Planning. It's crucial to so many aspects of everything we do.
But unfortunately when it comes to business, we spend more time planning what route we're going to take driving off on holidays than we do about such a valuable asset that provides the means for the holiday.
A successful business needs to plan ahead but the pressures of daily business can often mean that strategic planning takes a back seat. This planning is not only imperative from when the business starts out but as it grows and evolves also. Cliftons can help you establish a plan that looks at where you want your business to be in the next 3-5 years, and how you and your team can achieve your aims and objectives.
A healthy strategic plan will:
- Define the characteristics of your company in 3-5 years
- Identify your competitors
- Define your objectives and financial goals
- Include an effective implementation plan to achieve your goals
- Include a budget that sets financial targets and measures performance
- Identify areas of risk and how they can be mitigated
The techniques used in the formation of financial projections allow you to consider future scenarios and provide goals to strive for in your business. There are many types of budgets which can be designed for your needs and requirements.
In addition to goal-setting value, budgets will generally improve your chances of acquiring funding. Financiers often require budgets as a prerequisite for funding approval.
And improving your business will improve its value. Cliftons are advisers in this space. In fact, we're accredited value improvement business advisers. Contact us now to start the process.
Planning is also critical if you want to ensure the growth and sustainability of your business. Read more about growing your business.