2022. It's Almost Here. Time to Update Your Business Plan
With about three weeks remaining in the year, most businesses are pushing hard for year end. Get the dollars in the door! Maybe even extend the year a little bit by having December 32nd or December 33rd so this year’s numbers look good. One of my old firms used to do that every year, it seemed. Of course, when asked why the firm would rob Peter to pay Paul, leaving us with a fewer days of revenue in the new year, the “deer in the headlights” look was the usual reaction. Worse yet, the new annual budget wouldn’t be set until March (or so), leaving the firm somewhat adrift for the first couple months every year …
How does this little tale of bad business practices affect you? Well, let me ask: Have you done your business plan for next year yet?
While good planning is not an easy task, the strategic thinking associated with it will only help your business. The plan needn’t be complex. It works best if the plan is concise, specific and clear. Here are some ideas to think about:
What is the purpose of the business? What is your “why”?
What are your objectives in 1 year? 3 years? 5 years? 10 years?
What measurable goals can be established to move you towards those objectives?
How are you going to measure those goals?
What is going on in the country and the world that may effect your business?
The time to be asking — and answering — these questions is now so you can hit the ground running on Monday, January 3rd. Don’t make the same mistake my firm made, slowly sliding into the new year. January 3rd is the first business day of 2022. Make the most of it by doing your prep work now.
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