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“It’s summertime and the livin is easy”, but business is not always so.  Now is a great time to reflect on business challenges; in our office, we view them as opportunities to help create a more successful business. Consider what you’d like to achieve in the next year, 3 years, 5 years or narrow your focus to the next few months.  No matter what, best practices suggest including an exit strategy in your plan.

I recently participated in a panel at an accounting conference where I focused on advising comptrollers and CFO’s about the importance of reliable data, employee accountability and good business processes.  I emphasized the need for processes which produce reliable, actionable data, and its importance for day to day operations, steady profitable growth and as a foundation for succession planning.

Reflecting on this message I felt it was the right time to remind other business owners to dust off that business plan and update it to make sure that you are still working towards your end goal.  Again, part of any business plan end goal should be an exit plan.

These tips can help you with the process of updating your existing plan to help guide your business to greater success.

Set priorities

Entrepreneurs are typically highly creative and optimistic; as a result, they often have difficulty narrowing down their ideas from among all the exciting possibilities, whether it’s an opportunity to expand to a new market or choosing a better time management strategy.

As you update your business plan, focus on what’s most important for your business to achieve this year. Then break your goals down into smaller tasks, to maximize productivity and enjoy the little successes that lead to big changes.  We use a 90-Day plan system, and expect to accomplish no more than 3 goals during that time.

We recommend starting by defining your top three business goals for the next four quarters. With those in mind, do some research to help you decide on the best way to achieve those three goals – and a reasonable timeline for meeting specific targets.

Think different

Your priorities in the coming year may be to hit a certain revenue target, launch a new product line or tap a completely new market.

An important thing to keep in mind as you make plans to move your business forward is how you’ll stay competitive. For instance, it’s important to review your pricing strategy on an annual basis, to ensure you continue to attract new prospects and retain customers.

As part of your overall business planning process, spend some time on competitive intelligence, too. Include in your plans how you’ll increase value for your offerings and continue to stand apart from the crowd.  Remember that the customer experience is important in retaining clients and attracting new ones through recommendations.

Find money

If scaling your business is on your agenda for the year ahead, and you don’t have savings earmarked to fund your ideas, you’ll want to make sure your business plan includes adequate financial planning.

Seek out assistance from us as we have inroads with lenders to help you secure a business loan if that is a consideration.  In this case, including up to date cash flow reports, income statements, budgets and projections in your plan is imperative to the potential lender.

If your business doesn’t have a credit history, you may need to look at other options for financing your plans. Using a business credit card on a regular basis and paying off the balance can help you build a good credit rating, which will help you prepare to apply for a loan down the road.

We accountants can not only help provide additional financial advice and support as you update your business plan, based on your most current financial records, but we also help you formalize your goals into manageable steps.

With these business planning tips in mind, you’ll be well-prepared to start the process.  If this all seems overwhelming, consider hiring the right professional to help you continue your quest for a new year of growth and continued success.

Final tips

• Review your business plan every quarter to ensure you stay on track with your goals and priorities throughout the year.
• Be realistic about opportunities and challenges as you plan ahead. Look to your accountant for business advisory services and help in setting meaningful short and long term goals.
• As alternatives to applying for a loan or line of credit, consider crowdfunding or angel investing to help you meet your business goals.

Are you ready to make a change in your business?

The process of updating or writing your plan will help you focus, clarity your ideas and identify priorities, saving both time and effort.  Have an existing plan already?

Before you start, follow this link for our complimentary Business Plan Health Check.

Don’t know where to start: Enter your details below and sign up for our email guide:  7 Steps to an Effective Business Plan

Overwhelmed? Contact us for assistance with creating a business plan to help you reach your goals.

Our team continues learning new skills and reviews opportunities for tax saving strategies under the new law, the TCJA to bring added value to our client meetings, and we’ve been doing this for over 25 years.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started.