Plan to succeed

"By failing to prepare, you are preparing to fail." (Benjamin Franklin)

"It's not the plan that is important, it's the planning." (Graeme Edwards)

If they're being honest, most small business owners will tell you that they only prepare a business plan on request; and this request usually comes from their bank manager or other provider of finance. The plan is seen only as a means to an end and is then discarded, locked away in a filing cabinet or even shredded.

When setting out on a car journey to somewhere you have never been, it's quite normal to plan the route; you have to stipulate your desired destination and your target arrival time, without both of which the whole concept of planning the journey would be meaningless. Having decided on these goals of "where" and "by when", you move on to consider the alternative routes, setting short-term targets for stopping at motorway services along the way. As for whether you're going to get to where you want to be, on time, you constantly monitor your progress along the way; checking the time, watching the road signs.

Business is a journey, very similar to the car journey described above. You need to specify where you're going and when you want to arrive. You need to develop as many strategies as possible for getting there, evaluating the options and selecting what looks like the best. And you need regular management information, both financial and non-financial, to measure your progress, taking corrective and sometimes even evasive action when you're running off course. As with any journey, there will be opportunities and threats along the way; competitors will be aggressive, and you must plan to react quickly, trying to anticipate what they will do next. We can certainly see the motoring analogy here!

A full business plan is essential for any business. With his business strategy background, David is more ideally positioned than most accountants to help you develop your plan. From goal-setting to conducting a thorough SWOT analysis for your business, he will work alongside you and your team to develop a winning strategic business plan. The process itself will be a fantastic learning exercise for you and your staff and will get you thinking perhaps a bit more than usual about your business. Call David on 0161 266 1036 if you'd like to discuss this in more detail, or email him at david@davidelliottassociates.co.uk