06 Dec 2020 Business Planning
As we prepare to end another successful year, we often take time to thank our customers, enjoy the season and slide on in to the new year. However, it’s also a good time to ensure your business is on the right track and you are prepared to reach your goals in the new year with effective business planning.As business owners, we oftentimes get so busy working in our business that we forget to work on our business. During this past year at Emerge we have followed Rachel Hollis and The Hollis Co. as we focused more intentionally on our personal and professional growth in 2019. As a result, we were inspired to kick off our annual planning early this year and utilized the #last90days and attending the RISE Business Conference to begin planning for the new year and set out to achieve some pretty lofty goals in 2020!
The following is the approach we use here at Emerge Marketing Solutions to ensure we stay the course toward the goals we set forth to achieve this year and every year.
1. Review our accomplishments continually throughout the year.
Check in every quarter or at minimum two times per year to evaluate the progress for your business and chart your course for what you want to accomplish throughout the year.
2. Celebrate these accomplishments with your team.
This is a great way to keep everyone motivated and focused throughout the year.
3. Review the goals we set for the year and determine whether or not we achieved them.
Don’t make excuses, but do understand why you missed the mark. Identify factors that changed throughout the year, and understand how those factors will impact your plans for the upcoming year.
4. Plus/Delta
Identify what went well throughout the year and what things we need to work on or change for the upcoming year.
5. Evaluate the business from four different perspectives.
The Balanced Scorecard approach to strategic planning ensures you’re addressing your whole business by focusing on four perspectives: Financial, Learning & Growth, Customer, and Internal Business Processes. These perspectives allow you to set priorities, focus energy and allocate resources toward agreed upon goals, and ultimately assess and adjust the organization’s direction in response to an ever-changing environment. Learn more at: https://balancedscorecard.org/bsc-basics-overview/
6. Evaluate the income potential of existing customers and prospects and estimate your financial projections for the year.
Is this on target with where you want your business to be? If not, establish a plan to get there. What new products/services should you offer or where will your target market be for growth?
7. Establish an advisory team
These individuals may come from within your business or may be outside advisors (or a mix of both). Share with them your vision and ask them to help hold you accountable.
Whether you are a one-person entrepreneur or a mid-sized multi-dimensional team, diving deeper into these processes can help you achieve the dreams you had when you first started out! Here at Emerge Marketing Solutions we love helping entrepreneurs provide clarity to their vision and make tactical plans to achieve their goals. If you’re curious about how we can be of service to help your business or organization succeed in the new year, please reach out by contacting us at shelly@em3rgemarketing.com or call (641) 203-0581.
And remember, in 2020 don’t get caught in the trap of constantly working in your business. Make time to work on your business and you can work smarter, not necessarily harder, to achieve your goals.
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