The Good News by Xmas,
You can offer customers a service that exceeds their expectations
You can increase the company or your productivity
You can increase profitability
You will have stable, motivated and productive staff
You will be able to merge personal and business objectives into a common set of goals
You will be able to take advantage of any government funding
The Not so Good News is in the headwinds on the horizon,
Inflation will remain at levels not seen for many years
Interest rates are on the rise, increasing the cost to business as the Reserve bank tempers down inflationary pressure
War in Europe is causing angst across wide areas of political, economic and financial sectors across the globe
Ongoing lack of labour is pushing up wages and decreasing productivity esp where technology isn’t a solution
Increasing product shortages – ranging from horticulture (no pickers) to high-quality metals for tech componentry
Supply line and transport delays and shortages
All or any of these issues decrease consumer and business confidence which increases recessionary risk- people and businesses’ spend will slow. This is bad for us all – people lose jobs, businesses lose money, bankruptcies happen, the stock market drops, lenders stop lending, etc.
For your business, it would be wise to consider the consequences above and factor them into a detailed Business Plan for 2023 that can be reviewed regularly and helps form the basis of all your business decisions next year.
The regional opportunities are currently strong as the local economy bounces back. Still, the headwinds are real and should a recession strike, as it already is in several economies, the impacts will no doubt be felt here.
What should you Include in your new business plan?
- Include an up-to-date SWOT Analysis – this will help you identify your top priorities to enable business goals to be set.
- Create objectives and strategies based on these goals, then an action plan to achieve them.
It will provide you with a framework to operate your business for customers, staff and suppliers.
It will help to create a Vision, Mission, and Values for your business.
It will help you understand the Financial, People and Capital Resources you need. It will set in motion a Review Mechanism to ensure your Goals are achieved.
I recently completed a Business Plan for two clients resulting in them being able to access of govt funding and bank acceptance of loan applications for over $350,000. They were also able to complete accreditation for the Visitor Visa programme.
If you know this is important but need help to achieve a positive outcome to come through a potentially difficult period ahead, please get in touch with me for a free initial chat.
Robin Martin
P.S. This article is part of my Secrets of Success series, aimed at helping business owners and entrepreneurs with some of the key components of business success. The insights I wish I’d had at the start of my business career. I hope that by passing on these little gems of knowledge I can give you some support and help you along the pathway to growth and prosperity.
