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Business Planning for 2019

shutterstock_1109995292Many business owners create a business plan when they first start their business, but as the business starts trading and the ‘work’ gets in the way it can be sometime before they get to review their initial objectives and update their plans. If you haven’t yet updated your business plan or even created one for 2019 now’s a great time to start working on your objectives for this coming year. If you’d like a template to start you off, follow this link: https://www.gov.uk/write-business-plan

Here’s 4 things you should consider when creating your 2019 business plan so that your business can become even more successful and achieve new heights.

 

Include your key people

As your business expands it’s a good idea to include the key people who are helping you run your business be that Team Leaders, Managers or other Directors. As they are working within the business, day in and day out, they will have insightful knowledge that could be pertinent to your future plans. Additionally, if they are included in the business plan, they will be more invested in ensuring the business succeeds.

Review

Review all areas of the business and identify the parts of the business that are making money and those that aren’t. By identifying what’s working and what’s not will help you reduce costs and invest in areas that need funding. Review all the main areas such as IT, HR and Finance.  Many business owners will cover these areas to begin with to reduce overheads. However, as the business grows so will the workload of these functions, which will ultimately use up more of your time. If you are finding you are spending more and more time on admin and working in your business and not on it, you should consider either employing new staff or outsourcing. Research local companies that can help with these functions such as a reputable Data Centre that can help with your IT requirements or an Accounts Team that can help with your invoicing and books.

Marketing & Sales

If you have an online presence you should be able to review how your website has performed over the past year by using the analytics tools. Your online marketing strategy should be driving people to your website and depending on your business, either engaging them to buy your product or contact your company. Make sure you know what you are expecting from your website and that your website is working well and delivering a great user experience.

Set SMART Goalsshutterstock_737969389

After reviewing the successes of your business from 2018 you should be able to set SMART gaols for 2019. A SMART goal is:

  • Specific – be specific about what you want to achieve
  • Measurable – to ensure you can track your progress and meet deadlines
  • Achievable – to ensure they are successful make sure they are realistic and can be achieved
  • Relevant – make sure the goal is relevant to you, your team and your business
  • Timely – agree deadlines but make sure they are realistic and can be flexible

By setting goals using this method you won’t be setting yourself up to fail. If you achieve the goals in the first quarter of 2019, you’ll know that you were way to lenient! Make sure your team understand why goals are being set and how they can be achieved, this way they are more likely to focussed on delivering. Find out more about SMART goals by visiting the Mind Tools website: https://www.mindtools.com/pages/article/smart-goals.htm