How would you like your business to look this time next year?
This year may not have gone the way you planned, but that’s no reason to neglect planning for next year. As we at Jupp Castle look ahead to 2021, we’re scoping the future of our own business and working out how we want it to look this time next year. If you haven’t yet done the same, here are some easy steps to plan the future of your business.
Imagine it’s December 2021…
Start by picturing how, in an ideal world, your business will look in 12 months’ time. How does that differ from the business as it stands today? For example, is it more robust? Is your role as a business owner more hands-off? Is the business delivering a higher income? Have you successfully reached out to new markets?
List your top three areas of focus for 2021
Having defined how you want the business to look, you can then plan how you’ll bring that vision to life. So, based on what you want to achieve, aim to identify your top three priorities for the year ahead. These areas of focus could be anything from new product/service development, to customer engagement, to new partnerships. For each area of focus, list an action point to get you started on the journey. Ask yourself, what’s the very first step I need to take to make this happen?
Look at your resources
Next up, consider whether you’re using your resources effectively and whether you need additional resources to achieve your vision. For example, you may need to invest in new hires, upskill your existing team (and yourself), take advantage of financial support, or seek new investment.
Examine your profits
As with any business planning, you’ll need to take a good look at your profit and loss statement. In particular, you should identify the most profitable areas of your business, so that you can do more of those activities next year. You should also identify the least profitable areas, so that you can improve them or phase them out altogether. An accountant will be able to help you with all this – plus they’ll help you pinpoint new ways to increase your profits.
Strategic planning can get a lot more complex than this, but we hope these steps give you an achievable way to plan in what is, for many businesses, a very uncertain time. If you need help scoping the future of your business, chat to Jupp Castle’s award-winning team of accountants.
(Background photo created by pvproductions – www.freepik.com)