The beginning of the year is a great time to evaluate your business plan and set business goals of what you would like to achieve over the next 12 months. In this article, we provide guidance on how you can do this. Business planning revolves mainly around the following three questions:
It is a form of gap analysis, knowing where you are, where you want to be and how to go about achieving it.
It is important to know where your business performance is right now to be able to come up with realistic business goal(s). This includes:
Now that we know your business’ current performance and capabilities, we can start thinking about what you would like to achieve over the next 12 months. It could be one or multiple goals. Use the SMART rule to help you identify your business goal(s)
S – Specific (or Significant).
M – Measurable (or Meaningful).
A – Attainable (or Action-Oriented).
R – Relevant (or Rewarding).
T – Time-bound (or Trackable).
Some of the questions you may want to ask yourself when setting your business goal(s) as part of business planning activities.
We now know where you want your business to be. So how do we go about achieving it?
For example, based on the current sales performance, you would like to increase it by 30% by the end of the year. Let us do a quick analysis together:
Based on the above, draw out an implementation plan to help you control and monitor the progress. This includes activity timelines, budgets, resources. At InvoiceInterchange, we can provide you flexible business funding to help you achieve your business goals.
As part of business planning activities, your implementation plan may need to be adjusted along the away to adapt to customer feedback and demand to help you achieve your goal. Last but not least, ensure that the agreed business goal is clearly communicated to everyone in your team so that your team will make business decisions in alignment with the same company-wide goal.
How to Analyse Your Business Financials
SME Grants to Support Your Business
The Art of Advertising – How does effective Advertising make your business bloom?
Take Control of Your
Apply for free in less than 2 minutes with Xero integration or via our online application form. Boost your business growth with Invoice Finance today.