Whitley Morgan’s Year End Reflection
31/12/2020 - Whitley Morgan
A business plan, like your cashflow forecast, should be a document that is constantly reviewed, but let’s be realistic often this is not the case. We get caught up in the day to day working IN the business and working ON the business starts to slip. Of course we should be looking ahead, but it can be very beneficial to stop, take stock and look back at how your business performed over the last year.
So as the year comes to an end this is a great time for reflection on went right and wrong. Refer to your original business plan and amend it – be prepared, like a flight path, to change your course to reach the right end destination.
Think about what you have accomplished, even in what has been a challenging economic time for everyone. What went well that you can further work on in the new year? What did not go to plan that you need to think about changing in the coming year?
Remember the 1st of the year “is the first blank page of a 365-page book. Write a good one” – Brad Paisley.
This is your opportunity to rethink about what your future goals are. Planning is a great way to provide a clear road path over the next year. Your goals should be specific, easy to measure, attainable and relevant to your overall strategy. You should be able to break down those bigger goals into easier manageable chunks.
A business plan is a written document that describes in detail how a business—usually a start up—defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial and operational standpoints – it should be a document that accurately describes you to an outsider, providing them with the confidence, that you have great ideas, an ability to put them in place and have considered all avenues of running the business and achieving your goals.
A business plan does not have to be for a start up though – why not do one now for your business, irrespective of how long you have been trading. It’s a great way to analyse your business as it stands, take a look at your goals and if you have a team be able to relay your thoughts helping them to feel included.
I highly recommend working on your business plan quarterly, helping you to keep a track of your goals and current position and allowing you to make changes to steer you in the right direction.
In my next article I will give hints and tips on writing a great business plan….
How Can Whitley Morgan help you? Together with a strong financial background we are able to support you and your business bringing your ambitions to reality. With 25+ years’ experience in starting, building, growing, franchising and selling companies we provide training, advice, support and guidance to businesses either starting up or established firms that look to grow their service/product range or improve an area to help the company grow. For more information please visit www.whitleymorgan.co.uk
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