Whether you have a large or small business, the only way to create an effective business plan is by taking a close look at how the business performed in the prior year.
A thorough business review should cover the following areas:
- Overall Results vs. Established Goals
- Organizational: Clearly defined roles & responsibilities; Structure in place to support growth; Employee Performance, Skill Gap and Training Needs Analysis; Vision and mission are clearly stated and understood by all employees
- Operations: Customer and vendor relationship management; Workflow & time management; Can technology help expedite products to customers or automate other related processes?
- Financial: Expense & Cash flow management; Product or services pricing structure; Sales Data Analysis; Is there a need to streamline billing and payment processes?
- Market and Competition Analysis; Effectiveness of Marketing, Advertising & Public Relations Efforts; New Product Development
An experienced Business Coach or Consultant’s impartial eyes help business owners not only in identifying subtle successes but also in uncovering areas of opportunity. The latter is key to defining strategies and action plans to propel your business in the coming year.
“Those who do not learn history are doomed to repeat it.”—George Santayana