget. A business doesn’t have to be a multi-million business to create a budget for your business. At any stage of your business, you should have a budget to review, update and assess as often as needed. Take the time to see where your money is going and where it is needed. Doing this consistently will help you create more focus around what your real business needs are.
- Marketing: This might be the biggest challenge small businesses have. There are so many times a small business mentions they don’t have a marketing bugbet, but one of the first things theire business needs is often a marketing objective. Whether it’s a business card, an ad or even a website, those items are all listed under marketing and cost money. Be sure and plan for marketing in yoru annual planning. Try to consider it as the gas you need to run your car.
Lastly, on the best tips we have for small businesses about planning is it never stops. Reviewing and adjusting your plan throughout the year is just as important as establishing your initial plan. This may sound challenging, but in truth it’s just good business. Having a plan from the start of the year will get you a sharper perspective on where your business is going and how to help it succeed.