Running a Business – It’s Never Too Late to Plan

Running a Business? Remember – It’s Never Too Late to Plan

How long has it been since you launched your business? One, two, three years even? Possibly longer.  For people running their own business – time really does fly and it’s all too easy to lose sight of just why you started your business in the first place – what your hopes and dreams were.

Before you know it you can get bogged down in the administrative aspects of running a business or become so busy working in the business that you do not feel you have the time to be working on the business.

When this happens, it’s easy to start feeling alone and in need of support.

Well the good news is you are definitely not alone and when you are running a small business, it’s never too late to take a step back, assess exactly where you are and create a plan to take it forward positively to where you want it to go.

Stepping back from the day to day and taking a fresh look can recharge and refresh your energy and enthusiasm for the business, enable you to create a route map to where you want to take it and address any issues, concerns or indeed opportunities that the business faces.

Get on Board…

Just because you are running a small business doesn’t mean there is no need to hold a board meeting – even if you are running a one-man band! Board meetings for small businesses are just as vital as they are for larger organisations and the principles of what makes them work are not altered by the size of the business. They act as an opportunity to break out from the day to day operation and take a more strategic view, exploring growth opportunities, solving problems, addressing issues and dealing with everything else in between. They will give you control of the business and where it’s going.

At Gain we not only act as a sounding board for our clients – sitting with them and enabling them to re-focus what it is they want to do with their business, identify where they are now, where they want to be and what they want achieve from all of their hard work, giving them an unbiased, knowledgeable and business-focused view – but we do this proactively, calling and running the board meetings to make sure the business is reviewed regularly.

As the owner of the business if you do not take the opportunity to take stock, take a fresh look at where you are going and assess and plan future growth, how will the business possibly develop? It’s a trap that unfortunately all too many small business owners fall into.

Here are a few pointers that could help you take a fresh look at where you are and where you want to be with your business:

• Stop and step back – Assess where you and the business are right now – it helps to do this off site – away from the day to day distractions and with ideally with someone who has the experience, knowledge and understanding to act as a sounding board – helping you to analyse and take stock. Answer questions like – are you being a busy fool?

 

• Why did you go into business – Remind yourself and think what is was you ultimately hoped to get out of it.  If you had a magic wand, what would you want your business and personal life to look like in two, five or 10 years-time?

 

• What do you want from the business – Running a business takes a lot of your time, effort, hard work and dedication – so it is only right that you ask yourself what it is YOU want to get from the business and not what the business is taking from you.

 

• Understand Your Numbers – it’s vital you understand your business numbers and what they are telling you as by doing this you will have a solid foundation from which to plan your future business direction. If you do not truly understand them (and most business owners don’t so don’t be afraid to acknowledge this) seek the advice and support of a business accountant that can explain this to you in a language that you understand.

 

• What’s working well and what isn’t – be honest and address any issues and look to maximise any opportunities.  Do more of what is being done well and don’t be afraid to step away from or change what’s not.

 

• What do I need to do to get to where I want to be? Compare your long term goals with where you are now, identify the areas that need to improve and create a road map to help you get there. Write the plan down so that you can measure progress and it will become more meaningful to you and help you assess how you are doing as the business moves forward.

 

It really is never too late to plan so if you would like help and support to achieve this, call us on 01872 560326 or visit www.gainaccountancy.co.uk.