It is always good to look to the past and present to plan for the future. Using this information, we can put in place plans and goals for the coming year, along with the actions needed to fulfil them in a rapidly changing world. With that in mind, December is Write a Business Plan Month.
It is an excellent opportunity to reflect on the past year, plan for the year ahead, and try to future-proof our businesses. In the last five years, businesses have had to deal with so many different issues; some that could have been planned for (BREXIT), some that were never anticipated (COVID).
The New Year is an excellent time for businesses;
- to review what worked and what could be improved
- What processes may be streamlined
- look at different ways to operate,
- React and adapt to change as standard.
Business planning and strategies must be even more effective if the visions and goals for the year ahead are to be reached. But business planning is not all about what we want from our business and where we want it to be in 12 months. We must look at what is happening around us that may impact or influence them.
Tools for business planning
The positive news is that the last few years have shown us how reactive and adaptable we can be when things go unstable; we can excel at thinking outside of the box to withstand everything a tumultuous year has thrown at us.
PESTLE is an acronym for a great strategic planning tool that looks externally and how It can impact the business
Things that we may include;
- Possible interest rates rise
- Fuel costs
- Changes in legislation, including data protection
- inflation rates
- Political instability
Highlighting the issues can help assist complete the SWOT.
The SWOT looks at internal Strengths and weaknesses and external Opportunities and Threats. It can be carried out for a business or a project and can be seen by many as an essential strategic tool.
Internal factors include personnel, finance, services/manufacturing capabilities, and the marketing 4Ps (product, price, place and promotion). The PESTLE above is a great place to start when looking at external factors.
Business Canvas Model
The business canvas model is a strategic management tool that allows you to describe how a business intends to make money. It explains who your customer base is, how you deliver value to them, and the related details of financing. And the business model canvas lets you define these different components on a single page.
Building in Adaptability with a Consultant
As many businesses look to future-proof their operations in the short to mid-term, versatility and flexibility will be common factors. It makes sound business sense to look externally to help get a fresh perspective. It is no coincidence that in recent times, outsourcing and freelancing have seen exponential rises in popularity as organisations seek lean, efficient solutions that don’t cost more than they need to…
Visions and goals for the year ahead
If you are planning for 2023, why not get in touch to learn more about how we can support you and your business to plan to achieve future compliance and growth?