Accountant’s Guide to Revisiting and Expanding Your Business Plan in 2020

As the year 2019 is closing up, most people feel the need to restart their goals and try doing better in the coming year. The beginning of the year is usually the best time to revise your goals, both personal and for your business. For your business, you can find local bookkeepers near me and they will come in handy when you decide to upgrade your financial records and business plans.

For most businesses, a business plan is only used during inception and then shelved forever. Your number one new year’s resolution should be retrieving your business plan from where you kept it and dusting it. You should find local bookkeepers near me and consult them to get an idea of where you can start to get your financial affairs in order.

A business plan contains the short and long term goals that you wish to achieve in your business. It should also summarise the current and preconceived challenges and help you understand what you might need to focus on to remain on top of the market.

The end of the year is the best time to review the business plan because things are not so tight. Here are the steps you might need to follow to ensure your business plan sees the light as the year begins.

Review Your Mission and Objective

These three items are essential because they define the objective of the business. With time, however, they might change because of the changing business dynamics. Another situation that might necessitate a review of business goals is when you have achieved your previous goals and you need to set higher goals. Coming up with new targets for your business will motivate and prepare you for a productive year ahead.

Staff Planning

One of the areas you should look at when reviewing your business plan is your human resource. You need to redefine each role and think of whether all the people you have employed are still relevant. Reviewing your human resources will help you determine whether your employees are meeting their targets. If they are not, you will need to look into it further and decide whether or not it is a lack of incentive. You will, therefore, be able to know whether you need to retrain them, offer incentives, or let them go. In cases where they are meeting their targets too quickly, you will also need to revise the targets to increase productivity.

Reviewing Your Financial Goals

A business plan must contain a financial assessment, and as you start a new year, it will help you know your position. Cash flow is like oxygen to the business since your business cannot thrive without enough of it. If you organise your finances, you will not reach a dead end. With the right financial planning, your business will be able to survive the toughest times. You should include alternative sources of finance from financial institutions, be it long term or short term.

Market Analysis

The business environment is very dynamic, so what is working today might not work well tomorrow. When reviewing your business plan, you should take into account the changes that have taken place in between. You will need to conduct a SWOT analysis again and identify the areas where you need to invest more.

And, if you are looking to turn your small business into a big one here are some more things to consider:

Learn How to Penetrate Your Existing Market

The first thing that hits your mind when you want to expand in business is how to convince and attract new customers. The current clients that choose your business over other competitors can increase your sales significantly.

Seek Referrals from Existing Customers

The most straightforward technique to use when searching for new customers is to inform your recurring customers to market and reach out to other prospective people. It is never a guarantee that having good customer relations and quality products will attract clients.

Rebranding Your Product

Find ways that can promote your type of products and services to attract current customers. The way you package your business influences the number of new customers you acquire.

Ensure that You Market Widely to Extend Your Reach

The only method of putting your business on the map is to open many stores in different regions in your country of residence. You can also market through the internet with an e-commerce store or a website. Advertise through social media or television.

Trade Fairs and Shows  

All through the year, trade fairs are held in different regions for people to showcase their products to investors and customers. By participating in those shows, you can attract new clients but ensure you know your target clients.

Contain Costs

The thought that runs in our minds when we talk business growth is cutting costs and expanding the enterprise. The residual figure between pre- and post-tax is an effective growth strategy. Liquify inferior products and increase turnover.