December is the time of the year to work "ON" your business and review your business plan for next year. It is also a good time to reflect on the past year and set your goals and objectives for the new year.
Whether you are a business owner or key executive working in the consumer type retail, wholesale, a service business, or in manufacturing or building and construction, etc, you will face many complex challenges. Perhaps you may even have a new product or service to launch, or a new competitor has arrived and has caused you to decide what was right six months ago might not be right anymore.
This article is designed to help you quickly and easily find out what you should think about when reviewing your current business strategy and what information is required to be included in your business plan.
What Should You Think About When Reviewing Your Business Strategy?
You should think about your current business strategy and identify what is best for your business or organisation. For example, you should:
- Assess your current market position and ascertain if it can continue to sustain a competitive advantage in the marketplace;
- Identify your end goals (i.e. what you want to achieve?);
- Identify a realistic path that will ensure you can achieve your goals and make them into a reality;
- Ensure you can continue to meet your customers or clients expectations; and
- Map out where the most compelling opportunities lie.
What Should Be In Your Business Plan?
If you're unsure what should be included in your business plan, simply click on this handy business plan template. It will provide you with the required business plan outline you will need.
You will find the business plan template will require you to provide the following information:
- Management Team: This section enables you to describe who they are, and the strengths and experience each one brings to your business;
- Business Overview: In this section, you should provide a broad overview of your business’s objectives, its mission statement, and list via a SWOT analysis its strengths, weaknesses, opportunities, and the threats your business will face, both internal and external;
- Products and Services: In this part of the business plan you should describe, in detail the products or services that are either sold or promoted by your business;
- Marketing Plan: In this section, you should document how you intend to promote, market, and advertise your business. This includes providing specific information as to:
1. Where you should advertise,
2. How you will market your products/services to (i.e. your target market),
3. How you will promote your business’s sales.
- Market Research and Strategic Analysis: This section of your business plan should contain:
1. A description of your business’s industry,
2. An analysis of your business’s potential competitors, and
3. A demographic profile of your customers.
- Financial Documents: This is the most important part of your business plan. The key to developing a strong business plan is to develop financial statements that will show your business's:
1. Cash Flow Statement (Budget);
2. Profit and Loss Statement (Income Statement); and
3. Balance Sheet.
Seek Expert and Professional Advice
Singh Accountants is a reputed Australian owned business and management and consulting firm . Its team of professionally qualified and expert business and management consultants have the required designation and degree of both the Institute of Public Accountants (IPA) and the Institute of Management Consultants (IMC). They have a deep understanding of the drivers that shape your business or organisation. They will develop your business strategy model and help you develop a business plan that best suits your business's or organisation's goals and objectives.
To arrange a consultation, call on 0424 190 908 today or visit their website and simply click on the "ENQUIRE ONLINE" form.
Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.