Get Started Early: 5 Tips on Creating an Effective Annual Business Plan
The year is half over. That means it is the perfect time to start planning for next year. Depending on when your fiscal year ends and begins, you may consider this an opportune time for a head start on planning and writing your annual business plan. An effective annual business plan is the backbone of any successful company. It is important to create a new business plan each year to make sure that your company continues to grow by setting realistic and achievable goals. Annual business plans help your company adapt to expected and unexpected.
Here are 5 tips that can help you create your next annual business plan.
Tip #1 – Review Last Year’s Goals
Take time to review last year’s goals. Write down goals that were not reached and goals that were achieved. Consider what worked instead of what did not work. Take into consideration what your customers responded to well. Is your billing process working? Does your marketing plan make sense for your business? Does it create enough leads? Take the time to review each aspect of your business.
Tip #2 – Focus On What Works
Instead of creating new procedures, take the time to continue to enhance what works. If an area of your business is outperforming another, consider what the well-performing area is doing. Take what works then adapt, enhance, improve, and optimize the process and procedures for the other areas in your business. Once you have determined what works, stop doing what doesn’t.
Tip #3 – Actionable Purpose
Create clear and concise business goals that require your team to take action. Write down the steps your team must take to complete your goals. Create an achievable timeline for each step. Example: If your accounts receivable department had a 40% return last year, then you set your goal this year for a 60% return. You may consider hiring a company to handle your first-party collections.
Tip #4 – Team Effort
Your team is a key part of your business plan. Consider how your team can contribute to your business plans. How can your team help you to carry out your business goals? In what areas do they play a vital role? Sharing your business plan and goals with your team can help you create effective plans. Your team can give insight on how to streamline and enhance processes and procedures that your company needs to accomplish its goals.
Tip #5 – Marketing
Marketing does not often change too much. Once you decide on a plan that works for your business, you only need to make minor adjustments based on analytics. However, there are a few components that are important to keep in mind when reviewing this area of your business plan.
- The ideal customer - Consider your dream customer. What are their needs? What kind of services would you offer to them? You can even set up an ideal customer profile. This can be very useful in helping you determine the answers to those questions.
- Your company message - A marketing message speaks about your business – who, what, where, and why? Who are you? What do you offer? Where do you offer your services? Why should customers use your company?
- Marketing channels - Evaluate what channels work best for your company. There are many social media sites available that can benefit your business’ outreach to current and prospective customers. Beyond social media, your company can send out press releases, email marketing campaigns, and use other traditional forms of marketing.
Your company provides valuable services to your clients. The goal of Clients ARM is to aid you in managing all the other aspects of your business, allowing you the time to focus on what is best. There are many resources available to you that can help your business to grow and succeed.
Clients ARM provides valuable customized solutions. We understand that no two businesses are the same. That’s why we provide our free process review. There’s no obligation to find out how your business can get the custom solutions it needs in your highly competitive field. Contact us today for your free, no-obligation process review. Find out for yourself just how much time and money you can save by partnering with Clients ARM.