1. Review, Modify and Adapt
A business plan is not set-in-stone. We believe that business plans should be transformative, sustainable, and agile in summary, be prepared to pivot the course of action and sets of decisions that your business needs to undertake in achieving its growth objectives. Alternatively, it would be the methodology for delivery that is, how your business will still achieve its goals, exceed customer expectations, and sustain competitive advantage when there is a recession or global disruption. Therefore, it is essential to revisit your business plan regularly and at least annually, particularly if circumstances have changed within your internal or external business environment. Conduct new research and modify your plan to help provide alternative options for your business model during these difficult situations.
2. Boost your Business Resilience.
Internal and external threats and risks are common in business, but resilience is about anticipating these and embedding robust controls to avoid these or mitigate the impact on your business. Many businesses struggle to remain afloat and liquid due to cash flow and liquidity risks. Geopolitics, economic cycles, and many other factors such as inflation and recessions, that can have substantial effects on the fortunes of a business, are inherently inevitable. Effects of global recessions such as those brought about by the 2008 financial crisis and COVID-19 have meant that higher volatility in the business environment has become the “new normal” for many. It is impossible to be completely prepared for these eventualities, but a robust and solid business plan will help to increase your business resilience, decrease the volatility that your business may face and to be better prepared for the next downturn. According to recent research conducted by the ONS, 39% of businesses have been unaffected by the pandemic, these are the businesses with more resilient business strategies.
3. Implement your Business Plan Properly
A business strategy is a tool that businesses can use to monitor performance, and safeguard plans for growth and development. The correct implementation of your action plans is vital. It is one thing to know what to do, but another to know how to do or even have time to do this. To be successful in your strategy, it will take expertise, strong leadership, and an effective project management team to ensure that set strategy, business functions and operations are operating in tandem towards your goals. Recognise that you may need the expertise to help you achieve these work on your business and be prepared to act by investing in this added value that will, in the long run, save you, time, money, wasted effort and funds.
4. Develop an Executive Summary
Although the executive summary appears first in the plan, you should write your executive summary last so that you can consolidate all the vital elements of your business plan. The executive summary lays out crucial information about your business, your visions, your plans and how they can be achieved. Typically, a concise executive summary is only a few pages. Keep in mind that in this summary, you must include a summary of plans for all the other sections of your business plan. You will also need to include the objectives and what the strategy aims to achieve, the current challenges and your future business aspirations. Finally, identify how you will achieve these and manage current and emerging risks such as your competitors.
5 . Invest in Expertise to Successfully bring your Vision to Life.
If you can achieve this yourself, once you have completed a draft or outline of your plan, you can have it independently reviewed by an expert. Most importantly recognise that you may not have the expertise or time to do this thoroughly by yourself. Seek to appoint an experienced management consultant to help you do this robustly. This will allow you to focus your time and energy on running or managing your business or doing what you are expert at and love doing. Understand the value of this expertise. This may come in the form of potential finances, grants, future expansion, diversification, the launch of a new service, or other potential opportunities resultant of a successful strategy. Choose skilled, qualified, and trusted consultants that are specialists and whose opinions you value. You should seek to develop a strategy uniquely tailored to your business’ needs and situation, through their expert recommendations, solutions, and strategies. Keep in mind that a trusted consultant will be a strategic partner who is genuinely interested in your long-term success, adding value, and empowering your business to achieve sustainable long-term growth. A consultancy that has a strong track record of achievements and is committed to your success is invaluable.
“Get specialist support to work on your business while you concentrate on your passion. They should help you evaluate your goals, measure your financial and non-financial performance, then execute, adapt, innovate, and up-skill”.
SME BUSINESS SERVICES
Contact Details for Cecelia Fadipe
CF Business Links Ltd (CFBL Consulting) is a company registered in England & Wales, registration No.7524623. Registered address 25 Clarendon Rd Redhill Surrey RH1 1QZ. Regulated by the Chartered Institute of Management Accountants (CIMA) and Association of Certified Public Accountants (AICPA).