Any business will experience highs and lows and it can be a challenge to manage the natural peaks and troughs that occur. Whilst the highs are great and make running the business so rewarding and profitable it is the lows that can really test us. This is where the importance of business planning is so important. During quiet times the plans that you will have previously developed for the business can be evaluated, reviewed and updated. A quiet time for a business is when you should be most productive, you can put in place your plans to ensure that when the busy periods arrive you really capitalise on them.

Whilst it can feel an overwhelming task and one which many business owners really dislike, the refreshing of a business plan, re-evaluating what has gone well and what hasn’t gone as well and then forward planning for future success is important. The following are some of the key areas we feel which are vital when it comes to business planning:

Priorities – what are the most important priorities of your business and are you giving them enough focus. Balance is a very key element to a business, you cannot just focus on the areas your enjoy, you need a 360 degree focus. Also make sure you and your staff are happy, look after everybody’s wellbeing and you will be far more efficient and productive.

Money – you should never be frightened to take stock of your financial situation and if you need to spend money to improve your business efficiency then you should do it. There are so many advances in technology that can really help to move a business forward and now is the time to embrace this. If you invest correctly, you can reduce time spent on the essential but mundane tasks which in turn will free up even more time for fulfilling your ongoing growth plans.

Realism – be realistic with your targets and make sure everybody within your company and your wider network knows what to expect. Make it clear to all what your core mission and business goals are, ensure everybody is aligned and the business has the infrastructure and processes in place to achieve them. Having the time to step back and make sure everyone is aligned will be so rewarding for all.

Keep learning – quite often the last place we look for help is by learning from what others have been doing in the industry. If you know of a key success story, learn from them. What have they done differently, why have they been so successful and can you do something similar. Even if you have a successful business, you can still learn and adapt to make it even better.

Maintain your values – Once you have set your business values and established an operating culture that you are happy with, don’t forget about it. Ultimately this will be what drives your business forward and make you successful so don’t neglect them. Revisit them regularly and ensure you, your business and your staff are still all aligned to them.

When we are head down running our business, we often forget to take time to review and refocus. By setting time aside for this, especially when you know quieter times are coming your business will be in a much stronger position.

If you have any questions in relation to business planning, then our specialist franchise team would be delighted to help. Please call us on 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.