Business Planning Perth. Planning for the year ahead
BSN & Co can help with your Business Planning Perth. Planning should always be the first step in developing a business. The turn of the year usually prompts most people to think about some business planning in Perth for the year ahead. Here are some tips to make the planning more productive.
Get your team involved
The Business Planning process works best when it’s a team effort. Involve your key staff and your advisors such as your accountant and/or your mentor (if you have one). Also include others who can contribute meaningfully to the planning process, such as an IT expert if you envisage a major website overhaul.
Ask people to bring their ideas to the planning meeting and try to hold the meeting away from the business to avoid getting caught up in daily activities.
Review your business
Start with a review of your business as it currently stands, focusing on three key questions:
- What’s working well for us at the moment that we should continue doing?
- What’s not − what should we drop or do less of?
- What has the most business potential for the future?
And make sure you use this information to enhance your business planning.
Decide on changes
When conducting your business planning Perth the planning process may identify areas that require change. For example, you may need to adapt your existing products and services, seek new markets or distribution channels, or change your business model entirely.
These changes are more likely to occur if there is consensus from your key staff and the changes are documented in your business plan.
Figure out capacity
Many changes will require some investment in new skills, new products or services, or other changes in capacity. You will need to incorporate how you will address this within your business plan.
Get help from your accountant with business planning Perth to complete a return on investment (ROI) analysis if you need new equipment or even new staff. You need to know how much extra business needs to be generated for a reasonable payback and also how the business can access the funds for the growth. For example, will you need a larger credit line or new capital? This will all help you decide if your changes are feasible and help you in the planning and implementation process, as well as managing and planning your cashflow.
Get everyone on board
Once you’ve established where you want to take the business business planning Perth, concentrate on the next 12 months. Set some end of year goals, and then work backwards to create the stepping stones that will take you there. It is essential that you plan your journey if you are going to achieve your objectives.
Your role now is to get everyone on board by clearly communicating the plan to them. Consensual goals are more motivating than imposed goals, so get at least your key staff involved in the goal setting. Immediate goals are easier to focus on than longer term goals, so make sure each person understands what is required from them this week, this month and this quarter.
A major challenge with all business planning Perth is that it is often done at the beginning of the year when optimism and motivation are high. However, these emotions can quickly fade as people get caught up in their daily activities and new projects.
Business goals won’t be taken seriously unless you set regular dates to review progress – i.e. every 90 days. Once people know that they will be called on to account for their progress at these meetings, they will be more motivated keep your planning on track. You should also take these opportunities to check the business plan you developed at the start of the year. Have there been any major changes that will require you to amend your business plan? Is your plan still relevant? Don’t be afraid to update your business plan throughout the year; it should be a working document that guides you in your decision making.
www.business.gov.au have some great tools available for download that can guide you in writing your business plan, though expert help is always advised.
If you need help with your business planning Perth call us today on 9204 3733 or Contact Us – we will be happy to help. We can also offer our Management Consulting service which our clients find very valuable while Business Planning in Perth.