Your Business Plan
Anna Stubbs • March 1, 2024
An ever-changing business landscape can present unforeseen challenges for any business at any time. Identifying risks and opportunities in your business model and creating a Business Plan will help you prepare for difficulties or adversities and provide clarity in the event of a crisis in the future.
Now is an ideal time to document a clear Business Plan:
- Defining what you, as business owners, want from the business; this includes cash drawings, your role, hours of work and holidays.
- Establishing your budget to ensure you’re generating enough cash to cover all expenses including tax, personal expenses, loans and asset purchases.
- Determining your critical KPIs; the most important things you need to measure to track your progress towards achieving your targets.
- Identifying your opportunities and vulnerabilities; the factors that will most impact your business recovery.
- Determining how to manage your most critical challenges.
- Establishing your 12-month and 90-day goals to ensure you’re clear on your priorities.
- Clarifying your actions to achieve those goals.
If you haven’t created a Business Plan, we can facilitate this. You’ve got the smarts on your business, what’s working and what might need to change. Our expertise lies in stress testing the numbers and pulling everything into one concise plan of attack – so if the unexpected happens, you’re prepared. Contact us today.
In a world where evolving political events can change the market in an instant, and economic instability is still the norm, finding certainty in your business strategy is a rarity. Business plans and your overriding strategy are no longer written in stone. This means being flexible about your next steps and regularly reviewing your business strategy. Let’s see how frequent strategic business reviews can help you reduce the uncertainty.
You’ve spent years growing your business and adding value to the company. Now it’s time to sell up, get a good deal and liquidise the equity you’ve had locked up in the business. In this series, we’ll give you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold. Let’s look at some important ways to achieve the best possible deal for your business sale. Selling your business is generally the end step in a much longer journey. If you’ve put together a detailed exit strategy, you’ll have been planning this sale for some time. The important thing at this point is to make sure you get a great deal and realise the best possible sale price – giving you the return you deserve for all your hard work. To put yourself in the optimum position when looking for a buyer, here are a few tips:
I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing? First some practical distinctions to compare working ‘on’ and working ‘in’.