We encourage all clients to consider taking time to prepare a 2022 Strategic plan.
“A sailor without a destination will never get a favourable wind”
It is easier to get to your destination with a plan. We all know this simple truth. If you are driving from A to B it helps to know where A is and the directions you need to take.
If you have a vision of what you want your business to look like when it is “complete” then you are in a position to drive your business towards the vision and you can monitor how you are doing as you go along.
If you do not have a strategic plan then you could get blown around like flotsam in the sea. This way and that way without any control.
If you agree it is hard to accomplish anything without a plan, let’s start thinking about putting one in place. A plan looks at all the things a business could do and narrows it down to the things it is actually good at doing. A strategic plan also helps you determine where to spend time, resources and money.
How do you do a strategic plan?
- Take time to review your own personal objectives – the business is there to provide you with what you want from life, always remember this.
- Look at where you are now, your strengths, weaknesses, opportunities and threats so you have a clear understanding of your position in the marketplace, the competition, your systems and the way you do things and what you are good at and what you are not.
- Focus on where you want to be (say) in two years, what you want your business to look like when it is running profitably and successfully. Then you can determine your priorities – the big issues that you need to focus on – this is the strategic plan!
- Write down your vision and define what you must achieve and the actions you need to take. Monitor how you are doing each month and what actions have been completed and what needs to be done to keep you moving towards your plan.
- Involve your team, ensure the vision is communicated and allocate responsibility for taking the actions.
- Review and adjust your regular activities to keep you on track.
Ask us about our “what if” scenario planner which takes your projected 2022 figures and allows you to see the effect on profit and cash of improving five key numbers and our business planning workshops which will help you work through the above six points.
Please talk to Will Abbott about helping you with forecasting and planning. Will has helped many clients with “what if” scenarios and their future strategy. You can give us a call on 01242 776000 or email will.abbott@randall-payne.co.uk to arrange to have a chat with Will.
