Perfect time for planning: NH + Associates
One positive related to the events of the last two years is the opportunity we’ve had to think about what’s important now and in the future.
Business-wise, we should be regularly redefining our plan and goals, to ensure we are on the right track to achieve our goals, says Nicole Hague of NH + Associates.
“Business planning can easily get bumped to the bottom of the to-do list. It never feels urgent enough or maybe we are too busy to do it. During Covid lockdowns, some business owners have had the time and probably a better perspective on why this planning is so critical. In a business-as-usual environment, being dynamic and nimble, able to adapt quickly and effectively is always important and this ‘new normal’ has made flexibility even more critical.”
Nicole says that a well-considered Business Plan gives a competitive advantage. “It’s essentially a map and an important decision-making tool that helps us know where we’re going. It’s also a working document, something to be referred to daily; not something that sits in a drawer collecting dust.
“Business goals are inextricably linked to personal goals so business planning can take you on quite a journey. Do you want more time, or more money? Do you want to step back or step up? From a business perspective do you want to diversify or become more profitable within your existing range?
So, where do you start? Here are Nicole’s tips for starting the ball rolling.
Now, Where, How?
It’s pretty simple really – you need to know where you are now, where you want to be and how to get there:
• Now – this is your starting point. Consider your current financial position, how many hours you work, what roles do you take on in the business, and how business profit and cashflow are looking?
• Where – next think about what your vision for the future is? What does your ideal future financial position look like and what kind of working life do you want?
• How – this is about how you get to where you want to be.
• What is your business purpose?
• Who is your ideal customer, your market?
• Are any operational changes needed?
• Do you have the right team?
• Do you have enough funding?
Once you have considered the Now, Where and How, you can start to set goals and think about:
• Annual personal and business goals
• Strategies to achieve your goals
• Identifying revenue targets and key performance indicators
• Identifying opportunities and vulnerabilities in your business that need to be managed
It’s a good idea to have a business plan in development before the start of the new financial year. Don’t put off ‘til tomorrow what you can do today. Over the summer, think about your goals, put them down on paper. Then come and see us – NH+A can help bring your vision to fruition.
NH+A: Chartered Accountancy and Business Consultancy – you have nothing to lose and everything to gain.
Phone: 0274 388 081