As a business owner, you know that thorough planning is essential to the success of your business. With autumn in full swing and the end of the year right around the corner, now is the perfect time to put together your annual business plan.
While you may be dreading those three words, don’t fret—your annual business plan doesn’t have to be long and time consuming. Here are the four essential categories to focus on when putting together your annual business plan.
1. Your business purpose: What better way to begin your annual business plan than by repeating the purpose of your business? This is the perfect time to reevaluate who your company is and what it wants to achieve. Remembering your company’s mission statement will help you outline the rest of your plan.
2. Organizational goals: Your goals should continue to define how your business plans to fulfill the above purpose. What new goals do you want to achieve in the upcoming year? Complete a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. This will help assess where each of your business attributes are and will also help you recognize any new weaknesses or threats that you can then focus on in the coming year.
3. Strategies for reaching each goal: Outline a strategy for accomplishing each of your new goals. This will help your business stay on track throughout the year. Is one of your goals to maintain better cash flow? Consider applying for a line of credit that will be available to you whenever you’re running short.
4. Plans for follow up: It’s important to consistently analyze your plan—not just at the end of the year. Be sure to check in on each of your goals and strategies quarterly. This will help to ensure your business is on the road to success, and also point out areas that need improved or strategies that need modified.
Telhio Credit Union is here to help your small business plan for success. Contact a Telhio business lender representative today at 614-221-3233, option 6 to learn more about their business services and products to help you manage and grow your business, such as loans and lines of credit.
Telhio Credit Union is open to everyone who lives, works, worships or attends school within Franklin County and surrounding communities. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.