0800 140 4644
A business plan is an essential part of any business owner’s toolkit and although we’re looking to 2021 with some optimism, the continued uncertainty about when Covid restrictions will end makes strategic business planning more important than ever.
When we emerge blinking from over a year of lockdown, some people will bemoan the lost time, but others will surge from the starting gate having made the most of their time and with a better idea about the direction ahead. Which person will you be?
Why have a business plan?
A business plan should provide a detailed blueprint of all aspects of your business, and strategies for achieving your goals. Thinking about your business in detail can have many benefits:
- Transforming a collection of ideas into a clear sense of purpose;
- Helping you establish your Unique Selling Point (‘USP’);
- Linking your ideas into a strategy;
- Defines your potential market;
- Details your milestones to drive business growth;
- Tests your thinking and the feasibility of your ideas;
- Helps identify potential problems and pitfalls that can be avoided or planned for; and
- Provides an important document when looking for investors or funding.
It’s always worth remembering that your business plan is not set in stone. It needs to be reviewed regularly in the context of changing market and resources to ensure your direction is still the right way to go and that your plan will get you where you need to be, especially in the current fluid situation.
Planning actions
If you haven’t started your planning for 2021 already, now is the time. These are key actions to building your plan.
- Review 2020: It probably didn’t go the way you thought it was going to. How does this effect your future plans?;
- Take another look at your strategy: Does it still support your business ambitions? Define goals, milestones and KPIs;
- Do a SWOT analysis: Understand your business strengths, weaknesses, opportunities and threats, so you can define and plan for them;
- Understand your competition: Review your business sector, competitive landscape and customer profile;
- Develop your financial plan: Understanding resource requirements, pricing, loan repayments etc;
- Plan your marketing: Allocate budget, review your customer profile and marketing channels; and
- Think flexibly: Consider you contingency planning for the uncertain times.
Allow yourself the proper time to create a robust plan and ensure it delivers you a clear set of actions and defined outcomes.
Planning during challenging times
Planning in uncertain times is difficult but it’s more important than ever to have a clear sense of direction and to be able to assess your achievements against key targets. The key is not to be overwhelmed by uncertainty:
- Focus on what you do have control of;
- Be flexible;
- Make decisions based on facts and solid data;
- Know what’s right for your business rather than following the crowd; and
- Learn to embrace change.
Every threat is an opportunity…
Black and White Accounting
Plan optimistically for 2021 so you don’t miss out on the potential business opportunities ahead. If you feel you need greater insights into creating a plan to realise your ambitions, our expert team of business advisors at Black and White Accounting can help support your planning. We provide the financial data you need to base your decisions on and can apply our experience in tax matters and business structure to help you formulate your plan.
If you would like to discuss any business issues and how they may impact you in 2021, contact Black and White Chartered Certified Accountants today, or call 0800 140 4644.
At this most difficult of times, we are doing everything we can to help and support as many people as possible, for example by keeping them up to date with all the latest news you need to run your business. Why not sign up to our newsletter using the link below, or follow us across Facebook, Instagram, LinkedIn, Twitter and YouTube.
