If you are waiting until January to start your business growth planning process, you have already lost the first quarter and have put yourself at a disadvantage. All planning takes time, then to ramp up your communications and get into your full swing of execution, unless you start now it will be the second quarter before you are able to track progress. Can you afford to wait?
December is a good time to analyse and learn from your past experiences and use your insights to think and plan for a new year ahead.
Start Your Business Growth Plan Analysis Here:
- What went well in 2016?
- What do you want to continue into 2017?
- What do you want your business to be and do differently in 2017?
- What do you want to do that is new in 2017?
It is important that your decisions are well informed with research and insights to ensure your decisions are relevant and insightful:
- What’s changing in our industry, sector and niche?
- What is changing in the global environment?
- Where are our company strengths?
- Why are our customers buying from us?
- How effective is our current marketing?
- What differentiator will take our business forward this year?
If you have a business plan you are already ahead of the game, as many UK businesses do not. According to new research by the Centre for Economics and Business Research, British small firms could be missing out on a whopping £25bn in revenue by not having a business plan to guide their decision making.
When it comes to planning, taking time to research, analyse and change, we procrastinate and put it off until we have more time. Well the time is NOW!
Jim Rohn said “Discipline is the bridge between goals and accomplishment.” Committing to your planning process, you will start the year knowing where you are going and how you are going to get there, by whom and by when.
Being complacent is the surest ways to kill your business success.
5 Strategies to Creating Your Business Growth Plan:
- Focus on profitability to boast your profit, pay close attention to your expenses, and find your break-even points, assessing your marketing ROI, build your financial forecast from the bottom-up and check results from the top down.
- Boost your gross margins, leveraging your most profitable products or services. Look at how you can target high-profile customers and entice and nurture your customers to purchase higher priced products or services.
- Manage costs annually. If there are excessive expenses then this is the time to review them. Can you make better use of technology and the cloud to reduce cost and increase efficiency? Can you shop around for better value suppliers and either switch or negotiate on price?
- Evaluate your business processes to boast the areas that are effective and running smoothly and improve on the areas that are not working for your customers.
- Look for ways to generate recurring passive revenue from your IP. It creates a predictable cash flow and saves your business time and money.
Remember to track and review your progress every quarter. Your review progress gives you the ability to adjust your actions to ensure continued forward momentum and an opportunity to celebrate successes.
Put aside at least 2-4 hours a week in December to focus on your 2017 business growth plan. Set the goals, strategy and action plans, out of which create your financial forecast, then align responsibilities and targets. Communicate and stress test your plan with input from those responsible for implementing the plan.
Start planning now so you are in full swing by January. When other businesses are just waking-up to the New Year, your 2017 self will thank you for taking the initiative.