Someone once said that ‘hope is not a strategy’. As the summer holidays come to a close, it's the perfect time to revisit, review and revitalise the plans we’ve made for our business success this year. We can hope for great things but we also need to plan how they can happen!

Planning is the cornerstone of any successful business. Without a well-defined plan, it's easy to lose sight of your goals and become overwhelmed by day-to-day operations. You know what you want from your business; now it’s time to plan how to get it. A clear and concise business plan will guide your actions, help you stay focused, and ensure your business serves your personal and professional aspirations.

Start with Your Personal Goals

Begin by deciding what you want personally from your business. For example, if you need £50,000 annually to cover your living costs and a family holiday, and your overheads are £50,000, your gross profit needs to be £100,000. If your current gross profit margin is 50%, then your annual sales need to be £200,000.

Make sure your plan is linked directly to how you’ll achieve what you want personally from the business, such as £50,000 and a six-week holiday. Here are additional steps to solidify your plan:

Follow These Rules to Create a Solid Plan and Achieve Your Goals

1. Keep Your Plan on One Page

A concise plan is easier to follow and more likely to be referenced regularly. If necessary, use a double-sided page.

2. Set a Maximum of Four Main Goals for the Next 12 Months

These should be broken down into 90-day goals and actions to ensure you work steadily towards your annual targets. Breaking goals into manageable chunks helps maintain momentum and focus.

3. Identify Five Key Performance Indicators (KPIs)

Any more than five, and you’ll lose focus. Pick the KPIs most likely to have an impact on your business. These metrics should directly align with your main goals.

4. Share the Plan with Your Team

Ensure your team's goals align with your plan. Help them define their own actions and the KPIs they need to achieve. Collaboration and alignment within the team are crucial for success. (Read our blog on Unlocking Your Team's Potential for more!)

5. Keep the Plan Visible

Track your progress against the plan and celebrate successes with your team along the way. Visibility ensures accountability and keeps everyone motivated.

6. Review Your Plan at Least Quarterly

Make sure you’re completing your 90-day actions and achieving your 90-day goals. Update the plan with new goals each quarter. Having someone independent hold you to account helps.

7. Include a SWOT Analysis

Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to identify internal and external factors that could impact your business. This will help you anticipate challenges and leverage opportunities.

8. Plan for Contingencies

Every business faces unexpected challenges. Include a contingency plan for potential risks such as economic downturns, supply chain disruptions, or staffing issues. Being prepared will help you navigate uncertainties more effectively.

9. Focus on Customer Insights

Understanding your customers is key to business success. Incorporate customer feedback and market research into your plan to ensure your strategies align with their needs and expectations.

10. Set Milestones and Deadlines

Break your annual goals into smaller milestones with specific deadlines. This approach makes large goals less daunting and helps track progress more effectively.

Your Business Plan is Your Blueprint for Success

Your business plan is the most fundamental document in your business. It acts as a how-to guide for achieving what you want from your business. Remember, your business is there to serve you; you should not be a slave to your business.

Planning is not a one-time activity but an ongoing process. Keep refining your plan, stay flexible, and be ready to adapt to changing circumstances. With a clear plan in place, you’ll be well-equipped to steer your business towards success.

Need help creating your plan? Get in touch for more information about our Business Planning service. At Carthy Accountants, we're here to help you transform your vision into reality.

Stay proactive, stay committed, stay hopeful. 

Get the business you want!