If concerns about cashflow, funding new ventures, selling your business or general worries about your business performance are keeping you awake at night, you may feel like your business is managing you, rather than you managing it.
A properly prepared business plan is among the most effective ways to reduce stress and take control of your business, and yet it is one of the most under-utilised tools implemented by business owners. Just FOUR hours could significantly change your future prospects.
Make 2020 the year you get back on track
Any time is a good time to develop a Business Plan, however it is particularly relevant at the beginning of a new year. At this time, you should consider changes to the business environment and set, or review, your business goals and objectives for the year ahead and beyond.
While you may have a specific need for preparing a Business Plan including communicating information about your business to key stakeholders, lenders, employees, customers and prospective investors; the real value in business planning comes from the peace of mind that comes with knowing your business is relevant and equipped to succeed.
Business planning doesn’t need to be arduous, but it is critical that you understand past performance, define the way forward and measure your progress as part of that process. We’ve designed a four-hour Business Planning session that will help you achieve these and other goals as follows:
• Set personal and business goals for the next 12 months;
• Create an action plan to support achievement of your goals;
• Identify Gross Revenue Targets and Key Performance Indicators appropriate for your business;
• Outline opportunities and/or vulnerabilities in your business that need to be managed; and
• Implement a 90 Day Action Plan to address immediate critical issues to improve the performance of your business.
10 benefits of Business Planning
#1: Review and set the direction of your business – It sounds simple, but have you taken time out from your business responsibilities to look at the bigger picture and consider whether your business is set to succeed?
#2: Eliminate procrastination – Avoiding dealing with something that needs to be done in your business can affect productivity and profitability or result in missed opportunities for your business.
#3: Set and understand your vision – Understanding and articulating your vision, or ‘why’ you are in business, is central to be able to develop clear and meaningful goals.
#4: Build an engaged team – With a clear and shared vision, your team knows what they are working towards, helping them to be more focused and responsive, which will ultimately lead to greater productivity.
#5: Unlock your business potential – Your Business Plan can be used to test the feasibility of new ventures and outline the strategies you need to implement to unlock this potential.
#6: Establish and evaluate performance benchmarks – Your business plan is the mechanism that determines if your business is on track to meet the goals and objectives you have set.
#7: Set timeframes to achieve your goals – Business Planning enables you to be proactive in achieving your goals. Setting timeframes represents structure, accountability and commitment to achieving your goals.
#8: Better business processes – Your ability to track progress against projections and the potential viability of growth initiatives outlined in your business plan will most likely be required by banks, lenders and investors, but is also an important document that outlines your goals, strategies, actions, targets and KPIs.
#9: Building accountability – Your Business Plan will set the parameters for your team members’ individual goals and targets.
#10: Remaining relevant for the future – Your Business Plan is your platform for developing financial forecasts that will provide clarity about future business performance and enable confident decision making through targets and key performance indicators.
As business owners ourselves who practice what we preach by implementing and proactively referring to our own business plan, we understand the challenges of remaining relevant and growing a healthy business.
At Robinson Voss we have over 40 years combined experience in specialised tax, accounting and business advice, and an expansive repertoire of insights derived from working with hundreds of businesses that enables business owners to succeed.
Make the most of your business in 2020 and book a Business Planning Session today. Please contact the team on 03 9708 8801 or email info@rvpartners.com.au to find out more.
General Advice Disclaimer: The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
