Planning for 2020: Looking beyond your business’s finances
In our previous article, we looked at creating a financial plan for 2020. But, as we all know, there’s more to running a business than money…
Working out your strategic goals for 2020
It’s funny how the words ‘strategic’ and ‘plan’ can strike fear into the heart of many a business owner. That’s because strategic planning has a reputation for involving lengthy documents and flowcharts. Not true. Most of the business owners we work with simply don’t have time for that – they’re too busy running their business.
Saying that, it’s important to take a step back every now and then, look at how things are going, and decide what you want to achieve in future. To do that, all you need is a blank sheet of paper.
Try listing a few business goals you want to achieve in 2020. This might include things like increasing income to a certain amount, offering a new service, or expanding into a new location. Then for each goal, break it down into a list of smaller sub-goals, each with a deadline. (For example, offering a new service might break down into research, pricing, marketing, and so on.)
Setting your personal goals
Having thought about the business, take some time to think about what you want out of 2020. The following questions should help:
• Do you have the right work–life balance? Did you get the balance pretty much right in 2019 or have you regularly found yourself working evenings and weekends? If your balance is off, identify what you can do differently in 2020. For example, you could hire a virtual assistant or impose a strict no-email rule after 6pm.
• What are you doing all this for? Think back to why you wanted to work for yourself. How well does reality measure up to that vision? Be honest. If the business isn’t living up to your expectations, how will you address that in 2020?
• What would you like to do more (and less) of in 2020? Take a frank look at how you really spend your time at work. Are there tasks you don’t enjoy that could be allocated to others (including external freelancers)?
Here at Jupp Castle, we care about your personal and professional goals just as much as your financial ones. Let us help you create an achievable and inspiring business plan for 2020.