IAN A NEALE: A plan is central to strengthen you business, whatever its size
The View from the Board by Ian A Neale
We enter the new year with challenges never seen before and it is a good time to discipline ourselves to review our businesses to ensure we are maximising our opportunities.
Irrespective of size, every company needs to take time out to review their company’s position in terms of performance, how we can do things better and what is next.
Are you supporting your business with a three-year plan? You may say, my business is too small or I don’t have time. Well, every successful and growing business has a plan to help deliver the value and results you and your investors are looking for.
The plan can assist you in so many ways, from budgeting to objectives and structure. The plan can also focus on costs, marketing, sales and even operational needs. The more detail the better.
There are many business books and online templates to get you started if you have never done one before. Those of you who haven’t updated your information since you opened the doors, it is time to dust it off and bring it up to date.
Having a clear strategy is so important if you want to grow and increase your market share and profitability.
A business plan can also demonstrate to a bank or an "angel" investor that you have thought through your business model and you have a strategy for success.
Look to increase your awareness by attending networking and supplier events. You only need one good contact who can expose you to more leads and opportunities to assist the company. Through networking, you can even explore partnership marketing opportunities with non-conflicting businesses (two companies that don’t directly compete but have a like-minded customer base).
If market conditions continue to be challenging, don’t be slow to speak with your competitors as there are many examples where collaboration can work on so many levels, from putting two struggling businesses together to making one solid partnership – sharing resources, equipment and customers through partnership marketing.
All businesses need to have great communications both internally and externally – never be afraid to ask for help or advice even from your own staff, colleagues or other business owners and not forgetting networks like the Chamber of Commerce.
Make sure you find time for your business planning and strategy, as these are your masterplan to a successful 2023 and beyond.
- Ian A Neale is the CEO and founder of Myconsultant.biz
