My Business is Doing Well, Why Should I Evaluate My Business Plan?
“It’s summertime and the livin is easy”, but business is not always so. Even though your business may be doing well, now is a good time to evaluate your business processes and reflect on your recent business challenges. In our office we view challenges as opportunities, we evaluate the “pain points” to create a more successful business model.
In this video, I compare my garden to a business and the planning that went into it this year to a good business plan. I have been an avid gardener for over 20 years but I am always testing new ways to improve my yield. This year because I went on vacation and to several out-of-town tax conferences I started my garden much later than usual, and I started with a plan. I spent 2 weekends prepping the soil, setting up the forms for vines, turning in my compost, and laying down weed blocking material. I then spent another weekend purchasing the plants and laying out the grid. Now I have to check it every day, not for weeds, for “cukes” and squashes that seem to grow inches or feet each night.
Consider what you’d like to achieve in the next year, 3 years, 5 years or even expand your focus to include your succession plan.
A good business plan calls for an exit strategy as well as interim goals and a mission statement that answers the hard questions. When you envision what your business will look like in the future, you realize that it is important to evaluate current processes and set up procedures that are not dependent on you alone.
- What are my goals? Both business and personal
- What is my vision for the business?
- What do I want to accomplish for myself, my staff, my clients/customers? (this can be quality of life and financial independence)
- Is there a specific industry or product that I work well with? Do I want to focus on a niche?
- Where do I want to be in 1 year? 3 years? 5 years?
- What are the firm or business “pain points” ……. the things that keep me up at night?
The answers form the foundation for your business plan, mission statement and firm offerings. Remember a “deliverable” does not have to be a tangible item; make sure you are delivering what your client wants, not just what you think they want or need. Consider how you will accomplish this offer and how you will get client and staff buy-in.
I recommend that you follow the links below to get started on your plan or plan update, then if you need help, contact us.
Got a question?
If you’ve got a business question or need any help, please get in touch with us, we’d love to have a chat!