What are your New Year’s resolutions for 2020? With the New Year started and the first month nearly over, it’s important that you set your personal goals but don’t forget about your business goals. Revisit your business plan for 2020. Businesses change and grow, so you’ll need to reassess where it stands and where you’d like it to go for 2020. Perhaps you’ve already been working on goals or perhaps you set them and have already forgotten them!
Studies show many startup businesses are likely to fail in the first two years and only a few will survive to see ten years. These companies fail because they don’t have a consistent plan to build their businesses from the ground up and to stay on top of the competition.
What is achievable in 2020, compared to the year gone, and how will you get there?
It’s very important for every business owner to take a step back and reflect on the success that they have had in the past year. Use those achievements to focus anew on the year to come. Re-examining your previous business plan will help you set a clear vision that aligns with the changes in the marketplace for the upcoming year.
You’ll be in a better position to lay specific action plans that your business will take in the year ahead. You can use this to then set realistic objectives for business growth and new targets for sales.
Did you and your staff work towards achieving the goals and vision you had set? Does your team understand their responsibilities and did they implement them?
Revisiting your business plan will help you prepare your team for the new business year. It may be worth investing in staff training and career development to keep your employees motivated. By sharing the new and updated business plan with your employees, you can be confident that you are all on the same page for 2020.
All businesses change over time, which means there is a need to change the business plan as well. With the ever-evolving economic environment, it’s important to rethink your marketing plans.
You’ll need to identify your most valuable customers. Think about how you can focus on them and encourage them to spend more. It’s also crucial to understand how you’ll attract new customers. Updating your digital marketing plan as you head into 2020 will be crucial to business growth.
Partnerships are fundamental for the overall growth of your business. Are the relationships your business has put in place still working well for your company?
When your business is growing, it’s important to raise additional capital. If you decide on mergers and acquisitions, you’ll require some scrutinizing of the business plan. Investors want to feel confident that they’ll get a return on their investment.
Re-think the goals you’ve set to achieve the vision of expanding your business. Be realistic of your targets- don’t be too ambitious and set the time on which you’ll measure your progress.
Think about how your own practices and attitudes impacted the success or failure of your business. What can you improve on in 2020?
Consider investing in personal development (skills and experiences) that you need to help you and your business succeed in the coming year. Start the new year off refreshed and confident in where you want your business to go.
Many business owners are reluctant to create a business plan, let alone revisit one. It might not seem like a high priority task but creating one and revisiting it from time to time is a smart decision.
Every entrepreneur should give their business plan an annual check while reflecting on successes and failures. Remember to treat this exercise seriously. Your business plan can be the difference between a successful business year and one you wish you could forget.
The key to achieving your business goals is to break them down into smaller chronological pieces and to review them monthly if not weekly. What actions can you take this month to work towards achieving some of your goals for 2020? Break the goal down into smaller items to do, and then tackle the necessary early pieces first.
Looking for help? Tired and believing there has got to be a better way?
Let’s talk about your business. With over a decade of experience leading companies and transforming lives, and a Master’s degree in Org. Development and Leadership, Mike can help you find the best way forward!