Business Planning: Why Is Your Business Here?
And what do you want to achieve with it?
POSTED BY JONATHAN VOWLES ON 11/12/2018 @ 8:00AM
No, this is not a philosophical (or rhetorical) question, but it should stimulate some thoughts along the lines of, ''Why am I here?', ''What sort of a business am I running?'', ''What do I want to achieve?'' and ''What am I going to be doing in 5 years or 10 years time?''
If you need help to create or update your business plan then get in touch!
photo by 'rawpixel' on unsplash
I expect that by now half the people who started to read this blog post will have given up, which is a shame really because they are probably most in need of some time to reflect on their business.
It is a bit of an old-fashioned and corny thing to say, but a business leader should spend more time thinking and planning and less time doing. For most businesses, the thinking and planning stage is either missed out or is something you are going to do when you get round to it.
"And, guess what? You never get round to it!"
For those that do prepare a business plan, it is usually to justify a loan application and is then shoved in a drawer and forgotten, which is almost as bad as never preparing one in the first place.
A business plan is not just a cash flow. Yes, it should include a cash flow, but of greater importance is the narrative content of the plan. Some businesses prepare a very formal business plan, for others, it is just a couple of pages, but whatever you do ... do prepare one. And then go back, review and update it at least once a year.
Once you have a plan - however informal or complex - you have a way of saying "this is what I am going to achieve". Then compare what you are actually doing and work out if it is going to get you there, or if you need to change direction. Your business plan is like a set of road directions; if you have a good set of directions you will get to your destination quicker.
"A business plan actually has two fantastic effects on your business!"
Firstly, the process of thinking about your business and what you want it to do and to be. Secondly, to use it, not just to make it something you compare your actual performance against. But also, to regularly update it, refresh it and refocus your plan to make your plan a vibrant living thing that helps you push your business forward.
So, do yourself, and your business, a favour and spend some time thinking and planning and write or update your business plan. Give yourself a new roadmap for your business!
"Would you like to know more?"
If you'd like help creating or updating your business plan then do give me a call on 01234 752 566 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas … and can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.