An early song that Jenny Morris OAM sang, asked the big question: “where are we going… and what are we going to do?”
I’m pretty sure she was talking about a relationship, however the question is equally relevant when you’re in business.
Having a strategic plan is essential for your business success. It’s your blueprint that guides you and every decision you make. It sets out your long term objectives, your short term goals and how you’re going to meet them.
A comprehensive business plan considers every part of your business and how those parts fit together and support each other. Your key business areas, mission statements, product plans, financial plans and marketing plans should all be in there. So too should your assessment of the competition, existing operations, any challenges on the horizon and ways in which you can manage and minimise risk.
Importantly, your business plan should be written down in full detail and reflected on with regularity. Yes, it will take discipline, but annual, monthly, weekly and even daily reviews of your plan will help you to stay on track.
That’s not to say you need to follow your plan to the nth degree.
Every strategic plan can change. In fact, it should in response to market conditions, customer demand and competitive action.
In essence, your business strategy should be a living document that you’re not afraid to update as your future evolves.
The great thing about having a well thought out and documented business plan like this, is that it will help you identify the factors impacting your performance – positively, negatively or otherwise. You’ll be able to see, for instance, the impact of investing more in marketing, the impact of a product release; or the impact of a season on customer purchases… and then you’ll be able to use that knowledge to proactively make changes towards achieve your goals.
Of course all this takes time – which is why you need to call Ayers. Our experts have 20 years of contractor payroll knowledge and experience, backed by our award winning payroll systems and software… so we can take care of all your administrative compliance while you get on with pursuing your plan!