Research has shown that businesses with plans are, on average, more successful than those without. In fact, it has been found that businesses with plans grow 30% faster than those that do not.
These companies have plans consisting of budget setting, sales goals, and documenting their marketing and sales strategies.
Do you have a plan? Do you have something in your head, or do you have a 5 year plan, broken down into years and then into quarters? Do you know where you are going and how you are going to get there? Most businesses are too busy running their business to find time to think about planning for the future.
We are often contacted to help write a plan at the time when it is a requirement of the bank. We can do this; however, we would like to encourage you to have a plan for the benefit of you and your business, not just for lending purposes.
There are many reasons why we plan. We would say the three main reasons are to create an effective strategy for growth, to determine your future financial needs and to attract investors and lenders.
We would go beyond this. What are your barriers to growth? What is stopping you from getting there? How do we get around it?
A common one in the UK at the moment is the lack of younger tradespeople coming through. If you plan to double your turnover, will you need to double your staffing levels? If so, how are you going to attract and maintain staff? Why should they work for you? Are you going to grow your own, maybe through the apprenticeship route, do we need to start developing the existing staff to become team leaders? When do we start this and where does the cash come from?
Footprints would relish digging deep and being involved in the growth plans of your business.
There are lots of questions here purely based on one element of your plan.