Many have become reactive by planning for the things that are vital in the short term – such as tight control over cashflow, and cutting costs. This is, of course, inevitable and prudent during times of uncertainty, when the priority is to stay afloat, but it often means that longer term planning is overlooked.
That, in turn, can put the business in a weaker position when economic recovery arrives, as the business strategy may be unclear, and a lack of preparation can leave you lagging behind your competitors.
So, as well as short term financial forecasting, it is important to consider your longer term strategy. With a new year now not far around the corner, now is an ideal time to consider taking a few hours out of the day to day running of your business to formualte your strategic plans.
You may well have a “vision” in mind, of where you would like your business to be in the future - perhaps in terms of location, customer base, staff numbers or service-offering. You may have a desire to free up some of your own time, by developing others within your organisation, to take more responsibility.
However, have you worked out how to achieve those aspirations in practical terms, and set a time-based plan of the steps required ?
HJS run strategic planning workshops. If you would like more information please contact me on 02380 234 222.
