The Season Is Almost Over. What’s Your Score?

June 22, 2011

You are down to the last few minutes of your season, – Financial Year 2010-2011-.

In a few days it will be close of trade, 30th June. One more season done and dusted.

So, what will be your score? How will your business finish this season?

Chances are that when you get really busy during the year doing the thousand and one little things that make up your average day, you can forget the bigger goals of your business.

Take the time every month to review your business plan. Most business owners spend time and money at the beginning of each year putting together a business plan for the rest of the year. They then get caught up in the day to day activities of running their business while their business plan lays forgotten somewhere inside a drawer.

Your business plan is a fundamental tool that can help you to achieve your business’s goals. It doesn’t need to be 100 pages long to be effective. While a comprehensive plan is great, I would rather see you have a 20 page plan focusing on implementation and financials than not one at all. If you are not sure what to include in your financials don’t guess. Speak with your accountant or business consultant. Go over your plan with them. Consider whether your figures are realistic and achievable.

When it comes to the implementation section you may need to include some or all of the following: 

  • What do you want to achieve?
  • Why do you want to do it/expect to achieve?
  • Start date?
  • Planned completion date?
  • Who is responsible?
  • Do you need a backup person?
  • Resources needed.
  • Resources available
  • Review frequency. Is monthly ok or should you review more frequently?

You don’t want to miss anything during your planning because it’s your blueprint for the success of your business. Don’t rush it. Seek out input and advice.                     That’s what all of the smart leaders do.

The CEO of an organisation has a management team.

A Head coach has a team of coaches working with him.

The Chief of Staff has his generals.

Something overlooked during the planning stage can cause you a lot of frustrations later. You want to avoid that possibility whenever possible don’t you? Getting the planning right on the other hand will go a long way towards you achieving your goals. Doesn’t it feel absolutely fantastic when all of your planning comes together and you do succeed?

Consider this in money terms:

If your business now turns over $100,000 a year and you plan to grow it over 12 months by a modest 5%, that’s an increase of $5000, correct?

Isn’t achieving growth of an extra $5,000, $20,000, $50,000 or more a year worth all your time and effort?

Of course it is!

 Always get the best advice available to help you both with your initial planning and your planning reviews. Time and effort spent here will be well rewarded by going a long way towards ensuring that at the end of next season your business finishes on top.

To make sure all the fundamentals of your business are in place visit: www.retailfundamentals.com.au

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