Benjamin Franklin once famously said, “if you fail to plan, you are planning to fail”. He may not have been referring specifically to businesses but it is an apt statement for individuals and businesses alike. We all need to plan where we are going. It could be as simple as planning a holiday or it could be to do with the next ten years of our business.
Business planning is a key element to success. Businesses with a formal business plan perform far better than those that don’t, and with good reason. If you know where you want to get to you, there is far more chance of getting there.
For the most simple of plans for a business, why not prepare a budget for 2023? Each month thereafter you can compare your actual performance to that of the budget. You will probably find that by preparing the budget you will find areas where you can save expenses. You will also know on a monthly basis how you are travelling, and be able to adapt as needed.
You could also consider a full planning session with your team leading up to the end of the financial year. Bring the team together, find a facilitator and brainstorm all of the ideas that you could use to grow your business. Your team will be more engage when they have input into what your growth activities will be.
Don’t forget the business formula – that your total revenue is your number of customers times the number of sales per customer by the average value per sale. A 10% increase in each could drive your growth by more than 30%.
If you would like to explore your options for planning next year, give us a call. There is plenty that we can tackle together for your business chat with your Leenane Templeton accountant or contact us here.