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You've Got To Have A Business Plan

You do have one, yes?

 
 

POSTED BY JONATHAN VOWLES ON 17/04/2018 @ 8:00AM

Everyone knows that you've got to have a business plan, right? So why do so many people not have one? Well, they may claim to have one but, in reality, are just happy to coast along ...

If you don't have a business plan, how do you know where you're going?

If you don't have a business plan, how do you know where you're going?

copyright: ra2studio / 123rf stock photo (licensee)

Some have a business plan they prepared years ago, and it's been gathering dust in some cupboard, long forgotten, until asked about. Others have a plan that their accountant created for them, and consequently, they either don't believe in it or simply don't follow it.

A few have a 'mental' business plan but, as they never really think much about it; it is rough, unfocused and really just an idea rather than a plan.

"Most don't even have a misshaped idea and just do today what they did last week or last year!"

The problem is that the world is constantly changing and your business plan needs to be revised and adapted to suit you. Change it to allow for yesterday's actions and adjust it in anticipation of tomorrow's challenges. Think and plan for where you want your business to be in the future.

Post Brexit, we now find ourselves with a large business challenge. What is the exchange rate doing to the economy at the moment? Where will it take us over the next three months and what will Brexit really mean?

One thing we can predict with certainty is that stuff will change. What we can't say is what and which way things will go. There is a truism here though: a recession is what happens to the unlucky or the stupid. You can improve your odds of finding the silver lining in the Brexit challenge if you look for it and plan for it.

I implore you to be smart and think about your business and your current strengths and weaknesses. Plan to use your strengths and improve your weaknesses.

Write down the things that could be problems, prepare a 'what if' strategy. What if it is really bad, what if it's moderately bad, what if it's much the same? What if it's good, what if it's reasonably good, what if it turns out to be amazing?

Think about the options, both negative and positive, so that you can be prepared and react accordingly.

Luck can play a part in our business life, but, just like a famous golfer once said, "you get luckier and luckier the more you practise to be great".

  • How much time do you spend working on your business?

  • How much time do you spend thinking about ways to improve it and putting in place the necessary actions to achieve that improvement?

  • How much time do you spend conducting customer surveys to find out what your customers think then tweaking how you do what you do so your customers like you more and you score better in the next survey?

  • How much time do you spend in workshops or training courses or getting mentoring or coaching?

OK, so what are you going to do? Are you going to write your plan down? Are you going to communicate your plan? Are you going to discuss it with the people that matter like your life partner and your work colleagues?

"After all, if nobody knows what you want to achieve, how will they be able to help you get there?"

If you would like me to help you with your plan then call me on 01234 752 566 or click here to send me an email enquiry. We are experienced in helping businesses to make the most of their potential and would love to help you!

Until next time ...

JONATHAN VOWLES


PS:

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!


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More about Jonathan Vowles ...

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.

Telephone:

01234 752 566

Website:

http://www.jvca.co.uk