January is a wonderful time to update your business plan. Morale is always so high at the start of the year when we’re rearing to go and excited to chase our new goals, so this is the perfect time to revamp your business plan and generally give things a bit of tweaking. Your business plan is one of the most important foundations of your business and it’s something that you should continually refer back to and keep updating.
Your business will no doubt change over the years, so when you update your business plan reflect these changes so that it stays relevant and continues to do its job, which is to provide you with a clear direction and a roadmap to success.
If you need to make a few changes but you aren’t sure where to start, here are a few simple ways to revamp your business plan this 2018.
Reflect on the last year
There’s no better time to reflect than January. You can look at the last 12 months as a whole, see what worked, see what didn’t work, spot trends in things like your finances and buying behaviours, and then update your business plan going forward. When reflecting, keep note of the things you want to keep in your business plan, and evaluate strategies that may need changing so that your plan is as accurate as can be.
Update your digital strategy
Your business plan should ideally have a marketing section with direction on how you’re going to market your business. If online marketing currently doesn’t form a part of your strategy, then it should – it’s one of the best ways to reach your audience and get your business out there so it’s not something to be ignored. Make sure you add in online marketing activities when you update your business plan so you can look back at it and use it for guidance.
Refresh your financial projections
When we initially make our business plan, we often do so with only a guess of how the financials will work out. However, when you’ve been running your business for a few years, you have the figures at hand to look back on and you can make goals and projections for the future. When you update your business plan this 2018, make sure to refresh your financial projections based on your current and previous financial history so you have accurate goals to work towards.
In need of guidance and other ways to revamp your business plan this 2018? If so, get in contact with me today to talk more about creating the best goals and plan for your