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New Year, New Plans, New Success With Business Buddy

Tuesday 23 December 2014, 10:57AM

By Beckie Wright

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It is hard to switch off when you own a business. While family and friends are relaxing during the summer holidays, plenty of entrepreneurs will spend the quiet time reviewing the good, the bad and even the awesome. It’s not that they are obsessed with work but when you love what you do – it is hard to switch off. When there is less pressure business owners are often more creative and innovative, and they may see new possibilities they missed when busy with day-to-day operations.

The Business Buddy team at Astill Hawke advise it is important to prepare a business plan, even if this is scribbled on a cardboard coaster in a pub – it’s a start. Consider your dreams, everyday improvements and extinguishing any end-of-year fires. Then prepare to set something concrete down on paper. They also say it is vital to set realistic and measureable goals, as it is all very well to plan earning enough money to book a tourist flight to the moon but a business plan must contain tangible goals. It could include employing more staff, improving stock turnover rates or adopting new technology to manage administration tasks. Personal goals may be to reduce working hours or even increase them if the entrepreneur wants to dedicate more time to their own enterprise. There should be a time frame and measurable results, which makes it possible to monitor how well the business is reaching its goals.

Planning how to achieve goals is critical. Business owners may need call on an expert to teach them some new tricks or identify things that are not so obvious when you are completely immersed in the business. For example, managing stock levels may require a new software system that the entrepreneur has never encountered. It is impossible to master all facets of operating a business and calling on external gurus can be a worthwhile investment. The business plan must include times for analysis of performance against the goals. If targets have not been met then it is time to assess why and what action needs to be taken. Were the goals realistic, did something else change or did everyone forget the strategy and continue working in the same way as the previous year? We have all been there and done that.

Realising the growth potential of a business takes more than day-by-day “to-do” lists and some seemingly overnight successes actually took serious planning. JK Rowling’s first Harry Potter book took 18 months to become a best seller and she had a complete business plan that involved movies, games and memorabilia to ensure the ongoing series was a marketing success. The Business Buddy team at Astill Hawke guides companies towards planning their own “best seller” success stories. They provide businesses with pre-work to complete prior to planning meetings that identifies any issues and to prepare any information that will be required to positively move forward.

Anytime is a good time to make a business plan when none is in existence, however it is particularly relevant at the start of a new financial year. If contemplating a major change in an existing business or entering a new business venture, a business plan is crucial. Business owners are also required to have a business plan to support any financial applications. Call an Astill Hawke Business Buddy now to launch into your 2015 business plan or go to their website at http://www.businessbuddy.co.nz .