We are 6 months through 2022! Can you believe it? So let’s talk about your Business Plan….you’ve got one right? I only ask because according to the Association of Chartered Certified Accountants (ACCA) 65% of SMEs don’t!
If you don’t…book your free coaching session with me and we’ll talk, but if you do, then read on…
If you are one of the 45% of businesses that have a business plan in place, then I hope you also review and revise it on a regular basis and the 6-month stage is a great time to do it! So, let’s look at what you should be reviewing.
Competitors and Markets
Has your market changed in the last six months? For many sectors change is a slow process, but in others change can happen very quickly. Take some time out to ensure you are on top of trends and consumer behaviour in your industry. You can also reassess your competitor analysis. Take a look back at the competition to see if they have changed anything about their offering and also see if there are any new competitors in the market.
Operations
How have your people and processes changed and developed in the past six months? Are things as you planned, or have you needed to adapt? Looking at the future, are your plans robust enough. Do you need to consider changes to your processes or team?
Finances
Of course, you have been assessing your finances much more regularly than every six months, but now is a great time to look at the big picture. What was your target for the year? Are you halfway to reaching it? Have you actually done better than you planned, and could you set a more ambitious target? If things are not going to plan financially, why not? And what can you do to remedy the situation?
Products and Services
Information from the first three areas of your plan will enable you to form opinions and make plans around your products and services. It is essential before making changes in this area that you understand the market, your operations, and finances. Perhaps you will identify new areas of business or recognise products or services that need to be re-thought or shelved altogether. A business that isn’t growing and developing is dying.
I hope this blog helps you to assess your business plan at this six-month stage and continue on the path to the success you deserve.
If business planning is something you are keen to focus on, then you might like to sign up for my next GrowthCLUB. This is a one-day event which I run on a quarterly basis to support you in mapping out the next quarter. At my next event we will be assessing the second Quarter and setting goals and actions for the third Quarter. Check out the next dates here.
