Business PlanBusiness Planningsmall businessThink Tank Meeting

Business Plans Are As Important As Maps For Tourists

The business planning process gives business operators the opportunity to spend some quality time with your accountant analysing every aspect of your business to assist your business to add value by going to the “next level”.

The planning process should be undertaken on an annual basis, with a periodic review during the year so as to ensure that the business is on track to fulfil the targets that have been set in the Business Plan.

Most small/medium enterprises find benefit in a “think tank meeting” which would involve the management team and possibly other team members sitting down to evaluate every component of the businesses operations.  This means that a SWOT Analysis (Strengths Weaknesses Opportunities and Threats) would be prepared on the various components of the business.

Some of the key components that would be reviewed in a business planning process include:

  • Review of the business
  • Financial analysis
  • Review of the business’ objectives – have they changed?
  • Resources of the business – does there need to be significant new investments made?
  • What is the team’s experience? Does the team’s experience need to be bolstered?
  • Who are the business’ customers? Are they happy with the services they receive?
  • Where is the business located? Is the location(s) still suitable?
  • Who are the competitors to the business? Has the business developed a strategy to compete with competitors?
  • Who is responsible for marketing? Has a policy been developed for social marketing and digital marketing?
  • Who is responsible for advertising?
  • Who are the business’ suppliers? Have satisfactory arrangements been implemented with the suppliers?  Does this relationship need to be improved?  Are suppliers contributing resources and financial assistance to various campaigns undertaken by the business?
  • Are quotes/proposals being prepared in a professional manner? What is the success rate on quotations?  Does this need to be improved?
  • Is the costing system taking into account all costs relative to the business operations?
  • Is management happy with the selling process utilised by the business?
  • Is the business’ distribution network working satisfactorily?
  • What changes are needed relative to people issues within the business?
  • Is there an adequate team training and team development strategy in place?

These are just some of the questions that would be given in-depth consideration at a “think tank meeting” as part of a business planning process.

If you are interested in having a discussion with us, relative to the preparation of a Business Plan for your business, please do not hesitate to contact us.

 

An Important Message

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.  Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.