The Importance of Business Planning

   

SO WHY IS BUSINESS PLANNING SO IMPORTANT?     

 

where is my business going?

.No-one sets off on a journey without knowing where they are going and having a pretty good idea of how to get there. 

 Business is the same.

 

 You need to plan in the first place, but you also need to check constantly that you are on course. 

There are 3 simple questions that many businesses don’t ask themselves – but should  

1.  Do you really know what your business is good at?  

2.  Do you have a good idea of where you want to be in 3 yrs time?  

3.  Do you know if you are doing well enough to get there?  

 One of the reasons why many business owners fail to plan properly is that they are too close to their business – you are all emotionally involved and your time is taken up with solving the day to day problems.  

As a result you may not have time to step back from the business and take a long look at it.- that’s where an impartial adviser can help you most.  

We’ve all said it – “I have more important things to do than plan”  

But people who say that end up working longer hours for the same profit,  

They chase sales in the belief that turnover is the key to success.  

You know if you are in this trap if your turnover rises and your profit are static or falling.  

  

   Remember Turnover is vanity profit is sanity 

     

Your aim should be to improve profitability by at least at the same level as turnover.  

 You will only be able to do this by planning ahead, analysing your performance and keeping your finger on the pulse of the business.  

 

 So to recap 5 key tips to remember 

   

  1.  If you don’t know where your business is going, any road will do – (so  set yourself some goals)
  2. Be proactive in your planning, not reactive – ( plan longer term not just day to day- business is a marathon not a sprint)
  3. Implementation is key – (a plan in isolation is worthless – put it into action and not in a drawer!)
  4. Monitor performance and effectiveness – in terms of financial/sales/people/ your happiness factor
  5. Adjust your plan as necessary –it’s not set in stone, if markets change then the plan has to change, Seek advisers help.

   

To summarise why Business Planning is vital  

   

A good business owner wants to control the business rather than be controlled by it.  

  If your focus is short-term then you are being controlled by your business.  

  By taking a longer view and having a direction, you have a better chance of controlling your own destiny.  

Regularly ask yourself  

  • Where am I now?
  • Where do I want to be?
  • How am I going to get there?
  • What might get in my way?

   

It is better to use the help of an IMPARTIAL ADVISER to help you answer these questions to give you an objective picture of your business- which means you have to be forward thinking enough to ask for help. Are you?  

Remember to fail to plan is to plan to fail

   

   

contact me at Award Winning Business Consultants Janette Whitney & Associates”    

   

  

   

 

Sales Tips

Ok so it’s a recession -Time to sharpen up your sales techniques to ensure you keep those sales coming in. Here are some tips to help you improve your performance.

1.    Understand that people buy people – work on the personal connection with your customer.

2.    Ask questions- understand their needs before offering your solutions.

3.    Listen harder and for longer – don’t interrupt with your sales messages.

4.    Offer your solution as a question: ‘ Would I be correct in saying that you’re looking for……’

5.    Be an expert but not a bore.

6.    Take your time, or more accurately move at the customers pace
.
7.    Follow up- following delivery- prepare the ground for the next sale.

8.    Particularly now- don’t avoid the small sale, it’ll start the relationship and build customer confidence.

9.    Take a colleague on a sales call – the feedback is invaluable.

10.    Don’t waste time on a no-hoper – decide on when to call it a day and stick to it.

 

For professional & impartial Business Advice contact Janette Whitney & Associates, Business Consultants on 01403 733671

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Welcome

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Hello and welcome to the Janette Whitney & Associates Blog.

In the course of helping hundreds of businesses we have gathered a number of excellent resources for companies looking to:

  • Plan and implement growth strategies
  • Increase sales & profits
  • Develop robust financial targets
  • Create greater efficiencies 
  • Manage their cashflow more effectively
  • Understand and plan an exit strategy
  • Raise finance

We are in the process of distilling some of this information into this blog for free use within your business. We can help to apply these strategies and manage the process to completion. Read more about us.

 

Contact us now for a free initial consultation on 01403 733671.  

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