As we move into the fourth quarter of 2013, have you started planning for next year? What have you learned during the past nine months that can help you improve your performance in 2014? If you need to hire new employees, have you started that process yet? Have you contacted your bank if you’re going to need additional capital? Starting early to plan for next year will provide you the means to create a much more comprehensive and effective business plan.
With a long to-do list each day, most small business owners do not carve out the time to do advance planning. As such, they miss out on the opportunity to allocate the appropriate time to plan for next year. Before they know it, the new year is here and they don’t have a plan. This is an avoidable situation if you can just allocate a few hours per week to do some planning.
A business plan that is done in advance provides small business owners with some great information, and gives them time to react to changes before the year ends. Documenting what your business goals are for next year and how you are going to achieve them takes time. Determining financial objectives, human resource requirements, marketing and sales strategies and operational capabilities in advance will provide you with insight you otherwise would not have.
Don’t wait for the ball to drop in Times Square before you begin planning for next year. Start now and you’ll be surprised how much more effective your plan will be!