Plans, goals, objectives…a rose by any other name. Well all have to make them – from the most senior of the Top 100 companies to the smallest one-person operation, having a plan for the coming year is essential.
So, why is it that taking the time to invest in a plan – to write out your goals and how you plan to achieve them, to set objectives and implement ways to get there – is sometimes the hardest task of all?
In the kitchen and bathroom industry we talk a lot about family businesses, often run by a small handful of people, so I understand that it can be easy to assume that everyone in your immediate sphere knows where you are going and sometimes it doesn’t feel so necessary to communicate your plans to all and sundry.
But here’s where I feel many small businesses do themselves a disservice and here’s why…it’s too easy to get caught up in working “in” the businesses and time spent working “on” the business can fall by the wayside. If your goals, objectives and plans are clearly communicated to all your staff – even if it’s just you and your business partner or spouse – it’s harder for those plans to swerve off course.
When life is busy and the phone is ringing, complacency can easily set in and this is a trap into which many small businesses fall. It’s no good waiting until the work dries up to suddenly start making plans – the odds are you’ll waste a lot of time and probably a lot of money doing so because you’ll be working from a reactionary position rather than a more considered pro-active position.
Even a basic SWOT (strengths, weaknesses, opportunities and threats) analysis can identify key areas that can become the focus of your business plans for the year. If you haven’t done one before, it’s a simple process and I would encourage you all to take the time to do so.
Taking the time to write a full business plan, including marketing objectives, setting an advertising budget, writing income and expenditure projections is hard work. But I’ve seen it pay off in so many different circumstances. And how comforting to know if things do get tight or there is a sudden change in the market (GFC anyone?) there is already a plan in place to deal with it.
So, tell me…do you have a business plan and, if so, how often do you revisit and revise it? If you don’t have one, do you believe they aren’t worth the paper they are written on?
