Reevaluating Your Business Plan

With the new year a little more than two weeks away, now is the perfect time to sit down and take a look at your business plan. This is great to do at the end of every year in order to evaluate your accomplishments and possibly refresh your goals for the year ahead. A business plan should focus around five topics: Vision, Goals, Strategies, Objectives, and an Action Plan.

We will cover writing an in-depth business plan in a later post. But for the purposes of reevaluating your business, a simplified version is best. Take some time to sit down and answer the following questions.

Vision: What is your main vision for the type of company you hope to own? What do you want your company to be? Why do you feel you are drawn to this company? How do you feel the previous years have gone for you and your business? Are your employees happy with their jobs and environments? How can you fix any problems going forward?

Goals: This is where specifics will come into play. Take your answers from the vision section and write down how you will turn those visions into reality in the new year. What is your business’ central purpose and focused mission? What do you promise or advertise to your customers? Write down any specific goals related to finances, personnel, office space/organization, files/documents, customers, etc. Again, be as specific as possible.

Marketing Strategies: How will your grow your business in the coming year? Take a look at what either worked or didn’t work in the past and go from there. Remember to rely on works for your specific industry. How will you reach new customers? How will you continue a relationship with current/past customers? What new opportunities exist?

Financial Objectives: What must you accomplish this next year in order to consider your business a success? How will you know your goals are being met? How often will you review your finances, profits, and expenditures? How will you specifically measure your success?

Action Plan: What specific actions are you taking to achieve your initial vision for your company? When will key projects/assignments be completed? Assign a month for the completion of every goal in the new year.

The new year is the perfect time to revamp or many any necessary changes in your business. It’s also a great chance to evaluate your successes and challenges from the previous year. Take some time today to sit down and answer the questions above while looking over your business plan. We often get caught up in the day-to-day challenges and operations that we leave out the important aspect of reflection.