Business Plan Resolution: Renewal of Mind, Body and Business
Did you make any business resolutions this new year, in addition to personal ones? I hope so!
Now that we are practically through the first quarter of the new year, it’s sink or swim time for knowing whether or not our resolutions will stick. The important part is to continue actively trying. Each new day is an opportunity to renew yourself and your business.
A key component of ongoing business success and monitoring is having a business plan. If this wasn’t one of your resolutions as a business owner, then it is now! I consider the business plan (or strategic plan, as some may call it) to be a great way to take the metaphorical temperature of your business. Business plans are forward-looking living documents and need to be revisited every so often to ensure they are still relevant. In this way, you can continue to use and benefit from the strategies and tactics.
Further, business plans are forward-looking, so they are based on estimates, which mean updates are often necessary. A new year, new quarter, or business model change are the perfect reasons to update your plan.
According to SCORE, a volunteer-based group comprised of retired successful business mentors, there are many occasions that should trigger you to whip out your plan for updating.
- Competitors have reacted to your market entry by reducing prices for similar products, extending business hours, liberalizing their return policy, providing free shipping, etc.
- A competitor has copied your product or service.
- The economy has changed (inflation, recession, unemployment rates), impacting potential customers’ ability to buy your product or service.
- You land a major new customer or an existing customer cancels a big contract.
- A major vendor has cut you off or changed their terms and conditions.
- Regulatory changes impact your business.
- You lose a key staff member, which affects productivity.
- You are ready to take your business to the next level.
The next level is always where you should be trying to take your business. That can mean many things depending on the size and type of your business. However, with a staggering 50 percent of our small businesses in danger of closing their doors within their first year, a business plan is the jumping-off point for success and sustainability. For existing businesses, the key is to not grow complacent and update your plan regularly. I wish all of our Brevard County businesses continued renewal, success and health as 2019 continues!
Jennifer Sugarman, President and CEO of the Cocoa Beach Regional Chamber of Commerce, is a busy working Millennial mom to son, Emmett. She formed the Cocoa Beach Chamber’s Young Professionals Group in 2016, currently serves on the board for United Way of Brevard and is an active member in Brevard County’s business community.
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