Now is the time to – take some time out! Thinking time for planning and formulating your business strategies can help ensure that in the future, you can look back and say you have had – 20 years of business experience – not 20 years in business, with the same experiences repeating 20 times.
Building a habit of reviewing your strategies – at least every 90 days or so – is a good way to go, with a major re-write of your strategy, planning and performance at least once a year. Having a professional input from an expert and experienced business advisor can also make a big difference to your outcomes.
Business Plans don’t need to be a 100 page encyclopaedia. For small and medium sized businsses, the length will vary depending on the size and complexity of your business. The objective is to have a written document that helps you as the business operator, be clear in your mind about:
* What the key opportunities are;
* What the key tasks are, that you need to do;
* By when you need to get these tasks done;
* What resources and funding you need.
Special Purpose business plans are another matter altogether. If you are looking to raise funding from Banks or Investors, a more comprehensive detailed business plan may be in order.
A good business plan will not only highlight strengths and opportunities for your business, but also the weaknesses in your business. One of the outcomes of this process, will be a list of areas/tasks for you to work on, to improve the performance of your business.
Your improvements list might show a need for improvement in any of the following areas:
* Your team
* Your Advisors
* Industry Knowledge
* Clear product offering or service
* Market Analysis
* Competition Analysis
* Understanding market trends
* Marketing Skills and Strategies
* Management Skills
* Leadership Skills
* Planning and Budgeting Skills
* Operational Skills
* Uniqueness Skills
* Capital shortages
* Profit margins
* Pricing Issues
* Risk management
* Financial management
* Growth Strategies
amongst other things.
The good news is that all these areas are within your control. Knowledge and information can be acquired. Changes can be made. Resources can be found. Opportunities can be accessed.
At KAA Australia, we have seen a number of our clients grow significantly and access opportunities, even in tough times, and we love to help our clients with this process.
If you need to know more about business planning and would like to have professional assistance with this process, please call Kostas Augerinos at KAA Australia on: (02) 9299 2555.
Kostas Augerinos
Managing Director/Founder
KAA Australia
