Often business owners are so busy on the day to day operations of their business that it is rare to think about the future.
So, how are you going to make sure you have a business in the future?
Take the time to think about what the business needs to do to still be operating in 1, 3, 5 and even 10 years time.
Some areas to think about are;
Clients – consider the type of clients you need to cover costs and make a profit (adhoc clients versus repeat clients). Consider how many clients you might lose or gain each year and the number of hours per week your business will operate to meet client needs.
Staff – how will your current staff grow with your business and on the flip side think about who might leave. Some roles might be harder to fill (internally or externally) than others. If you plan to grow your business you will need to consider which tasks you need and how many people / hours will be required.
Information sharing – there is new technology being made available all the time to assist with completing tasks online and remotely. This also assists with covering workloads due to leave coverage or resignations. Ensure both your business, staff and clients are all ready for technology changes.
Income – ensure you know what income targets you need to achieve to pay back start up loans, to cover wages, plus make a profit to live the life you want.
Assets – such as physical buildings, technology and equipment, and machinery. Consider the maintenance and replacement lifecycle of these items and the most efficient way to access these items (example, leased or owned).
Branding – such as social media, websites, email lists and newsletters. Depending on the client and income requirements of the business, consider the best way to connect with your clients and attract new clients.
Services or products – the products and services that you are offering today might not be suitable in the future. Consider changes in the industry and of your clients as well as the work that you want to be offering.
With the right business planning in place your business will be in the best place to continue to be successful into the future.
To access our business planning template or for further assistance with planning the future of your business contact Small Business Society .
The information provided in this document is for your guidance only and is general in nature. It does not constitute as legal advice. It is the responsibility of the individual to seek legal advice where required.
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About Kate Tongue
Kate Tongue is the founding Director of Small Business Society.
She is a qualified and experienced Human Resources professional with more than 10 years of experience across the private and public sectors.
Her particular interest and experience is in managing the employee life cycle, delivering process improvements, and Human Resource strategy.
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