Strategic Planning for your Business

February 21, 2018

Some businesses have an uncanny ability to muddle their way to success.  Most don’t. 

When was the last time you reflected with purpose on where you want your business to go?  Don’t leave success to chance.

A good Business Plan is a roadmap to success.  It defines the destination and helps you get there.  Developing one needn’t be a chore. 

Adopt the right mindset

Schedule time; you will feel energized rather than squeezing this important task around everything else.  It is an opportunity to work on the business rather than in the business.  Use whatever devices assist you to be creative and enjoy the task—flowcharts, diagrams, key words, brainstorming, mind mapping, even speaking aloud.

What to include:

  • Start with a manageable target. Where is the business now and where do you want to be in one year. What unlocked potential is there?  How was last year’s performance?  What is special about this year that may affect performance? 
  • Set out:

            -   What products and services you offer

            -   Outline your target market

            -   Include a financial plan, a marketing plan and a sales plan

            -   Identify important milestones

            -   Create a budget and budget targets.

  • Think about how you’ll monitor and measure success. Identify goals. Make them SMART—Specific, Measurable, Achievable, Relevant, and Time-limited eg to increase earnings from sales from chocolate to Australia by 15% by the end of financial year 2019.
  • Like any roadmap, you’ll stay on track if you check the map regularly. Don’t keep it in the bottom drawer.
  • Consider sharing the plan with others and / or seeking their input. Input from others helps ensure a wide-angle lens and can identify things you may not think of yourself.
  • Review the plan regularly. Be flexible. Circumstances change and so should the plan.

You’re not alone

At Nexia we can help you develop a Strategic Business Plan.   This means we’ll support you and more importantly, challenge your thinking to get the best outcomes. 

We can work with you to:

  • Discuss and set personal and business goals for the next 12 months
  • Agree an action plan and strategies to achieve the goals
  • Identify targets and key performance indicators
  • Identify strengths and weaknesses
  • Implement a 90-day action plan to get things moving straight away.

The start of a new tax year is a good time to plan, or perhaps you’re contemplating a key change or needing to make financial applications.

It’s a relatively small investment in return for a clear plan and greater peace of mind.  Imagine the potential we can help you unlock.

Cashflow Forecasting

Good decision making needs a good understanding of cash and liquidity.  How’s yours?  

Recognising the difference between profit and cash and the impact of improving your Cash Conversion Cycle is basic good business practice. 

How Nexia can help

Nexia can produce a Cashflow Forecast for you and then meet with you to discuss and finalise it. 

Or we can coach you in Cashflow Management so you  progressively take the driver’s seat:

  • Discuss and finalise the Cashflow Forecast
  • Identify your current Cash Conversion Cycle
  • Identify the likely causes of cashflow problems with your business
  • Set 12 month and 90 day cashflow improvement goals and actions
  • Follow this up with four quarterly coaching sessions.

Like most skills, forecasting improves with practice.  Coaching supports and challenges you to improve your competence, leaving you more confident.    

 

For more information on these services, contact:

Mike Medlicott
Nexia New Zealand

T: +64 3 379 0829
E: mmedlicott@nexiachch.co.nz

www.nexia.co.nz 

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