It’s almost 2019, and another year has passed as quick as a flash. As a business owner, it’s easy to get caught up in daily activities, being pulled in lots of directions as your people come to you for guidance. Perhaps it’s been in the back of your mind for a while to really get a grip on your business strategy.
You’ve managed decent growth up until now, despite not having rigorous objectives or company goals in place. But you know that in order to really push to the next level, you are going to have to devote the time to develop a business plan. You will need to look at the bigger picture, understand where you want to go, and the steps you need to take to get there. This can seem overwhelming, especially if it’s not something you have undertaken before.
We spoke to Charmion Ingram in our Business Planning team to get her guidance on what you can do today, to plan for your future.
Understand your business
In my experience, a lot of practice’s we help might have a really good understanding of some areas of their business, but generally there are parts they might be completely in the dark about. Start by exploring how you feel about your business performance over the last year. What is your definition of success? What kind of business do you want in the future? Are you going to focus on your CVP, growing your business or planning your succession?
Decide on your vision and set your goals
Without a compelling & clear vision that drives you, the business plan you develop will become meaningless. This starts by knowing what you stand for, and how you want your business to look in 3-5 years from now. Once you are comfortable with this, you need to turn these into tangible goals and financial targets that will help you achieve your outcomes. Having hard metrics such as revenue, capital value, staff and other business drivers is essential in this step.
Develop your strategic business plan
Once you know where you’re heading you need to decide on the strategies that will get you there. Looking at the different areas of your business will help you develop an operational plan. It’s important to analyse at this stage so you have a clear idea of any skill gaps that may be affecting your business’ performance. This could potentially hinder your ability to achieve your strategic vision, goals and targets. Create an action plan that supports your business plan. This should outline what needs to be done, by who and by when.
Set regular check-in’s
Many business owners do all the right things up front, but then fail in execution because they get distracted and their strategic plan falls to the wayside. By diarising weekly, fortnightly or monthly check-ins with yourself, or your team, will help to keep you accountable.
A great business plan is achievable, as long as you are willing to put the work in. It should contain both strategic and operational focus that will help drive you towards achieving your objectives.
Jigsaw practices have access to a number of tools and templates that can help in this process, and our Business Planning team offer a service to consult into your business – if you feel you need a helping hand to set your plan up the right way. Watch this short video to learn more about how they can help you. Contact your Regional Manager for more details.