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It might be that time of year when you are thinking about doing your annual business plan. Here at Milnes Beatson, we put a day aside every year when we set goals and formulate a plan for the upcoming year. David and I, with our business manager John, lock ourselves away and discuss a number of matters. It’s even better if you can get away from your “office” to somewhere with fewer interruptions.
Why is it important to set goals or prepare a business plan?
It helps to have a clear plan of where you’re going and the path ahead; build a business that best suits you and your lifestyle; understand your current business skills and identify any gaps; spot opportunities that can help you reach your goals; use your resources wisely; and know whether to say yes or no to opportunities that come up. If it doesn’t support your vision, move on. Without a plan you can end up spreading your time, money and energy too thinly.
Too often we work in the business and not on the business. Sometimes you just need to sit back and look at the bigger picture. It may also be helpful to use an independent advisor to help get clarity with your priorities and opportunities. Then, regularly throughout the year, take your plan out and re-read it to ensure that the daily decisions you make are in line with your plans and goals.
Also ensure that key employees are aware of your plans and goals; give them separate goals that will help your business achieve the bigger plan. Any of your employees who are making daily decisions need to know your plan in order stay in line with, and help you attain your business goals.
If you don’t know where to start, the following links may be useful, or you can just give us a call. Do it, it will help.