Navigating calmer seas? ????

2023 was another year of uncertainty and small businesses and their owners have once again, had to demonstrate adaptability, resilience and tenacity in equal measure. It would seem that this is now an inevitable aspect of business life, but I hope that by this time next year, we all will be looking back on a more settled 2024.

With this in mind, for January, I encourage you to take time to prepare a 2024 Strategic Plan. A plan that will set you on a course to success, whatever that may look like for you.

Without wishing to preach the downright obvious, when you don't know where you are going, any direction will do. Or to keep the sea theme going, I quote Seneca, “If a man knows not to which port he sails, no wind is favorable.”

If you have a vision of what you want your business to look like when it is "complete" then you will be able to 'sail' your business towards that vision and monitor how you are doing as you go along.

Without a strategic plan, you could end up like flotsam in the sea; being blown 'this way and that' without any control.

A plan helps you to keep your business focused on the things it is good at doing. It helps you determine where to spend time, resources and money for the best effect. It highlights challenges such as cash flow or the need for technical advancement and can provide the focus you need to develop new services or expand into new markets. Or perhaps just stay perfectly as you are - on the sea, staying still can be just as challenging as moving forward.

So, where to start if you are creating or reviewing your business plan?

1. Take time to review your own personal aims. The business is there to provide you with what you want from life. Some people like to create a vision board, others are happy with a list of objectives.
2. Look at where you are now. Assess your strengths, weaknesses, opportunities, and threats. Identify your position in the marketplace, the competition, your systems, and what you are good (and not good) at.
3. Focus on where you want to be. Look ahead, 2 (or perhaps 5) years. What do you want your business to look like when it is running profitably and successfully? This will help you determine your priorities - the big issues on which you need to focus. This is the strategic plan ??
4. Write (or type) your vision and keep it visable. Define what must be achieved and the actions you (and your team) need to take.
5. Allocate responsibility. Specify who is responsible for doing what.
6. Monitor, review and adjust. Monitor how you are doing each month against your plan and consider what needs to be done to keep you moving forward. If your plan begins to look unrealistic, be prepared to review and adjust it.
7. Share your plan, with someone you trust and who will help you to monitor it and stay accountable, such as your business coach or accountant.

If you need more personal, hands-on guidance, we are empathetic and supportive. We love to help our clients to grow and successfully achieve their goals. https://hunterfds.co.uk/hunter-financial-director-services/

With very best wishes for an awesome 2024 full of calm seas and sunshine.