How many times do you reflect on where you are going in your business? It's that time of the year again, mid-July, when we should start to think about what the next 12 months will bring us. It’s a great opportunity to ‘stop, plan and revive’, by reviewing your business plan, and checking it is on path to your vision for the next 12 months. As we plan for the future, it is important to reflect and review the past.
What’s happened over the last 12 months?
What was good about what happened in the last 12 months?
What did you learn from?
It's also a great opportunity to define your values. By knowing the values of your company helps you set your future boundaries. And of course, clearly defining what you would like the business to look like in six months, 12 months, and 18 months' time?
It's a great idea to write all these down, that is where you are now and where you want to be. Now you can see THE GAP. And it’s that gap that you work on to fill through your strategic business plan, with marketing and sales actions and reviewing your finances regularly. While you are in planning mode, it’s a great time to complete your yearly SWOT analysis. (Strengths, Weaknesses, Opportunities and Threats)
You can break it down into:
1. What are the strengths of your business? 2. From those strengths, what are the opportunities that are around you? 3. Do you have any weaknesses? 4. From those weaknesses, is anything threatening the state of your business?
Adding the SWOT into your strategic business plan can also guide your sales and marketing activity.