New year business planning
As another year comes to a close, it’s the perfect time to get started on planning ahead and thinking about your new year business plan. It’s never too early to start planning and preparation is the hidden key to setting yourself up for success in the new year.
How to prepare your business for the new year
At the end of every year it’s important to review how your business has been tracking and dive into what has worked well, what hasn’t worked quite so well and how your current goals are measuring up. While it’s important to create a business plan, being flexible and listening to the needs of your clients or customers is essential to continued success and driving future growth in your business.
Factors that will impact your business plan
After you’ve taken the time to look at how your business has performed over the last year, you then need to consider what areas of your business you need to focus on, or potentially change. There are a range of factors, both externally and internally that will have the power to challenge or influence your business and ultimately your business plan.
External factors that will impact your business plan
With an ever evolving world, many business owners underestimate the importance of considering the external environment and factors outside their business that could impact their business plan. Some years, like in 2020, where the economy has been significantly impacted will affect particular industries more than others, both positively or negatively. This can also be a good time to review previous data or research where available, to look for patterns and create a game plan for your business in the new year. Consider the following external factors, how they may affect your business and what you can do to address them:
- What are the major technology trends inside and outside your industry?
- Which regulatory trends and rules influence your market?
- Where is the overall market heading?
- What are your customers’ most unsatisfied needs?
- Is the economy in a boom or bust phase?
- How good is the public infrastructure in your market?
- Who are new entrants or potential competitors in your industry?
- Which products/services could replace yours?
Once you’ve considered the impact of external factors on your business and your business plan for the year ahead, it’s time to consider factors within your business that could impact your results.
Internal factors that will impact your business plan
Even if the external environment has no surprises, and you’ve been aware of changes within your industry and the overall market, there are many internal factors within your business that could impact your business plan. What areas of your business are working really well? Can you improve on these areas to increase your profit margin for next year? Take the time to analyse the current position of your business and use this analysis to gain a strategic advantage for the year ahead.
To help you challenge your current business plan and implement a game changing strategy, consider the following internal factors on your business:
- Who are your most important customers?
- What value do you deliver to your customers?
- What is the preferred way your customers like to be contacted?
- How can you provide additional value to your customers?
- What type of relationship does each of your customer segments expect you to establish and maintain with them?
- What value are your customers really willing to pay?
- What key resources and activities are integral to your business?
- Who are your key partners/suppliers and how can they help you leverage your business?
- What are the most important costs in your business?
- Can you streamline any areas of your business?
Internal and external factors have the potential to significantly impact your business. So by considering these factors that will impact your business plan and planning ahead for the new year, you are giving your business a distinct advantage moving into the new year.
How to create a business plan for the new year
Creating a business plan for the new year can be made even easier by completing our online business review, which will assist you in the planning process. The review helps you to pinpoint your top three business issues and opportunities, together with your top 3 personal issues and opportunities. This will assist you with knowing which areas you should be focusing on in your business plan for the new year.
Challenging your business game plan is an ongoing process. Don’t miss the opportunity to plan ahead now, in order to hit the ground running next year. Set yourself up for a successful year, by doing the preparation now and have a head start on your competitors.
If you need help to create a business plan for the new year, then we can help you to take action and start the new year off with your best foot forward by:
- exploring new opportunities and innovations
- focusing on recovering any lost business and evolving into potential new product and service areas
- focusing on returning as a leaner, more evolved business with the opportunity to make major changes to the way you do business (and to your team if required).
Take the first step to creating your new year business plan and get in touch with our hands-on business coaches who will not only guide you through the process, but actually get in on the action with you. You’ve got this.