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We can’t believe 2020 is almost here. It’s not only the start of a new year but also the start of a new decade! Lots to plan, do and achieve. A new year brings with it the promise of new beginnings so now is a good time to consider your personal and business goals. The two will intersect as each one supports the other – income will support your lifestyle, balanced against time traded to grow and operate your business. Now is a good time to sit and visualise what you’d like your personal and business life to look like in an ideal world as once in the thick of the busyness of life, it’s so easy to get that balance out of whack.
We think the best way to create and commit to your business goals is via a business plan. A business plan doesn’t sound very glamorous, but it will consolidate your goals in one document to give you a blueprint to move towards success. When writing down your goals, remember they should be SMART – Specific, Measurable, Attainable, Relevant and Timely.
What’s in a business plan?
A business plan will cover the basics of strategy, products/services, sales/marketing, human resources, budget, projections for 12 months to 3 years and financing needs. The Australian government has a very detailed template here which is great for a new business owner. The process of completing it will make you consider all aspects when starting out. For ongoing businesses we’ve got a template for download here which is an actionable summarised version.
We can’t stress enough though it is pointless drafting a business plan and then never looking at it again. We love the old saying, “what is measured is managed”. If you want to be assured of achieving your goals then break down those goals into steps and consider what you can measure to keep you on track.
We break down each quarter into 3-5 goals and set mini tasks under those goals. For example, if our goal is to get more clients then our mini goals for the quarter could be:
At our weekly management meeting we then review how we are going against our targets.
We love numbers and we review our financial statements at least monthly to work towards our goals. If you look at your Profit & Loss Statement, Balance Sheet, Budget and Cashflow with dread and confusion then we’d encourage you to seek assistance from a good accountant as there is a wealth of information in them. Alternatively, we’d recommend Tanya Titman’s online course which will take you step by step to demystify your financial statements.
Cheers to a productive and successful 2020!